Kenneth Hvid News

Teekay Corporation announced Vince Lok’s retirement as Teekay’s Executive Vice President and Chief Financial Officer effective January 1, 2023, after nearly 30 years with the company, including the past 16 years as Teekay’s Group CFO.Upon Lok’s retirement, Brody Speers, Vice President, Finance & Treasurer, will be assuming Lok’s responsibilities, along with continuing to oversee Teekay’s Finance, Accounting and Tax teams. Lok has agreed to stay on as an advisor through the end of 2023 to help ensure a smooth transition as well as support the company’s strategic initiatives.Kenneth Hvid…

Teekay Corporation announced it has entered into a contract with the Australian Government Department of Defense to provide marine services for five Australian Government vessels for a firm period of six years, with options to extend for up to an additional 10 years. Under the contract, which is expected to commence in November 2021, Teekay will provide ship management services, including crewing and training, operating, engineering, maintenance and supply support.“This is another example of how we can generate value from the Teekay franchise and allows us to expand our asset-lite services segment,” commented Kenneth Hvid, Teekay’s president and CEO.

Teekay Corporation, a provider of crude oil and gas marine transportation services, has entered into an agreement with the Chestnut Joint Venture to extend the employment of the Hummingbird Spirit FPSO unit (Hummingbird) on the Chestnut field in the North Sea until March 2023.Chestnut is  a joint venture between Spirit Energy Ltd. and Dana Petroleum Ltd.The contract extension was done in conjunction with the Chestnut Joint Venture’s plan to drill a new well at the Chestnut field.The new Hummingbird contract took effect on October 1, 2019 and is based on a fixed charter rate instead of the previous fixed charter rate plus oil production/price…

The provider of international crude oil and gas marine transportation, Teekay Corporation announced  an agreement to sell to Brookfield Business Partners all of the Company’s remaining interests in Teekay Offshore Partners for total proceeds of $100 million in cash.The interests includes the Company’s 49% general partner interest, common units, warrants, and an outstanding $25 million loan from the Company to Teekay Offshore.The transaction is expected to be completed in early to mid-May 2019.“The divestment of our remaining interests in Teekay Offshore is aligned with Teekay’s current strategy to simplify and focus on our core gas and tanker businesses,” commented Kenneth Hvid, Teekay’s President and Chief Executive Officer.

Teekay Shipping Corporation, the global marine energy transportation, storage & production company, has signed up to the Ship Recycling Transparency Initiative (SRTI).The Canadian shipowner thus  joined A.P. Moeller-Maersk, the China Navigation Company, Wallenius Wilhelmsen and other major maritime players and becomes the eighth to make public their approach to ship recycling.“Teekay is committed to helping the ship recycling facilities that we work with elevate their skills and performance to increase safety and sustainability,” said Kenneth Hvid, President and CEO, Teekay.“Our employees are on-the-ground throughout the recycling process to perform regular inspections and audits and provide training to staff and workers.

The marine energy transportation company Teekay Corporation and its associate company Teekay Tankers have announced changes to its Board of Directors.Teekay Corporation said that C. Sean Day, Chairman Emeritus and Director, Tore Sandvold, Director, and Peter S. Janson, Director, are retiring from the Board after a combined 50 years with the Company’s Board. Day will remain as a Director of Teekay GP LLC (the general partner of Teekay LNG Partners LP).William (“Bill”) P. Utt will be stepping down from his role as Chairman and Director of the Company and as a Director of Teekay GP LLC, but will remain as Chairman and Director of Teekay Offshore GP LLC (the general partner of Teekay Offshore Partners LP).The Board has selected current Teekay director…

Teekay Corporation and Teekay Offshore Partners announced that they have completed their previously announced comprehensive transaction with Brookfield Business, together with its institutional partners (collectively Brookfield). “With this comprehensive transaction now completed, Teekay looks forward to working with Brookfield as co-sponsors of Teekay Offshore to support the Partnership’s continued growth,” commented Kenneth Hvid, Teekay’s President and CEO. “With our existing in-progress growth projects now fully financed and nearing completion, our top priority is to deliver these projects into operation, which are expected to contribute approximately an incremental $200 million of run-rate annual cash flow from vessel operations…

Canadian asset manager Brookfield Business Partners will  buy 60 percent of Teekay Offshore Partners, a subsidiary of marine transportation provider Teekay Corp, for about $750 million, Reuters reported quoting company sources. Brookfield said it would invest $610 million to buy the stake in Teekay Offshore and will also acquire a $200 million loan given by Teekay Corp to Teekay Offshore. Teekay Corp in a separate statement said, following the transaction, it would own 14 percent of Teekay Offshore. “We are excited to have Brookfield join us as a strategic partner and co-sponsor of Teekay Offshore, which is a strong endorsement of Teekay Offshore’s leading market positions in the marine infrastructure space,” commented Kenneth Hvid, Teekay’s President and CEO.

Teekay Corporation’s board of directors has elected Kenneth Hvid to succeed current president and CEO, Peter Evensen, who will retire January 31, 2017 after more than 13 years with the company. Hvid is presently serving as president and CEO of Teekay Offshore Group Ltd. “Kenneth Hvid is the natural successor to Peter Evensen as CEO of Teekay at this time,” said Teekay's Chairman, Sean Day. Hvid has served on the board of Teekay daughter companies, and has worked closely with all the business segments in Teekay in his previous role as Chief Strategy Officer.

Teekay LNG Partners L.P. announced changes to Teekay LNG’s board of directors. Jane Hinkley has been appointed to the chairmanship position succeeding C. Sean Day, who will remain a director of Teekay LNG and chairman of the partnership’s sponsor, Teekay Corporation. Hinkley has been a director of Teekay LNG for over 10 years and has management and board experience in the shipping and oil and gas industry, including serving as the managing director of Navion Shipping AS, and chief financial officer and managing director of Gotaas-Larsen Shipping Corporation, and currently serves on the board of directors of Premier Oil plc and Vesuvius plc.

Teekay Corporation (Teekay or the Company) (NYSE:TK) announced that its current President of its Shuttle Tanker and FSO business unit, Kenneth Hvid, has been appointed to the position of Executive Vice President and Chief Strategy Officer effective April 1, 2011. In his new role, Mr. Hvid will be located in Vancouver, Canada and will be succeeding Peter Evensen, who will take over as Teekay's President and Chief Executive Officer in April 2011 as a result of the previously announced retirement of Bjorn Moller.Mr. Hvid joined Teekay in 2000 from A.P. Moller, and was responsible for leading the Company's global procurement activities until he was promoted in 2004 to Senior Vice President, Teekay Gas Services. During this time, Mr.