Teekay Offshore Partners L.P. (Teekay Offshore) has agreed to acquire ALP Maritime Services B.V. (ALP). As part of the transaction, Teekay Offshore and ALP have ordered four state-of-the-art Anchor Handling Tug Supply newbuildings.
ALP, a Netherlands-based provider of long-haul ocean towage and offshore installation services to the global offshore oil and gas industry, currently provides these services through a fleet of third-party owned vessels.
The newbuildings will be capable of ultra-long distance towing, offshore installation and decommissioning of large floating production, storage and offloading (FPSO) units, floating liquefied natural gas (FLNG) units and floating drill rigs.
Teekay Offshore and ALP have entered into an agreement with Niigata Shipbuilding & Repair of Japan for the construction of four Ulstein SX-157 Design ultra-long distance towing and anchor handling vessels, which will be equipped with dynamic positioning capability, for a fully built-up cost of approximately $260 million, which includes the cost of acquiring ALP.
“The strong fundamentals in offshore oil and gas, combined with the large orderbook of floating offshore assets including FPSOs, FLNGs and drill rigs, are expected to result in strong demand for the services of long-haul towing and anchoring handling vessels,” commented Peter Evensen, Chief Executive Officer of Teekay Offshore GP LLC. “We believe ALP’s operational capabilities and customer relationships in the growing long-haul ocean towage and offshore unit installation segment is a natural complement to Teekay Offshore’s existing offshore project offering, which will provide the Partnership with another channel for accretive cash flow growth.”
The Partnership intends to finance the ALP acquisition and initial newbuilding payments through its existing liquidity and expects to secure long-term debt financing for the vessels prior to their deliveries in 2016.
Press Release, February 21, 2014