June 6, 2014
A perfect example of how small investments, upgrades and restorations can extend the life of older vessels.
In May 2014, Teekay Offshore extended the contract with Apache Energy for the floating, storage and offloading unit (FSO), Dampier Spirit. Dampier Spirit FSO was built in 1987 and has operated for Apache Energy since the late 1990’s. Then, Teekay won the contract for its first offshore facility.
From 1987 to 1997, Dampier Spirit operated as an Aframax, a conventional tanker type. Since then, she has operated on the Stag oil field offshore Western Australia.
As part of the agreement with Apache Energy, Dampier Spirit entered drydock during 2014 to receive upgrades of approximately $11 million. The Dampier Spirit is a perfect example of how small investments, upgrades and restorations can extend the life of older vessels. Under the contract extension, the FSO is expected to contribute approximately $5.7 million in annual cash flow from vessel operations.
