Teekay secures funds for LNG-fueled shuttle tankers

Teekay Offshore Partners said that it has secured a new $414 million long-term debt facility to finance four LNG-fueled Suezmax DP2 shuttle tanker newbuildings.

Upon delivery in 2019 and 2020, two of the vessels will commence operations under the partnership’s master agreement with Equinor, Teekay said in a statement.

The remaining two vessels will join the partnership’s contract of affreightment (CoA) shuttle tanker portfolio in the North Sea.

The new facility is funded and guaranteed by both Canadian and Norwegian export credit agencies, and commercial banks.