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    Husky awards shuttle charter contracts for White Rose

    Contracts, Tenders and Rates // July 19, 2002
    Husky Energy has announced that time charter contracts have been awarded to Knutsen OASShipping AS for two newbuild shuttle tankers to transport oil from the White Rose offshore project to market following commencement of production planned for late 2005.

    Husky is the operator of the White Rose project, the third major oil field development in the Jeanne d'Arc Basin located about 350 kilometres east of Newfoundland and Labrador. White Rose will be developed using a floating production, storage and offloading vessel (FPSO). Husky awarded contracts for the construction of the FPSO vessel in April.

    Husky and Petro-Canada, as co-charterers, signed the shuttle tanker time charter agreements with Knutsen OAS Shipping AS of Haugesund, Norway as owner. Knutsen currently owns and operates 14 shuttle tankers servicing oil fields in the North Sea and offshore Brazil.

    Delivery of the Suezmax-size vessels, each with a one million-barrel capacity, is planned for the second quarter of 2005. Under terms of the agreement, one tanker will be time chartered for 10 years with options to extend. The second vessel will be timechartered for five years with optionsto extend. The vessels will be constructed by Samsung Heavy Industries in South Korea.

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