Teekay Offshore Partners Reports Third Quarter 2018 Results

Highlights

  • Reported GAAP net loss attributable to the partners and preferred unitholders of $38.6 million and GAAP net loss per common unit of $0.11 in the third quarter of 2018.
  • Adjusted net income attributable to the partners and preferred unitholders(1) of $7.1 million (excluding items listed in Appendix A to this release) in the third quarter of 2018.
  • Generated GAAP income from vessel operations of $61.7 million and total cash flow from vessel operations(1) of$167.3 million in the third quarter of 2018.
  • In July 2018, refinanced 2019 bond maturities and a 2022 promissory note with a $700 million private placement of 8.5% senior unsecured notes maturing in 2023.
  • In October 2018, entered into settlement agreements with Petrobras, including a positive settlement relating to previously-terminated charter contracts for the HiLoad DP unit and Arendal Spirit UMS for a total of $96 million.
  • In October 2018, entered into a conditional seven-year charter agreement for the Petrojarl Varg FPSO for deployment on the Cheviot oil field in the UK sector of the North Sea.(2)

HAMILTON, Bermuda, Nov. 01, 2018 (GLOBE NEWSWIRE) -- Teekay Offshore GP LLC (TOO GP), the general partner of Teekay Offshore Partners L.P. (Teekay Offshore or the Partnership) (NYSE:TOO), today reported the Partnership's results for the quarter ended September 30, 2018.

  
 Three Months Ended
 September 30,June 30,September 30,
 20182018 (3)2017
(in thousands of U.S. Dollars)(unaudited)(unaudited)(unaudited)
GAAP FINANCIAL COMPAR....
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