Teekay Gets Refinance for FPSO Fleet

The international midstream services provider to the offshore oil production industry Teekay Offshore Partners announced  that it has secured a new $100 million revolving credit facility for the Piranema Spirit, Voyageur Spirit, and Petrojarl Varg FPSO units.

The previous credit facility matured at the same time with a balloon payment of $35 million, said a press release from the company 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.

The new facility is funded by commercial banks and bears interest at LIBOR + 300 basis points with a three-year tenor and a profile of 5.5 years, it said.

Teekay Offshore has consolidated assets of approximately $5.3 billion, comprised of 60 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.