Teekay LNG Announces Board Changes
Teekay LNG Partners L.P. announced changes to Teekay LNG’s board of directors. Jane Hinkley has been appointed to the chairmanship position succeeding C. Sean Day, who will remain a director of Teekay LNG and chairman of the partnership’s sponsor, Teekay Corporation. Hinkley has been a director of Teekay LNG for over 10 years and has management and board experience in the shipping and oil and gas industry, including serving as the managing director of Navion Shipping AS, and chief financial officer and managing director of Gotaas-Larsen Shipping Corporation, and currently serves on the board of directors of Premier Oil plc and Vesuvius plc.
Teekay Restated 1 & 2Q 2008 Results
Teekay Tankers Ltd. - an interest rate swap agreement under the Statement of Financial Accounting Standards No. - two vessels acquired from Teekay Corporation (Teekay) subsequent to the company's December 2007 initial public offering, whereby the company's financial statements have been retroactively adjusted to include the historical results of the vessels from the date they were originally acquired by Teekay and began operating, as more fully discussed below under "Changes to Accounting for Dropdown Transactions". Subsequent to the release of its results for the second quarter of 2008 on August 7, 2008, the company determined that it would be required to restate its previously reported financial results.
Andrade Named CFO at Teekay Tankers
Stewart Andrade has been appointed Chief Financial Officer of Teekay Tankers, succeeding Vince Lok who will remain Teekay Corporation’s Executive Vice President and Chief Financial Officer. Andrade joined Teekay in 2002 and has worked in several senior roles across the organization. His most recent role was Vice President, Strategy and Business Development for Teekay’s tanker business, a position he has held since December 2015. Prior to joining Teekay, Andrade, a Canadian Chartered Professional Accountant, worked in Ernst and Young’s consulting practice providing advisory services to a variety of Canadian and international organizations.
Teekay Secures $1bln from Chinese Bank
Teekay Corporation announced today it has entered into a framework cooperation agreement with the Export-Import Bank of China (CEXIM) for up to $1 billion in new loan facilities. The loan facilities would be made available to Teekay and its subsidiaries, including Teekay LNG Partners L.P., Teekay Offshore Partners L.P. and Teekay Tankers Ltd., to finance the construction or conversion of vessels from shipyards in China over the next three years. “We are very pleased to announce the signing of this framework agreement in Beijing, China as it further strengthens our existing relationship with CEXIM and represents yet another source of capital for the Teekay group,” said Vince Lok, Teekay Corporation's Executive Vice President and Chief Financial Officer.