Teekay, which has recently decided to change its name to Altera Infrastructure, has entered into a new bareboat charter contract with the Foinaven operator, a subsidiary of BP, for the Petrojarl Foinaven FPSO unit for up to approximately ten years.

Under the terms of the contract, Teekay is expected to receive an upfront payment of approximately $67 million in cash, a nominal per day rate over the life of the contract, and a lump sum payment at the end of the contract period, which is expected to cover the costs of recycling the FPSO unit in accordance with the EU Ship Recycling Regulations, Teekay said in a statement on Friday.