Teekay Corp has closed on a deal to sell its last floating production, storage and offloading unit (FPSO), exiting the segment.

The New York-listed company said in its earnings statement that it had completed the sale of the 27,600-gt Sevan Hummingbird (built 2007) on 1 July.

The company previously only identified the buyer as a third party.

“The proceeds from the sale of the Sevan Hummingbird FPSO combined with a contractual lump sum from our customer on the Petrojarl Foinaven FPSO, which is expected to be received in the third quarter of 2022, are anticipated to largely cover the remaining decommissioning costs relating to these two units and we expect to substantially complete the wind-down of our FPSO segment by the end of the year,” said chief executive Kenneth Hvid.