Teekay Offshore has secured a long-term contract extension for its Dampier Spirit floating storage and offtake vessel.
The vessel, which operates on the Stag oil field offshore Western Australia, will now remain with Apache Corporation oil firm for ten more years.
As part of the extension of the charter, Dampiar Spirit is expected to enter into drydock during the second quarter of 2014 for capital upgrades with an expected total cost of approximately $11 million. Under the new contract, the FSO is expected to earn approximately $5.7 million in annual cash flow from vessel operations.