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 of a second agreement in our FPSO segment which will extend the contract durations with existing customers on existing fields. We are pleased to report that we have entered into an agreement with Petrobras to extend the employment on the Ostras FPSO from January 2018 to May 2018, plus an extension option, and we are nearing completion of the previously-announced contract extension with Premier Oil for the Voyageur Spirit FPSO out to at least April 2019,” added Ms. Sæther.
"In addition, ALP Maritime, our towage subsidiary, was recently awarded its largest contract to-date, which requires the use of five of its vessels."
“Looking ahead, we expect our cash flows to continue to grow as we pivot from project execution to harvesting cash flows from our projects, which will also further strengthen our balance sheet as we naturally delever over time,” Ms. Sæther said.