This is designed to incentivize timely delivery of the refurbished semisubmersible platform FPF-1, which according to Ithaca is on track from the Remontowa shipyard in Poland by end-March.
Petrofac will continue to incur all costs for the modifications above the contract cost cap.
Ithaca will pay Petrofac $13.7 million in respect of final payment on variations to the contract, although payment will be deferred until three and a half years from first production from the Stella field.
Depending on the timing of the platform leaving the yard, Petrofac will receive a further payment of up to $34 million (also deferred for the same period).
Commissioning operations have started on the platform, including electrical loop checking on the process control and safety systems and equipment package interface testing.
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