- Company reduces FPSO asset retirement obligations by $30 million after a highly favorable agreement with CNR International, the operator of the Banff field in the North Sea.
- BP surprisingly stopped production at the Foinaven field and will redeliver the FPSO three years earlier than originally anticipated. There won't be any major financial impact to the company.
- Hummingbird Spirit FPSO likely to remain contracted at the Chestnut field until at least March 2023. Teekay still needs to secure additional employment for the unit.
- Favorable developments and the recent oil price rally have lifted shares to new 52-week-highs. Current discount to net asset value calculates to approximately 5%.
- Future still uncertain with an aggregate $356 million in debt coming due in late 2022 and early 2023 and the fate of the Hummingbird Spirit FPSO unclear. Investors should rather consider investing directly in Teekay LNG Partners or Teekay Tankers.
For further details see:
Teekay Corporation: Stock At 52-Week Highs After Surprise Resolution Of Legacy FPSO Exposure