Teekay Corp FPSO heading to scrapyard after North Sea service

Teekay Corp is sending one of its oldest FPSOs to the breakers.

The New York-listed, Vancouver-based company said the Petrojarl Banff (built 1998) had finished work in the Banff oil field in the North Sea and will be scrapped in the coming months.

"The FPSO unit is expected to leave the Banff field during the third quarter of 2020 and prepare for recycling by the end of the year with the remaining subsea remediation work expected to be carried out in the summer of 2021," Teekay Corp chief executive Kenneth Hvid said.