Teekay recently entered an agreement with Statoil to provide the FSO for the Gina Krog field. The $220 million conversion project is expected to be completed in the first quarter of 2017, before the newly converted FSO unit will commence operations under a time-charter contract to Statoil.
With delivery due to start Q2 2014, KME's project scope includes design, engineering, manufacturing, testing and supply of all materials, equipment, accessories and tools required for the complete ICSS, Medium Voltage Switchboard, Low Voltage Switchboard (440VAC / 230VAC), thruster transformers, thruster drives, thruster motors and 230VAC distribution, for installation and operation on the FSO.
KME is a wholly owned subsidiary of Kongsberg Maritime and has since 2008 acted as a contracting solution company specialising in EIT engineering and system integration on an EPC basis (Engineering, Procurement & Construction) with strong focus on project management, contracting engineering and site management. KME offers a coherent engineering and management service based on Kongsberg Maritime's established technical competence and experience with marine and offshore operations.
Teekay Offshore Partners L.P. is an international provider of marine transportation, oil production and storage services to the offshore oil industry focusing on the fast-growing, deepwater offshore oil regions of the North Sea and Brazil. Teekay Offshore owns interests in shuttle tankers, floating production, storage and offloading (FPSO) units, floating storage and offtake (FSO) units and conventional oil tankers. Teekay Offshore has rights to participate in certain other FPSO and shuttle tanker opportunities provided by Teekay Corporation (NYSE: TK) and Sevan Marine ASA (Oslo Bors: SEVAN). A majority of Teekay Offshore's fleet trades on long-term, stable contracts and it is structured as a publicly-traded master limited partnership.
Teekay Offshore Partners' common units trade on the New York Stock Exchange under the symbol "TOO".