Teekay Offshore Partners L.P. Declares Distribution and Receives Offer to Acquire Remaining 49 Percent of Teekay Offshore Operat
January 26 2011 - 4:01PM
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 $0.475 per unit for the quarter
ended December 31, 2010, payable on February 14, 2011 to all
unitholders of record on February 7, 2011.
The Partnership also announced today that it has received an
offer to acquire from Teekay Corporation (Teekay) the remaining 49
percent interest in Teekay Offshore Operating L.P. (OPCO) for a
combination of cash and Teekay Offshore common units. OPCO
currently operates a fleet of 33 shuttle tankers (including five
chartered-in vessels), four FSO units, nine double-hull
conventional oil tankers and two lightering vessels. The offer is
currently being reviewed by the Board of Directors of the
Partnership's general partner and its Conflicts Committee. If
concluded, the acquisition will increase the Partnership's
ownership of OPCO to 100 percent. The Partnership does not expect
to issue additional common units to the public to finance this
transaction.
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, oil production and
storage services to the offshore oil industry. Teekay Offshore
currently owns a 51 percent interest in and controls Teekay
Offshore Operating L.P. (OPCO), a Marshall Islands limited
partnership with a fleet of 33 shuttle tankers (including five
chartered-in vessels), four FSO units, nine double-hull
conventional oil tankers and two lightering vessels. OPCO has also
agreed to acquire one additional newbuilding shuttle tanker from
Teekay Corporation upon the commencement of its respective
time-charter contract in 2011. In addition, Teekay Offshore has
direct ownership interests in two shuttle tankers, two FSO units
and two FPSO units. Teekay Offshore also has rights to participate
in certain other FPSO opportunities.
Teekay Offshore's 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 receipt of an offer to acquire from Teekay
Corporation a 49 percent interest in OPCO for cash and equity
interests in Teekay Offshore and the lack of requirement to raise
additional equity capital through a public offering of common units
to finance the transaction. 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:
failure of the Board of Directors of the Partnership's general
partner and its Conflicts Committee to approve the offer to acquire
Teekay Corporation's 49 percent interest in OPCO and/or approve the
issuance of its common units to Teekay Corporation as partial
consideration for the acquisition; the adequacy of the
Partnership's resources to complete the acquisition without
requiring a public offering of units; 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, 2009. 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 www.teekayoffshore.com
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