BW Offshore is pleased to announce that Shell Brasil Petróleo Ltda (Shell) and its partners have extended the limited notice to proceed (LNTP) period with BW Offshore and Saipem S.p.A. This extension is valid until 15 February 2023 and is related to the supply of an FPSO for the Gato do Mato oil and gas field offshore Brazil.
Terms of the contract are in agreed form. Upon completion of the extension period, BW Offshore and Saipem have the option to be awarded the lease and operate contract, contingent on financing and the project reaching final investment decision (FID).
If the project reaches FID and moves forward, the FPSO lease and operate contract will have a firm period of 18 years with seven years of options.