Teekay takes control of Logitel

Teekay Offshore Partners has completed its acquisition of Logitel Offshore Holdings, a floating accommodation provider.

Offshore staff

HAMILTON, BermudaTeekay Offshore Partners has completed its acquisition of Logitel Offshore Holdings, a floating accommodation provider.

Logitel is building two new floating accommodation units (FAUs), based on theSevan Marine cylindrical hull design, at the COSCO (Nantong) shipyard in China.

Teekay intends to exercise one of six options with COSCO to construct a third FAU, subject to final documentation. Prior to the acquisition, Petrobras awarded Logitel athree-year fixed-rate charter contract, plus extension options, for the first FAU which is expected to be delivered in 1Q 2015.

The other two are expected to be delivered in 4Q 2015 and 3Q 2016.

08/07/2014

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