Teekay Offshore Enters Pact With BG Group For Tanker Services

Date : 06/22/2011 @ 5:27PM
Source : Dow Jones News
Stock : Teekay Corp. (TK)
Quote : 8.73  0.0 (0.00%) @ 4:00AM

Teekay Offshore Enters Pact With BG Group For Tanker Services

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Teekay Offshore Partners LP (TOO) said it entered into a long-term contract with a subsidiary of U.K.-based energy company BG Group PLC (BRGYY, BG.LN) to provide shuttle tanker services in Brazil.

The master limited partnership's contract with BG will be serviced by four Suezmax-size DP2 shuttle-tanker newbuildings to be constructed by South Korea's Samsung Heavy Industries Co. (010140.SE). Upon expected delivery in mid- to late-2013, the vessels will commence operations under 10-year time charters.

Teekay Offshore Chief Executive Peter Evensen said the new time charters with BG further strengthened the company's position in the fast-growing Brazilian offshore market. He said the deal would increase the company's Brazil-based shuttle-tanker fleet size by about 30%.

The company, formed by Teekay Corp. (TK), owns 40 shuttle tankers that allow it to transport oil from offshore fields to onshore processing facilities.

Teekay Offshore's shares closed up 0.9% to $28.58 and were inactive after hours.

   -By John Kell, Dow Jones Newswires; 212-416-2480; 
   john.kell@dowjones.com 



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