Teekay Offshore Partners L.P. Announces 12.5 Percent Increase to Third Quarter Distribution
November 03 2008 - 8:32AM
Marketwired
Teekay Offshore GP LLC, the general partner of Teekay Offshore
Partners L.P. (Teekay Offshore or the Partnership) (NYSE: TOO), has
declared a cash distribution of $0.45 per unit for the quarter
ended September 30, 2008, an increase of $0.05 per unit, or 12.5
percent, from the previous quarter.
"We are pleased to announce another significant increase to the
Partnership's quarterly distribution," commented Peter Evensen,
Chief Executive Officer of Teekay Offshore GP LLC. "This increase
is the result of the Partnership's acquisition in June of an
additional 25 percent interest in OPCO and two Aframax lightering
tankers from Teekay Corporation and reflects our confidence in the
Partnership's long-term, fixed-rate cash flows and contract
counterparties."
The cash distribution is payable on November 14, 2008 to all
unitholders of record on November 7, 2008.
About Teekay Offshore Partners L.P.
Teekay Offshore Partners L.P., a publicly-traded master limited
partnership formed by Teekay Corporation (Teekay) (NYSE: TK), is an
international provider of marine transportation and storage
services to the offshore oil industry. Teekay Offshore Partners
L.P. owns a 51 percent interest in and controls Teekay Offshore
Operating L.P. (OPCO), a Marshall Islands limited partnership with
a fleet of 34 shuttle tankers (including 9 chartered-in vessels),
four floating storage and offtake units (FSO) and 11 conventional
crude oil Aframax tankers. In addition, Teekay Offshore Partners
L.P. has direct ownership interests in two shuttle tankers and one
FSO. Teekay Offshore Partners L.P. also has rights to participate
in certain floating production, storage and offloading (FPSO)
opportunities.
Teekay Offshore Partners' common units trade on the New York
Stock Exchange under the symbol "TOO".
Forward Looking Statements
This release contains forward-looking statements (as defined in
Section 21E of the 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
confidence in future cash flows and contract counterparties. 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: changes in production of offshore
oil, either generally or in particular regions; changes in trading
patterns significantly affecting overall vessel tonnage
requirements; changes in applicable industry laws and regulations
and the timing of implementation of new laws and regulations; the
potential for early termination of long-term contracts and
inability of the Partnership or OPCO to renew or replace long-term
contracts; the failure of Teekay to offer additional interests in
OPCO to Teekay Offshore; required approvals by the board of
directors of Teekay and Teekay Offshore, as well as the conflicts
committee of Teekay Offshore to acquire additional interests in
OPCO; the Partnership's ability to raise financing to purchase
additional vessels and/or interests in OPCO; changes to the amount
or proportion of revenues, expenses, or debt service costs
denominated in foreign currencies; and other factors discussed in
Teekay Offshore's filings from time to time with the United States
Securities and Exchange Commission, including its Report on Form
20-F for the fiscal year ended December 31, 2007. 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.
Contacts: Teekay Offshore Partners L.P. Kent Alekson Investor
Relations enquiries (604) 609-6442 Teekay Offshore Partners L.P.
Alana Duffy Media enquiries (604) 844-6605 Website:
www.teekayoffshore.com
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