Teekay Offshore Partners Announces First Oil and Contract Start-up for the Libra FPSO
November 30 2017 - 6:59AM
Teekay Offshore Partners L.P. (NYSE:TOO) (Teekay Offshore or the
Partnership) announced today that its jointly owned floating
production storage and offloading (FPSO) unit, the FPSO Pioneiro de
Libra (Libra), has successfully achieved first oil and commenced
its 12-year charter contract with a group of international oil
companies, including Petrobras, Total, Shell, CNPC and CNOOC
Limited, on the Libra oil field where it will perform early well
tests. The Libra FPSO unit is the first unit to produce oil on the
giant Libra block, which covers more than 1,500 square kilometers
in the Santos Basin.
The Libra FPSO is owned and operated by Teekay
Offshore and Odebrecht Oil and Gas (OOG) through a 50/50 joint
venture. The FPSO unit, which was converted from one of the
Partnership’s shuttle tankers at Sembcorp Marine’s Jurong shipyard
in Singapore, is designed to operate at water depths of up to 2,400
meters, with a production capacity of 50,000 barrels of oil per day
and daily compression capacity of four million cubic meters of
gas.
“Today marks another significant milestone for
Teekay Offshore and its growing presence in the Brazilian market,”
commented Ingvild Sæther, President and CEO of Teekay Offshore
Group Ltd. “This successful Libra FPSO conversion project
demonstrates that we can confidently deliver highly complex FPSO
solutions for Brazil’s massive pre-salt play and is expected to
provide significant future cash flow growth to the
Partnership.”
A photo and video accompanying this announcement are available
at:
http://www.globenewswire.com/NewsRoom/AttachmentNg/e067cf7e-ec1a-4d05-a159-3b41e0486f54
http://www.globenewswire.com/NewsRoom/AttachmentNg/0eeef828-276f-4bed-8d80-5d2a536c475a
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 size of the Libra field; and the impact
of the Libra FPSO on the Partnership’s future cash flows. 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
Libra FPSO unit; variations in operating expenses;
different-than-expected levels of oil production on the Libra
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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