June 29, 2015
Teekay Offshore’s Largest Acquisition to Date
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Teekay’s largest project to date, the Petrojarl Knarr Floating Production, Storage and Offloading (FPSO), has successfully completed the required operational tests to go on full charter rate with its operator, BG Norge Limited (BG). As announced earlier, Teekay Offshore Partners completed the acquisition of the Petrojarl Knarr from Teekay Corporation for its fully built-up cost of approximately $1.25 billion. Earlier in March, the unit achieved its first oil in the Knarr field located 120 kilometers off Norway. The field has estimated gross recoverable reserves of around 80 million barrels of oil equivalent with a production life of at least ten years. |
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A key success factor for the Petrojarl Knarr project was the integration of a mixed project team. The team had members with long operational experience from the North Sea, as well as members with proven experience in management, engineering and construction. This allowed us to build an FPSO based on practical experience from our offshore crew with solutions which are not only theoretically sound, but also provide the most reliable, safe and efficient operation in the field. With the acquisition of the Petrojarl Knarr, Teekay Offshore has strengthened its leading market position in the harsh-weather FPSO segment of the North Sea and continues to prove its steady growth in the market. FPSO Petrojarl Knarr is an astounding feat of modern technology. Its internal turret allows the vessel to freely rotate 360 degrees and ensures it’s always facing the rough weather present in the North Sea. View full Petrojarl Knarr fact sheet. |