Addax Terminates Contract For BW’s Sendje Berge
Addax Petroleum announced termination of its contract in early May with BW Offshore Ltd. for the FPSO Sendje Berge operating offshore Nigeria, with demobilization ordered by Nov. 6.
BW received an arbitration award of $61.8 million in March in connection with a claim against Addax for payment of outstanding day rates for the use of Sendje Berge based in the Okwori field. The arbitration tribunal’s decision went entirely in BW’s favor and found that Addax would not be allowed to deduct from future hire payments.
BW said it will continue to pursue the arbitration award for all outstanding claims against Addax. The company said it has received $18.7 million so far.