Teekay Offshore slashes second quarter loss – TradeWinds (subscription)

Lower operating costs for shuttle tankers improve result despite revenue fall.

Teekay Offshore Partners has cut its second quarter loss despite a fall in revenue.

The US MLP said the net deficit to 30 June was $16.46m, from $100.12m in 2016.

The mixed fleet, including FPSOs, shuttle tankers and tugs, brought in revenue of $265m, compared to $284m a year ago.

The result was hit by the redelivery of the Varg FPSO at the end of July 2016 and the Navion Saga FSO in October 2016, plus lower utilisation of thetowage

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Teekay Offshore slashes second quarter loss - TradeWinds (subscription)