US-listed Teekay Offshore Partners can focus on new opportunities after settling two legal disputes.
The company said this week it had paid a combined $47m to end an arbitration related to an FPSO and another dispute regarding an FSO.
"We are very pleased to have these two previously reported disputes behind us and given that the total combined amounts at dispute (including claimed purchase price discounts) was in excess of $250m," it told TradeWinds.
"This also enables us to free up further resources across Teekay Offshore to concentrate on the range of opportunities in the market, particularly in the FPSO, FSO and shuttle tanker businesses”.
The arbitration related to claims brought by the charterer of its Petrojarl Knarr FPSO unit.
The unnamed charterer was claiming a reduced purchase price option and certain liquidated damages.
The right to acquire the unit at a 20% discount was denied by the tribunal, but damages were awarded to the charterer, offset to an extent by certain damages awarded to Teekay for counterclaims brought against the charterer for its actions.
The balance of $25m was paid by Teekay last month.
Another $22m was paid out in October in final settlement of a dispute with a shipyard relating to the completion of the conversion of the Randgrid FSO.
Teekay said it could provide no further details of the cases.
