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Stock Market & Financial Investment News

News Breaks
January 14, 2014
07:12 EDTTOOTeekay Offshore Partners downgraded to Sector Perform from Outperform at RBC Capital
RBC Capital downgraded Teekay Offshore citing what it sees as the company's substantial equity needs in 2014 and investors'' preference for the shares of the company's general partner. Target to $35 from $36.
News For TOO From The Last 14 Days
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June 30, 2015
09:29 EDTTOOTeekay to sell Petrojarl Knarr to Teekay Offshore for $1.26B
Teekay (TK) announced that it will complete the sale of the Petrojarl Knarr floating production, storage and offloading, or FPSO, unit to Teekay Offshore Partners (TOO) for its fully built-up cost of approximately $1.26B on July 1, subject to customary closing conditions. The FPSO has now completed the required operational testing to commence full charter rate under its long-term contract on the Knarr oil and gas field in the North Sea where BG Norge is the operator. In connection with sale of the Knarr FPSO, Teekay has agreed to invest $300M in Teekay Offshore common units at a price of $20.83 per unit, which is based upon a volume-weighted average price mechanism. The common units will be received in mid-July 2015, subject to customary closing conditions and after the record date for Teekay Offshore's Q2 of 2015 cash distribution.

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