Under the agreement, Aker Energy has an option to bareboat charter the FPSO for a period of 15 years. The FPSO is intended to be used for an early-production project offshore Ghana.
Aker Energy will pay USD 3 million for the option, that can be exercised before May 1, 2019. In addition, the company can extend the initial option-period by another 30 days against additional compensation.
Ocean Yield said it would finance the modification of the FPSO against a competitive charter rate that reflects the book value of the unit and the cost of the modification if Aker Energy exercises the option. The company added that it would not be exposed to risks related to the modification or be involved in the operation of the vessel.
“If the option is exercised, we expect some revenues from the FPSO already this year and increased revenue contribution from first oil, which is targeted in 2021,” Ocean Yield’s Chief Executive Officer, Lars Solbakken, said.
Aker Energy is, through its subsidiary in Ghana, the operator of the Deepwater Tano Cape Three Points (DWT/CTP) block offshore Ghana with a 50% participating interest.
Press Releases: Ocean Yield
Photo Courtesy: Ocean Yield