Teekay Offshore Partners News

15 Mar 2019

Teekay Changes Board of Directors

Pic: Teekay

The marine energy transportation company Teekay Corporation and its associate company Teekay Tankers have announced changes to its Board of Directors.Teekay Corporation said that C. Sean Day, Chairman Emeritus and Director, Tore Sandvold, Director, and Peter S. Janson, Director, are retiring from the Board after a combined 50 years with the Company’s Board. Day will remain as a Director of Teekay GP LLC (the general partner of Teekay LNG Partners LP).William (“Bill”) P. Utt will be stepping down from his role as Chairman and Director of the Company and as a Director of Teekay GP LLC…

02 Nov 2018

Teekay Offshore Settles Dispute with Petrobras

Arendal Spirit. Image: Teekay Offshore Partners

Bermuda-based marine services company Teekay Offshore Partners announced that certain of its subsidiaries have entered into a settlement agreement with Petrobras with respect to various disputes relating to the previously-terminated charter contracts of the HiLoad DP unit and Arendal Spirit unit for maintenance and safety (UMS). As part of the settlement agreement, Petrobras - on behalf od its subsidiaries Petróleo Brasileiro and Petroleo Netherlands - has agreed to pay a total amount of $96 million to Teekay Offshore…

22 Oct 2018

Sembcorp Marine, Teekay Offshore Pact on Petrojarl Varg FPSO

Petrojarl Varg FPSO. Image: Teekay

Sembcorp Marine Rigs & Floaters, a wholly-owned subsidiary of Sembcorp Marine,  has signed an agreement with Varg L.L.C., a wholly-owned subsidiary of Teekay Offshore Partners L.P., for engineering, procurement and construction works related to the modification, repair and life extension of the Petrojarl Varg FPSO.Scheduled for completion in July 2020, the work scope includes detailed engineering, fabrication, installation and integration of the topside process skid; overhauling of existing internal turret and power generation…

23 Jul 2018

Teekay Offshore Taps Steinsland as CFO

Teekay Offshore GP LLC, the general partner of Teekay Offshore Partners L.P., announced today that Jan Rune Steinsland has been appointed the new Chief Financial Officer (CFO) of Teekay Offshore Group Ltd., a management services company that provides services to the Partnership’s subsidiaries (together with the Partnership, the Teekay Offshore Group) effective September 3, 2018. The Partnership’s interim CFO, Tim Cowan, will step down effective September 3, 2018, but will remain with the Partnership for a period of time to ensure a smooth transition.Steinsland brings approximately 30 years of energy and offshore industry experience, including most recently serving as CFO of drilling contractor Songa Offshore SE…

10 May 2018

Petrojarl I FPSO Begins Working its 10th Field

(Photo: Teekay)

Teekay’s three-decades-old floating production, storage and offloading (FPSO) Petrojarl I has achieved first oil and commenced its five-year charter contract with a consortium led by Queiroz Galvão Exploração e Produção SA (QGEP) on the Atlanta oilfield, which is the vessel’s 10th field over its lifetime.The Atlanta field, located in Block BS4 in the Santos Basin offshore Brazil, is a post-salt oilfield in water depths of approximately 1,500 meters about 185 kilometers from Rio de Janeiro.

03 May 2018

Teekay Offshore CFO Wong to Step Down

Teekay Offshore Partners L.P. announced today that David Wong will step down from his position as Chief Financial Officer of Teekay Offshore Group Ltd. to commence a new opportunity outside of the Teekay organization.Wong, who joined Teekay Corporation in 2009 and has served as Teekay Offshore CFO since 2015, will continue with the Teekay until August to assist with the transition while a search for his replacement is conducted.

22 Feb 2018

Teekay Offshore Partners Up on Revenue

Libra FPSO. Photo: Teekay Corporation

Teekay Offshore Partners reported fourth quarter revenue at USD 295.7mln versus USD 274.9mln year ago, registering a growth of +7.6% YoY basis. “During the fourth quarter of 2017, we generated higher cash flow from vessel operations driven mainly by the delivery and contract start-up of two of our growth projects combined with lower G&A expenses," commented Ingvild Sæther, President and CEO of Teekay Offshore Group Ltd. “Recently, we finalized an agreement and are nearing completion…

30 Nov 2017

First Oil and Contract Start-up for Libra FPSO

(Photo: Teekay)

Teekay Offshore Partners L.P. announced that its jointly owned floating production storage and offloading (FPSO) unit, the FPSO Pioneiro de Libra (Libra), has achieved first oil and commenced its 12-year charter contract with a group of international oil companies, including Petrobras, Total, Shell, CNPC and CNOOC Limited, on the Libra oil field where it will perform early well tests. The Libra FPSO unit is the first unit to produce oil on the giant Libra block, which covers more than 1,500 square kilometers in the Santos Basin.

