Teekay GP LLC (the Company), the general partner of Teekay LNG
Partners L.P. (NYSE:TGP) (Teekay LNG or the Partnership), today
announced changes to its Board of Directors (the Board). Effective
immediately, Alan Semple, David Schellenberg, Richard Paterson, and
Sylvia Barnes will be joining the Board, and current director
Kenneth Hvid, will become the Chair of the Board. Mr. Hvid is
also the President and CEO of Teekay Corporation, which owns the
Company.
Mr. Semple, Mr. Paterson, and Ms. Barnes will
serve on the Company’s Audit Committee, which will be chaired by
Mr. Semple. Mr. Paterson and Ms. Barnes will also serve on the
Board’s Conflicts Committee, which will be chaired by
Mr. Paterson. Ms. Barnes and Mr. Paterson will also
serve on the Board’s Governance Committee, which will be chaired by
Ms. Barnes.
“Alan, David, Richard, and Sylvia bring a wealth
of operational and financial expertise to Teekay LNG Partners,”
commented Mr. Hvid. “We are very pleased that they have all
agreed to join the Board, and we look forward to their
contributions as we continue to execute on Teekay LNG’s strategy in
the years to come.”
In connection with these new appointments to the
Board, Ida Jane Hinkley, Joseph McKechnie and Beverlee Park, have
stepped down from the Board, also effective today.
As previously announced, Teekay GP LLC Director
William (“Bill”) P. Utt will be stepping down from the Board,
effective June 10, 2019, and Director C. Sean Day will remain on
the Board.
Mr. Hvid continued, “Jane, Joe and Bev have made
valuable contributions to the success of Teekay LNG during their
tenure. On behalf of Teekay LNG, we are grateful for their years of
service and dedication. I look forward to working with our new
directors, Sean Day and the management team on the next phase for
Teekay LNG as we complete the delivery of our remaining
newbuildings this year.”
Mr. Semple has served as a
Teekay Corporation director since 2015. Mr. Semple brings over
30 years of finance experience primarily in the energy industry to
the Company’s Board. He was formerly Director and Chief Financial
Officer at John Wood Group PLC (Wood Group), a provider of
engineering, production support and maintenance management services
to the oil and gas and power generation industries, a role he held
from 2000 until his retirement in 2015. Prior to this, he held a
number of senior finance roles in Wood Group from 1996.
Mr. Semple currently serves on the Board of Cactus, Inc.
(NYSE) where he is Chair of the Audit Committee. He also served as
director and Chair of the Audit Committee of Cobham PLC (LSE) until
April 26, 2018.
Mr. Schellenberg brings over 25
years of financial and operating leadership experience. Mr.
Schellenberg joined the Board of Teekay Corporation (NYSE:TK)
in 2017 and will take over as Chairman of the Board on June 10,
2019. He has also been nominated to stand for election to the
board of Teekay Tankers Ltd. (NYSE:TK) at its June AGM. He is
currently a Managing Director and Principal with Highland West
Capital, a private equity firm in Vancouver, Canada. Prior to that,
Mr. Schellenberg was with Conair Group and its subsidiary Cascade
Aerospace, specialty aviation and aerospace business, from 2000 to
2013 and was President and CEO from 2007 to 2013. Mr.
Schellenberg also acted as a Managing Director in the Corporate
Office of the Jim Pattison Group, Canada’s second largest private
company, from 1991 to 2000. Mr. Schellenberg is a member of
the Young Presidents’ Organization and holds an MBA and is a Fellow
of the Chartered Professional Accountants of Canada (FCPA,
FCA).
Mr. Paterson was on the
board of Teekay Tankers Ltd. from August 2017 until May 29, 2019.
He is a certified public accountant who retired from
PriceWaterhouseCoopers LLP (PwC) in 2011 after 37 years of service.
At the time of his retirement, Mr. Paterson served as the
global leader of PwC’s Consumer, Industrial Products and Services
Practices comprising the automotive, consumer and retail, energy
utilities and mining, industrial products, pharmaceutical and
health industry sectors. Mr. Paterson also served as Managing
Partner of PwC’s Houston Office and U.S. Energy Practice. He
supervised audits of ExxonMobil Corporation from 2002 to 2006. From
1997 to 2001, Mr. Paterson lived in Moscow, Russia where he
led PwC’s Energy Practice for Europe, Middle East and Asia and also
supervised the audits of OAO Gazprom. Mr. Paterson is a member
of the National Association of Corporate Directors and serves on
the board of Montage Resources Corporation. He is a past board
member of Parker Drilling Company (2012 – 2019), Zaff GP LLC, the
U.S./Russia Business Council and the U.S. Energy Association, and
stepped down in July 2017 from the Board and Chairmanship of the
Audit Committee of Tidewater. He also resigned as a member of the
Board of Saipem Canada, Inc., a private company, in September
2017.
Ms. Barnes brings
extensive financial experience, energy sector expertise and an
engineering background to the Company’s board from her 37-year
career. Since 2015, she has been Principal and Head of Energy
Advisory Services at Tanda Resources LLC. From 2011 to 2014,
she was Managing Director/Group Head Oil & Gas Investment and
Corporate Banking at Keybanc Capital Markets. From 2009 to
2011, she was Managing Director and Head of Energy Investment
Banking Group at Madison Williams and Company and from 2003 to
2009, she was Managing Director of Merrill Lynch/Petrie
Parkman. Ms. Barnes is currently on the Board of Ultra
Petroleum (NASDAQ:UPL), where she is a member of the Compensation
Committee, and is on the Board of Pure Acquisition Corp
(NYSE:PACQ), where she is the Chair of the Audit Committee and a
member of the Compensation and Nominating and Governance
Committees. Previously, Ms. Barnes served on the Board of
Halcón Resources Corporation (NYSE:HK) and as a member of its Audit
Committee and Reserves Committee, and on the Board of Sandridge
Energy Inc. (NYSE:SD), and as a member and Chair of the
Compensation Committee and a member of the Audit Committee. Ms.
Barnes has an MBA from York University and a B.Sc. Mechanical
Engineering from the University of Manitoba. Ms. Barnes is
also Chair of the Santa Maria Hostel Foundation and is a member of
the Independent Petroleum Association of American (IPAA) Capital
Markets Committee and also a member of the National Association of
Corporate Directors (NACD).
About Teekay LNG
Teekay LNG Partners is one of the world’s
largest independent owners and operators of LNG carriers, providing
LNG, LPG and crude oil marine transportation services primarily
under long-term, fee-based charter contracts through its interests
in 49 LNG carriers (including four newbuildings), 22 mid-size LPG
carriers, seven multi-gas carriers, and one conventional tanker.
The Partnership’s ownership interests in these vessels range from
20 to 100 percent. In addition, the Partnership owns a 30 percent
interest in a regasification terminal, which is currently under
construction. Teekay LNG Partners is a publicly-traded master
limited partnership formed by Teekay Corporation (NYSE: TK) as part
of its strategy to expand its operations in the LNG and LPG
shipping sectors.
Teekay LNG Partners’ common units and preferred
units trade on the New York Stock Exchange under the symbols “TGP”,
“TGP PR A” and “TGP PR B”, respectively.
For Investor Relations enquiries
contact:
Ryan HamiltonTel: +1 (604) 609-2963Website: www.teekay.com
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