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BRIEF-Ithaca says Greater Stella Area co-venturers have signed agreement with Petrofac

Published 2015-09-28, 02:30 a/m
© Reuters.  BRIEF-Ithaca says Greater Stella Area co-venturers have signed agreement with Petrofac
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Sept 28 (Reuters) - Ithaca Energy Inc IAE.TO :

* Greater Stella Area co-venturers have entered into an
agreement with Petrofac (LONDON:PFC) in respect of "FPF -1" floating
production facility
* Agreement provides enhanced incentivisation for timely
delivery of vessel, which remains on track for sail-away from
shipyard in Poland at end of first quarter 2016
* Ithaca will pay Petrofac $13.7 million in respect of final
payment on variations to contract
* Further payment to Petrofac of up to $34 million will be
made by Ithaca dependent on timing of sail-away of FPF-1

Source text for Eikon: ID:nRSb3170Aa
Further company coverage: IAE.TO

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