Teekay Takes 40% Stake in Petrojarl

Teekay Shipping

Teekay Shipping Corporation 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."

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."