Teekay Offshore GP LLC., the general partner of Teekay Offshore Partners L.P. announced that it has agreed to issue 1.75 million common units in a private placement to an institutional investor for proceeds of approximately $53.4 million (excluding the partnership's general partner's proportionate capital contribution).
The partnership intends to use the proceeds from the sale of common units for general partnership purposes, which may include funding vessel conversion projects and future vessel acquisitions.