Turning to Slide 4 of the presentation, I’ll provide an update on each of Teekay’s core business areas starting with our FPSO business. The world’s search for new sources of oil to satisfy growing global demand coupled with brent crude oil prices well above $80 per barrel have led to a high level of FPSO tender activity during the first half of 2011. In total, 10 new FPSO contracts have been awarded since the start of the year comprising a mix of new vessel orders, conversions and the re-deployment of existing units. We anticipate the high level of FPSO tender activity will continue during the second half of 2011 with a further five to eight new contract awards expected by the end of the year.
Teekay Corporation's CEO Discusses Q2 2011 Results - Earnings Call Transcript
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