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Teekay Corp. has entered into an agreement with BG Norge Ltd. to provide a floating production, storage, and offloading (FPSO) unit for the Knarr oil and gas field located in the North Sea.
The contract will be serviced by a newly-built FPSO unit to be constructed by Samsung Heavy Industries in South Korea, as previously announced by the company, for a fully built-up project cost of approximately $1 billion.
The FPSO unit, which will have a maximum design production capacity of 63,000 bbls/d, is scheduled to deliver during the first quarter of 2014, at...