June 11, 2018
HAMILTON, Bermuda, June 11, 2018 (GLOBE NEWSWIRE) — Teekay Offshore GP LLC, the general partner of Teekay Offshore Partners L.P. (NYSE:TOO) (Teekay Offshore or the Partnership) announced today that Tim Cowan will be joining as Interim Chief Financial Officer of Teekay Offshore Group Ltd., a management services company that provides services to the Partnership’s subsidiaries (together with the Partnership, the Teekay Offshore Group) while the company conducts a search for a permanent CFO.
Mr. Cowan holds the position of Senior Vice President, Energy, at Brookfield Asset Management (together with its affiliates and institutional partners, Brookfield). Brookfield became a co-sponsor of the Partnership in September 2017, when it made a significant investment in the Teekay Offshore Group in order to acquire 60% of the outstanding common units of Teekay Offshore and a 49% interest in Teekay Offshore GP LLC.
Mr. Cowan brings 15 years of finance experience, including principal investing, asset management, capital markets and advisory work, exclusively focused on the energy sector on a global basis. Prior to joining Brookfield, Mr. Cowan worked for the wholesale banking division of a Canadian chartered bank and at an independent brokerage firm. Mr. Cowan holds a Bachelors of Arts in Economics & Mathematics from McMaster University, and a Master of Arts in Economics from the University of Calgary.
“Tim’s diverse financial experience and deep knowledge of the Teekay Offshore Group gained through his employment with Brookfield and its recent investment in the Partnership makes him well suited to serve as our Interim CFO,” said Ingvild Sæther, President and Chief Executive Officer of Teekay Offshore Group Ltd. “He will bring the necessary leadership and continuity to this important transition.”
About Teekay Offshore
Teekay Offshore Partners L.P. is a leading international midstream services provider to the offshore oil production industry, focused on the ownership and operation of critical infrastructure assets in 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 63 offshore assets, including floating production, storage and offloading (FPSO) units, shuttle tankers, floating storage and offtake (FSO) units, long distance towing and offshore installation vessels, a floating accommodation unit (FAU), and conventional tankers. The majority of Teekay Offshore’s fleet is employed on medium-term, stable contracts.
Teekay Offshore’s common units and preferred units trade on the New York Stock Exchange under the symbols “TOO”, “TOO PR A”, “TOO PR B” and “TOO PR E”, respectively.
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