Teekay Named Crewing Manager Of Ningaloo Vision FPSO - Teekay

August 13, 2012

Effective 1st August, Teekay Australia commenced an exciting new project withApache Energy Ltd. (AEL) as the crewing managers of their Floating Production, Storage and Offloading (FPSO) vessel, Ningaloo Vision. Apache Energy Ltd. is the owner of the Ningaloo Vision, which operates on the Van Gogh field, in the North West Shelf region of Australia. Originally, AEL had contracted the vessel out to a third party, but later made the decision to bring operation of the Ningaloo Vision in house. Apache Energy Ltd. then put out a tender for the crew management of the Ningaloo Vision, which Teekay was awarded. This exciting new Teekay FPSO management project is a five-year contract, extending into 2017. Under the terms of the contract:

The 62 personnel employed by the previous operator will transfer employment to Teekay Australia.
Two staff are to be employed in the Perth office to manage the contract. Teekay is to provide the full suite of crewing and HR services through our staff in Perth and Human Resources team in Sydney.

This is a very significant project for Teekay, as it will generate excellent revenue with zero risk and no capital required. Furthermore, it leverages our local strengths in managing industrial relations and crewing. Managing the crew of the Ningaloo Vision deepens our relationship with Apache Energy Ltd. as we strive to become their strategic marine partner, and establishes a business model to take to other FPSO operators in the region. For more on our FPSO business, watch the new Teekay Offshore business video, Like us onFacebook and visit www.teekayoffshore.com.