Teekay Offshore Partners generates stable cash flows through a diversified portfolio of medium-term (3-10 years), fixed-rate contracts with major oil companies.

TOO is the world’s largest owner and operator of shuttle tankers with over 50 percent of the worldwide fleet and a market leading position in the North Sea and expanding operations in Brazil.

Offshore production is expected to represent more than 35 percent of world oil production by 2015.

Sponsorship by Teekay Corporation provides built-in opportunities for growth, financial strength and the ability to leverage operation expertise.

Teekay Offshore Partners trades on the New York Stock Exchange under the symbol “TOO”.

Teekay Offshore Partners trades on the New York Stock Exchange under the symbol “TOO”.

Teekay Offshore’s business strategy is to:

• Focus on long-term contracts of 3-10 years, in initial duration. 
• Grow through acquisition of on-the-water assets from third parties and assets available from Teekay Corporation
• Provide superior vessel operations and maintain high levels of fleet utilization.
• Leverage Teekay’s customer and supplier relationships.

An MLP is a type of limited partnership that is publicly traded.

There are two types of partners in this type of partnership: The limited partner is a passive partner that provides the capital to the MLP and receives periodic income distributions from the MLP's cash flow, whereas the general partner actively manages the MLP's affairs and receives compensation that is linked to the performance of the venture.

Teekay Offshore Operating L.P. (OPCO) is a Marshall Islands limited partnership with a fleet of 33 shuttle tankers, four FSOs and 11 conventional oil tankers.  In early March 2011, Teekay Offshore Partners acquired the remaining 49 percent interest in OPCO that it did not previously own from Teekay Corporation and OPCO is now a wholly-owned subsidiary of Teekay Offshore Partners.