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Rio de Janeiro and Trondheim, March 29, 2017 – Odebrecht Oil and Gas (OOG) and Teekay Offshore Partners LP (Teekay Offshore) held yesterday (03/28) in Singapore, the rite of departure for Brazil for the FPSO Pioneiro de Libra (Libra Pioneer), owned by the 50/50 joint venture between the two companies (OOGTK). The voyage is expected to take approximately 65 days. This FPSO will be the first to produce oil in the giant Libra Block.

Since the christening of the FPSO, held in December of last year, the vessel has undergone commissioning and sea tests. During this period, more than 1,000 activities were carried out, including tilt and propulsion tests, in addition to other process systems. During the trip to Brazil, other tests will be carried out and, upon arrival, the vessel will undergo approval processes by inspection bodies and Petrobras.

The joint venture will own and operate the FPSO, which has been chartered to and will conduct Early Well Tests in the Libra Block for the consortium formed by Petrobras (Operator, with 40% ownership), Total (20%), Shell (20%), CNPC (10%) and CNOOC (10%) for a period of 12 years. First oil is expected by the end of first half of 2017.

The Libra Block covers more than 1,500 square kilometers in the Santos Basin and is situated 164 km off the coast of the state of Rio de Janeiro, south of the city of Saquarema.

The construction of the FPSO Pioneiro de Libra began at the end of 2014 at the Jurong Shipyard in Singapore (Jurong), and required an investment of approximately US$1 billion. The unit can operate at water depths of up to 2,400 meters, with a production capacity of 50,000 barrels of oil per day and daily compression capacity of four million cubic meters of gas.

More than four thousand people were involved in the project over the last two years, including more than 19 million man-hours of shipyard activities, without a single lost-time injury. The safety feat led OOGTK and Jurong to win the HSE Award, conferred by the client, the Libra Consortium.

"The FPSO Pioneiro de Libra is an important milestone for the production of oil in Brazil and we are proud to conclude this phase of the project. It will be the first FPSO to operate in the Libra Block, which is considered one of the largest pre-salt oil reserves in the world. For us, the successful completion of this stage illustrate the competencies and ability to deliver in our partnership with Teekay Offshore, which now, after 4 years of successful operation of the FPSO Cidade de Itajaí, yields its second unit," says Jorge Mitidieri, Odebrecht Oil & Gas's Superintendent Director of Integrated Services.

Roberto Simões, CEO of Odebrecht Oil and Gas, celebrates the beginning of the navigation of the FPSO towards Brazil as an important milestone amidst the challenges in the oil and gas industry during the last two years. "This shows the strength and resilience of our teams and especially the partnership between OOG and Teekay Offshore," he says.

Contracts for charter and operation of the FPSO Pioneiro de Libra were signed in October 2014. In the following year, the joint venture signed the financing contract for the FPSO’s construction with a group of international banks. 

An FPSO (Floating Production Storage and Offloading) is a type of ship used by the oil & gas industry to produce and store oil and/or natural gas and offload the product to shuttle tankers. These ships are common in production areas far from the coast that are hard to reach with oil or gas pipelines.

About Teekay Offshore Partners L.P.

Teekay Offshore Partners L.P. is an international provider of marine transportation, oil production, storage, long-distance towing and offshore installation and maintenance and safety services to the oil industry, primarily focusing on oil production-related activities of its customers and operating in offshore oil regions of the North Sea, Brazil and the East Coast of Canada. Teekay Offshore is structured as a publicly-traded master limited partnership (MLP) with consolidated assets of approximately $5.7 billion, comprised of 62 offshore assets, including floating production, storage and offloading (FPSO) units, shuttle tankers, floating storage and offtake (FSO) units, units for maintenance and safety (UMS), long-distance towing and offshore installation vessels and conventional tankers. The majority of Teekay Offshore’s fleet is employed on medium-term, stable contracts. Teekay Offshore’s common units trade on the New York Stock Exchange under the symbol “TOO”.

About Odebrecht Oil & Gas

The Odebrecht Group has provided services to the Brazilian oil industry since 1953. In 1979, it began operations in offshore drilling, becoming the first private Brazilian company to provide this type of service in Brazil. In the 1990s, it expanded its operations overseas, including the North Sea, focusing on services and FPSO operation. In 2006, it concentrated its oil and gas investments into a new company, Odebrecht Oil & Gas. A Brazilian company operating both nationally and internationally, Odebrecht Oil & Gas is capable of providing integrated solutions for the upstream oil and gas industry, from investment to operations, in the segments of Offshore Drilling, Submarine Construction, Offshore Production and Offshore Maintenance and Services. Its guiding value is the safety of its team members and operations, in addition to the use of technological innovations and a commitment to environmental preservation and operational excellence. For more information, go to www.odebrechtoilgas.com.

FPSO Pioneiro de Libra Data Sheet: 

Operation: 12 years for Long-Duration Tests in the Libra Block
Investment: Approximately U$1 billion
Operating Location: Santos Basin
Production Capacity: 50,000 barrels of oil/day and compression of 4,000,000 Sm3/day of associated gas
Operational Depth: Up to 2,400 meters

Teekay Offshore Communications
Axel Wiedenmann – +47 9516 3022
Axel.wiedenmann@teekay.com 

CDN Comunicação 
Renata Piñeiro – 21-3626-3752
renata.pineiro@cdn.com.br 

Luar Monteiro – 21-3626-3704
luar.monteiro@cdn.com.br  

Diogo Moraes – 21-3626-3721 
diogo.moraes@cdn.com.br