Teekay Offshore Partners (TOO) said Thursday that the Board of Directors of its general partner, Teekay Offshore GP LLC, has approved an increase to the Partnership's first quarter cash distribution to be paid on May 14 to all unitholders of record on April 30.
Teekay Offshore will increase its first quarter distribution by $0.0128 per unit, or about 2.5%, to $0.5253 per unit, and management plans to recommend to the Board of Directors an additional distribution increase of a minimum of 2.5% later this year.
Teekay Offshore also said that it has received an offer from Teekay Corp. to acquire its 50% interest in the Cidade de Itajai FPSO unit at Teekay's fully built-up cost. The Itajai FPSO has been operating on the Baúna and Piracaba fields in the Santos Basin offshore Brazil since February 2013 under a nine-year time-charter contract with Petroleo Brasileiro SA. Teekay Offshore said the offer is currently being reviewed by the Board of Directors of the its general partner and its Conflicts Committee.
The remaining 50% interest in the Itajai FPSO is owned by Brazilian-based Odebrecht Oil & Gas.
For comments and feedback contact: editorial@rttnews.com
Business News
June 05, 2026 16:18 ET A busy week for economic news flow saw a slew of reports being released that reflected the trends in the U.S. labor market. In Europe, economic growth and inflation data gained attention as the European Central Bank and Bank of England head for policy session later in the month. In Asia, the monetary policy session of the Indian central bank was in focus as the country, a major oil importer, reels under the pressures of a weaker rupee and rising inflation.