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

Mon Sep 28, 2015 2:30am EDT
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Sept 28 (Reuters) - Ithaca Energy Inc :

* Greater Stella Area co-venturers have entered into an agreement with Petrofac 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: Further company coverage: (Bengaluru Newsroom: +91 80 6749 1136)