Teekay Offshore Intends to Acquire Sevan Piranema FPSO and Announces $170 Million Equity Private Placement
(Thomson Reuters ONE) -
HAMILTON, BERMUDA--(Marketwire - November 10, 2011) - Teekay Offshore GP L.L.C.,
the general partner of Teekay Offshore Partners L.P. (Teekay Offshore or the
Partnership) (NYSE: TOO), announced today that Teekay Corporation (Teekay) and
Teekay Offshore intend for Teekay Offshore to acquire the Sevan Piranema
(Piranema) floating production, storage and offloading (FPSO) unit directly from
Sevan Marine ASA (Sevan) for approximately $165 million, subject to certain
working capital adjustments. The 2007-built Piranema FPSO is currently operating
under a long-term charter to Petrobras S.A. on the Piranema field located
offshore Brazil. The charter includes a firm contract period through March
2018, with up to 11 one-year extension options and includes cost escalation
clauses.
The Piranema FPSO acquisition is part of Teekay's previously announced proposed
transaction to acquire three FPSO units from Sevan. The remaining two FPSOs, the
Sevan Hummingbird (which is currently operating under a short-term charter
contract), and the Sevan Voyageur (which is currently undergoing an upgrade)
initially would be acquired by Teekay. If acquired by Teekay, both FPSO units
would be eligible to be acquired by Teekay Offshore upon commencement of charter
contracts with a firm period of greater than three years in duration.
In addition, the Partnership announced today that it has agreed to sell
approximately 7.1 million common units in a private placement to a group of
institutional investors for proceeds of approximately $170 million (excluding
its general partner's proportionate capital contribution), subject to the
acquisition of the Piranema FPSO. The Partnership intends to use the proceeds
from the sale of common units to partially finance the acquisition of the
Piranema FPSO and to partially fund the Partnership's previously announced
acquisition of four newbuilding shuttle tankers that are scheduled to deliver in
mid-2013. The institutional investors participating in the private placement are
funds managed by Kayne Anderson Capital Advisors L.P., Fiduciary Asset
Management, Inc., ClearBridge Advisors, LLC, Salient Capital Advisors, LLC. and
Tortoise Capital Advisors, LLC.
The Partnership expects that the proposed acquisition of the Piranema FPSO and
the closing of the private equity placement would occur concurrently during the
fourth quarter of 2011.
The proposed transactions between Sevan and Teekay and Teekay Offshore,
including the Piranema FPSO acquisition, remain subject to negotiation of
definitive documentation and customary closing conditions, including, among
others, formal approval by Sevan's bondholders and shareholders, consent from
charterers, and approvals by relevant regulatory authorities.
This news release does not constitute an offer to sell or a solicitation of an
offer to buy the securities described herein, nor shall there be any sale of
these securities in any state or jurisdiction in which such an offer,
solicitation or sale would be unlawful prior to registration or qualification
under the securities laws of any such jurisdiction. The securities offered have
not been registered under the U.S. Securities Act of 1933, as amended, or any
other securities laws and may not be offered or sold in the United States absent
registration or an applicable exemption from registration requirements.
About Teekay Offshore
Teekay Offshore Partners L.P., a publicly-traded master limited partnership
formed by Teekay Corporation (NYSE: TK), is an international provider of marine
transportation, oil production and storage services to the offshore oil
industry. Teekay Offshore owns interests in 40 shuttle tankers (including four
chartered-in vessels and four committed newbuildings), five floating storage and
offtake (FSO) units, 10 conventional oil tankers, and two floating production,
storage and offloading (FPSO) units. Teekay Offshore also has rights to
participate in certain other FPSO and shuttle tanker opportunities provided by
Teekay Corporation.
Teekay Offshore Partners' 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 Partnership's intended acquisition of the Piranema
FPSO unit and the price and timing of such transaction; Teekay's intended
acquisition of other FPSO units from Sevan and Teekay's potential offer of such
FPSO units to the Partnership; and the financing of the proposed Piranema
transaction by means of a private placement of common units. 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: lack of definitive
documentation relating to the proposed transactions of the Partnership and
Teekay with Sevan; the potential inability to satisfy closing conditions to any
such transactions or for the private placement equity financing; potential early
termination of contracts; 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, 2010. 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
Contacts:
Teekay Offshore Partners L.P.
Kent Alekson
Investor Relations Enquiries
+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#1562962]
Unternehmensinformation / Kurzprofil:
Datum: 10.11.2011 - 15:55 Uhr
Sprache: Deutsch
News-ID 86657
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"Teekay Offshore Intends to Acquire Sevan Piranema FPSO and Announces $170 Million Equity Private Placement"
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