October 19, 2010
HAMILTON, BERMUDA–(Marketwire – Oct. 18, 2010) – Teekay Offshore Partners L.P. (NYSE:TOO) – Highlights
- Completed the acquisition of the Rio das Ostras FPSO unit and newbuilding shuttle tanker, the Amundsen Spirit¸ from Teekay Corporation for a purchase price of approximately $286 million.
- Agreed to acquire two additional newbuilding shuttle tankers, the Nansen Spirit and the Peary Spirit, from Teekay Corporation for a total purchase price of approximately $260 million upon commencement of their time-charters in January and July 2011.
FORWARD LOOKING STATEMENTSThis 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 effect of the acquisition of the Rio das Ostras FPSO unit, and three newbuilding shuttle tankers (the Amundsen Spirit, the Nansen Spirit and the Peary Sprit) on the amount and seasonal variability of Partnership’s future cash flows and in particular, the established increase to the Partnership’s 2011 cash flow from vessel operations and distributable cash flow; and the purchase price and the timing of delivery and commencement of time-charter contracts for the Nansen Spirit and Peary Spirit. 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: variability in shuttle tanker tonnage requirements under the Statoil Master Agreement which covers the time-charter contracts for the Amundsen Spirit, Nansen Spirit and Peary Spirit; different-than-expected levels of oil production in the North Sea offshore fields where the Amundsen Spirit, Nansen Spirit and Peary Spirit operate; potential delays in the delivery of the Nansen Spirit and Peary Spirit from the shipyard; potential early termination of the Rio das Ostras FPSO time-charter contract and/or Statoil Master Agreement; increased operating expenses; 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 fiscal year ended December 31, 2009. 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.