Brazil shuttle tanker contract to be serviced by four newbuildings

Teekay Offshore GP L.L.C., the general partner of Teekay Offshore Partners L.P., international provider of marine transportation, oil production and storage services to the offshore oil industry, announced that it has entered into a new long-term contract with a subsidiary of BG Group plc (BG) to provide shuttle tanker services in Brazil.

The contract with BG will be serviced by four Suezmax-size DP2 shuttle tanker newbuildings to be constructed by Samsung Heavy Industries in South Korea. Upon delivery in mid- to late-2013, the vessels will commence operations under 10-year time-charters. The contract with BG also includes certain extension options and vessel purchase options.