MODEC: FPSO Cidade de Niterói MV18 Time Charter Contract Extension
Thursday 15 February 2018
MODEC, Inc. is pleased to announce that Petróleo Brasileiro S.A. (“Petrobras”) has extended its contract with a MODEC’s Dutch subsidiary and an owner of the FPSO Cidade de Niterói MV18, Opportunity MV18 B.V., for the time charter of the FPSO with effect from February 2018 to March 2024. The FPSO is operating in the Marlim Leste oil field which lies within the Campos Basin, offshore Brazil since February 2009.
The time charter contract initially runs for nine (9) years (until February 2018), with option for extension up to six (6) additional years. Petrobras and MV18 have, at this time, agreed to extend the firm period of the contract by six (6) years and one (1) month (until March 2024).