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De Facto Dropdown – Teekay Offshore to Acquire Sevan Piranema

As part of the larger global agreement to acquire three FPSOs from Sevan Marine ASA, Teekay Corporation and Teekay Offshore GP LLC have agreed that Teekay Offshore Partners L.P. will acquire the Sevan Piranema, directly from Sevan, for approximately $165 million, subject to working capital adjustments. With a firm seven years remaining on its charter to Petrobras, it is one of two rigs in the package that has a minimum of three years employment necessary to meet Teekay Offshore’s parameters for purchase.

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