Petroleum Geo-Services ASA's wholly owned subsidiary PGS Production has entered into an agreement with Teekay Shipping Corporation (
Teekay) to form a joint venture company called
Teekay Petrojarl Offshore that will focus on pursuing opportunities in the rapidly growing global market for Mobile Production Solutions with emphasis on developing solutions through Floating Production Storage and Offloading (
FPSO) units.
The joint venture will only encompass new projects. Existing assets of both companies are excluded from the joint venture, amongst them all PGS' current FPSO and redeployment of those assets. Teekay Petrojarl Offshore will start pursuing oportunities immediately and all details regarding the joint venture are to be finalized within Q2, 2006.
"This is a further important move in our announced international expansion strategy. The joint venture with Teekay allows us to more effectively pursue further growth in the market for Mobile Production Solutions world wide. Globally, we anticipate strong growth in this market over the next three years, says President of PGS Production Espen Klitzing and continues:
"Teekay's global marketing organization, customer and shipyard relationships are a perfect match with our engineering expertise and experience as a quality operator of FPSOs in the harsh North Sea environment".
"Offshore oil exploration and production is expected to grow significantly," said Bjorn Moller, Teekay's President and Chief Executive Officer. "This joint venture creates a strong platform to pursue the growing market for FPSOs that will result from this increased offshore oil production. The combination of PGS' offshore engineering expertise and reputation as a quality operator of FPSOs, and Teekay's global operations and extensive customer network strategically positions this joint venture to competitively pursue FPSO projects anywhere in the world."
Add a Comment to this Article
Please be civil. Job and promotion will not be added into the comment page.