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Teekay Shipping Corp News

08 Jan 2004

IM Skaugen Announces Results

The IM Skaugen group reported a pre-tax result of MUSD 20.3 in 2003 including a net gain from sale of assets of MUSD 19.3 - (MUSD 4.8 in 2002). The result on EBITDA basis is MUSD 24.8 in 2003 (MUSD 25.8 in 2002 and MUSD 33.9 in 2001). The Board has decided to recommend to the Annual General Meeting on March 1st 2004 to pay a dividend of NOK 7.- per share (NOK 7.50 in 2002 and 7.00 in 2003). The payment of this dividend, for the calendar year 2003, is in addition to the extraordinary dividend paid in November'03 of NOK 13.00 per share. The outlook for IMS is considered positive. The two alliances we formed on October 1st 2003, with Teekay re future development of SPT and with AP Moller- Maersk re: Norgas…

22 Mar 2001

Teekay Rating Raised

Standard & Poor's revised its outlook on Teekay Shipping Corp. to positive from stable. The outlook revision reflects Teekay's consistent, solid performance, which has resulted in a gradually improving financial profile, and expectations for more predictable cash flow generation due to the purchase of contract-based shuttle tanker operator Ugland Nordic Shipping ASA. Teekay's rating reflects a favorable business position as the leading midsize ("Aframax") crude oil tanker operator in the Indo-Pacific Basin, expanded presences in the AtlanticAframax tanker market and the North Sea Shuttle tanker market, and fairly conservative financial policies. These factors are offset by significant, but carefully managed exposure to the volatile tanker spot markets.

08 Jun 2007

Teekay Shipping Corp. Changes Name

Teekay Corporation announced that it has legally changed its company name from Teekay Shipping Corporation to Teekay Corporation. The name change was filed with the Marshall Islands Registrar of Corporations following approval by the Company’s shareholders at its annual general meeting held on May 29, 2007. Teekay proposed the name change to its shareholders to reflect the company’s asset management focus and expanded service offering as a leader in the marine midstream sector. Teekay’s asset management platform is based off of an innovative corporate structure that includes majority ownership of two publicly-listed master limited partnerships, Teekay LNG Partners L.P. and Teekay Offshore Partners L.P., and 100 percent ownership of their respective general partnerships.

14 Feb 2007

Teekay Shipping Corp. to Release 4Q Results

Teekay Shipping Corporation plans to release its financial results for the fourth quarter and fiscal year 2006 after market close on Wednesday, February 21, 2007. The Company plans to host a conference call on Thursday, February 22, 2007 to discuss the results for the quarter and fiscal year. All shareholders and interested parties are invited to listen to the live conference call through the Company’s web site at www.teekay.com. A recording of the conference call will be available until Thursday, March 1, 2007, by dialing (800) 642-1687 or (706) 645-9291 and entering access code 7233447.

01 Sep 2006

Teekay Shipping Buys Stake in Petrojarl

According to reports, Teekay Shipping Corp., said one of its subsidiaries bought a 40 percent stake in Norwegian oil services provider Petrojarl ASA. Financial terms were not disclosed. Petrojarl owns and operates four Floating Production Storage and Offloading units in the North Sea. These are ships that process and store oil or gas from nearby drilling platforms until the product can be offloaded into a tanker. The company also owns and operates two shuttle tankers and a storage tanker in the region. Earlier this year, Teekay formed a joint venture with Petrojarl to pursue storage and offloading projects. Shares of Teekay Shipping fell 29 cents to $43.97 in morning trading on the New York Stock Exchange.

28 Jul 2006

Boeing Expands Maritime Communications Service

Connexion by Boeing, the satellite broadband Internet service for aircrafts, is expanding its service for ships, Boeing said on July 27. Boeing has signed two-year leases with international satellite operator Intelsat for space on two of its satellites, one above the Atlantic Ocean and one above the Indian Ocean. The satellite capacity will be used to provide broadband Internet connections to customers in those regions. Connexion by Boeing's satellite capacity has been largely focused to date on major air routes of its customer airlines. Boeing started talking about a maritime service in 2004 and in the middle of 2005 it announced a deal with Teekay Shipping Corp. to install Connexion by Boeing on 50 of the company's ships.

08 Mar 2006

Petronet LNG to Float Subsidiary

Natural gas importer Petronet LNG Ltd (PLL) plans to float a shipping subsidiary overseas to haul gas to its greenfield re-gassification terminal of 2.5 million tonnes per annum capacity proposed at Kochi in Kerala. The diversification plan has been unveiled in the tender conditions stipulated by Petronet for selecting ship owners and operators for transporting LNG to the Kochi terminal. This is a departure from the first two shipping tenders finalized by Petronet for hauling gas from RasGas in Qatar to Dahej in Gujarat, wherein it holds a 15 percent stake each in the first two tankers and 23 percent stake in the third tanker. The recent tender floated by Petronet for time chartering two LNG tankers of 165…

03 Feb 2006

Boeing Expands Satellite Broadband Service

According to reports, Connexion by Boeing, the satellite broadband Internet service for aircraft, is expanding its service for ships, The Boeing Co. said. Boeing has signed two-year leases with international satellite operator Intelsat for space on two of its satellites, one above the Atlantic Ocean and one above the Indian Ocean. The satellite capacity will be used to provide broadband Internet connections to customers in those regions, it said. Connexion by Boeing's satellite capacity has been largely focused to date on major air routes of its customer airlines. Boeing started talking about a maritime service in 2004 and in the middle of 2005 it announced a deal with Teekay Shipping Corp. to install Connexion by Boeing on 50 of the company's ships.

04 Nov 2005

Teekay Scquire Suezmax Tankers

Teekay Lng Partners L.P. is to acquire three Suezmax class crude oil tankers and related long-term fixed-rate charters for $180 million from its parent company, Teekay Shipping Corp. The company said Teekay Lng plans to finance the acquisition with the net proceeds of a proposed public offering of its common units, together with borrowings under its revolving credit facility, cash balances or both.

14 Jun 1999

Teekay Completes Bona Shipholding Acquisition

Teekay Shipping Corp. has completed its cash and stock acquisition of Bona Shipholding Ltd. Under the deal, Bona’s shares were converted into a right to receive either a cash payment of $7.00 for each Bona share or 0.485 of a Teekay share for each Bona share.