Teekay Offshore Partners L.P. has agreed to acquire ALP Maritime Services B.V. ( ALP ), a Netherlands-based provider of long-haul ocean towage and offshore installation services to the global offshore oil and gas industry.
ALP currently provides these services through a fleet of third-party owned vessels. As part of the transaction, Teekay Offshore and ALP have ordered four state-of-the-art towing and anchor handling vessel newbuildings, which will be capable of ultra-long distance towing, offshore installation and decommissioning of large floating production, storage and offloading ( FPSO ) units, floating liquefied natural gas ( FLNG ) units and floating drill rigs.
Transaction Summary
“The strong fundamentals in offshore oil and gas, combined with the large orderbook of floating offshore assets including FPSOs, FLNGs and drill rigs, are expected to result in strong demand for the services of long-haul towing and anchoring handling vessels,” said Peter Evensen , Chief Executive Officer of Teekay Offshore GP LLC . “We believe ALP’s operational capabilities and customer relationships in the growing long-haul ocean towage and offshore unit installation segment is a natural complement to Teekay Offshore’s existing offshore project offering, which will provide the Partnership with another channel for accretive cash flow growth.”
“We are excited to bring the next generation of versatile, ultra-powerful offshore vessels to the world-wide long distance towage market,” said Paul Mulder, Chief Executive Officer of ALP . “As part of the Teekay family, ALP will be better positioned for the future growth we anticipate in our core towage and installation business and to develop new tailor-made service offerings that provide value for our customers.”
The proposed acquisition, which is expected to close during the first quarter of 2014, has been approved by the Teekay Offshore and ALP boards of directors, and remains subject to customary closing conditions. Teekay Offshore and ALP were advised on this transaction by ABN AMRO Bank N.V.