Teekay Offshore Partners LP said it will acquire a floating production storage and offloading vessel from its parent company Teekay Corp for $320 million.
Teekay Offshore Partners, whose tankers are used to transport oil from offshore fields to onshore processing facilities, said that its parent company has agreed to provide $220 million in vendor financing.
This amount and the $104 million of equity raised by it last month will help in completing the acquisition by mid-September, Teekay Offshore Partners said.
The Petrojarl Varg floating production storage and offloading (FPSO) unit, which Teekay Offshore is buying, recently commenced a new four-year fixed-rate contract extension with Talisman Energy Inc on the Varg oil field in the North Sea, the company said.
Teekay Offshore Partners said that it has the right to acquire up to four additional FPSO units from its parent company in the future.
Teekay Offshore Partners shares were trading up 1.75 percent at $14.55 in morning trade on the New York Stock Exchange, while Teekay Corp shares were trading down 0.53 percent at $18.90.
Teekay Offshore Partners, whose tankers are used to transport oil from offshore fields to onshore processing facilities, said that its parent company has agreed to provide $220 million in vendor financing.
This amount and the $104 million of equity raised by it last month will help in completing the acquisition by mid-September, Teekay Offshore Partners said.
The Petrojarl Varg floating production storage and offloading (FPSO) unit, which Teekay Offshore is buying, recently commenced a new four-year fixed-rate contract extension with Talisman Energy Inc on the Varg oil field in the North Sea, the company said.
Teekay Offshore Partners said that it has the right to acquire up to four additional FPSO units from its parent company in the future.
Teekay Offshore Partners shares were trading up 1.75 percent at $14.55 in morning trade on the New York Stock Exchange, while Teekay Corp shares were trading down 0.53 percent at $18.90.