Fred Olsen Production has signed up for an extended five-year contract for its part-owned FPSO Petroleum Nautipa operating for Vaalco Energy offshore West African.

Co-owned by BW Offshore, the floating production ship has had its contract extended from the third quarter 2015 to third quarter 2020, with options for another two years on top.
Estimated contract revenue is put at US $300 million, up from $100 million under a previouis contract, and the production ship is to undergo a life extension proegramme – costing an estimated $30 m in order to fulfil the new deal.