Apache extends FSO contract offshore Australia

Teekay Offshore has signed a 10-year contract extension  with Apache Energy for the 1987-built Dampier Spirit FSO, which operates on the Stag oil field offshore Western Australia.

May 15th, 2014

Offshore staff

HAMILTON, Bermuda – Teekay Offshore has signed a 10-year contract extension  with Apache Energy for the 1987-built Dampier Spirit FSO, which operates on the Stag oil field offshore Western Australia.

The vessel will soon go into drydock for upgrades estimated to cost $11 million.

Last September Teekay acquired a 2010-built HiLoad Dynamic Positioning (DP) unit from Remora for around $55 million, including modification costs. The offloading system is currently undergoing operational testing. On completion it should start a 10-year time-charter contract withPetrobras offshore Brazil.

Teekay Offshore has a letter of intent to acquire Logitel Offshore Holdings, which owns two floating accommodation units (FAUs) based on Sevan Marine’s cylindrical hull design, and currently under construction at the COSCO (Nantong) Shipyard in China. COSCO has agreed options to build up to six more FAUs.

Petrobras has contracted the first newbuild under a three-year fixed-rate charter contract, plus extension options, for delivery to Brazil early next year. Teekay expects to secure a charter for the second FAU prior to its delivery in late-2015.

In March Teekay acquiredALP Maritime Services, a Dutch provider of long-haul ocean towage and offshore installation services through a fleet of third-party owned vessels. Under the transaction, the two parties entered an agreement with Niigata Shipbuilding & Repair of Japan for the construction of SX-157 Ulstein-design DP towing and anchor handling vessels for $261 million.

These will be capable of ultra-long distance towing, offshore installation, and decommissioning of large floating exploration, production, and storage units, including FPSOs, FLNG units, and floating drill rigs. They are scheduled for delivery in 2016.

05/15/2014

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