State Funds to Support Eco-Tanker Order

Tuesday May 7, 2019

Norway is to stump up cash for four shuttle tanker newbuilds which when operating will have "zero volatile organic compounds (VOC)".

That environmental goal will be achieved by "new innovative technology" developed by marine engineering firm Wartsila and ship operator Teekay Offshore.

The $165.5 million contribution to the building costs of the ships comes under Norway's export credit scheme and forms part of a wider financing for the ships.

"The new VOC recovery system developed by Wärtsilä reduces VOC emissions by up to 100%, converts the emissions into liquid gas, and feeds the gas into a VOC fuel tank as a secondary fuel for the vessels," Export Credit Norway said in a statement.

"This provides an annual fuel bunkering reduction of up to 3,000 metric tonnes of liquified natural gas.

"Combined with other energy efficiency features of the vessels, the total reduced bunkering requirement and carbon dioxide (CO2) reduction amounts to 50% compared to the existing fleet."

The ships will built in South Korea for delivery in late 2019/early 2020.