TOO - Teekay Offshore Partners Announces $100 Million FPSO Fleet Refinancing

HAMILTON, Bermuda, May 01, 2019 (GLOBE NEWSWIRE) -- Teekay Offshore Partners L.P. (Teekay Offshore or the Partnership) (NYSE:TOO) announced today 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. 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.

About Teekay Offshore

Teekay Offshore Partners L.P. is a leading international midstream services provider to the offshore oil production industry, 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 $5.3 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.

Teekay Offshore's common units and preferred units trade on the New York Stock Exchange under the symbols "TOO", "TOO PR A", "TOO PR B" and “TOO PR E”, respectively.

For Investor Relations
enquiries contact:

Ryan Hamilton
Tel:  +1 (604) 609-2963
Website: www.teekay.com