As with many of our recent articles, this article portrays a high dividend stock whose business model relies on long-term fee-based contracts. However, what really piqued our interest here was the fact that this company has two different high yielding preferred shares which are highly discounted below their $25.00 liquidation value. This article will concentrate on four different income-producing investment/trading vehicles from this company.
Teekay Offshore Partners L.P. (NYSE:TOO), provides marine transportation, oil production, storage, towage and floating accommodation services to the offshore oil industry in the North Sea and Brazil. The company operates through four segments: Shuttle Tanker; Floating Production, Storage and OffLoading (FPSO); Floating Storage and Off-Take (FSO); and Conventional Tanker. As of April 02, 2015, it owned interests in 32 shuttle tankers, which included two chartered-in vessels and one vessel in lay up; seven FPSO units; six FSO units; one hi-load dynamic positioning unit; 10 long-haul towing and anchor handling vessels; three units for maintenance and safety; and four conventional oil tankers. Teekay Offshore GP L.L.C. serves as the general partner of Teekay Offshore Partners L.P. Teekay Offshore Partners L.P. was founded in 2006 and is headquartered in Hamilton, Bermuda.
Source: Seeking Alpha
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