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 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 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
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.
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
Teekey Shipping Corp. said its chairman, Axel Karlshoej, will resign from the board because of work demands at his company, Nordic Industries. Karlshoej will be replaced by C. Sean Day, a member of the board and consultant to the trust group that holds about 45 percent of Teekay’s shares. Teekay also said it expanded the board to nine members from eight, appointing Leif O. Hoegh to the ninth position in conjunction with Teekay’s acquisition of Bona Shipholding Ltd.
According to reports, Teekay Shipping Corp., said one of its subsidiaries bought a 40 percent stake in Norwegian oil services provider Petrojarl ASA. Financial terms were not disclosed. Under Norwegian law Bahamas-based Teekay must bid for the remainder of the company in the next four weeks Petrojarl owns and operates four Floating Production Storage and Offloading units in the North Sea. These are ships that process and store oil or gas from nearby drilling platforms until the
Teekay Corporation (Teekay) announced that its wholly owned subsidiary, Teekay Tankers Ltd., has filed a registration statement with the U.S. Securities and Exchange Commission for an initial public offering of its Class A Common Stock. The offering currently is scheduled to include 10,000,000 shares of Class A Common Stock (11,500,000 shares if the underwriters exercise their over-allotment option in full), representing a 40% ownership interest. The Class A Common Stock has been
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)
Shell Australia has awarded a major contract for the design, construction and operation of three Infield Support Vessels (ISVs), which will create approximately 80 local jobs and support its Prelude FLNG Project, located 475km north-north east of Broome, in Western Australia.
EXMAR LPG (the Joint Venture between EXMAR and Teekay LNG PARTNERS) announce sale of the Very Large Gas Carrier (VLGC) FLANDERS HARMONY (85,826 m3 - 1993 built) and the Midsize Gas Carrier TEMSE (35,754 m3 - 1994 built). TEMSE is expected to be delivered to its new owners by the end of the
As expected, 2013 did not bring significant changes to the evolution of the world economy and consequently the rate of growth of world trade. With regard to the maritime freight market, the same situation of imbalance between supply and demand continued with a consequent reflection in value of
Teekay Offshore Partners say they have agreed to acquire ALP Maritime Services B.V. (ALP), a Netherlands-based provider of long-haul ocean towage and offshore installation services to the global offshore oil and gas industry. Details as follows:
Teekay LNG Completes Norwegian Bond Issuance Teekay LNG Partners L.P. announced that it has issued NOK 900 million in senior unsecured bonds, maturing in September 2018, in the Norwegian bond market. The aggregate principal amount of the bonds is equivalent to approximately $150 million
Petrotechnics, a company in transforming frontline operational performance and lowering operational risk, has announced that Teekay Petrojarl has awarded a contract to deploy Proscient across its global fleet. Following a comprehensive competitive review
Teekay LNG Partners L.P. is to acquire a second 155,900 cubic meter liquefied natural gas (LNG) carrier newbuilding from Awilco LNG ASA, a Norway-based owner and operator of LNG carriers. The vessel is currently under construction by Daewoo Shipbuilding & Marine Engineering Co., Ltd
Clay Maitland, Chairman of the North American Marine Environment Protection Association, announced that Morten Arntzen will moderate the Risk Management panel at this year’s North American World Maritime Day Observance being held on October 30th aboard the Hornblower Infinity in New York
Shipping luminaries gathered recently in New York to discuss issues and recognize achievements at the 2013 North American World Maritime Day and NAMEPA (North American Marine Environment Protection Association) Marine Environment Protection Awards Dinner.
EXMAR announced two keystone events in its Caribbean FLNG project. On November 5, Pacific Rubiales Energy Corp. (PRE) and Gazprom Marketing & Trade Ltd. (GM&T) announced the execution of a heads of agreement with respect to a five year sale and purchase agreement covering approximately
AWILCO LNG ASA say that their second 156,000 cbm Tri-Fuel Diesel Electric powered newbuilding 'WilPride', has been delivered from South Korea by Daewoo Shipbuilding & Marine Engineering Co., Ltd., (DSME) prior to the following business transactions:
Teekay Offshore GP LLC., the general partner of Teekay Offshore Partners L.P. announced that it has agreed to issue 1.75 million common units in a private placement to an institutional investor for proceeds of approximately $53.4 million (excluding the partnership's general partner's
Teekay Corporation and Teekay Tankers Ltd. announced that Bruce Chan, Chief Executive Officer of Teekay Tankers and President of Teekay Tanker Services, has informed the Company of his intention to resign from his position effective June 20, 2014 after more than 18 years of service with the Company
Teekay Tankers Ltd. and Teekay Corporation today jointly announced the creation of Tanker Investments Ltd. (TIL), which will seek to opportunistically acquire, operate and sell modern secondhand tankers to benefit from an expected recovery in the current cyclical low of the tanker market
BAE Systems today launched the first of four platform supply vessels it’s building for Jackson Offshore Operators, LLC. These vessels, which will support drilling operations in the Gulf of Mexico, reflect BAE Systems’ continued growth in U.S