BW Offshore extends FPSO Catcher contract through 2030

(WO) - BW Offshore has amended its contract with the Catcher field partners to extend operations for the FPSO BW Catcher through Dec. 31, 2030, with a six-month flexibility window.

The revised agreement replaces the previous structure that included unilateral one-year extension options and is expected to increase BW Offshore’s firm operating cash flow backlog by approximately $490 million as of Feb. 1, 2026.

The company said the updated framework provides greater visibility on the vessel’s end-of-contract timeline while improving its ability to market the FPSO for future redeployment opportunities.

“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,” said CEO Marco Beenen.

Beenen added that BW Catcher remains a “high-specification, harsh-environment asset,” positioning it as a strong candidate for redeployment in what the company described as a robust FPSO market.

Under the revised terms, the contract includes a discount equivalent to 10% of the current bareboat charter dayrate, offset against the operations and maintenance dayrate. The agreement also introduces a revised production tariff structure beginning in 2028, including a cap linked to prevailing oil prices.

The Catcher field is located in the UK North Sea and has been one of BW Offshore’s key FPSO assets since startup.