BW Offshore has entered into an agreement with the Catcher field partners to amend the contract period for the FPSO BW Catcher. The amendments convert the current contract into an agreement with a defined end of term framework to 31 December 2030 (± 6 months) and remove the previous unilateral options for one- year extensions.
The amendments are effective as of 1 February 2026 and are expected to increase the Company's firm operating cash flow backlog by approximately USD?490 million as of that date. The revised contract structure provides BW Offshore with clarity on the end of contract timeline, enabling active marketing of the FPSO for new redeployment projects.
'We are strengthening the long term commercial framework for BW Catcher, adding material cash-flow visibility, while also improving our ability to market the unit for future opportunities. The Catcher FPSO is a high-specification, harsh- environment asset, making it a highly valuable redeployment unit. In the current strong FPSO market, enhanced contractual clarity and flexibility are key drivers for unlocking additional value over time,' said Marco Beenen, CEO of BW Offshore.
The updated terms reflect a discount equivalent to 10% of the current bareboat charter dayrate, applied as an offset against the operations and maintenance (O&M) dayrate. The parties have also agreed on a revised production tariff structure, from 2028, that introduces a cap linked to prevailing oil prices, while maintaining the existing tariff framework.
Source: BW Offshore
