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Teekay Offshore clinches $414m loan for four LNG suezmax newbuilds

Teekay Offshore Partners has clinched a $414m long term debt facility to finance its four LNG-fuelled suezmax DP2 shuttle tanker newbuildings.

The newbuildings are currently under construction at Samsung Heavy Industries (SHI) and deliveries are scheduled in 2019 and 2020.

Two of the shuttle tankers will commence operations under Teekay Offshore Partners’ agreement with Equinor, while the other two will join the company’s contract of affreightment shuttle tanker portfolio in the North Sea.

The new facility is funded and guaranteed by both Canadian and Norwegian export credit agencies and commercial banks.

“We are grateful for the continued strong support we receive from our growing bank group, as represented by our new $414m debt facility,” commented Ingvild Sæther, president and ceo of Teekay Offshore Group.

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Teekay Offshore currently owns 60 offshore assets including FPSOs, FSOs, shuttle tankers, long distance towing and offshore installation vessels, and a unit for maintenance and safety.

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