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)
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
Teekay Tankers Ltd. Board of Directors has voted to declare a fixed cash dividend of $0.03 per share for the quarter ended June 30, 2013. The cash dividend is payable on July 31, 2013 to all shareholders of record on July 19, 2013.
MAN Diesel & Turbo’s Thomas S. Knudsen talks shop on LNG When TOTE Inc. ordered the world’s first LNG-powered containerships (which were honored last month in Oslo, winning the DNV-sponsored “Next Generation Ship Award”), industry excitement was palpable
DOF Subsea Norway, a specialist subsea solutions provider, has been awarded a contract by Teekay Petrojarl Production AS in Norway for a newbuild FPSO. The scope of work includes mooring pre-installation, tow-out and hook-up work for Teekay Petrojarl Production’s new FPSO
Teekay LNG Partners L.P. has exercised two of its three existing options with Daewoo Shipbuilding & Marine Engineering Co., Ltd., (DSME) of South Korea for the construction of two 173,400 cubic meter liquefied natural gas (LNG) carrier newbuildings for delivery in 2016.
Teekay LNG Partners L.P. announced that it has agreed to acquire a 155,900 cubic meter (cbm) liquefied natural gas (LNG) carrier newbuilding from Awilco LNG ASA, a Norwegian-based owner and operator of LNG carriers. The vessel, which is currently under construction by Daewoo Shipbuilding &
Teekay Tankers Ltd. report an adjusted net loss of $6.3 million, or $0.08 per share, for the quarter ended June 30, 2013, compared to adjusted net income attributable to shareholders of Teekay Tankers of $0.9 million, or $0.01 per share, for the same period in the prior year.
'Navion Anglia' (pictured) has commenced the sea passage to Las Palmas with the HiLoad Dynamic Positioning No. 1 safely docked at her port side. Late 2012, Teekay Offshore announced an agreement to acquire this self-propelled dynamic positioning (DP) system that attaches to and keeps conventional
ShipServ, a leading marine and offshore e-marketplace, has been contracted by tankship operators AET to provide procurement software services for its fleet operations. AET will connect to ShipServ through its current ABS Enterprise system software suite
Singapore's CH Offshore Ltd has chartered out two AHTS vessels on long term bareboat charters to an unamed company. The charter concerns the “Amethyst”, a 2007-built 12,240 brake horsepower anchor-handling tug supply vessel and the “Turquoise”, a 2007-built 12
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