After successful field installation and testing, the Randgrid FSO unit officially starts up operations and commences its charter contract with Statoil on the Gina Krog oil and gas field in the North Sea.
“Today marks a significant milestone in Teekay Offshore’s FSO franchise with the start-up of our largest FSO project to-date,” commented Ingvild Sæther, President and CEO of Teekay Offshore Group Ltd. “The Randgrid FSO further builds on our strategic partnership with Statoil and is expected to contribute annual cash flow from vessel operations(1) of approximately $60 million during the firm period of the charter contract.”
The vessel is now operating at the Statoil field under a firm charter period of three years, plus extension options, and has the ability to operate for a maximum of 15 years of uninterrupted operations, without the need to leave the field for drydocking.
The unit was converted from one of Teekay’s existing shuttle tankers at the Sembcorp Marine Admiralty Yard in Singapore.
Gina Krog (previously Dagny), originally a minor gas discovery is a field that has been considered for development on a number of occasions since it was first discovered in 1974. It is located in the Norwegian North Sea, 250 kilometres west of Stavanger and 30 kilometres northwest of the Sleipner A installation. The water depth in the area is 110-120 metres. Appraisal wells drilled on Gina Krog from 2008 to 2011 proved an oil column under the gas. (Source: Teekay/Statoil)