 In 2005 the company acquired the shuttle tanker Rita Knutsen with possibilities for FPSO conversion.In 2007, the Russian tanker "Che Guevara" was converted into FPSO Petrojarl Cidade de Rio das Ostras by the Polish Remontowa S.A..

Petrojarl ASA was demerged from Petroleum Geo-Services in 2006 and listed on Oslo Stock Exchange in June.Teekay acquired majority ownership in December and Petrojarl ASA became Teekay Petrojarl ASA.