Exploring "Adjacent Markets", Teekay Floats Entry In Offshore Wind Installation

An illustration of a converted shuttle tanker. Image: Teekay Corporation

At it’s annual Investors Day event held in New York City Monday, Teekay Corporation announced its ambitions to enter the offshore wind industry by converting some of its existing DP-equipped shuttle tankers into wind farm installation vessels.

Teekay, which owns and operates the world’s largest fleet of shuttle tankers with a total of 40 vessels, says that it’s experience in adjacent offshore markets, including harsh weather environments, makes the company well suited for this growing industry.

In a presentation to shareholders, Teekay stated that it’s shuttle tankers are well suited for conversion with it’s installed dynamic positioning technology and large deck space. The presentation added that it’s vessels could potentially reduce wind farm installation costs by up to 30%, as well as extend the life of existing shuttle tankers.

Here’s some video detailing a bit more about Teekay’s move into offshore wind:

Of course, whether or not Teekay will actually make the transition is yet to be realized, but it’s interesting to hear how a market leader in a number of industry segments (including mid-sized tankers, shuttle tankers, FPSOs, FSOs and LNG carriers) is exploring growth opportunities by playing to its strengths.

Download: Teekay Corporation Overview and Financial Update Presentation