BW Offshore has revised the contract framework for FPSO BW Catcher, keeping the vessel at the Catcher field in the UK North Sea until 31 December 2030.
The FPSO is working at the Harbour Energy-operated Catcher development on the UK Continental Shelf, about 173 km southeast of Aberdeen. The wider field area includes Varadero, Burgman and Laverda.
The amended terms will take effect from February 2026. Under the new structure, the contract will run to a defined end date, replacing the previous arrangement that included unilateral one-year extension options.
BW Offshore expects the change to increase its firm operating cash flow backlog by about $490 million from February 2026.
Marco Beenen, CEO of BW Offshore, said the revised framework supports clearer long-term cash flow and gives the company more room to market FPSO BW Catcher for future redeployment.
He also described the unit as a harsh-environment FPSO with strong redeployment potential in the current market.
The revised commercial terms include a discount equal to 10% of the current bareboat charter day rate. This will be offset against the operations and maintenance day rate.
From 2028, the partners will also apply a revised production tariff structure. The arrangement will keep the existing tariff system but add a cap linked to prevailing oil prices.
The update follows BW Offshore’s FEED contract win for an FPSO planned for Equinor’s offshore oil project in Newfoundland and Labrador, Canada.
