Skip to main content

Altera Infrastructure L.P. announces Petrojarl Knarr contract extension

PEMBROKE, Bermuda, April 08, 2020 (GLOBE NEWSWIRE) — Altera Infrastructure L.P. (the “Partnership”) today announced that its subsidiary Teekay Knarr AS has entered into a contract amendment with AS Norske Shell, as operator for and on behalf of the Knarr field licence partners (the “Operator”), that extends the contract for the lease and operation of the Petrojarl Knarr FPSO (the “Vessel”) until at least March 2022.
The vessel has been operating on the Knarr field since 2015 under a firm duration until March 2021, which included a further fee payable by the Operator if the contract was not extended through to 2025 and with additional extension options thereafter. The contract amendment includes a reduction in day rate from March 2021 to March 2022 and the removal of the fee payable by the Operator if the contract was not extended, in return for the introduction of an additional production volume and oil price related tariff. The amendment also terminates the Operator’s purchase option for the vessel and provides for a mutual right to terminate the contract on 6 months’ notice without payment of penalty, such termination not to be effective before March 2022.“We are pleased to announce this important FPSO contract extension for the Petrojarl Knarr, and we are committed to work together with the licence partners to continue to operate safely and maximize production on the field. The contract amendment provides important visibility for the next period of operations and it also enables us to position the vessel for the next re-deployment”, says Chris Brett, President Altera Infrastructure FPSO. Altera Infrastructure, previously Teekay Offshore, owns and has been operating the FPSO since it achieved first oil on 16th March 2015.Forward Looking Statements

Disclaimer & Cookie Notice

Welcome to GOLDEA services for Professionals

Before you continue, please confirm the following:

Professional advisers only

I am a professional adviser and would like to visit the GOLDEA CAPITAL for Professionals website.

Important Notice for Investors:

The services and products offered by Goldalea Capital Ltd. are intended exclusively for professional market participants as defined by applicable laws and regulations. This typically includes institutional investors, qualified investors, and high-net-worth individuals who have sufficient knowledge, experience, resources, and independence to assess the risks of trading on their own.

No Investment Advice:

The information, analyses, and market data provided are for general information purposes only and do not constitute individual investment advice. They should not be construed as a basis for investment decisions and do not take into account the specific investment objectives, financial situation, or individual needs of any recipient.

High Risks:

Trading in financial instruments is associated with significant risks and may result in the complete loss of the invested capital. Goldalea Capital Ltd. accepts no liability for losses incurred as a result of the use of the information provided or the execution of transactions.

Sole Responsibility:

The decision to invest or not to invest is solely the responsibility of the investor. Investors should obtain comprehensive information about the risks involved before making any investment decision and, if necessary, seek independent advice.

No Guarantees:

Goldalea Capital Ltd. makes no warranties or representations as to the accuracy, completeness, or timeliness of the information provided. Markets are subject to constant change, and past performance is not a reliable indicator of future results.

Regional Restrictions:

The services offered by Goldalea Capital Ltd. may not be available to all persons or in all countries. It is the responsibility of the investor to ensure that they are authorized to use the services offered.

Please note: This disclaimer is for general information purposes only and does not replace individual legal or tax advice.