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Teekay Offshore to spend $365M on three shuttle tankers

Jun. 01, 2015 3:58 PM ETTeekay Offshore Partners L.P. (TOO) StockBy: Carl Surran, SA News Editor7 Comments
  • Teekay Offshore Partners (NYSE:TOO -1.1%) says it has signs new long-term contracts with a consortium of energy companies to provide shuttle tanker services for oil production activities on Canada's east coast.
  • TOO says it will construct three Suezmax-size, DP2 shuttle tanker newbuildings with a South Korean shipyard for a fully built-up cost of ~$365M, with an option to order a fourth vessel if needed; the three firm vessels are expected to be delivered in Q4 2017 through H1 2018.
  • The group of companies include Chevron (CVX), Husky Energy (OTCPK:HUSKF), Murphy Oil (MUR), Statoil (STO) and Suncor Energy (SU).

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