Teekay Offshore Partners Announces Contract Start-Up for the Randgrid FSO on the Gina Krog Field With Statoil
October 06 2017 - 6:59AM
Teekay Offshore Partners L.P. (NYSE:TOO) (Teekay Offshore or the
Partnership) announced today the Randgrid FSO, which was converted
from one of the Partnership’s shuttle tankers at Sembcorp’s
Sembawang shipyard in Singapore, has commenced its charter contract
with Statoil ASA (Statoil) on the Gina Krog oil and gas field in
the Norwegian sector of the North Sea.
“Today marks a significant milestone in Teekay
Offshore’s FSO franchise with the start-up of our largest FSO
project to-date,” commented Ingvild Sæther, President and CEO of
Teekay Offshore Group Ltd. “The Randgrid FSO further builds
on our strategic partnership with Statoil and is expected to
contribute annual cash flow from vessel operations(1) of
approximately $60 million during the firm period of the charter
contract.”
About Teekay Offshore
Teekay Offshore Partners L.P. is an
international provider of marine transportation, oil production,
storage, long-distance towing and offshore installation and
maintenance and safety services to the oil industry, primarily
focusing on oil production-related activities of its customers and
operating in offshore oil regions of the North Sea, Brazil and the
East Coast of Canada. Teekay Offshore is structured as a
publicly-traded master limited partnership (MLP) with consolidated
assets of approximately $5.6 billion, comprised of 62 offshore
assets, including floating production, storage and offloading
(FPSO) units, shuttle tankers, floating storage and offtake (FSO)
units, units for maintenance and safety (UMS), long-distance towing
and offshore installation vessels and conventional tankers. The
majority of Teekay Offshore's fleet is employed on medium-term,
stable contracts.
Teekay Offshore Partners’ common units and
Series A and B preferred units trade on the New York Stock Exchange
under the symbol “TOO”, “TOO PR A” and “TOO PR B”,
respectively.
For Investor Relations enquiries
contact:
Ryan HamiltonTel: +1 (604) 844-6654Website: www.teekay.com
(1) Cash flow from vessel operations, a non-GAAP measure,
represents income from vessel operations before depreciation and
amortization expense, amortization of in-process revenue contracts,
vessel write-downs, gains or losses on the sale of vessels and
equipment and adjustments for direct financing leases to a cash
basis, but includes realized gains or losses on the settlement of
foreign currency forward contracts and a derivative charter
contract.
Forward Looking Statements
This release contains forward-looking statements
(as defined in Section 21E of the U.S. 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 of annual cash flow from vessel
operations generated from the Randgrid FSO. 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: the operational performance of the Randgrid FSO
unit; variations in operating expenses;
different-than-expected levels of oil production on the Gina Krog
oil and gas field; potential early termination of the charter
contract; 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, 2016. 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.
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