Teekay Offshore Partners Places Order for Two Additional Shuttle Tankers

By Vessels

Teekay Offshore Partners L.P. (NYSE:TOO) (Teekay Offshore) announced yesterday that it has declared options with Samsung Heavy Industries Co., Ltd. for the construction of two, Suezmax-sized, DP2 shuttle tanker newbuildings for a total fully-built-up cost of approximately $265 million.

Teekay Offshore Partners Places Order for Two Additional Shuttle Tankers

These newbuildings will be constructed based on the Partnership’s new Shuttle Spirit design which incorporates proven technologies to increase fuel efficiency and reduce emissions, including LNG propulsion technology.

Upon delivery in 2020, these vessels will join Teekay Offshore’s Contract of Affreightment (CoA) fleet in the North Sea.

“This is another important milestone for Teekay Offshore’s shuttle tanker franchise since it further strengthens our position as the leading provider of CoA shuttle tanker services in the North Sea,” commented Ingvild Sæther, President and CEO of Teekay Offshore Group Ltd.  “Our customers require a reliable, long-term solution for securing offtake services from over 15 oil fields in the North Sea and therefore, these state-of-the-art newbuildings demonstrate our ongoing commitment to our customers,” Ms. Sæther continued, “What makes me particularly proud is that these newbuildings, as well as the two shuttle tankers ordered in July 2017 to service Statoil’s needs in the North Sea, will set new standards for both fuel consumption and CO2 emissions.”

Source: Teekay