BLUEWATER has received a letter of award from Eni for the charter, operation and maintenance of the upgraded floating production, storage and offloading vessel (FPSO), Glas Dowr, in south-east Asia.
The vessel started its working life in the North Sea.
Bluewater said the letter remained conditional on Eni obtaining approval for the contract from its co-venturers, and from the government of Timor Leste.
It said that the contract had a minimum term of five years after start of production and could be extended up to 10 years.
The target Kitan field is located in the Joint Petroleum Development Area (JPDA) block 06-105, some 170km south of the Timor Leste coast and 500km north of the Australian coast, at 344m (1,130ft) water depth.
Eni is operator of the block and field with a 40% working interest. Partners are Inpex, with 35%, and Talisman Resources holds the remaining 25%.