Teekay Offshore Partners announces contract start-up for the Randgrid FSO on the Gina Krog Field with Statoil

By Vessels

Teekay Offshore Partners L.P. (NYSE:TOO) (Teekay Offshore) announced today the Randgrid FSO, which was converted from one of the Partnership’s shuttle tankers at Sembcorp’s Sembawang shipyard in Singapore, has commenced its charter contract with Statoil ASA (Statoil) on the Gina Krog oil and gas field in the Norwegian sector of the North Sea.

Teekay Offshore Partners announces contract start-up for the Randgrid FSO on the Gina Krog Field with Statoil

“Today marks a significant milestone in Teekay Offshore’s FSO franchise with the start-up of our largest FSO project to-date,” commented Ingvild Sæther, President and CEO of Teekay Offshore Group Ltd.  “The Randgrid FSO further builds on our strategic partnership with Statoil and is expected to contribute annual cash flow from vessel operations(1) of approximately $60 million during the firm period of the charter contract.”

About Teekay Offshore

Teekay Offshore Partners L.P. is an international provider of marine transportation, oil production, storage, long-distance towing and offshore installation and maintenance and safety services to the oil industry, primarily focusing on oil production-related activities of its customers and operating in offshore oil regions of the North Sea, Brazil and the East Coast of Canada.

Teekay Offshore is structured as a publicly-traded master limited partnership (MLP) with consolidated assets of approximately $5.6 billion, comprised of 62 offshore assets, including floating production, storage and offloading (FPSO) units, shuttle tankers, floating storage and offtake (FSO) units, units for maintenance and safety (UMS), long-distance towing and offshore installation vessels and conventional tankers. The majority of Teekay Offshore\’s fleet is employed on medium-term, stable contracts.

Teekay Offshore Partners’ common units and Series A and B preferred units trade on the New York Stock Exchange under the symbol “TOO”, “TOO PR A” and “TOO PR B”, respectively.

Source: Teekay Offshore Partners