Teekay Offshore News

09 Apr 2020

Contract Extension for Petrojarl Knarr FPSO

Petrojarl Knarr FPSO - Photo by Christian Klungsør - MarineTraffic

Oil company Shell has extended the charter for Altera Infrastructure's FPSO Petrojarl Knarr FPSO, operating at the Knarr field offshore Norway.The FPSO owner, which recently rebranded from Teekay Offshore to Altera, said the extension with Shell would keep the FPSO busy in the Norwegian section of the North Sea until at least March 2022.The FPSO has been in operation on the Knarr field since 2015 under a firm duration until March 2021, which included a further fee payable by the…

07 Apr 2020

North Sea FPSO Shut Down Due to Coronavirus Case Aboard

Hummingbird Spirit FPSO - Image Credit: Spirit Energy

Production from the Hummingbird Spirit FPSO operating at the Chestnut field in the UK sector of the North Sea has been shut down after a coronavirus case has been confirmed aboard.It was initially understood that there has been one confirmed case, and one subsequent suspected case on the FPSO and that production has been temporarily shut-in. The Teekay-owned FPSO is located at Spirit Energy-operated Chestnut offshore oil field.A Spirit Energy spokesperson said the company was working…

31 Jan 2020

Norwegian Police Raid Teekay Office Over Waste Export

© Claus Schaefe / MarineTraffic.com

Norway's national economic crime unit raided the local office of international shipping company Teekay Offshore this week on suspicion of illegally exporting waste, the agency, known as Okokrim, said on Thursday.In recent years, courts in Europe using tougher regulations have fined shipping companies for transporting hazardous waste for disposal in cases that have added to complexities for seaborne transporters often operating in several jurisdictions.Maria Bache Dahl, acting senior public prosecutor with Okokrim…

24 Jun 2019

Teekay, Alpha Petroleum FPSO Deal Terminated

File Pic: Teekay Offshore Partners

Teekay Offshore Partners, midstream services provider to the offshore oil production industry, said that the agreement with Alpha Petroleum signed in October 2018 for Teekay’s Petrojarl Varg vessel to operate on Alpha’s 100%-owned Cheviot field was terminated.Teekay revealed that deal was off, claiming Alpha had been unable to satisfy key conditions.The floating production, storage and offloading (FPSO) contract to operate on the Cheviot oil field on the UK continental shelf was for a seven-year fixed term from first oil…

29 May 2019

Teekay Offshore Arranges $550mln Refinance

Image: Teekay Offshore

London-based international law firm Watson Farley & Williams (WFW) advised Teekay Offshore Partners  on two separate fleet refinancings with a combined value of US$550mln.First was a US$100m revolving credit facility (RCF) for the Piranema Spirit, Voyageur Spirit and Petrojarl Varg FPSO units. The previous credit facility matured at the same time with a balloon payment of US$35m.The new facility was funded by commercial banks and bears interest at LIBOR + 300 basis points with a three-year tenor and a profile of 5.5 years.Second was a US$450m RCF for sixteen shuttle tankers.

23 May 2019

Teekay Gets $450mln for Shuttle Tanker Fleet

Pic: Teekay

The midstream services provider to the offshore oil production industry Teekay Offshore Partners announced that in accordance with previously noted financing plans, it has secured a new $450 million revolving credit facility for sixteen shuttle tankers.The facility will be used to refinance the existing revolving credit facility dated September 8, 2017, currently fully drawn with outstanding amount of $445 million, and for general corporate purposes, it said ina press release.The…

21 May 2019

Teekay Offshore Renews and Expands VSAT

Photo courtesy of Marlink

Teekay Offshore, one of the largest marine energy transportation, storage & production companies, has renewed and expanded its agreements with maritime connectivity provider Marlink to continue utilizing high quality global VSAT services for a further four years. The contract extension ensures reliable global broadband connectivity for data sharing and smart vessel operations, improved facilities for crew welfare and a flexible platform to generate efficiencies from the maritime…

20 May 2019

Brookfield Eyes TeeKay Offshore Partners

Pic: Teekay Offshore Partners

Canada-based Brookfield Business Partners has made an offer to purchase the publicly traded units of Teekay Offshore Partners (TOP), midstream services provider to the offshore oil production industry,  that it doesn't already own.The offer was for $1.05/unit–shares are trading at that level now–no premium in the offer.Teekay confirmed that it has received an unsolicited non-binding proposal from Brookfield.The offshore company said the proposed deal is subject to a number of contingencies…

07 May 2019

Teekay Gets Norway's 'Green' Funding for Tankers

Pic: Teekay

The marine energy transportation company Teekay Offshore has secured long-term financing from the Norwegian Government for four new shuttle tankers being built at Samsung Heavy Industries (SHI) in South Korea.The shuttle tankers are all equipped with a new innovative technology developed by the maritime supplier Wärtsilä in cooperation with Teekay, resulting in zero volatile organic compounds (VOC) emissions from the tankers.On behalf of the Norwegian Government, Export Credit Norway and GIEK have provided loan and guarantee of USD 165.5 million.

