Signed contract for the Catcher FPSO
02.05.2014
BW Offshore has signed the contract with Premier Oil for a FPSO to operate on the Catcher oil field in the UK North Sea.
The firm charter period of the contract is 7 years, with extension options of up to 18 years. Based on a field life of 10 years, the contract value is USD 2.3 billion including FPSO charter rate and opex.
First oil produced by the BW Catcher FPSO
23.12.2017
BW Offshore is pleased to announce that first oil from the Catcher FPSO was safely achieved on 23 December 2017.
(https://scontent.fsin16-1.fna.fbcdn.net/v/t39.30808-6/471100282_1778293736237014_3854942906317167219_n.jpg?_nc_cat=106&ccb=1-7&_nc_sid=13d280&_nc_ohc=CFNw3-8givQQ7kNvwHzg_2M&_nc_oc=Adr7qcloSiYK6Rudm5RpCtC1PRc8m8D0HUjP1-PjIxzXZRes6D7IFhIZPsf9pJ5srkI&_nc_zt=23&_nc_ht=scontent.fsin16-1.fna&_nc_gid=ShLsrR9Mbs5Tyn_G4Th_Og&_nc_ss=7a389&oh=00_Af0fx2qZdxESoQExa9tZgyQwuPAFIi3HXB2Xlmvw2I9BUw&oe=69D670E2)
The initial hydrocarbon volumes were produced following a very effective hook-up and commissioning period. The FPSO arrived at the Premier Oil-operated Catcher field offshore UK on 18 October, after sail-away from the Keppel Shipyard in Singapore in late August and a brief stopover at Nigg.
"The Catcher development project is nearing completion on time and well within budget. We are very pleased with the effective hook-up and commissioning, which reflects extensive preparations through-out the construction phase and a well-planned offshore installation program," said Carl K. Arnet, the CEO of BW Offshore.
BW Catcher is owned and operated by BW Offshore and will commence a seven-year fixed term contract, with extension options of up to 18 years. The Catcher field partnership is made up of Premier Oil (50%), Cairn Energy (20%), MOL Group (20%) and Dyas (10%). The unit has an oil storage capacity of 650,000 barrels and a processing capacity of up to 60,000 barrels per day. The FPSO has a design life of 20 years of uninterrupted operations.
Signing of USD 200 million financing for the Catcher FPSO
25 August 2023
BW Offshore Limited is pleased to announce the signing of a new USD 200 million three-and-a-half-year facility, successfully refinancing its existing senior secured credit facility for the Catcher FPSO.
The new facility is priced at a margin of 225 basis points above USD SOFR and is provided by a consortium of seven international banks.
Closing of facility is expected to take place shortly after completion of conditions precedent.
BW Catcher's contract extended beyond fixed term
BW Catcher FPSO is owned and operated by BW Offshore and is leased out under a seven-year fixed term contract, with extension options for an additional 18 years.
The original seven-year base term of the contract expires on 6 January 2025 and from 6 January 2024 the contract is subject to a rolling 12-month termination right. Until such a termination notice is received, the contract automatically extends on a day-to-day basis beyond 6 January 2025 into the option period.
The Catcher field partnership is made up of Premier Oil UK Limited (Harbour Energy) (50%), Waldorf CNS (I) Limited, Waldorf Production UK PLC (40%) and ONE-Dyas E&P Limited (10%).