Teekay Corporation Completes Banff Decommissioning Agreement
HAMILTON, Bermuda, May 27, 2021 (GLOBE NEWSWIRE) -- Teekay Corporation ( Teekay or the Company ) (NYSE:TK) announces the completion of the remaining conditions precedent relating to the previously announced Decommissioning Services Agreement ( DSA ) with CNR International (UK) Limited ( CNRI ), on behalf of the Banff joint venture, whereby Teekay has engaged CNRI to decommission the Companys remaining subsea infrastructure located within the CNRI-operated Banff Field. As part of the DSA, which is now in full effect, CNRI has assumed full responsibility for Teekays remaining asset retirement obligations ( Phase II ) for the above-mentioned facilities, which should enable CNRI to complete Teekays Phase II work in conjunction with their other decommissioning work at the Banff Field in a more efficient manner.
Teekay Corporation Completes Banff Decommissioning Agreement
HAMILTON, Bermuda, May 27, 2021 (GLOBE NEWSWIRE) -- Teekay Corporation ( Teekay or the Company ) (NYSE:TK) announces the completion of the remaining conditions precedent relating to the previously announced Decommissioning Services Agreement ( DSA ) with CNR International (UK) Limited ( CNRI ), on behalf of the Banff joint venture, whereby Teekay has engaged CNRI to decommission the Companys remaining subsea infrastructure located within the CNRI-operated Banff Field. As part of the DSA, which is now in full effect, CNRI has assumed full responsibility for Teekays remaining asset retirement obligations ( Phase II ) for the above-mentioned facilities, which should enable CNRI to complete Teekays Phase II work in conjunction with their other decommissioning work at the Banff Field in a more efficient manner.