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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.
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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