Teekay Gets Norway's 'Green' Funding for Tankers
The marine energy transportation company Teekay Offshore has secured long-term financing from the Norwegian Government for four new shuttle tankers being built at Samsung Heavy Industries (SHI) in South Korea.
The shuttle tankers are all equipped with a new innovative technology developed by the maritime supplier Wärtsilä in cooperation with Teekay, resulting in zero volatile organic compounds (VOC) emissions from the tankers.
On behalf of the Norwegian Government, Export Credit Norway and GIEK have provided loan and guarantee of USD 165.5 million. 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 to these four shuttle tankers.
"It is gratifying that this innovative new technology developed in Norway has led to trade. This project includes many Norwegian subcontractors and contributes to the restructuring of the Norwegian economy, value creation as well as keeping employment in Norway," says Torbjørn Røe Isaksen, the Norwegian Minister of Trade and Industry.
The environmental impact of VOC is significant and the Norwegian Government imposed restrictions on these emissions already back in 2003. The new VOC recovery system developed by Wärtsilä reduces VOC emissions by up to 100 percent, converts the emissions into liquid gas, and feeds the gas into a VOC fuel tank as a secondary fuel for the vessels.
The new tankers, scheduled for delivery from Samsung in 2019-20, also include top-end equipment from other Norwegian suppliers such as Brunvoll, MacGregor Pusnes, Kongsberg, Jotun, Glamox and several others.
