Teekay Offshore Partners L.P.
NYSE : TOO

Teekay Offshore Partners L.P.

July 02, 2015 20:39 ET

Teekay Offshore Partners Declares Distribution

HAMILTON, BERMUDA--(Marketwired - July 2, 2015) - Teekay Offshore GP LLC, the general partner of Teekay Offshore Partners L.P. (Teekay Offshore or the Partnership) (NYSE:TOO), has declared a cash distribution of $0.5384 per unit for the quarter ended June 30, 2015. The cash distribution is payable on August 14, 2015 to all unitholders of record as at July 14, 2015. As previously announced, based on the stable fee-based cash flow to be contributed by the Petrojarl Knarr FPSO acquisition and the commencement of the charter contract for the Arendal Spirit UMS, management has recommended to the Partnership's Board of Directors a distribution increase of four percent commencing in the third quarter, payable in November 2015.

About Teekay Offshore Partners L.P.

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 focusing on the growing deepwater offshore oil regions of the North Sea, Brazil and East Coast Canada. Teekay Offshore is structured as a publicly-traded master limited partnership (MLP) with consolidated assets of approximately $5.5 billion, comprised of 64 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 Partners' common units trade on the New York Stock Exchange under the symbol "TOO".

FORWARD-LOOKING STATEMENTS

This release contains forward-looking statements (as defined in Section 21E of the 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 impact of the Petrojarl Knarr FPSO acquisition and the Arendal Spirit UMS charter commencement on the Partnership's cash distribution growth in the third quarter of 2015. 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: variances in expected operating costs of the Petrojarl Knarr FPSO and the Arendal Spirit UMS; failure of the Partnership's Board of Directors to approve the third quarter of 2015 distribution increase; and other factors discussed in Teekay Offshore Partners' filings from time to time with the SEC, including its Report on Form 20-F for the fiscal year ended December 31, 2014. The Partnership expressly disclaims any obligation 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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