October 25, 2010
HAMILTON, BERMUDA–(Marketwire – Oct. 25, 2010) – Teekay Offshore GP LLC, the general partner of Teekay Offshore Partners L.P. (NYSE:TOO) (Teekay Offshore), has declared a cash distribution of $0.475 per unit for the quarter ended September 30, 2010. The cash distribution is payable on November 12, 2010 to all unitholders of record on November 5, 2010.
About Teekay Offshore Partners L.P.
Teekay Offshore Partners L.P., a publicly-traded master limited partnership formed by Teekay Corporation (NYSE:TK), is an international provider of marine transportation, oil production and storage services to the offshore oil industry. Teekay Offshore owns a 51 percent interest in and controls Teekay Offshore Operating L.P. (OPCO), a Marshall Islands limited partnership with a fleet of 33 shuttle tankers (including six chartered-in vessels), four FSO units, nine double-hull conventional oil tankers and two lightering vessels. OPCO has also agreed to acquire two newbuilding shuttle tankers from Teekay Corporation upon the commencement of their respective time-charter contracts in 2011. In addition, Teekay Offshore has direct ownership interests in two shuttle tankers, two FSO units and two FPSO units. Teekay Offshore also has rights to participate in certain other FPSO opportunities.
Teekay Offshore’s common units trade on the New York Stock Exchange under the symbol “TOO”.