Thursday, April 19, 2012

Teekay sells tankers to subsidiary

Teekay Corporation is to sell 13 of its 17 directly-owned conventional tankers to its publicly-traded subsidiary, Teekay Tankers Ltd. for $455 million. The sale includes the ship's related time-charter contracts, debt facilities and other assets and rights.

Peter Evensen, Teekay's President and Chief Executive Officer. "The sale of nearly all of Teekay Parent's directly-owned conventional tanker fleet is an important deleveraging event which we believe positions the company well for further investment in high-return growth projects.

"Given the strong fundamentals in our growing fixed-rate businesses, notably our offshore and LNG shipping segments, we are confident in our ability to find new opportunities to enhance our profitability and shareholder value."

Bruce Chan, Teekay Tankers' Chief Executive Officer, said the deal was "Teekay Tankers' most significant transaction since its initial public offering."

"The addition of 13 modern vessels nearly doubles our fleet size and provides a larger and broader platform for Teekay Tankers in the mid-size crude oil tanker segment," said Mr. Chan.

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