A floating production vessel damaged in a North Sea storm last December, the Banff, may not be back in the field for another year.
Bermuda-based Teekay Petrojarl, which operates it for oil firm CNR International, said today repairs were underway and that re-installation in the field was due in the fourth quarter of 2013.
The vessel, not being paid for by CNR while it is out of service, had been working on the Banff and Kyle fields about 200 miles east of Aberdeen.
Its loss has hit CNR’s North Sea production figures.
The Canadian oil firm said yesterday its third-quarter output from the area fell 26%, against a year ago, to 19,500 barrels of crude per day.
It added this was due to the loss of the Banff as well as planned maintenance on a third-party pipeline and work on the Ninian platforms started late in the third quarter.
CNR also said production in Africa, run out of Aberdeen, fell by 22% to 17,500 barrels of oil (boe) per day.
The decline in Africa was due to natural production declines and a planned turnaround, said CNR, adding it was due to start an eight-well infill drilling campaign off the Ivory Coast to boost production.
The firm’s Canadian operations helped push overall production up 9% to 667,616 boe per day, driven by heavy oil assets.
Despite this pre-tax profits fell to £315million, compared with £722million in the same period last year, due to weak prices, on revenue up by £100million at £2.1billion.
CNR also reduced its targeted 2012 capital spending by an additional £144million, taking the total reductions to £570million, or 12%, compared to that announced in May.
Production guidance was at 1% below that predicted.