Teekay Signs FSO Agreement With Statoil
Bermuda-based Teekay Offshore Partners has entered into an agreement with Statoil to provide a floating storage and offtake [FSO] vessel for the Gina Krog oil and gas field development in the Norwegian North Sea.
The vessel will be a conversion of the 1995-built shuttle tanker “Randgrid”, which is 67 percent owned by Teekay Offshore. Costs of the conversion will likely reach $220 million, including acquisition of the remaining 33 percent ownership interest.
Following delivery in 1Q 2017, the new FSO unit will start operations under a three-year firm period time-charter contract to Statoil, with 12 one-year extension options.
Teekay Offshore Partners L.P. provides marine transportation and storage services to the offshore oil industry.
The company owns and operates a fleet of shuttle tankers to transport crude oil and condensates from offshore oil field installations to onshore terminals and refineries; conventional oil tankers primarily for transcontinental seaborne transportation of oil; FOS units that provide on-site storage for oil field installations; and floating production, storage, and offloading [FPSO] units that provide transportation, production, processing, and storage services to oil companies operating offshore oil field installations.
The company was founded in 2006 and is headquartered in Bermuda.
