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Wednesday, September 26, 2018

Teekay Offshore Partners Lp News

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.

Kongsberg's integrated control and safety system for Teekay's Gina Krog

Gina Krog FSO

Kongsberg Maritime Engineering (KME) has signed a contract with Gina Krog LLC, a subsidiary of Teekay Shipping AS, for supply of an Integrated Control and Safety System (ICSS) and Power package to the Gina Krog FSO (Floating Storage and Offloading) unit, to be delivered to the Statoil operated Gina Krog field on the Norwegian continental shelf, North Sea. Teekay recently entered an agreement with Statoil to provide the FSO for the Gina Krog field. The $220 million conversion project is expected to be completed in the first quarter of 2017…

KME to Supply Equipment for Gina Krog FSO

Image courtesy KME

Kongsberg Maritime Engineering (KME) has signed a contract with Gina Krog LLC, a subsidiary of Teekay Shipping AS, for supply of an Integrated Control and Safety System (ICSS) and Power package to the Gina Krog FSO (Floating Storage and Offloading) unit, to be delivered to the Statoil operated Gina Krog field on the Norwegian continental shelf, North Sea. Teekay recently entered an agreement with Statoil to provide the FSO for the Gina Krog field. The $220 million conversion project is expected to be completed in the first quarter of 2017…

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…

Teekay Offshore Partners Sign FSO Contract

The contract with Statoil is to provide a floating storage and offtake (FSO) unit for the Gina Krog oil & gas field located in North Sea. The contract will be serviced by a new FSO unit converted from the 1995-built shuttle tanker, Randgrid, which is currently 67 percent owned by Teekay Offshore. The Partnership's portion of the FSO conversion project is expected to be completed for a total net capital cost of approximately $220 million, including the cost of acquiring the remaining 33 percent ownership interest in the Randgrid shuttle tanker. Following completion in the first quarter of 2017, the newly converted FSO unit will commence operations under a 3-year firm period time-charter contract to Statoil, which includes 12 additional one-year extension options.

Teekay Acquires 50 Percent Interest in Itajai FPSO Unit

Teekay Offshore Partners L.P. announced that it has agreed to acquire a 50 percent interest in the Cidade de Itajai floating production, storage and offloading (FPSO) unit from Teekay Corporation for a purchase price of approximately $204 million. The acquisition will be financed with assumed debt and proceeds from the recently completed equity private placement. The acquisition is expected to be completed on June 1, 2013, subject to customary closing conditions. The Itajai FPSO is operating on the Baúna and Piracaba (previously named Tiro and Sidon) fields in the Santos Basin offshore Brazil under a nine-year fixed-rate time-charter contract (plus extension options) with Petroleo Brasileiro SA.

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.

Teekay Orders 3 Tankers for Canada Contracts

Teekay Offshore Partners L.P. informs it has entered long-term contracts to provide shuttle tanker services for a group of companies producing oil on Canada’s East Coast, including Chevron Canada, Husky Energy, Mosbacher Operating Ltd., Murphy Oil, Nalcor Energy, Statoil and Suncor Energy. The 15-year contracts, plus extension options, will initially be serviced by one of Teekay Offshore’s existing shuttle tankers, the Navion Hispania, and two to three third party-owned shuttle tankers currently operating in East Coast Canada, which will be chartered-in to Teekay Offshore’s Canadian affiliate located in St. John’s, Newfoundland, prior to the delivery of up to four shuttle tanker newbuildings.

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.

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.

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.

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.

Teekay Offshore Issues $53.4 Million Equity Private Placement

Teekay Offshore GP LLC., the general partner of Teekay Offshore Partners L.P. announced  that it has agreed to issue 1.75 million common units in a private placement to an institutional investor for proceeds of approximately $53.4 million (excluding the partnership's general partner's proportionate capital contribution). The partnership intends to use the proceeds from the sale of common units for general partnership purposes, which may include funding vessel conversion projects and future vessel acquisitions.

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…

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.

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.

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.

Teekay Offshore Buys Towage Firm, Orders New AHTS Vessels

AHTS in ALP Colours: Photo courtesy of Teekay Offshore

Teekay Offshore Partners say they have agreed to acquire ALP Maritime Services B.V. (ALP), a Netherlands-based provider of long-haul ocean towage and offshore installation services to the global offshore oil and gas industry. ALP currently provides these services through a fleet of third-party owned vessels. As part of the transaction, Teekay Offshore and ALP have ordered four state-of-the-art towing and anchor handling vessel newbuildings, which will be capable of ultra-long distance towing…

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.

QGEP to Acquire FPSO from Teekay

Teekay Offshore Partners L.P. has entered into an agreement with a consortium led by Queiroz Galvão Exploração e Produção SA (QGEP) to provide a floating production, storage and offloading (FPSO) unit for the Atlanta field located in the Santos Basin offshore Brazil. In connection with the contract with QGEP, the partnership has agreed to acquire the Petrojarl I FPSO from Teekay Corporation for $57 million. Subsequent to the acquisition, the FPSO will undergo upgrades at the Damen Shipyard Group's DSR Schiedam Shipyard in the Netherlands for a fully built-up cost of approximately $240 million, which includes the cost of acquiring the Petrojarl I. The FPSO is scheduled to commence operations in the first half of 2016 under a five-year charter contract with QGEP.

Ulstein Enters Oceangoing Tug Market

Ulstein Design & Solutions’ sales team on the ocean going tug project, from left: Sigurd Viseth, Thomas Brathaug, Ove Dimmen, and Bjørn Harald Norvik (Copyright ULSTEIN)

Ulstein has sold design and equipment packages for four ocean going tugs to Niigata Shipbuilding & Repair in Japan. The vessels will be built for the Dutch company ALP Maritime Services. The vessels are primarily designed for towing of large structures over long distances. This is a new market for Ulstein and the contract represents so far the highest value in one single contract for Ulstein Design & Solutions. The vessels of the SX157 design are developed especially for this project in close collaboration with ALP.

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.

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.

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