September 10, 2013
We are pleased to announce that Teekay Petrojarl has agreed on an extension of its contract with Centrica Energy for production by the Hummingbird Spirit on the Chestnut Field.
The contract was up for renewal; however, Centrica Energy expressed an interest in continued use of the Hummingbird Spirit in order to maximize recovery from the field. We recently executed an agreement for a one-year extension for 2014 with an option until the end of March 2016.
On September 9, 2013, Atlantic Petroleum formally announced the agreement between Centrica Energy and Teekay. Ben Arabo, CEO of Atlantic Petroleum, expressed: “We are delighted that the Chestnut joint venture has been able to agree this contract extension with Teekay. The excellent field performance and future projections have given us confidence to commit to securing the vessel for at least another year.” For more, read full release here.
Teekay acquired the 2008-built Hummingbird Spirit as part of the acquisition of three FPSO units from Sevan in October 2011. The unit is designed with a storage capacity of 270,000 bbls and offers a processing capacity of 25,000 bopd.
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