Teekay Offshore GP LLC, the general partner of Teekay Offshore Partners L.P. (Teekay Offshore or the Partnership) (TOO), has declared a cash distribution of $0.56 per unit for the quarter ended September 30, 2015, an increase of 4 percent compared to the cash distribution paid in the prior quarter. The cash distribution is payable on November 13, 2015 to all unitholders of record on October 13, 2015. Teekay Offshore’s cash distributions are reported on Form 1099 for United States tax purposes.
“We are pleased to be increasing the cash distribution per unit by four percent this quarter primarily as a result of the recent acquisition of thePetrojarl Knarr FPSO, which is on long-term charter to BG Group in the North Sea,” commented Peter Evensen, Chief Executive Officer of Teekay Offshore GP LLC. Mr. Evensen continued, “Our distributable cash flow is stable and growing, supported by a large and diversified portfolio of fee-based contracts totaling approximately $8.4 billion of forward revenues that are not directly linked to oil prices. Our stability is enhanced since our shuttle tankers and FPSO units are considered to be critical elements of our customers’ oil production supply chains. In addition, financing for a substantial portion of our remaining capital commitments have now been secured.”
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 offshore oil industry, primarily focusing on the growing deepwater offshore oil regions of the North Sea and Brazil. Teekay Offshore is structured as a publicly-traded master limited partnership (MLP) with consolidated assets of approximately $5.6 billion, comprised of 68 offshore assets, including shuttle tankers, floating production, storage and offloading (FPSO) units, floating storage and offtake (FSO) units, units 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 trade on the New York Stock Exchange under the symbol “TOO”.