Teekay Offshore signs Brazil shuttle tanker contract with BG

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23 June 2011, Oil, LPG

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The contract with BG will be serviced by four suezmax-size DP2 shuttle tanker newbuildings to be constructed by Samsung Heavy Industries in South Korea. Upon delivery in mid- to late-2013, the vessels will commence operations under 10-year time-charters. The contract with BG also includes certain extension options and vessel purchase options.

"These strategic new long-term shuttle tanker time-charters with BG further strengthen the Partnership's position in the fast-growing Brazilian offshore market," commented Peter Evensen, CEO of Teekay Offshore GP L.L.C.

"In addition to increasing our Brazil based shuttle tanker fleet size by approximately 30 percent, this transaction is expected to be accretive upon delivery of the vessels and will provide Teekay Offshore with additional customer diversification and cash flow stability."

Source: Datamonitor

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