Teekay Offshore Partners confirmed the disposal of three older vessels and unveiled a fresh round of fundraising in financial results released on Tuesday.
It has sold the 126,955-dwt shuttle tanker Alexita Spirit (built 1998) and the 151,294-dwt shuttle tanker Nordic Spirit (built 2001) for $9m each.
The US-listed company said it expects to record a gain on the sale of about $1m per vessel in the second quarter of 2019.
April also saw the company dispose of the 106,671-dwt floating storage and offloading vessel Pattani Spirit (built 1988). The sale achieved $16m, of which a gain of $11m will be recorded.
Teekay Offshore also revealed that it had closed a $100m refinancing of the Piranema Spirit, the Voyageur Spirit and the Petrojarl Varg floating production, storage and offloading vessels.
The previous credit facility matured at the same time with a balloon payment of $35m.
The new revolving credit facility bears interest at Libor plus a margin of 300 basis points and reduces to $45m over three years.
Teekay Offshore said this was a reflection of the relative short current contract backlog for these FPSO units.
The refinancing comes just days after the company secured a new $414m long-term debt facility for the financing of four LNG-fuelled suezmax DP2 shuttle tanker newbuildings.
Earlier this year, Teekay Offshore secured a contract extension with Petrobras to extend the employment of the Piranema Spirit FPSO unit on the Brazilian field.
The contract extension, which started in February 2019 is for a period of three years and includes customer termination rights with 10 months' advance notice.
“It has been a busy quarter on the financing side, and we were pleased to announce the long-term financing of the first four shuttle tanker newbuildings at competitive terms and backed by a combination of ECAs and commercial banks,” Teekay Offshore Group chief executive Ingvild Saether said.
“We are also making good progress on the financing of the two remaining newbuildings. In addition, in the second quarter of 2019, we expect to close a refinancing of the ShuttleCo revolving credit facility offering improved terms, especially in relation to debt amortisation that we expect will be reduced from $100m to $54m per year.”
Teekay Offshore reported a net loss for the quarter of $3m against a profit of $16m seen 12 months earlier.
Revenue was $337m in the first quarter of 2019, an increase of $14m compared with the $323m in the same quarter of the prior year, primarily due to higher utilisation in the towage segment.
