Teekay Offshore Reaches Settlement with Petrobras
Teekay Offshore Partners L.P. announced Monday that certain of its subsidiaries have entered into a settlement agreement with Petróleo Brasileiro S.A. and Petroleo Netherlands B.V. – PNBV S.A. 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 has agreed to pay a total amount of $96 million to Teekay Offshore, which includes $55 million that is payable unconditionally within 30 days.
Teekay Offshore Partners Appoints Interim CFO
Teekay Offshore GP LLC, the general partner of Teekay Offshore Partners L.P. announced that Tim Cowan join as Interim Chief Financial Officer of Teekay Offshore Group Ltd., a management services company that provides services to the Partnership’s subsidiaries while the company conducts a search for a permanent CFO.Cowan holds the position of Senior Vice President, Energy, at Brookfield Asset Management. Brookfield became a co-sponsor of the Partnership in September 2017, when it made a significant investment…
Petrojarl I FPSO Begins Working its 10th Field
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. The field contains an estimated 260 million recoverable barrels of oil equivalent.The Petrojarl I…
Petrojarl I Sails for Brazil Following Upgrades
Teekay’s long standing 31-year-old floating production, storage and offloading (FPSO) unit Petrojarl I has sailed-away en route to the Atlanta Field off Brazil following upgrades at the Aibel AS shipyard in Norway. “This has been a challenging project for Teekay Offshore and today therefore marks a significant milestone for the Petrojarl I FPSO upgrade project,” said Ingvild Sæther, President and CEO of Teekay Offshore Group Ltd. Once the FPSO arrives at the Atlanta field, it will undergo field installation…
First Oil and Contract Start-up for Libra FPSO
Teekay Offshore Partners L.P. announced that its jointly owned floating production storage and offloading (FPSO) unit, the FPSO Pioneiro de Libra (Libra), has achieved first oil and commenced its 12-year charter contract with a group of international oil companies, including Petrobras, Total, Shell, CNPC and CNOOC Limited, on the Libra oil field where it will perform early well tests. The Libra FPSO unit is the first unit to produce oil on the giant Libra block, which covers more than 1,500 square kilometers in the Santos Basin.
Randgrid FSO Begins Gina Krog Field Contract
Teekay Offshore Partners announced the Randgrid FSO, which was converted from one of the Partnership’s shuttle tankers at Sembcorp’s Sembawang shipyard in Singapore, has commenced its charter contract with Statoil ASA (Statoil) on the Gina Krog oil and gas field in the Norwegian sector of the North Sea. “Today marks a significant milestone in Teekay Offshore’s FSO franchise with the start-up of our largest FSO project to-date,” commented Ingvild Sæther, President and CEO of Teekay Offshore Group Ltd. Teekay Offshore Partners L.P.
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.