28 Nov 2017

Teekay Orders Additional Shuttle Tanker Duo

Teekay Offshore Partners L.P. has declared options with Samsung Heavy Industries Co., Ltd. for the construction of two Suezmax  DP2 shuttle tanker newbuilds for a total fully-built-up cost of approximately $265 million. Upon delivery in 2020, the vessels will join Teekay Offshore’s Contract of Affreightment (CoA) fleet in the North Sea. “This is another important milestone for Teekay Offshore’s shuttle tanker franchise since it further strengthens our position as the leading provider of CoA shuttle tanker services in the North Sea,” said Ingvild Sæther, President and CEO of Teekay Offshore Group Ltd. According to Teekay, the newbuilds will be constructed based on the Partnership’s new Shuttle Spirit design which incorporates technologies to increase fuel efficiency and reduce emissions…

25 Sep 2017

Brookfield Completes Acquisition of Teekay

Image: Teekay Corporation

Teekay Corporation and Teekay Offshore Partners announced that they have completed their previously announced comprehensive transaction with Brookfield Business, together with its institutional partners (collectively Brookfield). “With this comprehensive transaction now completed, Teekay looks forward to working with Brookfield as co-sponsors of Teekay Offshore to support the Partnership’s continued growth,” commented Kenneth Hvid, Teekay’s President and CEO. “With our existing in-progress growth projects now fully financed and nearing completion…

27 Jul 2017

Brookfield Buys Stake in Teekay Offshore

Image: Teekay Corporation

Canadian asset manager Brookfield Business Partners will  buy 60 percent of Teekay Offshore Partners, a subsidiary of marine transportation provider Teekay Corp, for about $750 million, Reuters reported quoting company sources. Brookfield said it would invest $610 million to buy the stake in Teekay Offshore and will also acquire a $200 million loan given by Teekay Corp to Teekay Offshore. Teekay Corp in a separate statement said, following the transaction, it would own 14 percent of Teekay Offshore.

08 Jun 2017

Craig Joins Teekay Offshore Board

Teekay Offshore Partners L.P. announced that Ian Craig has accepted an invitation to join Teekay Offshore's Board of Directors, effective June 6, 2017. Craig has served in various executive positions in Shell, most recently in Nigeria where he was Executive Vice President for Sub-Saharan Africa, and in Russia where he was CEO of Sakhalin Energy, an incorporated joint venture of Gazprom, Shell, Mitsui and Mitsubishi. Prior to that, Craig was a Board member and Technical Director of Enterprise Oil plc until its acquisition by Shell in 2002. He had earlier held executive and management positions with other exploration and production (E&P) companies including Sun Oil and BP.

23 Feb 2017

Teekay Offshore Sees Profit Drop

Pic: Teekay Offshore

Teekay Offshore Partners has reported GAAP net income attributable to the partners and preferred unitholders of $92.0 million and adjusted net income attributable to the partners and preferred unitholders of $8.5 million in the fourth quarter of 2016. Teekay Offshore has generated GAAP income from vessel operations of $56.5 million and $230.9 million, respectively, and total cash flow from vessel operations(1) of $134.8 million and $584.3 million, respectively, in the fourth quarter and fiscal year 2016.

28 Oct 2016

Hvid to Take Over as Teekay President and CEO

Kenneth Hvid (Photo: Teekay Corporation)

Teekay Corporation’s board of directors has elected Kenneth Hvid to succeed current president and CEO, Peter Evensen, who will retire January 31, 2017 after more than 13 years with the company. Hvid is presently serving as president and CEO of Teekay Offshore Group Ltd. “Kenneth Hvid is the natural successor to Peter Evensen as CEO of Teekay at this time,” said Teekay's Chairman, Sean Day. Hvid has served on the board of Teekay daughter companies, and has worked closely with all the business segments in Teekay in his previous role as Chief Strategy Officer.

26 Sep 2016

Teekay Offshore Bags North Sea Shuttle Tanker Contracts

Courtesy Teekay Offshore Partners

Teekay Offshore Partners L.P. (Teekay Offshore or the Partnership) (NYSE:TOO) announced today that it has been awarded new three-year shuttle tanker contracts of affreightment (CoA), plus extension options, with BP plc, Royal Dutch Shell and OMV Group, to transport the oil produced from the new Glen Lyon FPSO which is part of the Quad204 development located west of Shetland in the North Sea. The CoAs are expected to commence in the first half of 2017 with the requirement for approximately two shuttle tankers.

16 Sep 2016

Striking Bollard Pull Results for ALP Striker

ALP Striker performed an impressive and most satisfactorily bollard pull test

ALP Striker achieved an impressive and most satisfactory bollard pull results of 309.6 tonnes during her sea trials. The DP II Anchor Handling Salvage Tug was delivered on 12 September to ALP Maritime Services. The vessel is designed for towing very large floating objects while also offering services such as anchor handling, positioning and mooring. The ALP Striker has been constructed by Niigata Shipbuilding & Repair, Japan. She is the first of four ultra-long distance towing and anchor handling vessels for ALP Maritime Services, a subsidiary of Teekay Offshore Partners L.P.

