Recently, Teekay entered into an agreement with BG to provide a floating production, storage and offloading (FPSO) unit for the Knarr oil and gas field located in the North Sea.

A newly-built FPSO unit, to be constructed by Samsung Heavy Industries in South Korea, will service the contract. The new FPSO unit will have a maximum design production capacity of 63,000 barrels per day (bbls/d) and is scheduled to deliver during the first quarter of 2014.

Read the press release here and listen as Peter Evensen, Teekay's President and Chief Executive Officer, discusses the Knarr FPSO Project.