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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

teekay.bmp

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 Shipping Chairman Steps Down

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.


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)  


Robert Allan Ltd. Contracted for Teekay FSO Conversion

Robert Allan Ltd. announced that it was selected by Teekay Shipping (Canada) Ltd. to provide the contract engineering package for the conversion of the M/V Navion Clipper from a shuttle tanker into a Floating Storage and Offloading (FSO) unit. Teekay Offshore Partners LLP, a subsidiary of Teekay Corporation, was awarded a contract in 2013 to supply a FSO unit to the Bualuang Field in the Gulf of Thailand. The contract is for a 10-year charter, with extension options


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


DSME Orders GTT Membranes for 3 Teekay LNGCs

Liquefied Natural Gas (LNG) membrane containment systems designer GTT has received an order for three large Liquefied Natural Gas Carriers (LNGCs), the company reported.   The three ships, to be built by the Korean shipbuilder Daewoo Shipbuilding & Marine Engineering (DSME)


ABB Wins Contract from Chinese Shipyard

LNG illustration courtesy ABB

  ABB announced that it will deliver advanced electrical propulsion systems for four LNG carriers under construction by Hudong-Zhonghua Shipbuilding (Group) Co., Ltd. The LNG vessels are a joint venture between China National Offshore Oil Corporation (CNOOC)


N-KOM Completes its 100th LNGC Repair

Photo: N-KOM

Nakilat-Keppel Offshore & Marine (N-KOM) completed its 100th LNG carrier repair at Qatar’s Erhama Bin Jaber Al Jalahma Shipyard   Eng. Abdullah Fadhalah Al-Sulaiti, Chairman of N-KOM and Managing Director of Nakilat, said, "Nakilat is a world-leader in global gas


Teekay LNG Partners Report 4Q & FY 2014 Earnings

  Teekay LNG Partners L.P. plans to release its financial results for the fourth quarter and fiscal year of 2014 before market open on Thursday, February 19, 2015. The Partnership also plans to host a conference call on Friday, February 20, 2015 at 11:00 a.m


Fairmount Tugs Delivers FPSO Petrojarl Knarr

Fairmount Marine is part of Royal Boskalis Westminster.

  Three tugs of Fairmount Marine have towed the brand new FPSO Petrojarl Knarr from South Korea to Norway in just 61 days. Petrojarl Knarr, one of world’s largest floating production and storage units (FPSO) for harsh environments, was delivered in the port of Haugesund, Norway


Tug Operators Plan Strike at Port Hedland

Photo: Pilbara Ports Authority

Tug boat operators plan short strike at top Australian iron ore port Tug boat engineers at Port Hedland, Australia's biggest iron ore port, plan to stop work for four hours on Nov. 12 over a pay dispute, threatening exports from BHP Billiton and Fortescue Metals Group


Aussie Tug Engineers take Deal, Cancel Strike

Tug engineers withdrew plans to strike at Port Hedland, Australia's biggest iron ore port, tug operator Teekay Shipping said on Thursday, removing a threat to exports from BHP Billiton and Fortescue Metals Group Ltd. The Australian Institute of Marine & Power Engineers (AIMPE) a day earlier


Shell to Put Teekay’s LNG Newbuilds into service

Courtesy Teekay Corpn

  Subsidiaries of Teekay LNG Partners L.P. and a wholly owned company of Royal Dutch Shell plc today announced that they have entered into time-charter contracts for five newbuild LNG carriers. The vessels will operate as part of Shell's global LNG fleet under time-charters ranging in


Shell Time Charters 5 Newbuild LNG Carriers

Subsidiaries of Teekay LNG Partners L.P. (Teekay LNG) (NYSE:TGP) and a wholly owned company of Royal Dutch Shell plc (Shell) has announced that they have entered into time-charter contracts for five newbuild LNG carriers. The vessels will operate as part of Shell's global LNG fleet under


Teekay Tankers to Acquire 5 Tankers

Kevin Mackay, Chief Executive Officer of Teekay Tankers

   Teekay Tankers Ltd. announced that it will acquire four coated Aframax tankers and one uncoated Aframax tanker for an aggregate purchase price of approximately $230 million. The five vessels, which are expected to be delivered in the first quarter of 2015, were constructed in 2008


Teekay Petrojarl Contracts Damen for FPSO Upgrade

Teekay Petrojarl’s FPSO Petrojarl I (Photo: Damen)

Damen Shiprepair Rotterdam (DSR), part of Damen Shiprepair & Conversion (DSC), has been awarded an EPC contract by Petrojarl I LLC for the upgrade of its FPSO Petrojarl I. The Petrojarl I is a Teekay Petrojarl managed FPSO built in 1986 which has been active in the North Sea


Teekay LNG Partners' Cash Distribution Up by 1.2%

Teekay

  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 December 31, 2014, an increase of 1.2 percent over the cash distribution of $0.6918 per unit for the quarter ended September 30, 2014


NAVTOR Expands into Asia

Norwegian Ambassador, His Excellency Tormod C. Endresen, Regional Manager Jennifer Lee, NAVTOR Singapore Pte. Ltd and NAVTOR CEO Tor A. Svanes.

  E-navigation specialist NAVTOR has set course for Asia, with the news that the Egersund, Norway-based business has opened an office in Singapore. The move comes in response to growing regional demand for simple, efficient and cost effective ENC distribution solutions


Gas Tanker Reportedly Aground off Nigeria

A liquefied natural gas (LNG) tanker has run aground off Nigeria after taking on a cargo at the country's Bonny Island export plant, two trading sources said. The 165,000-cubic-metre-capacity Magellan Spirit tanker, owned by Teekay LNG Partners


Ezra to Supply Turret Mooring System for Libra Field

Ezra wins $110 million engineering and fabrication contract from Jurong Shipyard for deepwater project in Brazil; engineering, procurement and construction (EPC) contract scope includes supply of an external, bow mounted, cantilever turret mooring system with swivel stack  






 
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