Teekay Offshore Partners Reports 4Q and Annual Results

Thursday, February 28, 2008
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. (Teekay Offshore or the Partnership) (NYSE:TOO) today reported net income of $7.0 million for the quarter ended December 31, 2007, compared to net income of $2.1 million for the quarter ended September 30, 2007. Net income before non-controlling interest included non-cash gains totaling $14.0 million relating primarily to foreign currency translation gains and deferred income tax recoveries in the fourth quarter of 2007, and non-cash losses totaling $10.6 million relating primarily to foreign currency translation losses and deferred income tax expenses in the previous quarter. During the three months ended December 31, 2007, the Partnership generated $6.5 million of distributable cash flow(1), a decrease from $7.3 million for the third quarter of 2007. This decrease is primarily due to $3.5 million of revenues earned in the third quarter relating to the completion of the mobilization and hook-up of the FSO Navion Saga at the Volve field and an increase in vessel operating expenses in the fourth quarter, partially offset by higher shuttle tanker utilization in the fourth quarter and the acquisition of one FSO unit, the Dampier Spirit, in October 2007.>{? As previously announced, Teekay Offshore GP LLC, the general partner of Teekay Offshore, increased the cash distribution to $0.40 per unit ($1.60 per unit on an annualized basis) for the fourth quarter of 2007 from $0.385 per unit ($1.54 per unit on an annualized basis) for the previous quarter, as a result of the Dampier Spirit acquisition. The total cash distribution for the fourth quarter of 2007 was $8.0 million. The Partnership has raised its quarterly distributions by 14.3% since its initial public offering in December 2006. The cash distribution was paid on February 14, 2008, to all unitholders of record on February 8, 2008. Net income for the year ended December 31, 2007 was $19.7 million, compared to a net loss of $32.7 million for the same period last year. Net income before non-controlling interest in 2007 included non-cash losses totaling $3.5 million relating primarily to foreign currency translation losses, net of deferred income tax recoveries. Net income before non-controlling interest in 2006 included non-cash losses totaling $70.1 million relating primarily to foreign currency translation losses and deferred income tax expenses, net of gain on sale of vessels and equipment.

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