BP Agrees Deal with Teekay Corp and Altera Infrastructure to Extend UK West of Shetland Foinaven Production

BP has signed contracts with Altera Infrastructure for operation of the Petrojarl FPSO and provision of the shuttle tanker service to ship the Foinaven crude to market. It also signed a 'bareboat' charter with Teekay Corp, provider of the Petrojarl FPSO, extending its use for another decade. The agreement entails an upfront payment of $67 million followed by a "nominal" day rate and a lump sum at the end for recycling the vessel.