BP Shipping and STX Offshore & Shipbuilding have concluded a deal that will see the energy major reduce the specifications on 14 ships it contracted last year, while paying a higher price.

Informed sources tell Trade­Winds that following contract renegotiations, BP is extending a helping hand to STX by topping up the contract price by around $1m per ship.

At the same time, the energy major is “downgrading” specifications to reduce the cost of the newbuildings by around $1.7m