Teekay Offshore Partners L.P.
NYSE : TOO

June 15, 2016 13:51 ET

Teekay Offshore Partners Provides Update to Financing Initiatives; on Track for Completion by End of June 2016

HAMILTON, BERMUDA--(Marketwired - June 15, 2016) - Teekay Offshore Partners L.P. (Teekay Offshore or the Partnership) (NYSE:TOO) announces that the Partnership has received formal approvals from bondholders to extend to late-2018 the majority of the principal maturity payments for two of the Partnership's existing Norwegian Kroner senior unsecured bonds, previously maturing in January 2017 and January 2018, subject to completion of the other previously announced financing initiatives.

"I am pleased to report this important milestone towards completing our financing initiatives, which we highlighted in our first quarter 2016 earnings release and conference call in May 2016," commented Peter Evensen, Chief Executive Officer of Teekay Offshore GP LLC. "Our other financing initiatives remain on track to be completed by the end of June 2016. These financing initiatives, together with cash flow from operations, are expected to cover all of our medium-term liquidity requirements and to fully finance our $1.6 billion of existing growth projects delivering through 2018, which we expect will further grow our distributable cash flow."

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 deepwater 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 65 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".

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 timing and completion of the Partnership's financing initiatives to address the Partnership's medium-term funding needs, and the results and benefits of such initiatives; and the expected impact of its cash flows from operations and the delivery of its existing growth projects on the Partnership's future distributable cash flows. 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: the Partnership's ability to complete or delays in completing its previously announced financing initiatives; failure of lenders, investors or other third parties to approve or agree to the proposed terms of the financing initiatives of the Partnership; failure to achieve or the delay in achieving expected benefits of such financing initiatives; vessel operations and oil production volumes; significant changes in oil prices; variations in expected levels of field maintenance; increased operating expenses; different-than-expected levels of oil production in the North Sea, Brazil and East Coast of Canada offshore fields; potential early termination of contracts; shipyard delivery or vessel conversion and upgrade delays and cost overruns; changes in exploration, production and storage of offshore oil, either generally or in particular regions that would impact expected future growth; delays in the commencement of charter contracts; and other factors discussed in Teekay Offshore's filings from time to time with the SEC, including its Report on Form 20-F for the year ended December 31, 2015. The Partnership expressly disclaims any obligation or undertaking 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.

Contact Information

  • For Investor Relations Enquiries:
    Ryan Hamilton
    +1 (604) 844-6654
    www.teekay.com