Teekay Invests $257m in Teekay Petrojarl

Friday, June 20, 2008

Teekay Corporation announced that its wholly owned subsidiary, TPO Investments AS (TPO), has acquired an additional 30.1 percent interest (22.6 million common shares) in Teekay Petrojarl ASA (Teekay Petrojarl) from Prosafe Production (Prosafe) at a price of NOK 59 per share. Teekay Petrojarl is a leading operator of Floating Production Storage and Offloading (the North Sea and is listed on the Oslo Stock Exchange (OSE: PETRO). The total purchase price of approximately $257 million will be settled in cash. As a result of this transaction, Teekay’s total ownership of Teekay Petrojarl has increased to approximately 94.8 percent from 64.7 percent. Since TPO’s ownership exceeds 90 percent of the issued shares of Teekay Petrojarl, TPO intends to exercise its right under Norwegian company law to affect a compulsory acquisition for cash of any shares not already owned by TPO. Following the acquisition of all of Teekay Petrojarl’s issued and outstanding shares, Teekay intends to procure a delisting of Teekay Petrojarl’s shares from the Oslo Stock Exchange. "We are pleased to bring the strong Petrojarl franchise completely within the Teekay family", stated Bjorn Moller, Chief Executive Officer of Teekay. "Teekay Petrojarl’s significant offshore engineering expertise and reputation as a quality operator of FPSO assets will further strengthen our position in this fast-growing sector."

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