Teekay providing Gina Krog FSO

May 30, 2013

Teekay Offshore Partners is to provide a floating storage and offloading tanker to Statoil for use on the Gina Krog field in the Norwegian sector of the North Sea.

The vessel will be a new unit, to be converted from the 1995-built shuttle tanker, Randgrid, which is currently 67% owned by Teekay Offshore. 

Teekay said the cost of the conversion and the acquisition of the remaining 33% in the tanker would be about $220million. 

Completion of the conversion is expected in the 1Q of 2017, following which the unit will start operations under a three-year charter contract with 12 one-year extension options.

Teekay has also agreed to acquire a 50% stake in the Cidade de Itajai (Itajai) FPSO unit from Teekay Corporation for about $204 million.

The Itajai is operating on the Baúna and Piracaba (previously named Tiro and Sidon) fields in the Santos Basin offshore Brazil under a nine-year charter with extension options for Petrobras. The remaining 50% interest in the FPSO is owned by Brazil-based Odebrecht Oil & Gas.



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