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Teekay wins Foinaven bareboat contract

30 March 2020

Teekay Corporation has entered into a new bareboat charter contract with Foinaven operator Britoil Limited (a subsidiary of BP p.l.c.), for the Petrojarl Foinaven floating production, storage and offloading (FPSO) vessel.

Covering up to approximately ten years, the contract will see Teekay receive an upfront payment of approximately $67 million, a nominal per day rate over the life of the contract, and a lump sum payment at the end of the period, which is expected to cover the costs of recycling the FPSO unit in accordance with the EU Ship Recycling Regulations.

As part of the transaction Teekay Offshore Partners, now known as Altera Infrastructure, will also provide operations and shuttle tanker services for the Foinaven FPSO. Read more…


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