Teekay Corp is creeping nearer to its exit from the floating production, storage and offloading segment and has shed nearly all of its debt.

The company said it has sold the 27,600-gt Sevan Hummingbird (built 2007) to a third party in a deal that will close in this quarter, and the 43,300-gt Petrojarl Foinaven (built 1998) will head to shipbreakers this summer.

These are the company’s last two FPSOs after the 18,500-gt Petrojarl Banff (built 1998) was scrapped last year.

“We have continued to make good progress on winding down our FPSO business, which we expect to be largely completed by the end of 2022,” chief executive Kenneth Hvid said in a statement alongside the company’s first-quarter earnings.

The Hummingbird finished work on Spirit Energy’s Chestnut oil field in the North Sea in March, the company said.

Decommissioning will be completed this month before delivery to the buyer.

Neither the buyer nor the price was disclosed, but Hvid said the sale will cover the decommissioning costs.

The company also said that in February, BP notified Teekay Corp that the Petrojarl Foinaven (built 1998) would be delivered in August.

Teekay said it would then go for green recycling, with decommissioning costs paid for by the customer.

For the quarter, Teekay Corp posted an $888,000 profit, or a penny per share, versus a $30m profit for same period last year.

The first-quarter 2021 results included Teekay LNG, which was sold to Stonepeak Infrastructure Partners in a deal that closed in January this year. Teekay Corp’s first-quarter 2022 results included only two weeks of Teekay LNG results.

After the deal, the company’s only remaining major affiliate is Teekay Tankers.