After successful field installation and testing, the Randgrid FSO unit officially starts up operations and commences its charter contract with Statoil on the Gina Krog oil and gas field in the North Sea, the company said in its press release.
“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 of approximately $60 million during the firm period of the charter contract.”
The vessel is now operating at the Statoil field under a firm charter period of three years, plus extension options, and has the ability to operate for a maximum of 15 years of uninterrupted operations, without the need to leave the field for drydocking.
The unit was converted from one of Teekay’s existing shuttle tankers at the Sembcorp Marine Admiralty Yard in Singapore.