Teekay Offshore Partners Announces Termination of Cheviot Field Opportunity and Availability Of Petrojarl Varg FPSO
TEEKAY OFFSHORE PARTNERS (TOO)
Last teekay offshore partners earnings: 4/30 01:55 am
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US:NYSE Investor Relations:
teekay.com/investors/teekay-offshore-partners-l-p/financials-presentations
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Source: GlobeNewswire
HAMILTON, Bermuda,, June 21, 2019 (GLOBE NEWSWIRE) -- In October 2018, certain subsidiaries of Teekay Offshore Partners L.P. (Teekay Offshore or the Partnership) entered into an agreement with Alpha Petroleum Resources Limited (Alpha Petroleum) to use Teekay Offshore’s Petrojarl Varg floating production, storage and offloading (FPSO) unit to operate on the Cheviot oil field on the UK continental shelf. The FPSO contract was for a seven-year fixed term from first oil, which was targeted for the second quarter of 2021, after a life extension and upgrade phase for the Petrojarl Varg taking place at Sembcorp Marine’s shipyard in Singapore. The effectiveness of the agreement remained subject to a number of conditions precedent being satisfied, including that Alpha Petroleum provide initial funding to cover life extension and upgrade costs. As a result of this condition precedent not having been satisfied by the prescribed contractual deadline, this agreement and all commitments relate
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