BW Offshore, the world's second-largest contractor of floating production services, reported Friday that it has signed a deal with Premier Oil for an FPSO (floating production, storage and offloading) vessel to operate on the Catcher oilfield in the UK North Sea. 

The charter period of the contract is seven years, with extension options of up to 18 years. BW Offshore said that, based on a field life of 10 years, the contract value is $2.3 billion, including charter rate and operational expenses. 
Premier estimates that the Catcher field will cost $2.2 billion to develop. Gross reserves under the initial development scheme are 92 million barrels of oil equivalent.