Teekay Corporation Announces Banff FPSO Contract Extension
May 23 2019 - 9:14AM
Teekay Corporation (Teekay or the Company) (NYSE:TK) has entered
into an agreement with a subsidiary of Canadian Natural Resources
Ltd. (CNR) to extend the employment of the Petrojarl Banff FPSO
unit (Petrojarl Banff) on the Banff field in the North Sea for a
period of one year to the end of August 2020 at substantially
similar terms to the current contract, 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,”
commented Kenneth Hvid, Teekay’s President and Chief Executive
Officer.
About Teekay
Teekay is a leading provider of international
crude oil and gas marine transportation services and also provides
offshore production and logistics. Teekay provides these services
primarily through its directly-owned fleet and its controlling
ownership interests in Teekay LNG Partners L.P. (NYSE:TGP), the
world’s third largest independent owner and operator of LNG
carriers, and Teekay Tankers Ltd. (NYSE:TNK), one of the world’s
largest owners and operators of mid-sized crude tankers. The
consolidated Teekay entities manage and operate total assets under
management of approximately $11 billion, comprised of approximately
155 liquefied gas, offshore, and conventional tanker assets. With
offices in 12 countries and approximately 5,600 seagoing and
shore-based employees, Teekay provides a comprehensive set of
marine services to the world’s leading oil and gas companies.
Teekay’s common stock trades on the New York
Stock Exchange under the symbol “TK”.
For Investor Relations enquiries
contact:
Ryan HamiltonTel: +1 (604) 609-2963Website:
www.teekay.com
Forward Looking Statement
This release contains forward-looking statements
(as defined in Section 21E of the Securities Exchange Act of 1934,
as amended) which reflect management’s current views with respect
to certain future events and performance, including: the expected
production of the Banff and Kyle fields; and the impact of future
oil prices and production. The following factors are among those
that could cause actual results to differ materially from the
forward-looking statements, which involve risks and uncertainties,
and that should be considered in evaluating any such statement:
less than expected revenue generated by, or higher than expected
expenses and costs incurred relating to, the Petrojarl Banff;
changes in oil prices; changes in oil production on the Banff and
Kyle fields; and other factors discussed in Teekay’s filings from
time to time with the SEC, including its Annual Report on Form 20-F
for the fiscal year ended December 31, 2018. Teekay expressly
disclaims any obligation or undertaking to release publicly any
updates or revisions to any forward-looking statements contained
herein to reflect any change in Teekay’s expectations with respect
thereto or any change in events, conditions or circumstances on
which any such statement is based.
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