Teekay Offshore Partners L.P. Declares Distribution and Receives Offer to Acquire Remaining 49 Percent of Teekay Offshore Operating L.P.

Teekay Offshore GP LLC, the general partner of Teekay Offshore Partners L.P., has declared a cash distribution of $0.475 per unit for the quarter ended December 31, 2010, payable on February 14, 2011 to all unitholders of record on February 7, 2011.
The Partnership also announced today that it has received an offer to acquire from Teekay Corporation (Teekay) the remaining 49 percent interest in Teekay Offshore Operating L.P. (OPCO) for a combination of cash and Teekay Offshore common units. OPCO currently operates a fleet of 33 shuttle tankers (including five chartered-in vessels), four FSO units, nine double-hull conventional oil tankers and two lightering vessels. The offer is currently being reviewed by the Board of Directors of the Partnership's general partner and its Conflicts Committee. If concluded, the acquisition will increase the Partnership's ownership of OPCO to 100 percent. The Partnership does not expect to issue additional common units to the public to finance this transaction.
Source: Press release