October 9, 2017 - 7:20 AM EDT
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Corporate News Blog - Contract Start-Up for the Randgrid FSO Takes Off on the Gina Krog Field with Statoil

LONDON, UK / ACCESSWIRE / October 9, 2017 / Pro-Trader Daily takes a look at the latest corporate events and news making the headlines for Teekay Offshore Partners L.P. (NYSE: TOO), following which we have published a free report that can be viewed by signing up at http://protraderdaily.com/optin/?symbol=TOO. Randgrid FSO, charter tankers from one of Teekay Offshore Partners L.P. (NYSE: TOO) ("the Company"), commenced its charter contract with Statoil ASA (NYSE: STO) (Statoil) on the Gina Krog oil and gas field in the Norwegian sector of the North Sea. Randgrid FSO has been converted from one of the Partnership's shuttle tankers at Sembcorp's Sembawang shipyard in Singapore. For immediate access to our complimentary reports, including today's coverage, register for free now at:

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The Randgrid FSO is expected to be a strategic partnership with Statoil and a significant milestone in Teekay Offshore's FSO franchise as the start-up of the largest FSO project to-date. This FSO alone is expected to contribute an annual cash flow of $60 million during the firm period of the charter contract.

The Company also has more charter contracts lined up with an amendment signed with PetroJarlI FPSO with a start-up in Q1 2018. It has also entered into shipbuilding contract to construct two Suezmax DP2 shuttle tankers.

The Company has also strengthened its financial position and fully financed Partnership's existing growth projects. It has stabilized its equity base with new shares at $2.50 per unit issued to Brookfield at a value of $610 million. It has also sold the existing $200 million parent loan book to Brookfield at a discount to par and the loan maturities have been extended to 2022.

Competition

The competition in the FSO market is between conventional tanker owners, with access to tankers available for conversion, and oilfield services companies and oilfield engineering and construction companies who compete in the floating production system market. Competition in the FSO market is logically based on price, with expertise par excellence in FSO operations, management of FSO conversions, and relationships with shipyards, as well as the ability to access vessels for conversion that meet customer specifications.

Dividend Distribution

On October 03, 2017, Teekay Offshore GP LLC, the general partner of Teekay Offshore Partners L.P. declared a distribution of $0.01 per unit for the quarter ended September 30, 2017. The distribution is payable on November 10, 2017, to all unit-holders of record on November 03, 2017.

About the Company

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 Partners is structured as a publicly-traded master limited partnership (MLP) with consolidated assets of approximately $5.6 billion, comprised of 62 offshore assets, including floating production, storage and offloading (FPSO) units, shuttle tankers, floating storage and offtake (FSO) units, units for maintenance and safety (UMS), long-distance towing and offshore installation vessels and conventional tankers.

Last Close Stock Review

On Friday, October 06, 2017, the stock closed the trading session at $2.50, slightly rising 0.40% from its previous closing price of $2.49. A total volume of 287.74 thousand shares have exchanged hands. Teekay Offshore Partners' stock price advanced 3.73% in the last one month and 2.88% in the past three months. The stock is trading at a PE ratio of 4.24 and has a dividend yield of 1.60%. The stock currently has a market cap of $387.75 million.

On Friday, October 06, 2017, the stock closed the trading session at $19.88, marginally falling 0.70% from its previous closing price of $20.02. A total volume of 2.96 million shares have exchanged hands, which was higher than the 3-month average volume of 1.66 million shares. Statoil ASA's stock price surged 20.56% in the last three months, 15.58% in the past six months, and 16.46% in the previous twelve months. Furthermore, since the start of the year, shares of the Company have gained 8.99%. The stock has a dividend yield of 4.43%. At Friday's closing price, the stock's net capitalization stands at $65.07 billion.

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Source: ACCESSWIRE Investor Awareness (October 9, 2017 - 7:20 AM EDT)

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