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A pair of Teekay spinoffs, Teekay Offshore (NYSE:TOO) and Teekay LNG (NYSE:TGP) both declared increased cash distributions today of $0.5125 per unit and $0.675 per unit respectively for the quarter ended December 31, 2011. These distributions respectively represent a 2.5 and 7 percent increase over the previous quarter.
Peter Evensen, Chief Executive Officer of Teekay GP LLC comments:
“Today’s distribution increase reflects the additional cash flows resulting from the Partnership’s November 2011 acquisition of the Piranema Spirit FPSO which is operating under a long-term fixed-rate contract to Petrobras in Brazil. Given our expanded FPSO footprint, the attractive near- and long-term fundamentals in our core North Sea and Brazil markets and visible growth opportunities available from our sponsor, Teekay Corporation, we believe the Partnership remains well positioned for future distributable cash flow growth.”
Regarding Teekay LNG’s distribution increase, Mr. Evensen continues:
“This distribution increase is based primarily on the successful accretive acquisition of the Maersk LNG fleet through our joint venture with Marubeni Corporation. We are pleased to add these six vessels to our fleet and, based on the attractive near- and long-term fundamentals of the LNG shipping sector, we continue to actively monitor the market for accretive opportunities to grow our portfolio of stable distributable cash flows.”
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