BP and Rockrose partners30 Mar 2020 19:05
“We are pleased to announce this new contract for the Foinaven FPSO, which allows our customer to continue to maximize the value of the Foinaven field whilst eliminating Teekay’s operational exposure to the FPSO unit,” commented Kenneth Hvid, Teekay’s President and CEO. “The new contract further reduces our exposure to the offshore business, which is a strategic priority, improves our profitability, and allows us to further delever and strengthen our balance sheet.”
BP North Sea Regional President, Ariel Flores, said, “This new arrangement will enable BP and its joint venture partner RockRose Energy to introduce an innovative contractual framework for the FPSO’s operating services and shuttle tanker provision, giving BP greater influence over the strategic direction of operations, while allowing us to build on our existing strong relationship with Altera Infrastructure. It will also help ensure safe, reliable and efficient operations out to at least 2025 and give us space to set the Foinaven area up for future success.”