Teekay Shipping Wins FSO Contract for Unocal Thailand

Teekay Shipping has signed a contract to provide a Floating Storage Offtake (FSO) unit to Unocal Thailand for a period of 10 years, with options to extend the term to 15 years. This project provides profitable long-term fixed rate employment for one of Teekay's single hull vessels, and underlines Teekay's growing commitment to Offshore Marine Services. Teekay currently has three other FSO's on long term contracts, two operating off the North West Shelf of Australia and one in the North Sea.

"We are delighted to have been chosen by Unocal for this project which capitalizes on our marine and technical expertise and together with our existing FSO operations positions Teekay as a substantial provider of storage units to this sector of the industry," said David Glendinning, senior vice president in charge of Teekay offshore projects. "Unocal demands high quality, long term safe and dependable operations, and has chosen Teekay to meet that challenge."

Teekay will convert its 1988-built Aframax tanker, M.T. Namsan Spirit, at Keppel Shipyard in Singapore in preparation for delivery into the Unocal crude oil development project in the Gulf of Thailand. Teekay has contracted with SBM-Imodco Inc to provide a Single Point Turret (SPT) mooring system to be integrated into the hull.

On delivery from the yard the FSO will be renamed "Pattani Spirit", after the blend of oils produced from the fields the vessel will service. The Pattani Spirit will commence operations in April 2004 and will be capable of storing up to 850,000 barrels of crude produced from the Plamuk, Surat, Yala, Platong and Kaphong oilfields.

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