WÄRTSILÄ and Samsung Heavy Industries have announced a joint development project driven by a strong LNG carrier newbuilding market.

The two parties have signed a JDP agreement aimed at establishing a more efficient solution for LNG carrier and shuttle tanker vessels. Overall cost optimisation, including both CAPEX and OPEX, is among the project aims.

“There are potentially dozens of new vessels to be ordered for transporting increasing volumes of LNG from both new and extended export LNG terminals in Africa, Australia, Middle East and USA,” Wärtsilä said in a statement.

It is expected that the agreement, which provides a level of equality that is greater than in normal shipyard/supplier relationships, will benefit both parties and the industry as a whole, since it gives opportunities for “co-creation”.

“We look forward to working with Wärtsilä to co-develop LNG carriers and shuttle tankers with improved efficiency. We are both market leaders in our spheres, and this joint development underscores the mutual respect and appreciation that we have for each other’s knowledge and experience,” Jin-Taek Jung, executive vice president, engineering and procurement Operations, SHI, said.

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Meanwhile, Teekay Offshore, announced that it has secured a new $414 million long-term debt facility that will be used to finance four LNG-fueled Suezmax DP2 shuttle tanker newbuildings.

Upon delivery in 2019 and 2020, two of the vessels will commence operations with Equinor, while the remaining two vessels will join the shuttle tanker portfolio in the North Sea.

The new facility is funded and guaranteed by both Canadian and Norwegian export credit agencies, and commercial banks.

“We are grateful for the continued strong support we receive from our growing bank group, as represented by our new $414 million debt facility,” Ingvild Sæther, president and CEO of Teekay Offshore Group, said.

Teekay Offshore has consolidated assets of about $5.3bn, comprised of 60 offshore assets, including floating production, storage and offloading units, shuttle tankers (including six newbuildings), floating storage and offtake units, long-distance towing and offshore installation vessels, and a unit for maintenance and safety.

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