Teekay Offshore Operating Lp News

* 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. * Agreed…

(NYSE: TK) announced today that it has agreed to sell its remaining 49 percent interest in Teekay Offshore Operating L.P. (OPCO) to Teekay Offshore Partners L.P. (Teekay Offshore) for a total price of $390 million. OPCO currently operates a fleet of 33 shuttle tankers (including five chartered-in vessels), four Floating Storage and Offtake (FSO) units, nine double-hull conventional oil tankers and two lightering vessels. Upon the completion of this transaction, Teekay Offshore will own 100 percent of OPCO. As consideration, Teekay will receive $175 million in cash and approximately 7.6 million new common units of Teekay Offshore plus the 2 percent general partner interest associated with the new common units to be issued.

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 or may offer to it. Pending the application of funds for these purposes, the partnership expects to repay a portion of its outstanding debt under its revolving credit facilities. Teekay Offshore Partners L.P.

Teekay Offshore GP L.L.C., the general partner of Teekay Offshore Partners L.P. (Teekay Offshore or the Partnership) (NYSE:TOO), reported the Partnership's results for the quarter ended September 30, 2010. During the third quarter of 2010, the Partnership generated distributable cash flow of $20.8 million, compared to $28.1 million in the quarter ended June 30, 2010, primarily as a result of seasonal factors associated with the scheduled maintenance of North Sea oil fields during the summer months. On October 25, 2010, the Partnership declared a cash distribution of $0.475 per unit for the quarter ended September 30, 2010. The cash distribution will be paid on November 12, 2010, to all unit holders of record on November 5, 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…