Petrojarl (PGS Production) and Teekay form JVNews // June 16, 2006
Petroleum Geo-Services ASA has announced that its wholly owned subsidiary Petrojarl (PGS Production) has finalized and signed an agreement with Teekay Shipping Corporation (Teekay) governing the joint venture company called Teekay Petrojarl Offshore.
As previously announced the joint venture will focus on pursuing opportunities in the rapidly growing global market for Mobile Production Solutions with emphasis on developing solutions through Floating Production Storage and Offloading (FPSO) units.
The joint venture will only encompass new projects. Existing assets of both companies are excluded from the joint venture, amongst them all PGS' current FPSO and redeployment of those assets.