Teekay Offshore Partners has cut its second quarter loss thanks to a sharp reduction in impairments and a profitable sale of vessels this time around.
Brookfield-backed Teekay Offshore saw its bottom line loss run to $28m for the three months to the end of June, some way ahead of the $168m loss last time around.
Ingvild Saether, chief executive of Teekay Offshore, pointed to “another good operational quarter” with Ebitda of $159m.
“The Shuttle Tanker and the FSO segment results were in line with first quarter, while the FPSO segment result decreased by $22m, primarily on non-cash items,” she said. The Towage segment was basically Ebitda neutral.”
As previously disclosed the Petrojarl Varg FPSO has seen its employment with Alpha Petroleum terminated and the unit redeployed on the UK Cheviot field.
“Given the increased activity on a number of field developments in the North Sea, it was important for us to either reach a final contract award with Alpha Petroleum on the Cheviot field, or make the unit available for other field developments where it can offer an attractive field development solution,” Saether said.
In April, Teekay Offshore announced the sales of three vessels and in the quarter.
It also netted a $450m revolver for 16 shuttle tankers and funding for four shuttle tanker newbuildings and three FPSOs were refinanced to the tune of $100m.
