Teekay Offshore Partners L.P. (TOO) announced that it has entered into an agreement with Statoil Petroleum AS, on behalf of the field license partners, to provide a floating storage and offtake or FSO unit for the Gina Krog oil and gas field located in North Sea.
The company stated that the contract will be serviced by a new FSO unit converted from the 1995-built shuttle tanker, Randgrid, which is currently 67 percent owned by Teekay Offshore.
The Partnership's portion of the FSO conversion project is expected to be completed for a total net capital cost of about $220 million, including the cost of acquiring the remaining 33 percent ownership interest in the Randgrid shuttle tanker, Teekay said.
Following completion in the first quarter of 2017, the newly converted FSO unit will commence operations under a 3-year firm period time-charter contract to Statoil, which includes 12 additional one-year extension options.
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