February 21, 2014
HAMILTON, BERMUDA–(Marketwired – Feb. 21, 2014) – Editors Note: There is one photo associated with this press release. Teekay Offshore Partners L.P. (Teekay Offshore or the Partnership) (NYSE:TOO) today announced that it has agreed to acquire ALP Maritime Services B.V. (ALP), a Netherlands-based provider of long-haul ocean towage and offshore installation services to the global offshore oil and gas industry. ALP currently provides these services through a fleet of third-party owned vessels. As part of the transaction, Teekay Offshore and ALP have ordered four state-of-the-art towing and anchor handling vessel newbuildings, which will be capable of ultra-long distance towing, offshore installation and decommissioning of large floating production, storage and offloading (FPSO) units, floating liquefied natural gas (FLNG) units and floating drill rigs. Transaction Summary
- Teekay Offshore and ALP have entered into an agreement with Niigata Shipbuilding & Repair of Japan for the construction of four state-of-the-art SX-157 Ulstein Design ultra-long distance towing and anchor handling vessel newbuildings, which will be equipped with dynamic positioning capability, for a fully built-up cost of approximately $260 million, which includes the cost of acquiring ALP.
- The Partnership intends to finance the ALP acquisition and initial newbuilding payments through its existing liquidity and expects to secure long-term debt financing for the vessels prior to their deliveries in 2016.