Statoil to build FPSO vessel

Gina Krog gets FPSO

Statoil will build a floating production storage and offloading vessel for use on the Gina Krog field in the Norwegian sector of the North Sea. The FPSO will be converted from the shuttle tanker, Randgrid, currently 67% owned by Teekay Offshore. Teekay said the cost of the conversion and purchase of the remaining 33% would be about $220 million. Conversion completion is expected in the 1Q 2017.