Teekay Offshore raises 1Q cash distribution

Teekay Offshore boosts 1st-quarter cash distribution by about 2.5 percent

Associated Press

NEW YORK (AP) -- Teekay Offshore Partners LP is increasing its first-quarter cash distribution by about 2.5 percent to 52.53 cents per unit.

The provider of marine transportation, oil production and storage services to the offshore oil industry said Thursday that the distribution will be paid on May 14 to unitholders of record on April 30.

Teekay Offshore said its management also plans to recommend to the board that an additional distribution hike of at least 2.5 percent be implemented later this year.

The company also said it received an offer from parent company Teekay Corp. to buy its 50 percent stake in the Cidade de Itajai floating production storage and offloading unit. The unit has been running in the Santos Basin off the shore of Brazil since February under a contract with Petroleo Brasileiro SA. The remaining 50 percent stake in Itajai is owned by Brazil's Odebrecht Oil & Gas.

Shares of Teekay Offshore Partners gained 22 cents to $30.43 in afternoon trading, while Teekay Corp.'s stock added 6 cents to $32.95.

View Comments (0)