Chestnut Field Extended Up to Three Years
Partners Spirit Energy and Dana Petroleum will invest £140 million ($177 million) to extend the life of the Chestnut field in the UK North Sea by as much as three years.The companies announced on Friday that they reached a deal with Teekay to extend the employment of the Hummingbird Spirit floating production, storage and offloading unit (FPSO) until March 2023 as the partners plan to drill a fourth production well by the first quarter of 2020.Drilling at Chestnut will kick off before the end of the year and follows a similar investment in 2017 when a…
Teekay Sells Offshore Stake to Brookfield
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 to mid-May 2019.“The divestment of our remaining interests in Teekay Offshore is aligned with Teekay’s current strategy to simplify and focus on our core gas and tanker businesses…
Hvid to Take Over as Teekay President and CEO
Teekay Corporation’s board of directors has elected Kenneth Hvid to succeed current president and CEO, Peter Evensen, who will retire January 31, 2017 after more than 13 years with the company. Hvid is presently serving as president and CEO of Teekay Offshore Group Ltd. “Kenneth Hvid is the natural successor to Peter Evensen as CEO of Teekay at this time,” said Teekay's Chairman, Sean Day. Hvid has served on the board of Teekay daughter companies, and has worked closely with all the business segments in Teekay in his previous role as Chief Strategy Officer.
Teekay LNG Announces Board Changes
Teekay LNG Partners L.P. announced changes to Teekay LNG’s board of directors. Jane Hinkley has been appointed to the chairmanship position succeeding C. Sean Day, who will remain a director of Teekay LNG and chairman of the partnership’s sponsor, Teekay Corporation. Hinkley has been a director of Teekay LNG for over 10 years and has management and board experience in the shipping and oil and gas industry, including serving as the managing director of Navion Shipping AS, and chief financial officer and managing director of Gotaas-Larsen Shipping Corporation, and currently serves on the board of directors of Premier Oil plc and Vesuvius plc.
