 |
TEEKAY
SHIPPING CORPORATION
Bayside
House, Bayside Executive Park, West Bay Street & Blake
Road
P.O.
Box AP-59212, Nassau,
Bahamas
|
NEWS
RELEASE
|
TEEKAY
ANNOUNCES ACQUISITION OF STAKE IN PETROJARL ASA;
INTENDS
TO LAUNCH MANDATORY BID FOR
100%
|
Nassau,
The Bahamas, August 31, 2006 - Teekay Shipping Corporation (Teekay)
(NYSE:
TK) today announced that it has acquired, through its wholly owned subsidiary
TPO Investments AS, over 40% of the shares of Petrojarl ASA (Petrojarl)
which
is listed on the Oslo Stock Exchange (OSE: PETRO). In accordance with Norwegian
law, Teekay intends to launch a mandatory bid for the remaining shares of
Petrojarl within the next four weeks.
Petrojarl
is a leading operator of Floating Production Storage and Offloading
(FPSO)
units
in the North Sea. It owns and operates four FPSO units in addition to operating
two shuttle tankers and one storage tanker. In February of this year, Teekay
entered into a joint venture with Petrojarl to pursue FPSO
projects.
“We
are
excited about the opportunity to expand our existing relationship with
Petrojarl,” commented Bjorn Moller, Teekay’s President and Chief Executive
Officer. “Petrojarl’s offshore engineering expertise and reputation as a quality
operator of FPSOs is a great fit with Teekay’s existing offshore operations and
will allow us to better serve our customers in the growing offshore oil
exploration and production market.”
About
Teekay
Teekay
Shipping Corporation transports more than 10 percent of the world’s seaborne oil
and has expanded into the liquefied natural gas shipping sector through its
publicly-listed subsidiary, Teekay LNG Partners L.P. (NYSE: TGP). With a fleet
of over 145 tankers, offices in 17 countries and 5,100 seagoing and shore-based
employees, Teekay provides a comprehensive set of marine services to the world’s
leading oil and gas companies, helping them seamlessly link their upstream
energy production to their downstream processing operations. Teekay’s reputation
for safety, quality and innovation has earned it a position with its customers
as The Marine Midstream Company.
Teekay’s
common stock is listed on the New York Stock Exchange where it trades under
the
symbol “TK”.
For
Investor Relations enquiries contact:
Scott
Gayton
Tel:
+ 1
(604) 844-6654
For
Media enquiries contact:
Kim
Barbero
Tel:
+ 1
(604) 609-4703
Web
site:
www.teekay.com
-
more -
Forward
Looking Statement
This
release contains forward-looking statements (as defined in Section 21E of the
Securities Exchange Act of 1934, as amended) which reflect management’s current
views with respect to certain future events and performance, including
statements regarding; Teekay’s intention to launch a mandatory bid for the
remaining shares of Petrojarl within the next four weeks; the pursuit of FPSO
projects; and the growing offshore oil exploration and production market. The
following factors are among those that could cause actual results to differ
materially from the forward-looking statements, which involve risks and
uncertainties, and that should be considered in evaluating any such statement:
the market price of Petrojarl’s shares; the inability to secure any necessary
regulatory approvals; any difficulty with an integration of Petrojarl into
Teekay’s operations; and other factors discussed in Teekay’s filings from time
to time with the SEC, including its Report on Form 20-F for the fiscal year
ended December 31, 2005. The Company expressly disclaims any obligation or
undertaking to release publicly any updates or revisions to any forward-looking
statements contained herein to reflect any change in the Company’s expectations
with respect thereto or any change in events, conditions or circumstances on
which any such statement is based.
-
end -