Teekay Enters Offshore Installation Business, Orders New Ships

Ulstein’s SX-157 AHTS

Teekay Offshore Partners L.P. (NYSE:TOO) announced today that it will be entering the l0ng-haul ocean towage and offshore installation business with the acquisition of Netherlands-based ALP Maritime Services B.V.

“The strong fundamentals in offshore oil and gas, combined with the large orderbook of floating offshore assets including FPSOs, FLNGs and drill rigs, are expected to result in strong demand for the services of long-haul towing and anchoring handling vessels,” commented Peter Evensen, Chief Executive Officer of Teekay Offshore GP LLC. “We believe ALP’s operational capabilities and customer relationships in the growing long-haul ocean towage and offshore unit installation segment is a natural complement to Teekay Offshore’s existing offshore project offering, which will provide the Partnership with another channel for accretive cash flow growth.”

Teekay notes that ALP currently provides offshore services through a fleet of third-party owned vessels however as part of the transaction, Teekay Offshore and ALP have entered into an agreement to order four, state-of-the-art towing and anchor handling vessels.

These new SX-157 Ulstein-designed vessels will be built at Niigata Shipbuilding & Repair of Japan and will be capable of ultra-long distance towing, offshore installation and decommissioning of large floating production, storage and offloading units, floating liquefied natural gas units and mobile offshore drilling units.

Vessel Particulars – via ALP:

• 300 ton bollard pull
• Power: 4 x MAK 18000 kW / 600 rpm
• Thrusters: 2 x 5000 mm CPP
• Accommodations: 35
• Tow Wire: 1 x 2000 m x 86 mm on main tow winch; 1 x 2000 m x 86 mm on secondary tow winch; 1 x 2000 m x 86 mm on storage reel
• LOA: 88.90 m
• LBP: 83.40 m
• Beam: 21.00 m
• Draft: 7.00 m
• Dwt: 4250 tons

The total aggregate cost of the newbuildings and the acquisition of ALP is around $260 million according to Teekay.  Financing will come from Teekay’s existing liquidity as well as additional long-term debt financing prior to delivery in 2016.

This proposed acquisition is expected to close in Q1 2014.

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