Teekay Offshore Completes Norwegian Bond Issuance

Marketwired

HAMILTON, BERMUDA--(Marketwire - Jan 10, 2013) - Teekay Offshore Partners L.P. (Teekay Offshore or the Partnership) (TOO) announces that it has issued NOK 1,300 million in senior unsecured bonds that mature in January 2016 (NOK 500 million) and January 2018 (NOK 800 million) in the Norwegian bond market. The aggregate principal amount of the bonds is equivalent to approximately USD 235 million and all payments under each of the two tranches will be swapped into a US dollar fixed-rate coupon. The bond proceeds, which will be available to the Partnership upon settlement in late January 2013, will be used to repay a portion of amounts outstanding under the Partnership''s revolving credit facilities and for general partnership purposes. Teekay Offshore will apply for listing of the new bonds on the Oslo Stock Exchange.

DNB Markets, Nordea Markets and Swedbank First Securities acted as Joint Lead Managers of the bond issuance.

This press release is neither an offer to sell nor a solicitation of an offer to buy any of the bonds or any other security of Teekay Offshore. The bonds have not been and will not be registered under the Securities Act or any state securities laws. Unless so registered, the bonds may not be offered or sold in the United States except pursuant to an exemption from the registration requirements of the Securities Act and applicable state securities laws.

The statements in this press release that are not historical facts may be forward-looking statements. These forward-looking statements involve risks and uncertainties that could cause the outcome to be materially different. These risks and uncertainties include, but are not limited to, those discussed in Teekay Offshore''s public filings with the U.S. Securities and Exchange Commission. Teekay Offshore undertakes no obligation to revise or update any forward looking statements, unless required to do so under the securities laws.

About Teekay Offshore

Teekay Offshore Partners L.P. is an international provider of marine transportation, oil production and storage services to the offshore oil industry focusing on the fast-growing, deepwater offshore oil regions of the North Sea and Brazil. Teekay Offshore owns interests in 37 shuttle tankers (including four chartered-in vessels and four committed newbuildings), five floating storage and offtake (FSO) units, six conventional oil tankers, and three floating production, storage and offloading (FPSO) units. Teekay Offshore also has rights to participate in certain other FPSO and shuttle tanker opportunities provided by Teekay Corporation (TK) and Sevan Marine ASA (Oslo Bors:SEVAN). The Partnership has recently accepted an offer from Teekay Corporation to acquire the Voyageur Spirit FPSO. The majority of Teekay Offshore''s fleet trades on long-term, stable contracts and it is structured as a publicly-traded master limited partnership (MLP).

Teekay Offshore Partners'' common units trade on the New York Stock Exchange under the symbol "TOO".

Contact:
Teekay Offshore Partners L.P.
Kent Alekson
Investor Relations Enquiries
+ 1 (604) 609-6442
www.teekayoffshore.com

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