01 May 2019

Teekay Gets Refinance for FPSO Fleet

Pic: Teekay

The international midstream services provider to the offshore oil production industry Teekay Offshore Partners announced  that it has secured a new $100 million revolving credit facility for the Piranema Spirit, Voyageur Spirit, and Petrojarl Varg FPSO units.The previous credit facility matured at the same time with a balloon payment of $35 million, said a press release from the company primarily focused on the ownership and operation of critical infrastructure assets in offshore oil regions of the North Sea…

01 May 2019

Teekay Sells Offshore Stake to Brookfield

Image: Teekay Offshore

The provider of international crude oil and gas marine transportation, Teekay Corporation announced  an agreement to sell to Brookfield Business Partners all of the Company’s remaining interests in Teekay Offshore Partners for total proceeds of $100 million in cash.The interests includes the Company’s 49% general partner interest, common units, warrants, and an outstanding $25 million loan from the Company to Teekay Offshore.The transaction is expected to be completed in early…

11 Apr 2019

Teekay Gets ECA-backed Newbuild Loan

Image: Teekay Offshore Partners

Teekay Offshore Partner, a marine energy transportation, storage & production company, has signed for a shipping export credit agency (ECA)-backed US$414m debt facility to fund four LNG-fuelled newbuild shuttle tankers.Watson Farley & Williams (WFW) is advising its long-standing client Teekay on this ECA-backed newbuild loan, noted a release.The facility, which bears interest at Libor plus 225 basis points for up to 12 years from each delivery, is funded and guaranteed by both…

04 Apr 2019

Teekay Secures Loan for Shuttle Tanker Newbuilds

Pic: Teekay

International midstream services provider, Teekay Offshore Partners announced that it has secured a new $414 million long-term debt facility that will be used to finance four LNG-fueled Suezmax DP2 shuttle tanker newbuildings.Upon delivery in 2019 and 2020, two of the vessels will commence operations under the Partnership’s Master Agreement with Equinor, while the remaining two vessels will join the Partnership’s contract of affreightment (CoA) shuttle tanker portfolio in the North Sea…

15 Mar 2019

Teekay Changes Board of Directors

Pic: Teekay

The marine energy transportation company Teekay Corporation and its associate company Teekay Tankers have announced changes to its Board of Directors.Teekay Corporation said that C. Sean Day, Chairman Emeritus and Director, Tore Sandvold, Director, and Peter S. Janson, Director, are retiring from the Board after a combined 50 years with the Company’s Board. Day will remain as a Director of Teekay GP LLC (the general partner of Teekay LNG Partners LP).William (“Bill”) P. Utt will be stepping down from his role as Chairman and Director of the Company and as a Director of Teekay GP LLC…

05 Mar 2019

SHI Cuts Steel on 4th Teekay Shuttle Tanker

(Photo: Teekay)

Furst steel was cut on Monday at Samsung Heavy Industries (SHI) in South Korea for the fourth and final E-Shuttle tanker in a series for Teekay Offshore. The final vessel will be named Current Spirit.The 130,000 dwt vessels will operate on both liquefied natural gas (LNG) as the primary fuel, and a mixture of LNG and recovered volatile organic compounds (VOCs) as secondary fuel. According to Teekay, the new and innovative shuttle tanker design will reduce emissions and fuel consumption.The power distribution system is part of Wärtsilä’s Low Loss Hybrid (LLH) system…

01 Mar 2019

Teekay, Samsung Opt for Hydroniq Coolers

Image: Hydroniq Coolers

Norwegian supplier Hydroniq Coolers has won contracts from Samsung Heavy Industries Co. Ltd. (SHI) to deliver the cooling system for the engines of the six LNG-fuelled shuttle tankers the shipbuilder is constructing for Teekay Offshore.As per the contracts, Hydroniq Coolers – formerly named Sperre Coolers – will deliver its Hydroniq Rack seawater cooling solution that is integrated in the hull below the main engine room of the vessels. Marine cooling systems are utilised to reduce…

