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Bona Shipholding Ltd News

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.

16 Jun 1999

Teekay Shipping Chairman Steps Down

Teekey Shipping Corp. said its chairman, Axel Karlshoej, will resign from the board because of work demands at his company, Nordic Industries. Karlshoej will be replaced by C. Sean Day, a member of the board and consultant to the trust group that holds about 45 percent of Teekay’s shares. Teekay also said it expanded the board to nine members from eight, appointing Leif O. Hoegh to the ninth position in conjunction with Teekay’s acquisition of Bona Shipholding Ltd.

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.