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Teekay Offshore Partners confirms order for two more tankers

13 from 2018 to 19 at 26: XNUMX
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Teekay Offshore Partners confirm two more tanker orders from Shuttle A Turner Offshore Partners, which placed its order with Samsung Heavy Industries (SHI)

Notably, in July 2018, Teekay Offshore Partners signed a contract with SHI for two newbuild Aframax DP2 shuttle tankers fueled with LNG. The two are expected to be delivered in late 2020/early 2021. The order was placed in early July, however, when asked, Teekay's spokesperson said he could not confirm the deal. The first units of the lot were ordered in August 2017 in a contract covering two firm and two option units.

The two additional tankers were ordered in November 2017, bringing the construction cost to $265 million. The ships will provide tanker transport services in the North Sea under Teekay Offshore's master contract with Statoil ASA (Statoil). SHI marked the beginning of construction of the series' first LNG shuttle tanker by hosting a steel cutting ceremony at its shipyard in Geoje, Korea on July 2.

Teekay Offshore Partners reported GAAP net loss of $168,5 million, impacted by $181,4 million of non-cash assets and adjusted net loss of $0,7 million for the second quarter of 2018.

“For the second quarter, our results were better than our direction, mainly due to stronger than expected results from our charter fleet (CoA) and lower operating expenses on several FPSO units,” commented Ingvild Sæther, president and CEO of the FPSO. Teekay Offshore Group Ltd.

“However, as expected, our overall results were down from the prior quarter, primarily due to lower rates on the Voyageur Spirit and Ostras FPSO units as a result of contract extensions, higher interest expense and liquidated damages received from a towage delivery. in the last quarter, partially offset by the start of the Petrojarl I FPSO in May 2018.”

The Voyageur Spirit FPSO has secured a contract extension through at least April 2020, and the Ostras FPSO has secured a contract extension through November 2018, plus extension options, providing additional fixed revenues of over $70 million .

“In July 2018, we refinanced our 2019 bond maturities and the $200 million promissory note due in 2022 with a new $700 million unsecured offering, which significantly improves the partnership's debt maturity profile and further highlights Brookfield's strong support for the partnership. $300 million of new capital provided by Brookfield for this bond offering. Following the bond offering, Brookfield exercised its option to acquire a further 2% of our general partner, bringing its stake in our general partner to 51%,” added Sæther.

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