With the expansion of floating offshore production into harsh environments such as the Barents Sea, high specification shuttle tankers will be needed to service those fields. Additionally, Teekay reports a growth in the number of Floating Production, Storage and Offloading (FPSO) units on order, particularly in Brazil where forecasts indicate the number of floating production units will likely double by 2018, further increasing demand for shuttle tankers.
How are these changes influencing the offshore market? Watch the latest update from Christian Waldegrave, Teekay Market Analyst.
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