Teekay Corp has again extended the contract for one of its oldest FPSOs.
The New York-traded, Vancouver-based company said the Petrojarl Banff (built 1998) will remain in the employ of Canadian Natural, working in the Banff field in the North Sea until August 2020.
The vessel was also extended last July for an additional year.
Details were not disclosed for the deal but Teekay said the terms were "substantially similar" to the previous contract and includes an upside component linked to oil prices and production.
"We are pleased to announce this important FPSO contract extension for the Petrojarl Banff, which extends the production of the fields in the North Sea, and we are committed to work together with CNR to maximize production in the future," Teekay chief executive Kenneth Hvid said in a statement.
Of the Teekay group's 11 FPSOs, the Petrojarl Banff is the third oldest, after the Petrojarl I (built 1986) and the Petrojarl Foinaven (built 1996). The Petrojarl Banff and Petrojarl Foinaven are held by Teekay Corporation, with the remainder owned by Teekay Offshore.
On its website, Teekay describes the ship as under contract "until no longer economically viable".
