Teekay Offshore raising cash for new vessels
- Business & Finance
Teekay Offshore Partners L.P. plans to offer senior unsecured notes due 2019 in a registered public offering.
The Partnership expects to use the net proceeds from the public offering for general partnership purposes, including funding new building installments, capital conversion projects and future acquisitions of vessels from Teekay Corporation or third parties.
Pending the application of funds for these purposes, the Partnership expects to repay a portion of its outstanding debt under certain of its credit facilities.
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 35 shuttle tankers (including two chartered-in vessels and one HiLoad Dynamic Positioning (HiLoadDP) unit), five floating production, storage and offloading (FPSO) units, six floating storage and offtake (FSO) units (including one committed FSO conversion unit), four long-haul towing and anchor handling vessel newbuildings and four conventional oil tankers.
The majority of Teekay Offshore’s fleet is employed on long-term, stable contracts. In addition, Teekay Offshore also has rights to participate in certain other FPSO, shuttle tanker and HiLoad DP opportunities provided by Teekay Corporation, Sevan Marine ASA and Remora AS.
Teekay Offshore intends to apply to have the Notes listed on the New York Stock Exchange.
Press Release, May 20, 2014