Working Conditions Aboard the Petrojarl-1

On August 18, 2017, Damen Shiprepair Rotterdam (DSR) proudly announced the successful completion of the refurbishment of FPSO Petrojarl 1 for Teekay Offshore. This significant redeployment project spanned over two and a half years, marking an impressive journey for the vessel that has been operational for 28 years in the North Sea. The Petrojarl 1 is now set to head to the Atlanta Field in Brazil, reflecting its new mission in the thriving South American oil sector. The extensive upgrade involved over 450,000 engineering hours, during which more than half of the existing process equipment was meticulously removed and replaced with advanced systems designed to meet the demands of heavy oil treatment at the new site. These upgrades adhere to Brazil’s stringent compliance specifications, presenting a unique challenge due to the limited deck space on the vessel during both the engineering phase and the hands-on work conducted by Damen and its skilled subcontractors. Remarkably, throughout this extensive project, safety remained paramount, with all personnel returning home safely each day. For further details, visit Damen's official website at http://www.damenshiprepair.com.

On April 16, 2015, the FPSO Petrojarl I commenced a significant refurbishment journey as it transitioned into the extensive dry dock no. 8 at Damen Shiprepair Rotterdam. This move followed four months of meticulous preparatory work alongside, highlighting the importance of the upgrade. The dry dock, measuring an impressive 307 meters in length and 47 meters in width, will be the FPSO's home for an entire year. Damen Shiprepair Rotterdam (DSR) has secured an Engineering, Procurement, and Construction (EPC) contract with Teekay Petrojarl LLC for this ambitious project. Once the upgrades are completed, the vessel is set to be redeployed to the Atlanta field in Brazil, marking a new chapter in its operational journey.

Teekay Offshore Partners (TOO) has successfully clinched a significant contract to provide a Floating Production Storage and Offloading (FPSO) unit for operations offshore Brazil. The contract was awarded by a consortium spearheaded by Queiroz Galvao Exploracao e Producao SA (QGEP). Although the financial specifics of the deal remain undisclosed, it marks a notable expansion for the company in the Brazilian offshore sector. As part of this agreement, TOO has committed to purchasing the Petrojarl I FPSO from its parent company, Teekay Corp, for a sum of $57 million. Following the acquisition, the FPSO is set to undergo substantial upgrades at Damen Shipyard Group’s facility in Schiedam, Netherlands. The total expenditure for this enhancement is expected to reach approximately $240 million, which surprisingly includes the acquisition cost of the Petrojarl I itself. Operations for the FPSO are slated to kick off in the first half of 2016, following a five-year charter contract with QGEP. Teekay Offshore forecasts that the charter will yield an annual cash flow in the range of $55 million to $60 million from operational activities. The Petrojarl I FPSO will serve as an early production system (EPS) at the Atlanta field, situated about 185 kilometers off Brazil's coast in the Santos Basin. This field lies at a water depth of around 1,550 meters and is estimated to hold approximately 260 million recoverable barrels of oil equivalent. Peter Evensen, CEO of Teekay Offshore, expressed enthusiasm regarding the new contract, stating, "We continue to secure new, accretive growth in our Offshore Production business with our second contract award in just three months. The QGEP contract further strengthens our position in the fast-growing Brazilian offshore market." This move not only highlights TOO's commitment to expanding its portfolio but also emphasizes the potential of Brazil's offshore oil industry. Source: Tradewinds