Teekay Tankers has announced the sale of several assets worth a total of $83m as well as the closing of a new $533m refinancing.
The company has sold a portion of its oil and gas ship-to-ship transfer support services business, which also provides gas terminal management and gas consulting services, to Hili Ventures for around $26m. The sale is expected to close within the next three months.
Teekay will retain its entire full-service lightering business that operates in the US Gulf, and will continue to operate oil ship-to-ship transfer support services in North America and the Caribbean.
The company has also announced the sale of three 2003-built suezmax tankers in separate transactions for a total of $57m as already widely reported by brokers. The proceeds from the vessel sales will be used to reduce debt.
Teekay has also announced the closing of a new five-year $533m revolving credit facility to refinance 31 vessels.
The company says the asset sales and new debt facilityis expected to increase by approximately $73m.
“We are excited to announce these opportunistic asset sales for combined proceeds of approximately $83 million, which is consistent with our strategy presented at our November 2019 Investor Day and accelerates our planned balance sheet delivering efforts,” said Kevin Mackay, president and CEO of Teekay Tankers.
