Teekay – Arendal Spirit contract in Brazil is cancelled

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Teekay Offshore Partners may seek legal redress after Brazil’s Petrobras cancelled the charter for the flotel vessel Arendal Spirit.

The vessel was one of several flotel units that Petrobras has been using to carry out maintenance services on its production units in the Campos and Santos basins.

Dayrate payments were suspended in November following an “incident” compromising the functioning of the vessel’s dynamic positioning system.

This was the second incident in the “safety and maintenance category” to occur in 2016.

The first incident involving this flotel unit reportedly occurred in April, when a gangway bridge fell into the sea during an operation on the Caratinga field.

In its latest earnings statement for the first quarter of 2017, the floater and tanker company said that its Logitel Offshore subsidiary had received notification from Petrobras about the termination of the charter agreement for the Arendal Spirit, on maintenance and safety grounds.

“We were recently notified by the charterer, Petrobras, of its termination of the charter contract on this unit. We are disputing the termination and are reviewing our legal options, while at the same time actively marketing the unit for alternative employment,” stated Ingvild Sæther, chief executive of Teekay Offshore Group.

The matters under discussion include Teekay’s capacity to pay lenders of the Arendal Spirit debt facility, the company confirmed.

The unit was contracted through to 2018, but fell foul of the strict reading of breaches of contract that Petrobras has been taking as it continues with its aggressive squeeze on costs.

Teekay posted a net profit of $18.89 million in the first quarter, against a net loss of $4.41 million in the same period in 2016.

The company has notified investors of an earnings impairments for two consecutive quarters, caused by the suspension of payments for the Arendel Spirit charter.

Source: Gareth Chetwynd / Upstream

By Rodrigo Cintra

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