Early in the second quarter the partnership completed a $162 million follow on equity offering which will be used to finance the equity for the purchase of several new building vessels, which are currently being warehoused at Teekay Parent. These include the Angola LNG carriers, one more multigas carrier and one LPG carrier that have been committed to be purchased from Teekay Parent upon their delivery in the next six months.Teekay Offshore declared a second quarter distribution of $0.50 per unit in line with the first quarter. In June, Teekay Offshore awarded a new, long-term shuttle tanker contract in Brazil which will result in time-charters for four shuttle tanker new buildings commencing upon their delivery in mid to late 2013. In July, Teekay Offshore completed a $20 million private equity placement which was used to make the initial payment on this shuttle tanker order. This is the first time TOO has directly ordered new buildings instead of asking Teekay Parent to warehouse them during the pre-delivery period.
Teekay Corporation's CEO Discusses Q2 2011 Results - Earnings Call Transcript
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