Teekay Offshore Partners L.P. Declares First Quarter Distribution
May 04 2009 - 6:31PM
Marketwired
Teekay Offshore GP LLC, the general partner of Teekay Offshore
Partners L.P.(NYSE: TOO), has declared a cash distribution of $0.45
per unit for the quarter ended March 31, 2009. The cash
distribution is payable on May 15, 2009 to all unitholders of
record on May 8, 2009.
"Our distributable cashflow is based upon our portfolio of
medium-term fixed-rate contracts with oil companies and is not
exposed to changes in oil prices," commented Peter Evensen, Chief
Executive Officer of Teekay Offshore GP LLC. "Our sponsor, Teekay
Corporation, has a number of existing FPSOs and shuttle newbuilding
units that we hope to acquire in the future which will increase
distributable cashflow."
About Teekay Offshore Partners L.P.
Teekay Offshore Partners L.P., a publicly-traded master limited
partnership formed by Teekay Corporation (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
Partnership's future growth prospects including the potential for
the partnership to acquire existing FPSOs and shuttle newbuilding
units from Teekay Corporation. 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:
Teekay's shuttle newbuilding units being awarded long-term
contracts suitable for the Partnership; the renewal of Teekay's
existing FPSO contracts; required approvals by the conflicts
committee of the board of directors of the Partnership's general
partner to acquire any offshore projects offered by Teekay; 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 to renew or replace
long-term contracts; the Partnership's ability to raise financing
to purchase additional vessels; 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,
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 +1 (604) 609-6442 Teekay Offshore Partners L.P.
Alana Duffy Media Enquiries +1 (604) 844-6605
www.teekayoffshore.com
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