Teekay Offshore Partners plans sale of elderly shuttle tanker

Teekay Offshore Partners plans sale of elderly shuttle tanker

Teekay Offshore Partners is planning the sale of its oldest shuttle tanker, which has been laid up in Malaysia since June 2012.

The NYSE-listed owner wrote down the carrying value of the Navion Torinita (106,900 dwt, built 1992) by $1.7m to its estimated fair value in its financial results for the first half of 2015.

“As at June 30, 2015, the Partnership has classified this vessel as held for sale on its consolidated balance sheet,” the company said in its second quarter results for 2015. The company did not disclose the vessel’s new value.

Similarly, the company wrote down the carrying value of an unnamed 1999-built shuttle tanker by $13.8m as “a result of a recent change in the operating plan of the vessel”, Teekay said.

The Bermuda-headquartered company owns four 1999-built shuttle tankers: Navion Anglia (126,400 dwt), Navion Marita (103,900 dwt), Navion Oceania (126,400 dwt), and Navion Hispania (126,200 dwt).

In September, the Navion Hispania will replace one of the three shuttle tankers currently operating on the east coast of Canada. Teekay has chartered in the three current vessels to provide shuttle services for oil production on the east coast of Canada ahead of the arrival of three newbuildings it has on order.

Holly Birkett

Holly is Splash's Online Editor and correspondent for the UK and Mediterranean. She has been a maritime journalist since 2010, and has written for and edited several trade publications. She is currently studying for membership of the Institute of Chartered Shipbrokers. In 2013, Holly won the Seahorse Club's Social Media Journalist of the Year award. She is currently based in London.

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