Bermuda-based shipping group Teekay Corporation has entered into an agreement to extend the employment of the Petrojarl Banff FPSO unit in the North Sea for a period of one year.
Under the deal with a subsidiary of Canadian Natural Resources (CNR), the FPSO unit will continue working on the Banff field until the end of August 2020.
The company said that the contract was agreed at substantially similar terms to the current deal, which includes an upside component linked to oil prices and oil/gas 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,” Kenneth Hvid, Teekay’s President and Chief Executive Officer, said.