Teekay Corporation has entered into a new bareboat charter contract with BP subsidiary Britoil for the floating production storage and offloading (FPSO) vessel Petrojarl Foinaven.
The contract has a firm period of approximately 10 years. Under the terms of the Contract, Teekay is expected to receive an upfront payment of approximately US$67 million in cash, a nominal per day rate over the life of the contract, and a lump sum payment at the end of the contract period, which is expected to cover the costs of recycling the FPSO in accordance with EU Ship Recycling Regulations.
The FPSO is presently deployed in the Foinaven gas field in the West of Shetland area offshore Scotland.
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