Teekay Corp is creeping nearer to its exit from the FPSO segment and has shed nearly all of its debt.

The company said it has sold the 27,600-gt Hummingbird (built 2007) to a third party in a deal that will close in this quarter.

The 43,300-gt Petrojarl Foinaven (built 1998) will head to shipbreakers this summer, Teekay Corp said.

The Hummingbird and the Petrojarl Foinaven 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.

De-commissioning will be completed in the middle of 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 had notified Teekay Corp that the Petrojarl Foinaven (built 1998) would be delivered in August.

Teekay said the FPSO would then go for green recycling.

Hvid said the sale of the Hummingbird would cover its decommissioning costs and that the decommissioning costs for the Petrojarl Foinaven would be paid for by the customer.

For the quarter, Teekay Corp posted a $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. Teekay Corp’s first-quarter 2022 results only included two weeks of Teekay LNG results.

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