BW Offshore has received a two year contract extension for the lease and operation of the FPSO Polvo.
The FPSO is operating on the Polvo field offshore Brazil for Petrorio.
The firm period has been extended to quarter three in 2018 (from quarter three in 2016), with options until quarter three in 2022.
Earlier this month BW Offshore suspended its dividend to shareholders until the outlook for the oil sector improves.
The company felt the effects of the oil price slump in its third quarter results, which revealed a loss of $7.3million, compared to a $19.6million profit last quarter.
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