Teekay Invests $257m in Teekay Petrojarl
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.
Wärtsilä Completes Power, Automation and Propulsion System for FPSO
Wärtsilä was awarded a contract in May 2007 by the Brazilian offshore company Dynamic Producer Inc. to supply the entire power, automation and propulsion system for a dynamically-positioned well-testing FPSO (floating production, storage and offloading) vessel with the project name PIPA II. The project is due for completion in the first part of 2009. This dynamically-positioned well-testing vessel will be converted from an existing Aframax tanker and equipped with drilling, as well as production equipment. Dynamic Producer Inc. will employ the ship offshore in Brazilian waters from 2009 onwards. Wärtsilä will supply the electrical propulsion…
Teekay Reports 3Q Results
Teekay Shipping Corporation reported net income of $79.8 million, or $1.07 per share, for the quarter ended September 30, 2006, compared to net income of $42.7 million, or $0.52 per share, for the quarter ended September 30, 2005. The results for the quarters ended September 30, 2006 and 2005 included a number of specific items that had the net effect of increasing net income by $2.0 million, or $0.03 per share, and $8.1 million, or $0.10 per share, respectively, as detailed in Appendix A to this release. Net voyage revenues(2) for the third quarter of 2006 were $344.3 million, compared to $317.8 million for the same period in 2005, and income from vessel operations increased to $105.0 million from $62.2 million.
Teekay Acquires 50.3 Percent Shares of PetroJarl
Teekay Shipping Corporation announced that it has acquired, through its wholly owned subsidiary TPO Investments AS, 50.3% of the shares of Petrojarl ASA (Petrojarl), pursuant to its mandatory bid announced on September 18, 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.
