Teekay Offshore Partners Places Order for Two Additional Shuttle Tankers
November 28 2017 - 3:01PM
Teekay Offshore Partners L.P. (NYSE:TOO) (Teekay Offshore or the
Partnership) announced today that it has declared options with
Samsung Heavy Industries Co., Ltd. for the construction of two,
Suezmax-sized, DP2 shuttle tanker newbuildings for a total
fully-built-up cost of approximately $265 million. These
newbuildings will be constructed based on the Partnership’s new
Shuttle Spirit design which incorporates proven technologies to
increase fuel efficiency and reduce emissions, including LNG
propulsion technology. Upon delivery in 2020, these vessels will
join Teekay Offshore’s Contract of Affreightment (CoA) fleet in the
North Sea.
“This is another important milestone for Teekay
Offshore’s shuttle tanker franchise since it further strengthens
our position as the leading provider of CoA shuttle tanker services
in the North Sea,” commented Ingvild Sæther, President and CEO of
Teekay Offshore Group Ltd. “Our customers require a reliable,
long-term solution for securing offtake services from over 15 oil
fields in the North Sea and therefore, these state-of-the-art
newbuildings demonstrate our ongoing commitment to our customers,”
Ms. Sæther continued, “What makes me particularly proud is that
these newbuildings, as well as the two shuttle tankers ordered in
July 2017 to service Statoil’s needs in the North Sea, will set new
standards for both fuel consumption and CO2 emissions.”
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 63 offshore
assets, including floating production, storage and offloading
(FPSO) units, shuttle tankers, floating storage and offtake (FSO)
units, a unit 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's common units and Series A and
B preferred units trade on the New York Stock Exchange under the
symbols "TOO", "TOO PR A" and "TOO PR B", respectively.
For Investor Relations enquiries
contact:
Ryan HamiltonTel: +1 (604) 609-2963Website: www.teekay.com
For Media enquiries contact:Axel WiedenmannTel:
+47 9516 3022Website: www.teekay.com
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 cost, delivery timing and the expected
employment of the Partnership’s shuttle tanker newbuildings;
long-term shuttle tanker requirements in the North Sea; the impact
of the Partnership’s newbuilding order on its position in the North
Sea CoA shuttle tanker market; and fuel consumption and emissions
for the shuttle tanker newbuildings. 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: newbuilding delays and cost overruns; changes in
exploration, production and storage of offshore oil and gas, either
generally or in particular regions that would impact expected
future growth; potential early termination of charter
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, 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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