Teekay Offshore Acquires FPSO & New Shuttle Tanker

Thursday, October 21, 2010

Teekay Offshore Partners L.P. (NYSE:TOO) announced that is has completed the acquisition of the Cidade de Rio das Ostras floating production storage and offloading (FPSO) unit from Teekay Corporation (NYSE:TK) for a purchase price of approximately $158m. The partnership also announced that its 51 percent-owned subsidiary, Teekay Offshore Operating L.P. (OPCO), has acquired the newbuilding shuttle tanker, the Amundsen Spirit, from Teekay for approximately $128m and has agreed to acquire two additional newbuilding shuttle tankers, the Nansen Spirit and the Peary Spirit, from Teekay for a total purchase price of $260m.

The partnership has financed the acquisition of the Rio das Ostras FPSO and Amundsen Spirit newbuilding shuttle tanker through the assumption of $187m of debt secured by these assets, with the remainder of the purchase price financed from available capacity under the Partnership's revolving credit facilities.

The transactions are expected to increase the partnership's Cash Flow from Vessel Operations1 by approximately $60m per annum in 2011, and Distributable Cash Flow2, which includes only 51 percent of OPCO, of approximately $20m.

The Rio das Ostras FPSO operates under a fixed-rate contract with Petroleo Brasileiro SA (Petrobras) servicing the Aruana field, located in Brazil's Campos Basin, through 2017. The Amundsen Spirit operates as part of a Master Agreement with Statoil ASA (Statoil), under a fixed-rate, life-of-field time-charter contract to service the Tampen and Haltenbanken fields on the Norwegian Continental Shelf.

The acquisitions of the Nansen Spirit and Peary Spirit are expected to be completed upon the commencement of their life-of-field, time-charter contracts, under the same Statoil Master Agreement, which is expected to occur in January 2011 and July 2011, respectively.

The Board of Directors of the Partnership's General Partner and its Conflicts Committee have approved the transactions. The Conflicts Committee retained independent legal and financial advisors to assist it in evaluating the transactions.
 

Maritime Reporter March 2014 Digital Edition
FREE Maritime Reporter Subscription
Latest Maritime News    rss feeds

Vessels

Damen Lays Keel for Indonesian Naval Frigate

In accordance with the agreed planning in the contract for the construction of a Damen SIGMA Frigate for the Indonesian Navy, the keel laying ceremony has taken place on April 16,

Kvichak-built Hovercraft for Sale

The 95’ BHT-150 hovercraft SUNAX, built by Kvichak Marine Industries and owned and operated by Aleutians East Borough, is for sale through public competitive bid.

Intesa Sanpaolo, Vei Capital Invest in RINA

Intesa Sanpaolo, through the Merchant Banking Management of its Corporate and Investment Banking Division, and VEI Capital, investment company of Palladio Finanziaria

 
 
Maritime Contracts Navigation Offshore Oil Pipelines Pod Propulsion Port Authority Ship Repair Ship Simulators Sonar Winch
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: 0.1451 sec (7 req/sec)