October 25, 2011
In a deal worth about $800m, Teekay will acquire three floating production storage and offloading (FPSO) units from Sevan, a Norway-based developer, owner and operator of FPSO units.
The 2007-built Piranema FPSO is currently operating offshore Brazil under a long-term charter to Petrobras. The 2008-built Hummingbird FPSO is currently operating under a charter to Centrica Energy Upstream in the UK sector of the North Sea. The 2009-built Voyageur FPSO unit is currently undergoing an upgrade prior to commencement of its charter contract with E.ON Ruhrgas UK E&P.
Under the agreement, Teekay will also gain a 40 percent ownership interest in a recapitalized Sevan and have the right to acquire future FPSO projects developed by Sevan.
This as a transformational transaction for Teekay as we have capitalized on a rare opportunity to combine the bench strength of two leading developers and operators of specialty FPSO solutions.