Teekay Offshore is targeting several redeployment opportunities for a floating production, storage and offloading (FPSO) unit after Repsol cancelled a long-term contract for the unit.
The Teekay spinoff revealed today that the Spanish oil company will return the 57,000-barrels-per-day Petrojarl Varg (built 1998) in August.
Repsol cancelled the contract in November after deciding to shut down production at its Varg field operations in Norwegian waters of the North Sea, though Teekay Offshore did not provide details on the redelivery until now.
The
