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Stock impact report

TEEKAY ANNOUNCES NEW BAREBOAT CONTRACT FOR THE FOINAVEN FPSO

Teekay Corporation (TK) 
Last teekay corporation earnings: 2/21 03:25 am Check Earnings Report
US:NYSE Investor Relations: teekay.com/investors/teekay-corporation
Company Research Source: GlobeNewswire
VANCOUVER, British Columbia, March 27, 2020 (GLOBE NEWSWIRE) -- Teekay Corporation (Teekay) (NYSE:TK) today announced that it has entered into a new bareboat charter contract with the Foinaven Operator (Britoil Limited, a subsidiary of BP p.l.c.), for the Petrojarl Foinaven (Foinaven) floating production, storage and offloading (FPSO) unit for up to approximately ten years (the Contract).  Under the terms of the Contract, Teekay is expected to receive an upfront payment of approximately $67 million in cash, a nominal per day rate over the life of the Contract, and a lump sum payment at the end of the Contract period, which is expected to cover the costs of recycling the FPSO unit in accordance with the EU Ship Recycling Regulations. As part of the transaction, Teekay Offshore Partners L.P., now known as Altera Infrastructure L.P. (Altera Infrastructure) has entered into agreements with the Foinaven Operator directly to provide the operations and shuttle tanker services for the Foin Show less Read more
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