📋 Tender Overview
Contract Awarded to provide and operate a Floating Storage and Offloading FSO unit at VAALCOs Etame Marin field offshore Gabon for up to eight years with additional option periods available upon the expiration of the current Floating Production Storage and Offloading FPSO contract in September 2022.George Maxwell VAALCOs Chief Executive Officer commented We are very pleased to finalize an agreement with World Carrier that will allow us to sustain our operational excellence and robust financial performance at Etame through 2030. Additionally this new solution costs almost 50 less than the current FPSO solution and will reduce our overall costs by approximately 17 to 20. Current total field level capital conversion estimates are 40 to 50 million gross 26 to 32 million net to VAALCO spread across 2021 and 2022. This capital investment is projected to save approximately 20 to 25 million gross per year 13 to 16 million net to VAALCO in operational costs through 2030 giving the project a very attractive payback period of only two to two and a half years
