Ras Laffan Liquefied Natural Gas Co Limited News

Teekay Shipping Corporation announced that it has been awarded contracts to charter four 217,000 m3 liquefied natural gas ("LNG") carriers to Ras Laffan Liquefied Natural Gas Co. Limited (3) ("RasGas 3"), a joint venture company between a subsidiary of ExxonMobil Corporation and Qatar Petroleum. The vessels will be chartered to RasGas 3 at fixed rates, with inflation adjustments, for a period of 25 years (with options to extend up to 35 years), commencing in the first half of 2008. In connection with these charter contracts, Teekay has entered into agreements with Samsung Heavy Industries Co. Ltd. to construct four LNG carriers, representing a total contract price of approximately $1 billion.