The Piranema FPSO acquisition is part of Teekay's previously announced proposed transaction to acquire three FPSO units from Sevan. The remaining two FPSOs, the Sevan Hummingbird (currently operating under a short-term charter contract), and the Sevan Voyageur (currently undergoing an upgrade) initially would be acquired by Teekay. If acquired by Teekay, both FPSO units would be eligible to be acquired by Teekay Offshore upon commencement of charter contracts with a firm period of greater than three years in duration.
In addition, the partnership announced today that it has agreed to sell approximately 7.1 million common units in a private placement to a group of institutional investors for proceeds of approximately $170 million (excluding its general partner's proportionate capital contribution), subject to the acquisition of the Piranema FPSO. The partnership intends to use the proceeds from the sale of common units to partially finance the acquisition of the Piranema FPSO and to partially fund the partnership's previously announced acquisition of four newbuilding shuttle tankers scheduled to deliver in mid-2013. The institutional investors participating in the private placement are funds managed by Kayne Anderson Capital Advisors L.P., Fiduciary Asset Management, Inc., ClearBridge Advisors, LLC, Salient Capital Advisors, LLC. and Tortoise Capital Advisors, LLC.
The partnership expects that the proposed acquisition of the Piranema FPSO and the closing of the private equity placement would occur concurrently during the fourth quarter of 2011.
November 10, 2011
Marine Log News
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- 2012-11-19 - Early delivery of FPSO brings BrasFELS a $2 million bonus
- 2013-01-10 - Wärtsilä powered FPSO completes full load tests
- 2013-03-18 - Wärtsilä GasReformer converts waste gas to fuel
- 2013-04-11 - HHI books $1.9 billion Chevron FPSO contract
- 2013-05-24 - Cylindrical floaters to be completed as FAUs