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 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 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 announced today it has entered into a framework cooperation agreement with the Export-Import Bank of China (CEXIM) for up to $1 billion in new loan facilities. The loan facilities would be made available to Teekay and its subsidiaries, including Teekay LNG Partners L.P., Teekay Offshore Partners L.P. and Teekay Tankers Ltd., to finance the construction or conversion of vessels from shipyards in China over the next three years.
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 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
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.
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
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)
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
International law firm Watson Farley & Williams LLP (“WFW”) advised long-standing client Teekay on the successful completion of financing initiatives for Teekay Corporation and Teekay Offshore Partners LLP (“TOO”).
Moody's Investors Service confirmed the ratings of Teekay Corporation ("Teekay", or "Parent"): Corporate Family Rating ("CFR") at B3 and senior unsecured debt rating at Caa1. Concurrently, Moody's upgraded the Speculative Grade Liquidity rating to SGL-3
Specialist liquefied natural gas (LNG) training and simulation provider GTT Training has been awarded a contract by Teekay Shipping to supply the G-Sim LNG simulator software into its training centers in Glasgow, Manila and Bahrain.
The board of directors for Teekay Tankers Ltd. has declared a cash dividend of $0.09 per share for the quarter ended March 31, 2016. The cash dividend is payable on June 3, 2016 to all shareholders of record as at May 30, 2016.
ALP Striker, named at a ceremony held named on May 13, 2016, is the first of four ultra-long distance towing and anchor handling vessels for ALP Maritime Services, each with a bollard pull of approximately 300 metric tons. The vessels of the SX157 design are a part of the ALP
Teekay Shipping has ordered four sea chest blanks from Norwegian magnetic technology specialists, Miko Marine. The closures will be delivered in August for use on the former shuttle tanker Randgrid which is currently undergoing a $220 million conversion into the Gina Krog floating storage and
The U.S. Coast Guard’s “number one priority is the offshore patrol cutter,” the service’s commandant told the House Appropriations Homeland Security Subcommittee Thursday, reports U.S. Naval Institute. The service will be looking again at its force-mix
VLCC rates fall $10,000 in a week on dearth of cargo; demand fundamentals still appear favourable - Teekay CEO. Freight rates in Asian trades for very large crude carriers (VLCCs) are likely to slide further next week as charterers drip feed fixtures to dampen freight rates
Teekay Tankers Ltd. reported adjusted net income attributable to its shareholders of $48.5 million, or $0.31 per share, for the quarter ended December 31, 2015, compared to $18.6 million, or $0.21 per share, for the same period in the prior year.
ATPI Griffinstone, part of the ATPI Group, has secured a travel management agreement with Teekay Offshore. Teekay Offshore has decided to consolidate all of its travel management through ATPI Griffinstone a global travel management company with specialist dedicated services for energy
Trelleborg’s marine systems operation has passed a milestone with the shipment of its 600th SeaTechnik Ship Shore Link (SSL) system for the Liquefied Natural Gas (LNG) Industry. The SeaTechnik SMART SSL system will be installed on a 174,000m3 LNG Carrier (Hull number 2411)
Teekay Corporation's Gas team celebrated the keel laying ceremony of six LNG newbuildings at the Daewoo Shipbuilding & Marine Engineering (DSME) shipyard in South Korea. Five of these carriers are 173,400 cubic meter MEGI (M-type, Electronically Controlled
A consortium composed of Teekay LNG Partners L.P., Samsung C&T (Samsung) and Gulf Investment Corporation (GIC) executed today with the Government of the Kingdom of Bahrain the project agreements for the development of an LNG receiving and regasification terminal in Bahrain.
Statoil has made the final investment decision to build the world’s first floating wind farm: The Hywind pilot park offshore Peterhead in Aberdeenshire, Scotland. The decision triggers investments of around NOK 2 billion, realizing a 60-70 percent cost reduction per MW from the Hywind
Teekay’s first M-type, Electronically Controlled, Gas Injection (MEGI)-powered LNG vessel, Creole Spirit, has sailed out from the Daewoo Shipbuilding & Marine Engineering (DSME) shipyard for sea trials. Creole Spirit is Teekay’s first of nine LNG newbuildings equipped with