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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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December 17, 2014
17:21 EDTTOOTeekay Offshore awarded new contract in Brazil, will acquire floating unit fromTeekay
Teekay Offshore (TOO) has entered into an agreement with a consortium led by Queiroz Galvao Exploracao e Producao SA to provide a floating production, storage and offloading - or FPSO - unit for the Atlanta field located in the Santos Basin offshore Brazil. In connection with the contract with QGEP, Teekay Offshore has agreed to acquire the Petrojarl I FPSO from Teekay (TK) for $57M. Subsequent to the acquisition, the FPSO will undergo upgrades for a fully built-up cost of approximately $240M, including the cost of acquiring the Petrojarl I. The FPSO is scheduled to commence operations in 1H16 under a five-year charter contract with QGEP. The charter contract is expected to generate annual cash flow from vessel operations of $55M-$60M. The Petrojarl I FPSO will be used on the Atlanta field located 185 km offshore from the Brazil coast. The acquisition of the Petrojarl I is expected to close by the end of January 2015.
December 10, 2014
15:56 EDTTOOGoldman Sachs reports 11.2% passive stake in Teekay Offshore Partners
December 9, 2014
12:30 EDTTOOWells Fargo to hold a symposium
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