Teekay Offshore Settles Dispute with Petrobras
Bermuda-based marine services company Teekay Offshore Partners announced that certain of its subsidiaries have entered into a settlement agreement with Petrobras with respect to various disputes relating to the previously-terminated charter contracts of the HiLoad DP unit and Arendal Spirit unit for maintenance and safety (UMS). As part of the settlement agreement, Petrobras - on behalf od its subsidiaries Petróleo Brasileiro and Petroleo Netherlands - has agreed to pay a total amount of $96 million to Teekay Offshore…
Brookfield Buys Stake in Teekay Offshore
Canadian asset manager Brookfield Business Partners will buy 60 percent of Teekay Offshore Partners, a subsidiary of marine transportation provider Teekay Corp, for about $750 million, Reuters reported quoting company sources. Brookfield said it would invest $610 million to buy the stake in Teekay Offshore and will also acquire a $200 million loan given by Teekay Corp to Teekay Offshore. Teekay Corp in a separate statement said, following the transaction, it would own 14 percent of Teekay Offshore.
Teekay Offshore Partners Sign FSO Contract
The contract with Statoil is to provide a floating storage and offtake (FSO) unit for the Gina Krog oil & gas field located in North Sea. The contract will be serviced by a new FSO unit converted from the 1995-built shuttle tanker, Randgrid, which is currently 67 percent owned by Teekay Offshore. The Partnership's portion of the FSO conversion project is expected to be completed for a total net capital cost of approximately $220 million, including the cost of acquiring the remaining 33 percent ownership interest in the Randgrid shuttle tanker.
Teekay Announces Senior Management Appointments
Teekay Corporation (Teekay or the Company) (NYSE:TK) announced that its current President of its Shuttle Tanker and FSO business unit, Kenneth Hvid, has been appointed to the position of Executive Vice President and Chief Strategy Officer effective April 1, 2011. In his new role, Mr. Hvid will be located in Vancouver, Canada and will be succeeding Peter Evensen, who will take over as Teekay's President and Chief Executive Officer in April 2011 as a result of the previously announced retirement of Bjorn Moller.Mr. Hvid joined Teekay in 2000 from A.P.