Oceaneering announced that BP has decided to terminate its use of the chartered construction support vessel ‘Bourbon Oceanteam 101’ at the end of May 2016.
BP has exercised its right under the Field Support Vessel Services contract signed between the parties, for work offshore Angola.
Prior to this notice, the work was scheduled to extend through the end of January 2017.
Under the terms of the contract, the costs incurred by Oceaneering associated with the early release and demobilization of the vessel are expected to be reimbursed by BP, the company said.
Following the release of the vessel, Oceaneering intends to redeliver it to the owner. The vessel is jointly owned by Oceanteam and Bourbon Offshore.
Project management, engineering, and vessel services work associated with the provision of a second chartered vessel, Ocean Intervention III, is expected to continue as previously contracted with BP offshore Angola through January 2017, Oceaneering added.