KNOT concludes time-charter contract with BG Group

Knutsen NYK Offshore Tankers AS (KNOT), a shipping company serving the energy industry in which NYK has a 50% stake, announced that it has concluded a time-charter contract with Brazil Shipping 1 Limited, a subsidiary of the UK energy supplier BG GROUP PLC.

The contract is for a 158,000 DWT Suezmax tanker for a maximum 20-year period starting from the second quarter of 2017. It follows the time-charter contracts that were concluded in September 2014 for two shuttle tankers.

The tankers will be built by Hyundai Heavy Industries Co. Ltd. and equipped with enhanced dynamic-positioning systems to shuttle crude oil processed in waters off Brazil.

Upon commencement of this tanker contract, the KNOT Group will have 32 shuttle tankers in operation or on order.