Teekay Offshore Partners Announces Appointment of Interim CFO
June 11 2018 - 4:30PM
Teekay Offshore GP LLC, the general partner of Teekay Offshore
Partners L.P. (NYSE:TOO) (Teekay Offshore or the Partnership)
announced today that Tim Cowan will be joining as Interim Chief
Financial Officer of Teekay Offshore Group Ltd., a management
services company that provides services to the Partnership’s
subsidiaries (together with the Partnership, the Teekay Offshore
Group) while the company conducts a search for a permanent CFO.
Mr. Cowan holds the position of Senior Vice
President, Energy, at Brookfield Asset Management (together with
its affiliates and institutional partners, Brookfield).
Brookfield became a co-sponsor of the Partnership in September
2017, when it made a significant investment in the Teekay Offshore
Group in order to acquire 60% of the outstanding common units of
Teekay Offshore and a 49% interest in Teekay Offshore GP LLC.
Mr. Cowan brings 15 years of finance experience,
including principal investing, asset management, capital markets
and advisory work, exclusively focused on the energy sector on a
global basis. Prior to joining Brookfield, Mr. Cowan worked for the
wholesale banking division of a Canadian chartered bank and at an
independent brokerage firm. Mr. Cowan holds a Bachelors of
Arts in Economics & Mathematics from McMaster University, and a
Master of Arts in Economics from the University of Calgary.
“Tim’s diverse financial experience and deep
knowledge of the Teekay Offshore Group gained through his
employment with Brookfield and its recent investment in the
Partnership makes him well suited to serve as our Interim CFO,”
said Ingvild Sæther, President and Chief Executive Officer of
Teekay Offshore Group Ltd. “He will bring the necessary leadership
and continuity to this important transition.”
About Teekay Offshore
Teekay Offshore Partners L.P. is a leading
international midstream services provider to the offshore oil
production industry, focused on the ownership and operation of
critical infrastructure assets 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 $5.7 billion, comprised
of 63 offshore assets, including floating production, storage and
offloading (FPSO) units, shuttle tankers, floating storage and
offtake (FSO) units, long distance towing and offshore installation
vessels, a floating accommodation unit (FAU), and conventional
tankers. The majority of Teekay Offshore's fleet is employed on
medium-term, stable contracts.
Teekay Offshore's common units and preferred
units trade on the New York Stock Exchange under the symbols "TOO",
"TOO PR A", "TOO PR B" and “TOO PR E”, respectively.
For Investor Relations enquiries
contact:
Ryan HamiltonTel: +1 (604) 609-2963Website: www.teekay.com
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