Currently, ALP offers long-haul ocean towage and offshore installation services to the global offshore oil and gas industry through a fleet of third-party owned vessels.
As part of the deal, both the companies have signed an agreement with Japan-based Niigata Shipbuilding & Repair for the construction of four SX-157 Ulstein Design ultra-long distance towing and anchor handling vessel new buildings.
Teekay said that the vessels will be capable of large ultra-long distance towing, offshore installation and decommissioning of large floating production, storage and offloading (FPSO) units, floating liquefied natural gas (FLNG) units and floating drill rigs.
According to the company, the built-up cost of new buildings will be around $260m, which also includes the cost of acquiring ALP.
Teekay Offshore GP CEO Peter Evensen said the strong fundamentals in offshore oil and gas, combined with the large order book of floating offshore assets including FPSOs, FLNGs and drill rigs will result in strong demand for the services of long-haul towing and anchoring handling vessels.
"We believe ALP’s operational capabilities and customer relationships in the growing long-haul ocean towage and offshore unit installation segment is a natural complement to Teekay Offshore’s existing offshore project offering, which will provide the Partnership with another channel for accretive cash flow growth," Evensen added.
The acquisition, which is expected to complete in the first quarter of 2014, is subject to customary closing conditions.
Image: Teekay Offshore buys Netherlands-based ALP Maritime Services. Photo: Courtesy of Teekay Offshore Partners.
