Teekay Offshore Books Two More LNG-Fueled Shuttle Tankers at SHI

  • Business & Finance

Teekay Offshore has declared options with Korean shipbuilder Samsung Heavy Industries (SHI) for the construction of two, Suezmax-sized, DP2 shuttle tanker newbuildings.

The option forms part of a contract signed in August this year covering two firm and two optional units.

The construction cost of the quartet is set at approximately USD 265 million, according to Teekay Offshore.

The latest newbuildings will be constructed based on the company’s new Shuttle Spirit design, like their predecessors, which incorporates technologies aimed at increasing fuel efficiency and reducing emissions, including LNG propulsion technology.

Upon delivery in 2020, these vessels will join Teekay Offshore’s Contract of Affreightment (CoA) fleet in the North Sea.

“This is another important milestone for Teekay Offshore’s shuttle tanker franchise since it further strengthens our position as the leading provider of CoA shuttle tanker services in the North Sea,” commented Ingvild Sæther, President and CEO of Teekay Offshore Group.

“What makes me particularly proud is that these newbuildings, as well as the two shuttle tankers ordered in July 2017 to service Statoil’s needs in the North Sea, will set new standards for both fuel consumption and CO2 emissions.”

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