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.
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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.