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Teekay Offshore

Teekay Offshore Acquires Ships

Teekay Offshore Partners L.P. agreed to acquire interests in two double-hull shuttle tankers for $160 million from Teekay Corporation (Teekay), the parent of its general partner. The Partnership will acquire the 2000-built Navion Bergen and Teekay’s 50 percent interest in the 2006-built Navion Gothenburg, together with their respective 13-year, fixed-rate charters to a subsidiary of Petrobras Transporte S.A., the shipping arm of Petroleo Brasileiro S.A. It is expected that the vessels will deliver to Teekay Offshore in early July 2007 and will generate approximately $16 million per annum in cash flow from vessel operations and approximately $3.5 million per annum in distributable cash flow. Teekay Offshore will assume the pre-arranged financing of $123 million relating to these vessels and finance the remaining purchase price of approximately $37 million with borrowings under its existing revolving credit facilities, cash balances or both. “We are pleased that Teekay Offshore will complete its first accretive acquisition only six months after its initial public offering,” said Peter Evensen, Teekay Offshore’s Chief Executive Officer.


Teekay Offshore Raises Distribution; Completes FSO Acquisition

Teekay Offshore Partners L.P. (Teekay Offshore or the Partnership) (NYSE: TOO) announced that its general partner has increased its quarterly cash distribution by $0.035 per unit, from $0.35 per unit to $0.385 per unit ($1.54 annualized) as a result of the previously announced acquisition of the shuttle tankers Navion Bergen and Navion Gothenburg. The cash distribution will be paid on November 14, 2007, to all unitholders of record on November 7, 2007.


Teekay Offshore Partners Reports 4Q and Annual Results

Teekay Offshore Partners reported its fourth quarter and annual results for 2007. Highlights include: - Declared a cash distribution of $8.0 million, or $0.40 per unit, for the fourth quarter, an increase of 3.9% from the prior quarter - Increased quarterly cash distributions by 14.3% since initial public offering in December 2006 - As previously announced, acquired one floating storage and offtake unit from Teekay Corporation in October 2007


Teekay Offshore Public Offering

Teekay Offshore Partners L.P. (NYSE: TOO) announced that it plans to offer 5,600,000 common units, representing limited partner interests, in a public offering. Teekay Offshore expects to grant the underwriters a 30-day option to purchase an additional 840,000 common units to cover over-allotments, if any. The Partnership expects to use the net proceeds from the public offering for general partnership purposes, including funding the acquisitions of vessels that Teekay Corporation has offered


Teekay Corporation Reports Q1 Results

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Highlights * First quarter 2011 cash flow from vessel operations of $136.4 million. * First quarter 2011 adjusted net loss attributable to stockholders of Teekay of $27.9 million, or $0.39 per share (excluding specific items which decreased GAAP net income by $1.8 million, or $0.02 per share). * Completed sale of remaining 49 percent interest in Teekay Offshore Operating L.P. to Teekay Offshore Partners for $390 million; Teekay Offshore increased cash distribution by 5.3 percent.


Teekay Offshore Partners Sign FSO Contract

The contract with Statoil is to provide a floating storage and offtake (FSO) unit for the Gina Krog oil & gas field located in North Sea. The contract will be serviced by a new FSO unit converted from the 1995-built shuttle tanker, Randgrid, which is currently 67 percent owned by Teekay Offshore. The Partnership's portion of the FSO conversion project is expected to be completed for a total net capital cost of approximately $220 million


Teekay Looks to Expand Shuttle Tanker Fleet

According to an April 19 report from Bloomberg, Teekay Corp., a Hamilton, Bermuda- based owner of oil tankers, will expand its fleet serving in Brazil to take advantage of the country’s rising offshore oil production. The company has 11 shuttle tankers in Brazil and operates 35 of the tankers globally through its subsidiary Teekay Offshore Partners LP. (Source: Bloomberg)  


QGEP to Acquire FPSO from Teekay

Teekay Offshore Partners L.P. has entered into an agreement with a consortium led by Queiroz Galvão Exploração e Produção SA (QGEP) to provide a floating production, storage and offloading (FPSO) unit for the Atlanta field located in the Santos Basin offshore Brazil. In connection with the contract with QGEP, the partnership has agreed to acquire the Petrojarl I FPSO from Teekay Corporation for $57 million


Samsung to Build Three Shuttle Tankers for Teekay Offshore

A 150,000DWT shuttle tanker built by Samsung Heavy Industries. Photo: Samsung Heavy Industries

 Samsung Heavy Industries (SHI) has announced that it is to build three shuttle tankers for Teekay Offshore Partners, at a total price of $365m and the contract includes an option for an extra vessel.   The contract was signed in Oslo where Nor-Shipping 2015 was held. As for the contract value, while SHI says that the three tankers cost USD 330 million, for Teekay it is USD 365 million.   The tankers ordered are 155,000DWT shuttle tankers that are 293m long and 49m wide


Teekay LNG Announces Board Changes

Teekay LNG Partners L.P. announced changes to Teekay LNG’s board of directors.   Jane Hinkley has been appointed to the chairmanship position succeeding C. Sean Day, who will remain a director of Teekay LNG and chairman of the partnership’s sponsor, Teekay Corporation.   Hinkley has been a director of Teekay LNG for over 10 years and has management and board experience in the shipping and oil and gas industry


