Teekay Gp Llc News

Bjorn Moller is retiring from Teekay Corporation’s Board of Directors, the shipowner announced Wednesday.Moller has more than 35 years of service with the Teekay, including 22 years as a board member and more than 20 years in senior management positions. He was Teekay’s President and Chief Executive Officer from 1998 to 2011.Moller also served as Vice Chairman of Teekay GP L.L.C., the general partner of Teekay LNG Partners L.P., Vice Chairman of Teekay Offshore GP L.L.C., the general partner of Teekay Offshore Partners L.P.

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 LNG Partners L.P. has entered into a 15-year time-charter contract with the Yamal LNG project, sponsored by Novatek OAO, Total SA, China National Petroleum Corporation and Silk Road Fund, to provide Yamal LNG with conventional liquefied natural gas (LNG) transportation services. Yamal LNG is scheduled to commence production in 2017. The fixed-rate time-charter contract will be serviced by one of Teekay LNG's previously unchartered 174,000 cubic meter MEGI LNG carrier newbuildings that is scheduled for delivery in early-2019. "We are pleased that our commercial team has secured this new 15-year charter contract which expands our service offering to the now fully-financed Yamal LNG project and reduces our uncommitted newbuildings to only one vessel…

Teekay GP LLC, the general partner of Teekay LNG Partners L.P. has declared a cash distribution of $0.70 per unit for the quarter ended September 30, 2015. The cash distribution is payable on November 13, 2015 to all unitholders of record as at October 13, 2015.

Teekay GP LLC, the general partner of Teekay LNG Partners L.P. has declared a cash distribution of $0.70 per unit for the quarter ended June 30, 2015. The cash distribution is payable on August 14, 2015 to all unitholders of record as at July 14, 2015. 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, fixed-rate charter contracts through its interests in 50 LNG carriers (including one LNG regasification unit and 21 newbuildings), 30 LPG/Multigas carriers (including three in-chartered LPG carriers and eight newbuildings) and eight conventional tankers. The Partnership's interests in these vessels range from 20 to 100 percent. Teekay LNG Partners L.P.

Teekay LNG Partners L.P. announced that it has entered into a 13-year time-charter contract with BP Shipping Limited (BP) for one liquefied natural gas (LNG) carrier newbuilding, plus an option exercisable by BP by the end of the third quarter of 2015 for one additional LNG carrier under similar terms. The vessels, including the optional vessel if exercised, will primarily provide LNG transportation services for BP’s LNG volumes from the Freeport LNG project located on Quintana Island near Freeport, Texas, which consists of three LNG trains with a total capacity of 13.2 metric tons per annum, scheduled for start-up in 2018. In connection with signing the contracts with BP…

Teekay GP LLC, the general partner of Teekay LNG Partners L.P. has declared a cash distribution of $0.70 per unit for the quarter ended December 31, 2014, an increase of 1.2 percent over the cash distribution of $0.6918 per unit for the quarter ended September 30, 2014. The cash distribution is payable on February 13, 2015 to all unitholders of record on January 15, 2015. The increase to the fourth quarter distribution coincides with the completion of the purchase-leaseback of an on-the-water liquefied petroleum gas (LPG) carrier from I.M Skaugen SE in November 2014.

Subsidiaries of Teekay LNG Partners L.P. (Teekay LNG) (NYSE:TGP) and a wholly owned company of Royal Dutch Shell plc (Shell) has announced that they have entered into time-charter contracts for five newbuild LNG carriers. The vessels will operate as part of Shell's global LNG fleet under time-charters ranging in duration from six to eight years, plus extension options. Delivery of the vessels will start from the second half of 2017 into 2018. The new time-charter contracts with Shell will be serviced by five 173,400 cubic meter MEGI (M-type, Electronically Controlled, Gas Injection) engine LNG newbuildings built by Daewoo Shipbuilding & Marine Engineering Co., Ltd., (DSME) of South Korea.

Subsidiaries of Teekay LNG Partners L.P. and a wholly owned company of Royal Dutch Shell plc today announced that they have entered into time-charter contracts for five newbuild LNG carriers. The vessels will operate as part of Shell's global LNG fleet under time-charters ranging in duration from six to eight years, plus extension options. Delivery of the vessels will start from the second half of 2017 into 2018. The new time-charter contracts with Shell will be serviced by five 173,400 cubic meter MEGI (M-type, Electronically Controlled, Gas Injection) engine LNG newbuildings built by Daewoo Shipbuilding & Marine Engineering Co., Ltd., (DSME) of South Korea. MEGI engines will be significantly more fuel-efficient and have lower emission levels than engines currently used in LNG shipping.

