The company has exercised its second and third options over the Armada Perkasa, which is currently working on the Okoro-Setu field off Nigeria.
The two-year extension is costing around 221 million Malaysian ringgits ($68.23 million), which equates to a dayrate of some $93,500.
Afren, which initially took the unit for a firm five-year period with five one-year options, still has two optional periods left.
The Armada Perkasa has production capacity of 27,000 barrels per day of liquids and storage capacity of 360,000 barrels. To date it has lifted more than 32 million barrels of oil.