Addax Extends $39 Million FPSO Contract

Addax Extends $39 Million FPSO Contract

Addax Petroleum has extended its contract on the FPSO Knock Adoon at a cost of $39 million. The Knock Adoon, built in 1985, and converted from a trading tanker to an FPSO, replaced FPSO Knock Taggart on the Antan Field, offshore Nigeria, in October 2006. Knock Adoon operates under an 8-year contract, which was due to expire in October of this year. The parties have now agreed a further one year’s extension on the contract. The original contract gives Addax another 8-year option. The extension, which will now expire on he 16th of October 2015 will cost Addax $39 million.
The Singapore flagged vessel is owned by Yinson Holdings though its subsidiary Adoon Pte Limited. The unit has a storage capacity of 1.7 million barrels and is able to process 60,000 barrels of oil per day.
The Executive Chairman of Yinson, Lim Han Weng said: “The extension is a sign of confidence in the company. We hope to continue our strong working relationship with all our clients and business partners.”
Source: Agency
Oil and Gas Press

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