The Houston-based player will hold onto the Armada Perdana for at least another five years with an automatic two-year option attached, it said on Wednesday.
Upstream reported in early January that the pair had signed a letter of intent that was likely to lead to a five-plus-two-year deal.
Bumi Armada also confirmed the deal, putting the value of the five-year firm contract and an operations and maintenance support contract combined at $381 million. The two-year extension period is worth another $108 million.
Camac currently has the unit on charter at its Oyo field in OML Block 120 off Nigeria where it produces 2000 barrels per day of oil and 40 million cubic feet per day of gas.
The oil company said it plans to utilise the FPSO on its Nigerian operations over the course of the extended charter contract.
The unit has a production capacity of 40,000 bpd and a storage capacity of 1.1 million barrels of oil.