December 3, 2015
The Gina Krog Field Has an Estimated 225 Million Barrels of Oil Equivalent.
In May 2013, Teekay secured a three-year contract with Statoil to provide an Floating Storage and Offloading (FSO) unit for the Gina Krog oil and gas field in the North Sea. The field is among Statoil’s major new developments with an estimated 225 million barrels of oil equivalent. Besides providing the vessel, Teekay will also install, operate, maintain and decommission the FSO unit, including an internal turret mooring system and flexible oil riser. The unit is designed to operate for a minimum of 15 years of uninterrupted operations, without the need to leave the field for drydocking. Gina Krog FSO is currently undergoing conversion using one of Teekay Offshore’s existing shuttle tankers, the Randgrid, at the Sembawang Shipyard in Singapore. During the third quarter, engineering was handed over to the yard and the site team was fully mobilized with demolition and prefabrication work ongoing. The FSO unit is expected to commence its minimum three-year contract with Statoil in the second quarter of 2017. The conversion project will amount to approximately $220 million.
Shuttle Tanker Rangrid at the Sembawang Shipyard undergoing conversion into Gina Krog FSO