Pending a suitable contract, the ship will be operated by Knutsen OAS Shipping on a bareboat agreement, which ensures PGS a satisfactory return of capital on the purchase price.
PGS' Chairman of the Board, Jens Ulltveit-Moe is a major shareholder of Knutsen OAS Shipping. In accordance with good governance the Chairman has not in any way been involved in the Board decision making relating to this transaction.
President of PGS Production, Espen Klitzing stated the following:
"This is an important move in our announced international expansion strategy. In today's FPSO market it is crucial to have secured tanker capacity for conversion prior to bidding on potential projects. PGS Production has in the last months scanned the market for suitable tankers and has found 'Rita Knutsen' as the best candidate. We are currently evaluating various opportunities and will be bidding on projects in the near future."
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