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TEEKAY OFFSHORE PARTNERS ANNOUNCES SETTLEMENT AGREEMENTS WITH PETROBRAS

Teekay Offshore Partners L.P. (NYSE:TOO) (Teekay Offshore or thePartnership) announced today that certain of its subsidiaries have entered into a settlement agreement with Petróleo Brasileiro S.A. and Petroleo Netherlands B.V. – PNBV S.A. (together Petrobras) with respect to various disputes relating to the previously-terminated charter contracts of the HiLoad DP unit and Arendal Spirit unit for maintenance and safety (UMS).

As part of the settlement agreement, Petrobras has agreed to pay a total amount of $96 million to Teekay Offshore, which includes $55 million that is payable unconditionally within 30 days. The remaining $41 million is to be paid in two separate instalments of $22 million and $19 million by the end of 2020 and 2021, respectively, subject to certain potential offsets more fully described below.

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