Kodeco extends FSO Madura Jaya charter contract

Norwegian oil rig operator Prosafe ASA on Friday said Kodeco Energy Co. Ltd had extended the contract to charter floating storage and offloading vessel FSO Madura Jaya at the Madura field offshore East Java to May 2010.

“The extension secures continuous employment for FSO Madura Jaya for a minimum period of seven years – more than three times the duration of the original contract period,” Prosafe said in a statement, adding that the total contract value is approximately US$ 20.5 million.

FSO Madura Jaya was originally converted into an FSO in 2003, when the storage capacity of the FSO Madura Ayu became insufficient for the fields total oil production.

The FSO is operated by Prosafe’s 50 percent-owned subsidiary, Madura FSO Pte Ltd. (dino)