July 23, 2018
HAMILTON, Bermuda, July 23, 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 Mr. Jan Rune Steinsland has been appointed the new Chief Financial Officer (CFO) 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) effective September 3, 2018. The Partnership’s interim CFO, Tim Cowan, will step down effective September 3, 2018, but will remain with the Partnership for a period of time to ensure a smooth transition.
Mr. Steinsland brings approximately 30 years of energy and offshore industry experience, including most recently serving as CFO of drilling contractor Songa Offshore SE, where he was a member of the senior management team and oversaw strategic financial planning and reporting, and established a proven track record of accretive contract renegotiations and raising capital from various sources, including commercial debt and the debt and equity capital markets.
“Jan Rune’s extensive financial experience gained through his role as CFO with several listed international companies and deep knowledge of the offshore energy industry makes him well-suited to serve as our CFO,” commented Ingvild Sæther, President and Chief Executive Officer of Teekay Offshore Group Ltd. “In addition, his proven track record in negotiations with yards and customers, as well as developing robust financial strategies, makes him a strong addition to the Teekay Offshore leadership team.”
Ms. Sæther continued, “On behalf of the Board of Directors and senior leadership team, I would like to thank Tim for his significant contributions as our interim CFO and for his assistance in ensuring a seamless transition as we welcome Jan Rune on board.”
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 62 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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