Vallianz Bags US$300m Contract to Supply Two Platforms

Pic by Vallianz Holdings

 Singapore-listed Vallianz Holdings has won a contract worth up to US$300 million (S$405.51 million) to supply two self-elevating platforms to a large national oil company in the Middle East.   The contract from one of the world’s largest national oil companies involves the


Teekay Acquires 12 Suezmax Tankers

Photo: Principal Maritime

Teekay Tankers Ltd. announced it has agreed to acquire a fleet of 12 modern Suezmax tankers currently owned by Principal Maritime Tankers, a portfolio company of funds managed by affiliates of Apollo Global Management, LLC, for an aggregate purchase price of $662 million.  


Teekay’s Gas Carrier Fleet Worth $6.9 Billion

Image: VesselsValue.com

Global shipping giant Teekay LNG Partners can count itself as owner of the world’s most expensive fleet of whole gas (LPG and LNG) ships, worth a combined $6.9 billion, according to online ship intelligence and information service VesselsValue.com.  


Hanjin Rolls Out First Philippine-made LPG carrier

M/V Kaprijke. Photo: Teekay Corporation

 Hanjin Heavy Industries and Construction Philippines (HHIC-Phil), which operates the world's fourth shipbuilding facility in Subic Freeport Zone, unveiled the first-ever Philippine-made Liquefied Petroleum Gas (LPG) carrier.   The ship was ordered by Belgian shipping company Exmar


Sembawang Bags Teekay's FSO Conversion Project

Image: Sembcorp Marine Ltd

 Sembcorp Marine’s wholly-owned subsidiary Sembawang Shipyard has secured a Floating Storage and Offloading (FSO) conversion contract worth S$56 million from Teekay for the Gina Krog Field in the North Sea.   Sembawang Shipyard will work closely with Teekay to convert the shuttle


MISC may Sell AET Tanker Holdings

Eagle Kuching. Vessel Type: Aframax. By AET

  MISC Bhd  is selling AET Tanker Holdings Sdn Bhd, which owns a fleet of 74 crude oil and product tankers, to US-listed Teekay Tankers Ltd, reports local media.   AET is a wholly-owned subsidiary of Malaysia's MISC Bhd. and a major global shipowner and operator with a fleet of


MISC Says AET Tankers Unit Not for Sale

Photo: AET

MISC Berhad issued a statement today addressing recent market speculation that the company is set to sell its wholly owned petroleum tanker subsidiary AET Tankers. The company said, “Petroleum shipping is a core element of [MISC’s] current and ongoing business and, as such


Teekay Orders 3 Tankers for Canada Contracts

Teekay Offshore Partners L.P. informs it has entered long-term contracts to provide shuttle tanker services for a group of companies producing oil on Canada’s East Coast, including Chevron Canada, Husky Energy, Mosbacher Operating Ltd., Murphy Oil, Nalcor Energy, Statoil and Suncor Energy.


Evensen Rejoins Teekay Tankers Board

Teekay Tankers Ltd. announced that Peter Evensen, Teekay Corporation’s president and chief executive officer, has rejoined Teekay Tankers’ board of directors.   Evensen previously served as a director of Teekay Tankers from October 2007 to June 2013.


Teekay, BP Enter Deal for Newbuild LNG Tankers

Teekay LNG signs charter contracts with BP for up to two LNG carrier newbuilds   Teekay LNG Partners L.P. announced that it has entered into a 13-year time-charter contract with BP Shipping Limited (BP) for one liquefied natural gas (LNG) carrier newbuilding


Drydocks World Highlights Capabilities at Nor-Shipping

Photo: Drydocks World

Drydocks World, provider of maritime and offshore services to the shipping, oil, gas and energy sectors, showcased its global services, projects and infrastructure to an international audience at the 50th Nor-Shipping Exhibition in Oslo from June 2-5, 2015.   


Cheniere’s Maiden LNG Spot Deal At $7.20/MMBtu

Image: Sabine Pass LNG terminal

 Cheniere concluded its maiden LNG spot trade earlier this week at for late-July delivery to an Asian buyer, reports Platts quoting a source with direct knowledge of the deal.   Sources told Platts that the maiden trade was completed at $7


Teekay Sells FPSO, Announces Dividend Boost

Photo: Teekay

Teekay Corporation to complete sale of the Knarr FPSO and announces dividend increase of 75 percent   Teekay Corporation announced today that its board of directors has declared a cash dividend on its common stock of $0.55 per share for the quarter ended June 30, 2015


GTT Records Order for 2 LNG Tankers

GTT receives a new order from Hyundai Samho Heavy Industries for two LNGCs for Teekay   GTT, a designer of membrane containment systems for the maritime transportation and storage of liquefied natural gas (LNG), announced it has received a new order for two LNG carriers (LNGCs) to be built


Teekay LNG Partners Declares Distribution

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  Teekay GP LLC, the general partner of Teekay LNG Partners L.P. has declared a cash distribution of $0.70 per unit for the quarter ended June 30, 2015. The cash distribution is payable on August 14, 2015 to all unitholders of record as at July 14, 2015.






 
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