‘Banff’ FPSO contract extended

Source: press release, 23 May 2019

‘Petrojarl Banff’ FPSO
‘Petrojarl Banff’ FPSO (photo: Teekay)

Teekay Corporation has entered into an agreement with a subsidiary of Canadian Natural Resources Ltd. (CNR) to extend the employment of the Petrojarl Banff FPSO unit on the Banff field in the North Sea for a period of 1 year to the end of August 2020 at substantially similar terms to the current contract, which includes an upside component linked to oil prices and oil/gas production.

“We are pleased to announce this important FPSO contract extension for the Petrojarl Banff, which extends the production of the fields in the North Sea, and we are committed to work together with CNR to maximise production in the future,” comments Kenneth Hvid, Teekay’s President and Chief Executive Officer.