Teekay Offshore Partners L.P. Announces 2.5 Percent Increase to Cash Distribution
HAMILTON, BERMUDA--(Marketwire - April 12, 2012) -
Teekay Offshore GP LLC, the general partner of Teekay
Offshore Partners L.P. (Teekay Offshore) (NYSE:TOO),
has declared a cash distribution of $0.5125 per unit
for the quarter ended December 31, 2011, an increase
of $0.0125 per unit, or 2.5 percent, from the
previous quarter. The cash distribution is payable on
May 14, 2012 to all unitholders of record on April
"Today's distribution increase reflects the
additional cash flows resulting from the
Partnership's November 2011 acquisition of the
Piranema Spirit FPSO which is operating under a long-
term fixed-rate contract to Petrobras in Brazil,"
commented Peter Evensen, Chief Executive Officer of
Teekay GP LLC. "Given our expanded FPSO footprint,
the attractive near- and long-term fundamentals in
our core North Sea and Brazil markets and visible
growth opportunities available from our sponsor,
Teekay Corporation, we believe the Partnership
remains well positioned for future distributable cash
About Teekay Offshore Partners L.P.
Teekay Offshore Partners L.P. is an international
provider of marine transportation, oil production and
storage services to the offshore oil industry
focusing on the fast-growing, deepwater offshore oil
regions of the North Sea and Brazil. Teekay Offshore
owns interests in 40 shuttle tankers (including four
chartered-in vessels and four committed
newbuildings), three floating production, storage and
offloading (FPSO) units, five floating storage and
offtake (FSO) units and ten conventional oil tankers.
In addition, Teekay Offshore has rights to
participate in certain other FPSO and shuttle tanker
opportunities provided by Teekay Corporation
(NYSE:TK) and Sevan Marine ASA (Oslo Bors:SEVAN). The
majority of Teekay Offshore's fleet trades on long-
term, stable contracts and it is structured as a
publicly-traded master limited partnership (MLP).
Teekay Offshore's common units trade on the New York
Stock Exchange under the symbol "TOO".
FOR FURTHER INFORMATION PLEASE CONTACT:
Teekay Offshore Partners L.P.
+1 (604) 609-6442