Teekay Offshore Partners Announces Completion of Upgrades on the Petrojarl I FPSO
December 18 2017 - 6:59AM
Teekay Offshore Partners L.P. (Teekay Offshore or the Partnership)
(NYSE:TOO) announced today that it has completed the upgrade of the
Petrojarl I floating production, storage and offloading (FPSO)
unit, which has now sailed-away from the Aibel AS shipyard in
Norway. The FPSO unit is now en route to the Atlanta Field,
which is located 185 kilometers offshore from the coast of Brazil
at a water depth of approximately 1,550 meters and contains an
estimated 260 million recoverable barrels of oil equivalent.
Once the FPSO unit arrives at the Atlanta field, it will undergo
field installation and testing prior to commencing its five-year
charter contract with a consortium led by Queiroz Galvão Exploração
e Produção SA (QGEP), which is expected to occur in the latter part
of the first quarter of 2018.
“This has been a challenging project for Teekay
Offshore and today therefore marks a significant milestone for the
Petrojarl I FPSO upgrade project,” commented Ingvild Sæther,
President and CEO of Teekay Offshore Group Ltd. “We now look
forward to achieving first oil on the Atlanta field which will
allow our customer to begin generating a return on their investment
while also adding cash flow growth to Teekay Offshore.”
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 expected timing for the commencement of
operations under the Petrojarl I FPSO charter contract; the
estimated reserves on the Atlanta field; and the impact of
the Petrojarl I 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: potential delays in
the contract start-up of the Petrojarl I FPSO; the
operational performance of the Petrojarl I FPSO;
variations in operating expenses; different-than-expected levels of
oil production on the Atlanta 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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