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."

Maritime Today


The Maritime Industry's original and most viewed E-News Service

Maritime Reporter May 2016 Digital Edition
FREE Maritime Reporter Subscription
Latest Maritime News    rss feeds

Finance

North P&I Club Repots Positive Financial Performance

North P&I Club reports that an exceptionally low year for claims has helped it increase its free reserves by $90 million to $428 million and deliver a combined ratio of 73.

DONG Energy Listing to Value Group at up to $16 Bln

DONG Energy's has set a potential $16 billion price tag on its stock market debut, giving investors a chance to buy into the growth in offshore wind power, but

WSS: Post-combustion Fuel Treatment Cuts Vessel Costs, Risk

Wilhelmsen Ships Service, a provider of products and services to the shipping industry, is advising vessel operators to wage war on soot. According to WSS, soot

 
 
Maritime Careers / Shipboard Positions Maritime Security Navigation Offshore Oil Pod Propulsion Port Authority Ship Electronics Ship Repair Ship Simulators Shipbuilding / Vessel Construction
rss | archive | history | articles | privacy | contributors | top maritime news | about us | copyright | maritime magazines
maritime security news | shipbuilding news | maritime industry | shipping news | maritime reporting | workboats news | ship design | maritime business

Time taken: 0.0860 sec (12 req/sec)