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Sole Ownership – TOO Buys Teekay’s Remaining Interest in OPCO

Today, Teekay Corporation announced the sale of its remaining 49% interest in Teekay Offshore Operating L.P. (“OPCO”) to Teekay Offshore Partners L.P. (“TOO”) for a total consideration of $390 million, valuing the company at $796 million. OPCO currently operates a fleet of 33 shuttle tankers (including five chartered-in vessels), four Floating Storage and Offtake (FSO) units, nine double-hull conventional oil tankers and two lightering vessels.

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