Teekay Offshore To Acquire Four New Tankers
Teekay Offshore GP L.L.C., the general partner of Teekay Offshore Partners L.P. and a subsidiary of Bermuda’s Teekay Corporation, announced yesterday [Apr. 16] that it intends to issue approximately 2.06 million common units in a private placement to an institutional investor for proceeds of approximately $60 million excluding its general partner’s proportionate capital contribution.
The partnership intends to use the proceeds from the sale of common units to partially fund its previously announced acquisition of four newbuilding shuttle tankers that are scheduled for deliveries throughout 2013, and for general partnership purposes. The transaction is expected to be completed by Friday, April 19, 2013.
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 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 — which is headquartered in Bermuda — and Sevan Marine ASA
Good for them !.
it sounds like a well considered investment.