Teekay Offshore closing on COA

Teekay Offshore Partners is closing on a long-term contract of affreightment (COA) that will help it boost utilization of its shuttle tankers.

The imminent deal would follow the company’s three-year COA signed with BP in September.

Ingvild Saether, president of Teekay Offshore, said: “We anticipate signing this new, five-year COA contract, plus extension options, in the North Sea, which is expected to add future cash flow through higher shuttle tanker utilization without the need for incremental capital expenditures.

“We