SEOUL-- Samsung Heavy Industries Co., a major South Korean shipbuilder, said Wednesday that it has clinched a US$240 million deal to build two shuttle oil tankers.

Under the deal with Teekay Offshore Partners L.P., Samsung Heavy is set to deliver the two vessels by 2020, the company said.

Teekay Offshore said these vessels will join its Contract of Affreightment (CoA) fleet in the North Sea.

"This is another important milestone for Teekay Offshore's shuttle tanker franchise since it further strengthens our position as the leading provider of CoA shuttle tanker services in the North Sea," Ingvild SAther, President and CEO of Teekay Offshore Group Ltd, said in comments posted on the website of Teekay Corp.

A shuttle tanker is a ship designed to transport oil from an offshore oil field to a storage tank, and is equipped with a variety of offloading equipment.

Source: Yonhap News Agency