Teekay Offshore Partners (NYSE:TOO) 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.
Offshorestaff
HAMILTON, Bermuda – Teekay Offshore Partners (NYSE:TOO) 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 tankerRandgrid, which is 67% owned by Teekay Offshore. Costs of the conversion will likely reach $220 million, including acquisition of the remaining 33% 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.
