10:43 AM EDT, 04/07/2025 (MT Newswires) -- Performance Shipping ( PSHG ) said Monday it executed a forward sale and exclusivity agreement with an unaffiliated third party that grants it rights to bid for the conversion of an Aframax vessel for a national oil company's offshore project.

The agreement involves the conversion of the vessel into a floating production storage and offloading vessel, according to the company.

It added that the third party will purchase the vessel for $36.1 million if it secures the offshore project by the end of an auction expiry set for April 5.

The company said that the buyer will pay an additional $1 million for the vessel if it is delivered by Sept. 30.

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