Teekay Offshore Announces Distribution Increase and Provides 2013 Distribution Guidance; Receives Offer to Acquire 50% Interest in Itajai FPSO
(Thomson Reuters ONE) -
HAMILTON, BERMUDA--(Marketwired - April 18, 2013) - Teekay Offshore Partners
(Teekay Offshore or the Partnership) (NYSE:TOO) today 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 today 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 Baúna 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."
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 is structured as a publicly-traded master limited
partnership and owns interests in 37 shuttle tankers (including four chartered-
in vessels and four committed newbuildings), four floating production, storage
and offloading (FPSO) units, five floating storage and offtake (FSO) units and
six conventional oil tankers. The majority of Teekay Offshore's fleet trades on
long-term, stable contracts. 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).
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: the amount and timing of potential future distribution
increases per common unit; the timing and the certainty of the Partnership's
acquisition of the Voyageur Spirit FPSO unit; the effect of the Voyageur Spirit
FPSO acquisition and delivery of four shuttle tanker newbuildings on the
Partnership's future distributable cash flow; the timing and certainty of the
Partnership's potential acquisition of Teekay's 50 percent interest in the
Itajai FPSO and the impact on the Partnership's future distributable cash flow;
and the potential for additional asset acquisitions. 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 and Brazil offshore fields;
potential early termination of contracts; potential delays in the delivery of
the four newbuilding shuttle tankers and commencement of their respective time-
charter contracts with the BG Group; failure or delay of the completion of the
Partnership's acquisition of the Voyageur Spirit FPSO unit; failure to obtain
required approvals by the Conflicts Committee of Teekay Offshore's general
partner to acquire vessels offered by Teekay, including the Itajai, or third
parties; 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, 2012. 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
+1 (604) 609-6442
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#1694207]
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Datum: 18.04.2013 - 16:15 Uhr
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