Teekay Offshore’s eco-tankers gets Norwegian funding

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Teekay Offshore Partners has secured long-term financing from the Norwegian Government for four new shuttle tankers being built at South Korea’s Samsung Heavy Industries (SHI).

The new ECO-friendly vessels, scheduled for delivery in 2019/20, are all equipped with a technology developed by the maritime supplier Wärtsilä in cooperation with Teekay, resulting in zero volatile organic compounds (VOC) emissions from the tankers.

Export Credit Norway and GIEK have provided loan and guarantee of USD 165.5 million on behalf of the Norwegian Government.

The financing is part of a larger syndicate involving several commercial banks and a foreign export credit agency. In addition, Enova, which contributes to Norway’s transition towards a low emission society, has granted subsidies of NOK 133 million (USD 15.2 million) to these four shuttle tankers.

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