Teekay Offshore Partners Declares Distribution on Series A Preferred Units

HAMILTON, BERMUDA--(Marketwired - April 2, 2015) - Teekay Offshore GP LLC, the general partner of Teekay Offshore Partners L.P. (Teekay Offshore or the Partnership) (NYSE:TOO), has declared a cash distribution of $0.4531 per unit on the Partnership's Series A preferred units (NYSE:TOO PR A) for the period from February 15, 2015 to May 15, 2015. The cash distribution is payable on May 15, 2015 to all unitholders of record as at May 8, 2015.

About Teekay Offshore Partners L.P.

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 is structured as a publicly-traded master limited partnership (MLP) and owns interests in 32 shuttle tankers (including two chartered-in vessels and one vessel currently in lay up as a candidate for conversion to an offshore unit), seven floating production storage and offloading (FPSO) units (including two committed FPSO conversion/upgrade units), six floating storage and offtake (FSO) units (excluding one committed FSO conversion unit), one HiLoad Dynamic Positioning (DP) unit, ten long-haul towing and anchor handling vessels (including two vessels Teekay Offshore has agreed to acquire and four newbuildings), three units for maintenance and safety (including two newbuildings) and four conventional oil tankers. The majority of Teekay Offshore's fleet is employed on medium-term, stable contracts. In addition, Teekay Offshore also has rights to participate in certain other FPSO, shuttle tanker and HiLoad DP opportunities provided by Teekay Corporation (NYSE:TK), Sevan Marine ASA (Oslo Bors: SEVAN) and Remora AS.

Teekay Offshore Partners' common units and preferred units trade on the New York Stock Exchange under the symbol "TOO" and "TOO PR A", respectively.