Teekay Offshore Partners

Teekay Offshore Partners has completed its acquisition of the Petrojarl Knarr floating production, storage, and offloading (FPSO) vessel from Teekay Corporation for approximately USD 1.26 billion. The FPSO has completed all the required operational testing and commenced its full charter rate under a long-term contract on the Knarr oil and gas field in the North Sea for which BG Norge is the operator. The purchase will be fully financed through the assumption of an existing USD 745 million long-term debt and USD 550 million of equity financing.