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 Reporter January 2015 Digital Edition
FREE Maritime Reporter Subscription
Latest Maritime News    rss feeds

Finance

Stolt-Nielsen Q4 Profit Misses Forecast

Shipping firm Stolt-Nielsen reported fourth quarter earnings below forecasts on Thursday and said it was concerned about the outlook for the chemical tanker market,

Wartsila Sees Low Oil Price Impacting Shipping

CEO cautious on 2015 outlook. Finnish ship engine and power plant maker Wartsila reported a smaller-than-expected quarterly profit and warned lower crude prices

China Watching Greece After Port Sale Shelved

China is closely monitoring the policies of the new Greek government after Athens said this week it will stop the sale of a majority stake in Greece's biggest port,

 
 
Maritime Careers / Shipboard Positions Maritime Contracts Maritime Security Maritime Standards Pod Propulsion Ship Repair Ship Simulators Shipbuilding / Vessel Construction Sonar Winch
rss | archive | history | articles | privacy | terms and conditions | 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: 0.1159 sec (9 req/sec)