BP secures shuttle tankers for Quad204 oil

Offshore staff

HAMILTON, Bermuda – BP and partners Shell and OMV have awarded Teekay Offshore Partners new three-year shuttle tanker contracts related to the Quad204 project west of Shetland.

This involves offtake and transport of produced oil produced from the new Glen Lyon FPSO, probably via two shuttle tankers.

The contracts are due to start in the first half of 2017. Teekay expects to deploy vessels from its existing tanker fleet.

CEO Peter Evensen said: “These contracts…are expected to add future cash flow through higher shuttle tanker fleet utilization without the need for incremental capital expenditures.

“Looking ahead, the shuttle tanker market in the North Sea is expected to remain tight supported by a combination of more lifting points from new fields coming online and limited fleet growth with no uncommitted shuttle tanker newbuildings on order.”

09/23/2016

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