BW Offshore has signed a letter of acceptance from Premier Oil to operate a floating storage, production, storage, and offloading vessel (FPSO) on the Catcher field in the North Sea. The firm charter period of the contract is 7 years, with extension options. Based on a field life of 10 years, the contract is valued at USD 2.3 billion. The contract includes the delivery of the FPSO, mooring system, installation, and operation of the unit throughout the charter period. The FPSO will have a processing capacity of 60,000 B/D and a storage capacity of 650,000 bbl.