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KNOT subsidiary expands presence in offshore oil industry

KNOT FSO 1 AS, a wholly owned subsidiary of Knutsen NYK Offshore Tankers AS, of which NYK has a 50 percent share, has signed a time-charter contract with Total E&P Norge AS  for a floating, storage, and offloading unit (FSO).

For this project, a KNOT shuttle tanker will be converted into an FSO unit and then chartered by Total E&P Norge AS. The converted FSO will be used to store and offload oil that has been pumped from the Martin Linge field in the Norwegian North Sea. This field is held by a partnership comprising the operator Total E&P Norge AS (51%), Petoro AS (30%), and Statoil Petroleum AS (19%).

This FSO will be delivered in the end of 2016 and will feature a remote-controlled system that can be operated from the Martin Linge platform and land, connections that allow the unit to be more cleanly powered by electricity from shore, and a system that separates water and oil. After delivery, the unit will be chartered to Total E&P Norge AS for 8 years plus up to 4 optional years.

In addition, NYK will be involved in the engineering, procurement, and construction (EPC) phase of this project. In fact, this will be the first time for NYK to be a part of this phase.

NYK will continue its efforts to expand and develop its business through the utilization of the company’s specialized skills in the offshore oil and gas industry.

Source: NYK

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