BW Offshore and Ithaca Energy said they have agreed on a termination of the FPSO, BW Athena.
The unit, which is located in the Athena field in the Moray Firth, is set to be demobilised next month.
Since 2012, the BW Athena has had an uptime of 98% since first oil in May 2012.
The BW Athena first operated under a three year contract and the operation was extended with a contract with mutual termination right.
BW Offshore said the FPSO, which has a capacity of 28,000 barrels per day, will now be marketed for new opportunities.