Teekay Offshore Partners Signs New FSO Contract With Statoil
(Thomson Reuters ONE) -
HAMILTON, BERMUDA--(Marketwired - May 22, 2013) - Teekay Offshore Partners L.P.
(Teekay Offshore or the Partnership) (NYSE: TOO) today announced that it has
entered into an agreement with Statoil Petroleum AS (Statoil), on behalf of the
field license partners, to provide a floating storage and offtake (FSO) unit for
the Gina Krog oil and gas field located in North Sea.
The contract will be serviced by a new FSO unit converted from the 1995-built
shuttle tanker, Randgrid, which is currently 67 percent owned by Teekay
Offshore. The Partnership's portion of the FSO conversion project is expected to
be completed for a total net capital cost of approximately $220 million,
including the cost of acquiring the remaining 33 percent ownership interest in
the Randgrid shuttle tanker. Following completion in the first quarter of 2017,
the newly converted FSO unit will commence operations under a 3-year firm period
time-charter contract to Statoil, which includes 12 additional one-year
extension options.
"This strategically important conversion project represents another milestone in
Teekay Offshore's expanding FSO franchise," commented Ingvild Saether,
President, Teekay Shuttle and Offshore Services. "The Gina Krog FSO project
highlights how Teekay Offshore can combine its growing offshore project
development capability and financial resources to provide an FSO solution to
Statoil while repurposing an existing shuttle tanker asset to generate
distributable cash flow accretion."
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 35 shuttle tankers (including four chartered-
in vessels and three committed newbuildings), four floating production, storage
and offloading (FPSO) units, seven floating storage and offtake (FSO) units
(including two committed FSO conversions) and six conventional oil tankers. The
majority of Teekay Offshore's fleet is employed 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 timing of commencement of the FSO service contract
between the Partnership and Statoil and the effect of this contract on the
Partnership's future distributable cash flow; the estimated total capital cost
to convert the 1995-built shuttle tanker Randgrid into an FSO unit; and the cost
and certainty of the Partnership's acquisition of the remaining 33 percent
ownership interest in the Randgrid. 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: variances in expected capital costs of
converting the Randgrid shuttle tanker into an FSO unit; failure by the
Partnership to acquire the remaining 33 percent interest in the Randgrid shuttle
tanker; shipyard delays resulting in delayed delivery and contract commencement
of the newly converted FSO unit to the Gina Krog oil and gas field; greater than
expected levels of operating expenses; potential early termination of the
contract between the Partnership and Statoil and inability to replace this
contract; the Partnership's ability to finance the completion of the conversion
of the Randgrid shuttle tanker into an FSO; 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.
Contacts:
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#1703815]
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Datum: 22.05.2013 - 16:19 Uhr
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