Teekay Offshore Raises Distribution; Completes FSO Acquisition

Wednesday, October 03, 2007
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. In addition, the Partnership announced that is has completed the acquisition of a Floating Storage and Offtake unit (FSO), the Dampier Spirit, for a total cost of approximately $30.3m from Teekay Corporation (Teekay), the parent of its general partner. The FSO unit is currently serving under a 7-year fixed-rate time-charter to Apache Corporation, generating approximately $0.06 per unit in distributable cash flow annually. With the increase in the annual distribution and the expected further increase per unit related to the Dampier Spirit, the Partnership will have grown its distributions by approximately 14% since its initial public offering in December 2006, noted Peter Evensen, Teekay Offshore’s Chief Executive Officer.
Maritime Reporter October 2015 Digital Edition
FREE Maritime Reporter Subscription
Latest Maritime News    rss feeds

People & Company News

Wilh. Wilhelmsen, Callenberg Win SHIPPINGInsight Award

Wilh. Wilhelmsen ASA and Callenberg Technology Group were presented the 2015 SHIPPINGInsight Award was today at the SHIPPINGInsight 2015 Fleet Optimization Conference & Exhibition in Stamford, Conn.

Market Growth to Bring More Carnival Ships to China

Eying a rapidly growing cruise market, Carnival Corporation announces plans to sail more ships from China The Chinese cruise market, expected to become the world’s

Insights: Matthew Paxton, SCA President

Matthew Paxton is President of the Shipbuilders Council of America (SCA), and a partner at the law firm of Adams and Reese. SCA is the national trade association

Maritime Careers / Shipboard Positions Navigation Offshore Oil Pipelines Pod Propulsion Port Authority Salvage Ship Electronics Ship Repair Shipbuilding / Vessel Construction
rss | archive | history | articles | privacy | contributors | top maritime news | about us | copyright | maritime magazines
maritime security news | shipbuilding news | maritime industry | shipping news | maritime reporting | workboats news | ship design | maritime business

Time taken: 0.1497 sec (7 req/sec)