BW Offshore has reached an agreement with Catcher field partners to amend the contract for the floating production storage and offloading vessel BW Catcher. The revisions establish a fixed end-of-term framework until December 31, 2030, with a possible variation of six months.
These amendments replace previous unilateral options for one-year extensions and became effective on February 1, 2026. BW Offshore reported the new structure is expected to increase its firm operating cash flow backlog by approximately $490 million.
Chief Executive Officer Marco Beenen stated that the company is, “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.”
Beenen characterized the vessel as a “high-specification, harsh-environment asset” and a valuable unit for redeployment.
The updated terms incorporate a discount equivalent to 10 per cent of the current bareboat charter day rate. This amount will be applied as an offset against the day rate for operations and maintenance.
Starting in 2028, the parties have agreed to implement a revised production tariff structure. This new framework introduces a cap linked to prevailing oil prices while maintaining the existing tariff system.