16 Jul 2016

WFW Advises Teekay on Major Financing Initiatives

LNG Ship Docked Watson Farley & Williams

International law firm Watson Farley & Williams LLP (“WFW”) advised long-standing client Teekay on the successful completion of financing initiatives for Teekay Corporation and Teekay Offshore Partners LLP (“TOO”). This included assisting TOO on US$400m of secured bank financing and the raising of US$200m in fresh equity capital along with the deferment of certain bond maturity dates, whilst parent company Teekay Corp completed US$350m of bank financing and raised a further US$100m in equity capital.

12 Jul 2016

Moody's confirms Teekay's B3 CFR; Changes Outlook to Stable

Courtesy Teekay

Moody's Investors Service confirmed the ratings of Teekay Corporation ("Teekay", or "Parent"): Corporate Family Rating ("CFR") at B3 and senior unsecured debt rating at Caa1. Concurrently, Moody's upgraded the Speculative Grade Liquidity rating to SGL-3 (adequate), from SGL-4 (weak). The ratings outlook is stable. This action resolves the review for downgrade initiated on 15 April, 2016. Speculative Grade Liquidity rating, upgraded to SGL-3 from SGL-4. The ratings outlook was changed to Stable from Rating Under Review.

09 Jun 2015

Samsung to Build Three Shuttle Tankers for Teekay Offshore

A 150,000DWT shuttle tanker built by Samsung Heavy Industries. Photo: Samsung Heavy Industries

Samsung Heavy Industries (SHI) has announced that it is to build three shuttle tankers for Teekay Offshore Partners, at a total price of $365m and the contract includes an option for an extra vessel. The contract was signed in Oslo where Nor-Shipping 2015 was held. As for the contract value, while SHI says that the three tankers cost USD 330 million, for Teekay it is USD 365 million. The tankers ordered are 155,000DWT shuttle tankers that are 293m long and 49m wide, and they will be delivered by February 2018.

10 Jun 2015

Teekay LNG Announces Board Changes

Teekay LNG Partners L.P. announced changes to Teekay LNG’s board of directors. Jane Hinkley has been appointed to the chairmanship position succeeding C. Sean Day, who will remain a director of Teekay LNG and chairman of the partnership’s sponsor, Teekay Corporation. Hinkley has been a director of Teekay LNG for over 10 years and has management and board experience in the shipping and oil and gas industry, including serving as the managing director of Navion Shipping AS, and chief financial officer and managing director of Gotaas-Larsen Shipping Corporation, and currently serves on the board of directors of Premier Oil plc and Vesuvius plc.

19 May 2016

ALP's Long-range Oceangoing Tug Named ALP Striker

ALP Striker (Photo: ALP)

ALP Striker, named at a ceremony held named on May 13, 2016, is the first of four ultra-long distance towing and anchor handling vessels for ALP Maritime Services, each with a bollard pull of approximately 300 metric tons. The vessels of the SX157 design are a part of the ALP Future class. Service speed is 13 knots, while their top speed is 19 knots. With a fuel capacity of more than 3,500 cubic meters, they can tow at full power for 45 days, sufficient for nonstop Trans-Atlantic/Indian, Pacific Ocean towing operations without fuel calls.

30 Jun 2015

Teekay Sells FPSO, Announces Dividend Boost

Photo: Teekay

Teekay Corporation announced today that its board of directors has declared a cash dividend on its common stock of $0.55 per share for the quarter ended June 30, 2015, an increase of approximately 75 percent over the previous cash dividend of $0.31625 per share. The cash dividend is payable on July 31, 2015 to all shareholders of record as at July 17, 2015. Teekay also announced today that it will complete the sale of the Petrojarl Knarr (Knarr) floating production, storage and offloading (FPSO) unit to Teekay Offshore Partners L.P.

30 Sep 2015

Teekay Secures $1bln from Chinese Bank

Teekay Corporation announced today it has entered into a framework cooperation agreement with the Export-Import Bank of China (CEXIM) for up to $1 billion in new loan facilities. The loan facilities would be made available to Teekay and its subsidiaries, including Teekay LNG Partners L.P., Teekay Offshore Partners L.P. and Teekay Tankers Ltd., to finance the construction or conversion of vessels from shipyards in China over the next three years. “We are very pleased to announce the signing of this framework agreement in Beijing, China as it further strengthens our existing relationship with CEXIM and represents yet another source of capital for the Teekay group,” said Vince Lok, Teekay Corporation's Executive Vice President and Chief Financial Officer.

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