Teekay, A2SEA to Develop Windfarm Installation Vessel

Thursday, June 30, 2011

Teekay Corporation TK +0.42% (Teekay) today announced it has signed a memorandum of understanding (MOU) with A2SEA A/S (A2SEA) to jointly develop an innovative vessel design for the installation of offshore wind foundations. A2SEA is a leading service provider to the offshore wind sector.

The MOU encompasses the key terms of cooperation between Teekay and A2SEA for the design, delivery and operation of floating transportation and installation vessels for offshore windfarm foundations for deepwater locations and harsh weather conditions, and which meet the requirements of expected future offshore windfarm foundation concepts, such as tripods and jackets.
The joint cooperation between the two companies is based on A2SEA's extensive knowledge of offshore windfarm installation and Teekay's unique experience of operating large vessels controlled by dynamic positioning systems. A2SEA and Teekay are jointly developing a floating windfarm installation design through a technical study with the objective of subsequently delivering an innovative vessel to the market by 2014.
"A2SEA is committed to developing an innovative vessel design that can cope with the next generation of offshore windfarm foundations," commented Kaj Lindvig, Chief Sales Officer, A2SEA A/S. "Our aim is to provide a cost efficient concept that is unrestricted by factors that the second generation vessels coming onto the market now face such as water depth, type of sea bed, et cetera. We at A2SEA, alongside Teekay Corporation, believe that we have a floating installation concept that will be capable of transporting pre-assembled foundations straight out to the site that will drive down the time and cost of windfarm foundation installation We are very excited about this venture and the prospect of developing a pioneering foundation installation technique."
Stein Rynning, Senior Vice President, Teekay Shuttle Tankers and Offshore added, "Teekay's unique experience in sophisticated shuttle tanker operations and ability to access suitable existing tonnage, paired with A2SEA's extensive experience in the offshore wind sector, provides the ideal basis to jointly develop an optimized vessel for the installation of offshore wind foundations."
Under the terms specified in the MOU, if constructed, Teekay will own and operate the vessel while A2SEA will provide project management and operational expertise.

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