Teekay Offshore Announces Accretive Acquisition of Dynamic Positioning Unit
(Thomson Reuters ONE) -
HAMILTON, BERMUDA--(Marketwire - November 9, 2012) - Teekay Offshore Partners
(Teekay Offshore or the Partnership) (NYSE:TOO) today announced that it has
entered into an agreement to acquire a 2010-built HiLoad Dynamic Positioning
(DP) unit from Remora AS (Remora), a Norway-based offshore marine technology
company, for a total purchase price of approximately $55 million. The HiLoad DP
unit is a self-propelled dynamic positioning system that attaches to and keeps
conventional tankers in position when loading from offshore installations.
Under the terms of the agreement, which has been approved by the Teekay
Offshore Board of Directors, Teekay Offshore will:
* Acquire the HiLoad DP unit from Remora;
* Complete modifications required for the HiLoad DP unit to service a new
long-term time-charter contract; and
* Enter into an omnibus agreement which provides the right of first refusal to
acquire future HiLoad DP projects developed by Remora.
As part of the transaction, Teekay Corporation (Teekay) has also agreed to
invest approximately $4.4 million to acquire a 49.9 percent fully diluted
ownership interest in a recapitalized Remora.
All elements of the transaction remain subject to finalizing a 10-year time-
charter contract with Petroleo Brasileiro SA (Petrobras) in Brazil. The
acquisition of the HiLoad DP unit and investment in Remora equity are both
expected to close in December 2012. The acquired HiLoad DP unit is expected to
commence operating at its full time-charter hire rate in December 2013 once
modifications, delivery of the HiLoad DP unit to offshore Brazil and operational
testing have been completed.
"The purchase of Remora''s innovative HiLoad DP unit compliments Teekay
Offshore''s current market leading shuttle tanker solution and broadens the
Partnership''s offshore loading service offering," commented Peter Evensen,
Chief Executive Officer of Teekay Offshore GP LLC. "In the North Sea, we believe
that shuttle tankers will continue to be the most cost effective solution, but
we are seeing a need for new solutions in locations such as Brazil where cargoes
destined for long-haul export are on the rise. Instead of trans-shipping these
cargoes into a shore terminal or an FSO, the HiLoad enables conventional tankers
to directly load and export the oil to any market. The HiLoad DP unit''s total
purchase price of $55 million, which includes the cost to purchase the unit and
complete modifications, represents approximately 4.5 times the unit''s expected
annual cash flow from operations."
Mr. Evensen added, "We believe the Partnership''s new omnibus agreement with
Remora, coupled with Teekay Corporation''s significant interest in Remora, will
provide another important source of future growth for our offshore business."
The proposed transaction between Remora and Teekay and Teekay Offshore,
including the HiLoad DP Unit acquisition, remain subject to negotiation of
definitive documentation and customary closing conditions, including, among
others, formal approval by Remora''s shareholders at their Extraordinary General
Meeting (EGM) and completion of the charter between Petrobras and Teekay
Offshore.
About Remora AS
Remora is an oil service company, focusing on providing the international market
with innovative solutions for offshore loading of oil. The company was
incorporated in 2002 and has its registered head office in Stavanger, Norway,
with a branch office in Houston, USA.
Remora is listed on the over-the-counter exchange in Norway under the symbol
"REMO".
About Teekay Offshore Partners L.P.
Teekay Offshore Partners L.P. is an international provider of marine
transportation, oil production and storage services to the offshore oil industry
focusing on the fast-growing, deepwater offshore oil regions of the North Sea
and Brazil. Teekay Offshore owns interests in 39 shuttle tankers (including four
chartered-in vessels and four committed newbuildings), three floating
production, storage and offloading (FPSO) units, five floating storage and
offtake (FSO) units and nine conventional oil tankers. In addition, Teekay
Offshore has rights to participate in certain other FPSO and shuttle tanker
opportunities provided by Teekay Corporation (NYSE:TK) and Sevan Marine ASA
(Oslo Bors:SEVAN). The Partnership has recently accepted an offer from Teekay
Corporation to acquire the Voyageur Spirit FPSO. The majority of Teekay
Offshore''s fleet trades on long-term, stable contracts and it is structured as
a publicly-traded master limited partnership (MLP).
Teekay Offshore''s common units trade on the New York Stock Exchange under the
symbol "TOO".
----------------------------
FORWARD-LOOKING STATEMENTS
----------------------------
This release contains forward-looking statements (as defined in Section 21E of
the Securities Exchange Act of 1934, as amended) which reflect management''s
current views with respect to certain future events and performance, including
statements regarding: future demand for shuttle tanker and offshore loading
services in regional offshore markets, including the North Sea and Brazil;
factors affecting the Partnership''s future growth prospects, including the
timing, certainty and purchase price of the Partnership''s acquisition of the Hi
Load DP unit from Remora AS and cash flows generated by this unit under its
time-charter contract with Petrobras; the cost, timing and certainty to complete
modifications to the acquired HiLoad DP unit to prepare the unit for its pending
contract with Petrobras; the timing, certainty and purchase price of Teekay
Corporation''s acquisition of a 49.9 percent fully diluted equity interest in
Remora AS; and the potential for Remora AS to offer additional vessels to the
Partnership under the proposed omnibus agreement between Remora AS and Teekay
Offshore. The following factors are among those that could cause actual results
to differ materially from the forward-looking statements, which involve risks
and uncertainties, and that should be considered in evaluating any such
statement: vessel operations and oil production volumes; significant changes in
oil prices; variations in expected levels of field maintenance; increased
operating expenses; different-than-expected levels of oil production in the
North Sea, Brazil, West Africa, Southeast Asia and other regional offshore
fields; potential early termination of contracts; failure to meet the
operational requirements of the HiLoad DP unit under the Petrobras time-charter
contract; potential delays to the commencement of the HiLoad DP charter contract
with Petrobras; failure to satisfy the closing conditions relating to the HiLoad
DP transaction with Remora AS; failure of Remora AS to develop and offer to the
Partnership additional HiLoad DP units for purchase; failure to obtain required
approvals by the Conflicts Committee of Teekay Offshore''s general partner to
acquire other HiLoad DP projects which may be offered in the future by Remora
AS; the Partnership''s ability to raise adequate financing to purchase
additional assets; and other factors discussed in Teekay Offshore''s filings
from time to time with the SEC, including its Report on Form 20-F for the fiscal
year ended December 31, 2011. The Partnership expressly disclaims any obligation
or undertaking to release publicly any updates or revisions to any forward-
looking statements contained herein to reflect any change in the Partnership''s
expectations with respect thereto or any change in events, conditions or
circumstances on which any such statement is based.
Contact Information
Teekay Offshore Partners L.P.
Kent Alekson
Investor Relations Enquiries
+1 (604) 609-6442
C: 778.938.7602
www.teekayoffshore.com
This announcement is distributed by Thomson Reuters on behalf of
Thomson Reuters clients. The owner of this announcement warrants that:
(i) the releases contained herein are protected by copyright and
other applicable laws; and
(ii) they are solely responsible for the content, accuracy and
originality of the information contained therein.
Source: Teekay Offshore Partners L.P. via Thomson Reuters ONE
[HUG#1656843]
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Datum: 09.11.2012 - 18:26 Uhr
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