Teekay Corp , a marine crude oil and petroleum product transporter, said it will provide a floating production, storage and offloading (FPSO) unit to BG Norge Ltd’s oil and gas field in the North Sea.
The project, which will cost about $1 billion, will have a maximum design production capacity of 63,000 barrels per day, the Vancouver, British Columbia-based company said.
The FPSO unit, to be constructed by Samsung Heavy Industries (Samsung) in South Korea, is expected to be delivered during the first quarter of 2014.
BG has until the end of 2012 to decide on the firm period of the charter contract, the company said.
BG Norge is engaged in exploration for and production, transmission, distribution and supply of natural gas.
The oil and gas field — the Knarr field — is located in the Tampen area in the northern North Sea.
Teekay Shares closed at $30.88 on Thursday on the New York Stock Exchange.
By Vaishnavi Bala in Bangalore (Reuters)
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