Teekay to Acquire Three FPSO Units from Sevan

Source: www.gulfoilandgas.com 10/18/2011, Location: North America

Teekay Corporation announced that it has entered into an agreement with Sevan Marine ASA (Sevan) and holders of more than two-thirds of each of Sevan’s bond loans for Teekay to acquire three floating production storage and offloading (FPSO) units from Sevan and make an equity investment in a recapitalized Sevan.

Under the terms of the agreement, which has also been approved by the Board of Directors of Teekay and Sevan, Teekay will:

- Acquire from Sevan three FPSO units, the Sevan Piranema (Piranema), the Sevan Hummingbird (Hummingbird), and Sevan Voyageur (Voyageur), along with their existing charter contracts, for an aggregate purchase price of $668 million plus the remaining cost required to complete the upgrade of the Voyageur, which is estimated to be $110 - $130 million;

- Invest $25 million in a new issuance of Sevan equity, which is expected to provide Teekay with a 40 percent ownership interest in a recapitalized Sevan; and

- Enter into a cooperation agreement whereby Teekay will have the right to acquire future FPSO projects developed by Sevan.


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Related Categories: Diving Contractors  Dredging  FPSO Vessels and Equipment  General  Marine Services  Mooring Systems  Offshore Platforms  Subsea Production 

Related Articles: Diving Contractors  Dredging  FPSO Vessels and Equipment  General  Marine Services  Mooring Systems  Offshore Platforms  Subsea Production 


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