Teekay Offshore Partners Announces 5.3 Percent Increase to Cash Distribution
April 21 2011 - 9:00AM
Marketwired
Teekay Offshore GP LLC (NYSE: TOO) , the general partner of Teekay
Offshore Partners L.P. (Teekay Offshore or the Partnership), has
declared a cash distribution of $0.50 per unit for the quarter
ended March 31, 2011, an increase of $0.025 per unit, or 5.3
percent, from the previous quarter. The cash distribution is
payable on May 13, 2011 to all unitholders of record on May 6,
2011.
"Today's distribution increase announcement reflects the growth
in the Partnership's stable fixed-rate cash flows resulting from
our recent acquisitions," commented Peter Evensen, Chief Executive
Officer of Teekay Offshore GP LLC. "Based on the attractive near-
and long-term fundamentals for deepwater offshore oil production,
we believe the Partnership is well positioned for further
distributable cash flow growth in the future."
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
operates a fleet of 35 shuttle tankers (including five chartered-in
vessels), two FPSO units, five FSO units, nine double-hull
conventional oil tankers and two lightering vessels. The
Partnership has also agreed to acquire one additional newbuilding
shuttle tanker from Teekay Corporation upon the commencement of its
respective time-charter contract in mid-2011. 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
growth in the Partnership's distributable cash flows resulting from
its recent acquisitions; the attractiveness of the near- and
long-term fundamentals in deepwater offshore oil production; and
ability of the Partnership to grow its deepwater offshore oil
production business and generate future distributable cash flow
growth. 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: deterioration of
near- and long-term industry fundamentals for deepwater offshore
oil production; less than expected distributable cash flow
contributions from recently acquired assets; failure of the Board
of Directors of the Partnership's general partner and its Conflicts
Committee to approve future asset acquisitions, including assets
offered for sale by Teekay Corporation; the ability of the
Partnership to raise equity capital required to complete future
asset purchases; the ability of the Partnership to successfully
complete for new offshore projects; 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,
2010. 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 +1 (604)
609-6442 www.teekayoffshore.com
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