Teekay Receives Offer to Acquire 50% in Itajai FPSO

Source: www.gulfoilandgas.com 4/18/2013, Location: South America

Teekay Offshore Partners (Teekay Offshore or the Partnership) announced that the Board of Directors of its general partner, Teekay Offshore GP LLC, has approved an increase to the Partnership's first quarter of 2013 cash distribution to be paid on May 14, 2013, to all unitholders of record on April 30, 2013. Teekay Offshore will increase its first quarter distribution by $0.0128 per unit, or approximately 2.5 percent, to $0.5253 per unit, and management intends to recommend to the Board of Directors an additional distribution increase of a minimum of 2.5 percent later this year.

The increase to the first quarter distribution coincides with the expected completion of the previously announced acquisition of the Voyageur Spirit FPSO unit which began production on April 13, 2013. Teekay Offshore will now recognize the results from the Voyageur Spirit acquisition in the second quarter of 2013, commencing from the acquisition date which is expected to occur before the end of April 2013.

In addition, Teekay Offshore announced that it has received an offer from Teekay Corporation (Teekay) to acquire its 50 percent interest in the Cidade de Itajai (Itajai) FPSO unit at Teekay's fully built-up cost. The Itajai FPSO has been operating on the Bauna and Piracaba (previously named Tiro and Sidon) fields in the Santos Basin offshore Brazil since February 2013 under a nine-year time-charter contract (plus extension options) with Petroleo Brasileiro SA (Petrobras). The offer is currently being reviewed by the Board of Directors of the Partnership's general partner and its Conflicts Committee. The remaining 50 percent interest in the Itajai FPSO is owned by Brazilian-based Odebrecht Oil & Gas.

"We are pleased that the accretive acquisition of the Voyageur Spirit FPSO, our largest FPSO purchase to-date, will soon be completed and we are once again in a position to increase the Partnership's distribution," commented Peter Evensen, Chief Executive Officer of Teekay Offshore GP LLC. "Looking forward, with multiple near-term growth opportunities, including four newbuilding shuttle tankers delivering in 2013 onto 10-year contracts with the BG Group, and multiple FPSO assets potentially available in the future for purchase from our sponsor, Teekay Corporation, we believe we are well-positioned to continue increasing our distributions through accretive acquisitions."

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

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