Teekay LNG Partners L.P. announced that it has acquired from BG Group ownership interests in four 174,000 cubic meter Tri-Fuel Diesel Electric (TFDE) liquefied natural gas (LNG) carrier newbuildings, which will be constructed by Hudong-Zhonghua Shipbuilding (Group) Co., Ltd. in China. The vessels, which are scheduled to deliver between September 2017 and January 2019, will each operate under 20-year time-charter contracts, plus extension options, with Methane Services Limited, a wholly-owned subsidiary of BG.

Teekay LNG Partners L.P. is to acquire a second 155,900 cubic meter liquefied natural gas (LNG) carrier newbuilding from Awilco LNG ASA, a Norway-based owner and operator of LNG carriers. The vessel is currently under construction by Daewoo Shipbuilding & Marine Engineering Co., Ltd. (DSME) of South Korea and is expected to deliver in the fourth quarter of 2013, when it will be chartered back to Awilco. As with the first vessel, Teekay LNG will purchase the second vessel for a price of $205 million less a $50 million upfront prepayment of charter hire by Awilco which is in addition to the daily bareboat charter rate. Awilco has fixed-price purchase obligations for both vessels at the end of both the firm charter period and option period.

Teekay LNG Partners L.P. announced that it has agreed to acquire a 155,900 cubic meter (cbm) liquefied natural gas (LNG) carrier newbuilding from Awilco LNG ASA, a Norwegian-based owner and operator of LNG carriers. The vessel, which is currently under construction by Daewoo Shipbuilding & Marine Engineering Co., Ltd., (DSME) of South Korea, is expected to deliver in the third quarter of 2013, and subsequent to delivery from DSME to Awilco, Teekay LNG will purchase the vessel and bareboat charter the vessel back to Awilco at a fixed rate for a firm period of five years, plus a one-year extension option. Teekay LNG will purchase the vessel for a price of $205 million less a $50 million upfront prepayment of charter hire by Awilco which is in addition to the daily bareboat charter rate.

Teekay LNG Partners L.P. has exercised two of its three existing options with Daewoo Shipbuilding & Marine Engineering Co., Ltd., (DSME) of South Korea for the construction of two 173,400 cubic meter liquefied natural gas (LNG) carrier newbuildings for delivery in 2016. These two newbuilding LNG carriers are in addition to the two LNG carriers Teekay LNG ordered from DSME in December 2012, which have since secured time-charter employment commencing upon delivery. These newbuildings will also be constructed with the M-type…

Teekay LNG Partners signs two, 5-year time-charter contracts with Cheniere Marketing to provide Liquefied Natural Gas (LNG) transportation services. The fixed-rate time-charter contracts will be serviced by the two 173,400 cubic meter LNG carrier newbuildings ordered by Teekay LNG in December 2012. The newbuildings are currently under construction by Daewoo Shipbuilding & Marine Engineering of South Korea and are scheduled to be delivered in the first half of 2016. These new ships will be constructed with M-type, Electronically Controlled, Gas Injection (MEGI) twin engines, which are designed to be significantly more fuel-efficient and have lower emission levels than other engines currently being used in LNG shipping.

Teekay LNG Partners L.P. (Teekay LNG or the Partnership) (NYSE:TGP) entered into an agreement with Daewoo Shipbuilding & Marine Engineering CO., LTD., (DSME) of South Korea for the construction of two 173,400 cu. m. Liquefied Natural Gas (LNG) carrier newbuildings, with options to order up to three additional vessels. The Partnership intends to secure long-term contract employment for both vessels prior to their delivery in the first half of 2016. The newbuildings will be constructed with M-type, Electronically Controlled, Gas Injection (MEGI) twin engines, which are expected to be significantly more fuel-efficient and have lower emission levels than other engines currently being utilized in LNG shipping.

Teekay LNG Partners L.P. reported net income of $0.8m for the three months ended March 31 compared to net income of $41.9m for the three months ended March 31. The results for the first quarters of 2006 and 2005 include a $7.8m foreign currency exchange loss and a foreign currency exchange gain of $45.0m. Nearly all of Teekay LNG's foreign currency exchange gains and losses are unrealized. The Partnership generated $17.6m of distributable cash flow. Teekay GP L.L.C., the general partner of Teekay LNG, has declared a cash distribution of $0.4625 per unit for the first quarter of 2006, representing a total cash distribution of $16.5m. The cash distribution is payable on May 15 to all unitholders of record on May 10.