The agreement is valid until the year 2012.

Teekay Petrojarl is the largest operator of FPSO vessels in the North Sea. Teekay Petrojarl owns and operates 5 FPSO vessels in addition to 2 tankers for transport of the oil produced onboard 1 of the FPSOs. All units have long-term contracts with oil and gas companies. The FPSOs have a combined production capacity of 360,000 barrels of oil per day, and a storage capacity of more than 1.2 million barrels of oil.

Teekay Petrojarl’s Operations Director, Sverre Stenvaag, underlines that Axess’ commercial terms, HSE management and high expertise within advice, inspection and engineering support were all central factors of the contract evaluation.

Tore Høknes, contract supervisor at Axess, emphasises the importance of this contract with Teekay Petrojarl. New contracts with oil production companies represent a recognition of the technology and cost-efficient systems we at Axess have developed. This contract will provide a significant boost in turnover for the oil production market segment. To date, the main market for Axess AS has been drilling contractors and mobile rigs.

A 5-year contract with Teekay Petrojarl provides Axess with the potential to further develop cost-efficient engineering services adapted to the FPSO market. Axess currently has 30 engineers in Molde and has access to 65 operators via its subsidiary Axess Orkla Inspections AS, with workshops and offices in Kristiansund and Orkanger.