Teekay Offshore Partners has seen its third quarter profit squeezed due to lower utilisation and seasonal maintenance.
The shipowner reported adjusted earnings of $10m, compared to $23.6m in the corresponding quarter of 2015.
Its revenue during a quarter highlighted by a fresh North Sea deal with oil majors was $286.3m, up from $284.5m a year earlier.
Outgoing chief executive Peter Evensen said: “The partnership’s results for the third quarter of 2016 were negatively affected primarily by the seasonal maintenance of the North Sea oil fields, lower utilisation in our towage fleet, higher operating expenses in our FPSO fleet and the redelivery of the Varg FPSO at the end of July 2016.”
Evensen
