Teekay Gets $450mln for Shuttle Tanker Fleet

The midstream services provider to the offshore oil production industry Teekay Offshore Partners announced that in accordance with previously noted financing plans, it has secured a new $450 million revolving credit facility for sixteen shuttle tankers.

The facility will be used to refinance the existing revolving credit facility dated September 8, 2017, currently fully drawn with outstanding amount of $445 million, and for general corporate purposes, it said ina press release.

The facility is funded by commercial banks and bears interest at LIBOR + 250 basis points with a five-year tenor and a profile of 8.4 years, Teekay added.

Teekay Offshore Partners is primarily focused on the ownership and operation of critical infrastructure assets in offshore oil regions of the North Sea, Brazil and the East Coast of Canada.

Teekay Offshore has consolidated assets of approximately $5.2 billion, comprised of 57 offshore assets, including floating production, storage and offloading (FPSO) units, shuttle tankers (including six newbuildings), floating storage and offtake (FSO) units, long-distance towing and offshore installation vessels, and a unit for maintenance and safety (UMS).

The majority of Teekay Offshore’s fleet is employed on medium-term, stable contracts.