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Weaker Spot Tanker Rates Hurt Teekay Corporation s Second Quarter 2021 Results | Hellenic Shipping News Worldwide

Weaker Spot Tanker Rates Hurt Teekay Corporation s Second Quarter 2021 Results | Hellenic Shipping News Worldwide
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Teekay Corporation Completes Banff Decommissioning Agreement | Hellenic Shipping News Worldwide

Teekay Corporation announces the completion of the remaining conditions precedent relating to the previously announced Decommissioning Services Agreement (DSA) with CNR International (UK) Limited (CNRI), on behalf of the Banff joint venture, whereby Teekay has engaged CNRI to decommission the Company’s remaining subsea infrastructure located within the CNRI-operated Banff Field. As part of the DSA, .

Teekay : May 27, 2021 Teekay Corporation Completes Banff Decommissioning Agreement

Teekay or the Company) (NYSE:TK) announces the completion of the remaining conditions precedent relating to the previously announced Decommissioning Services Agreement ( DSA) with CNR International (UK) Limited ( CNRI), on behalf of the Banff joint venture, whereby Teekay has engaged CNRI to decommission the Company s remaining subsea infrastructure located within the CNRI-operated Banff Field. As part of the DSA, which is now in full effect, CNRI has assumed full responsibility for Teekay s remaining asset retirement obligations ( Phase II) for the above-mentioned facilities, which should enable CNRI to complete Teekay s Phase II work in conjunction with their other decommissioning work at the Banff Field in a more efficient manner.

Court of Appeal addresses expert s duties and conflicts of interest

In Secretariat Consulting PTE Ltd v A Company, the Court of Appeal considered for the first time the question of an expert s duty to avoid a conflict of interest.(1) The Court of Appeal s decision, while not deciding the point finally, means that it is unlikely that a court will now recognise such a duty as a matter of law. The issue is a matter of contract. On the terms of the expert firm s engagement in this case, the Court of Appeal upheld the High Court s decision to grant an injunction restraining the firm from acting for a third party in a connected arbitration. The judgment contains a useful analysis of when conflicts can arise in related cases and the circumstances in which a large organisation offering expert or litigation support services may find itself conflicted.

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