Petrojarl I to be converted for early production operations offshore Brazil

Offshore staff

HAMILTON, Bermuda – Teekay Offshore Partners has entered an agreement to provide an FPSO for the Atlanta field in the Santos basin offshore Brazil.

A consortium led by Queiroz Galvão Exploração e Produção SA (QGEP) will acquire the Petrojarl I FPSO from Teekay Corp. for $57 million. The vessel will then undergo upgrades at Damen Shipyard Group’s DSR Schiedam Shipyard in the Netherlands at a total cost of $240 million (including the acquisition price).

The revamped floater will serve as an early production system on the 260 MMboe-recoverable Atlanta field, 185 km (115 mi) offshore Brazil in a water depth of 1,550 m (5,084 ft). It is due to start operations during the first half of 2016 under a five-year charter contract with QGEP, which is expected to generate cash flow of $55-60 million/yr.

12/18/2014

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