New York-listed Teekay Offshore announced today it will issue Series B Cumulative Redeemable Preferred Units.

Its likely uses for the cash are varied, but the most notable are the funding of newbuilding installments and the purchase of the Petrojarl Knarr FPSO from parent Teekay Corp.

The FPSO has suffered two small fires in the past few months but its dropdown has long been seen as a key transaction in the Teekay system.