Teekay Group Completes Management Transition and Announces Changes to Boards of Directors
April 01 2011 - 9:00AM
Marketwired
Teekay Corporation (NYSE: TK), Teekay LNG Partners L.P. (NYSE:
TGP), Teekay Offshore Partners L.P. (NYSE: TOO), Teekay Tankers
Ltd. (NYSE: TNK) -
Highlights
-- Peter Evensen succeeds Bjorn Moller as Teekay Corporation's President
and Chief Executive Officer and joins Teekay Corporation's Board of
Directors
-- Bruce Chan succeeds Bjorn Moller as Teekay Tankers' Chief Executive
Officer
-- Bjorn Moller resigns from the Teekay LNG and Teekay Offshore Boards of
Directors
-- Kenneth Hvid succeeds Peter Evensen as Teekay Corporation's Chief
Strategy Officer and succeeds Bjorn Moller on the Board of Directors of
both Teekay LNG and Teekay Offshore
-- Ingvild Saether succeeds Kenneth Hvid as President of Teekay Navion
Shuttle Tanker and Offshore business unit
Teekay Corporation (Teekay) (NYSE: TK) announced today that it
has completed its management transition following the previously
announced retirement of Bjorn Moller. Effective today, Peter
Evensen, Teekay Corporation's former Executive Vice President and
Chief Strategy Officer, succeeds Mr. Moller as Teekay Corporation's
President and Chief Executive Officer (CEO). Effective today, Mr.
Evensen also joins Teekay Corporation's Board of Directors.
"It is both an honor and a privilege to take on the role of
President and CEO of Teekay Corporation," commented Teekay's new
President and CEO, Peter Evensen. "I am excited about the
significant opportunities that exist in each of our core businesses
- offshore, liquefied gas and conventional tankers - and firmly
believe the strong management team in place across the Teekay Group
of companies will ensure a seamless transition and continuity of
each company's business strategy."
In addition, as previously announced, Bruce Chan succeeds Bjorn
Moller as CEO of Teekay Tankers Ltd. (Teekay Tankers) (NYSE: TNK),
effective today.
Concurrent with Mr. Moller's retirement, Teekay LNG Partners
L.P. (Teekay LNG) (NYSE: TGP) Teekay Offshore Partners L.P. (Teekay
Offshore) (NYSE: TOO) announced that Bjorn Moller has resigned from
the respective Boards of Directors, to be replaced by Kenneth Hvid,
who, effective today, succeeds Peter Evensen as Teekay
Corporation's Executive Vice President and Chief Strategy Officer.
Mr. Moller will retain his positions on the Board of Directors of
both Teekay Corporation and Teekay Tankers.
Also effective today, and as previously announced, Ingvild
Saether succeeds Mr. Hvid as President of Teekay Corporation's
Teekay Navion Shuttle Tanker and Offshore business unit.
About Teekay Corporation
Teekay Corporation transports more than 10 percent of the
world's seaborne oil, has built a significant presence in the
liquefied natural gas shipping sector through its publicly-listed
subsidiary, Teekay LNG Partners L.P., is further growing its
operations in the offshore oil production, storage and
transportation sector through its publicly-listed subsidiary,
Teekay Offshore Partners L.P., and continues to expand its
conventional tanker business through its publicly-listed
subsidiary, Teekay Tankers Ltd. With a fleet of approximately 150
vessels, offices in 16 countries and over 6,100 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".
About Teekay LNG Partners L.P.
Teekay LNG Partners L.P. is a publicly-traded master limited
partnership formed by Teekay Corporation as part of its strategy to
expand its operations in the LNG and LPG shipping sectors. Teekay
LNG Partners L.P. provides LNG, LPG and crude oil marine
transportation services under long-term, fixed-rate charter
contracts with major energy and utility companies through its fleet
of 17 LNG carriers, which includes a 50 percent ownership interest
in one LNG regasification unit, five LPG/Multigas carriers and 11
conventional oil tankers. Three of the five LPG/Multigas carriers
are newbuildings scheduled for delivery in 2011.
Teekay LNG Partners' common units trade on the New York Stock
Exchange under the symbol "TGP".
About Teekay Offshore Partners L.P.
Teekay Offshore Partners L.P., a publicly-traded master limited
partnership formed by Teekay Corporation, is an international
provider of marine transportation, production and storage services
to the offshore oil industry through its a fleet of 35 shuttle
tankers (including five chartered-in vessels), six Floating Storage
and Offtake (FSO) units, two floating production storage and
offloading (FPSO) units, nine double-hull conventional tankers and
two lightering vessels. Teekay Offshore has also agreed to acquire
one newbuilding shuttle tanker from Teekay Corporation upon the
commencement of its time-charter contract in 2011. One of the two
FPSO units is currently under conversion and scheduled for delivery
in April 2012. Teekay Offshore also has rights to participate in
certain other FPSO and FSO opportunities of Teekay Corporation.
Teekay Offshore Partners' common units trade on the New York
Stock Exchange under the symbol "TOO".
About Teekay Tankers
Teekay Tankers Ltd. was formed in December 2007 by Teekay
Corporation as part of its strategy to expand its conventional oil
tanker business. Teekay Tankers owns a fleet of nine double-hull
Aframax tankers and six double-hull Suezmax tankers, which an
affiliate of Teekay Corporation manages through a mix of short- or
medium-term fixed-rate time-charter contracts and spot tanker
market trading. In addition, Teekay Tankers owns a VLCC
newbuilding, scheduled to deliver in April 2013, through a 50
percent joint venture. Teekay Tankers intends to distribute on a
quarterly basis all of its Cash Available for Distribution, subject
to any reserves established by its board of directors.
Teekay Tankers' common stock trades on the New York Stock
Exchange under the symbol "TNK".
Contacts: Teekay Group Kent Alekson Investor Relations +1 (604)
609-4793 www.teekay.com
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