Teekay Offshore Partners LP was formed as a Marshall Islands limited partnership in August 2006 by Teekay Corporation, provider of international crude oil and gas marine transportation services that also offer offshore oil production, storage and offloading services, to further develop its operations in the offshore market. The Company is an international provider of marine transportation, oil production and storage services to the offshore oil industry. Its segments include: Shuttle Tankers, FPSO, Conventional Tankers, FSO Units and the towage segment. Shuttle tanker is a specialized ship designed to transport crude oil and condensates from offshore oil field installations to onshore terminals and refineries. Shuttle tankers are equipped with sophisticated loading systems and dynamic positioning systems that allow the vessels to load cargo safely and reliably from oil field installations, even in harsh weather conditions. All of the shuttle tankers provide transportation services to energy companies in the North Sea and Brazil. FPSO units are offshore production facilities that are ship-shaped or cylindrical-shaped and store processed crude oil in tanks located in the hull of the vessel. FPSO units are typically used as production facilities to develop marginal oil fields or deepwater areas remote from existing pipeline infrastructure. In FPSO Units, Company had six FPSO units with 100% ownership interests and one FPSO unit with 50% ownership. These vessels operate under operations and charter contracts with energy companies in the North Sea and Brazil. Company uses the FPSO units to provide production, processing and storage services to oil companies operating offshore oil field installations. Conventional oil tankers are used for transcontinental seaborne transportation of oil. In Conventional Tankers, Company had a fleet of two Aframax conventional crude oil tankers, one of which operate under fixed-rate time charters with Teekay Corporation. In addition, two of these tankers have additional equipment for lightering and operated under fixed-rate bareboat charters with Skaugen PetroTrans. FSO units provide on-site storage for oil field installations that have no storage facilities or that require supplemental storage. In FSO Units, Company had a fleet of six FSO units including one committed FSO conversion unit, in which it had 100% ownership interests in five FSO units and 89% interests in one FSO unit. Company provides marine transportation and storage services to energy and oil service companies or their affiliates. Its business and the operation of its vessels are meaningfully affected by international conventions and national, state and local laws and regulations in the jurisdictions in which its vessels operate, as well as in the country or countries of their registration.
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