02 Nov 2018

Teekay Offshore Settles Dispute with Petrobras

Arendal Spirit. Image: Teekay Offshore Partners

Bermuda-based marine services company Teekay Offshore Partners announced that certain of its subsidiaries have entered into a settlement agreement with Petrobras with respect to various disputes relating to the previously-terminated charter contracts of the HiLoad DP unit and Arendal Spirit unit for maintenance and safety (UMS). As part of the settlement agreement, Petrobras - on behalf od its subsidiaries Petróleo Brasileiro and Petroleo Netherlands - has agreed to pay a total amount of $96 million to Teekay Offshore…

22 Oct 2018

Sembcorp Marine, Teekay Offshore Pact on Petrojarl Varg FPSO

Petrojarl Varg FPSO. Image: Teekay

Sembcorp Marine Rigs & Floaters, a wholly-owned subsidiary of Sembcorp Marine,  has signed an agreement with Varg L.L.C., a wholly-owned subsidiary of Teekay Offshore Partners L.P., for engineering, procurement and construction works related to the modification, repair and life extension of the Petrojarl Varg FPSO.Scheduled for completion in July 2020, the work scope includes detailed engineering, fabrication, installation and integration of the topside process skid; overhauling of existing internal turret and power generation…

22 Aug 2018

Esvagt Appoints Peter Lytzen as CEO

Peter Lytzen. Photo: Esvagt

Esvagt, the dedicated provider of safety and support at sea, has appointed Peter Lytzen as CEO with effect from 1 September 2018.Peter brings over 30 years’ experience and has held numerous senior positions in the offshore industry. Most recently, Peter was a member of the Executive Committee of Teekay Offshore and CEO of Teekay Petrojarl.Prior to this, Peter was Vice President of Maersk Drilling, responsible for their Floating Production activities, and Project Director at Maersk Oil for a number of projects in the North Sea.

02 Aug 2018

Teekay Offshore Orders two LNG-fueled Aframax at Samsung Heavy Industries

Image: Teekay Offshore GP

Teekay Offshore GP entered into shipbuilding contracts to construct two LNG-fueled Aframax DP2 shuttle tanker newbuildings from Samsung Heavy Industries for delivery in late-2020 and early-2021, bringing the Partnership’s orderbook to six shuttle tankers.These newbuildings will be constructed based on Teekay Offshore’s New Shuttle Spirit design which incorporates proven technologies to increase fuel efficiency and reduce emissions, including LNG propulsion technology.Upon expected delivery in late-2020 through early-2021…

23 Jul 2018

Teekay Offshore Taps Steinsland as CFO

Teekay Offshore GP LLC, the general partner of Teekay Offshore Partners L.P., announced today that Jan Rune Steinsland has been appointed the new Chief Financial Officer (CFO) of Teekay Offshore Group Ltd., a management services company that provides services to the Partnership’s subsidiaries (together with the Partnership, the Teekay Offshore Group) effective September 3, 2018. The Partnership’s interim CFO, Tim Cowan, will step down effective September 3, 2018, but will remain with the Partnership for a period of time to ensure a smooth transition.Steinsland brings approximately 30 years of energy and offshore industry experience, including most recently serving as CFO of drilling contractor Songa Offshore SE…

10 May 2018

Petrojarl I FPSO Begins Working its 10th Field

(Photo: Teekay)

Teekay’s three-decades-old floating production, storage and offloading (FPSO) Petrojarl I has achieved first oil and commenced its five-year charter contract with a consortium led by Queiroz Galvão Exploração e Produção SA (QGEP) on the Atlanta oilfield, which is the vessel’s 10th field over its lifetime.The Atlanta field, located in Block BS4 in the Santos Basin offshore Brazil, is a post-salt oilfield in water depths of approximately 1,500 meters about 185 kilometers from Rio de Janeiro.

03 May 2018

Teekay Offshore CFO Wong to Step Down

Teekay Offshore Partners L.P. announced today that David Wong will step down from his position as Chief Financial Officer of Teekay Offshore Group Ltd. to commence a new opportunity outside of the Teekay organization.Wong, who joined Teekay Corporation in 2009 and has served as Teekay Offshore CFO since 2015, will continue with the Teekay until August to assist with the transition while a search for his replacement is conducted.

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