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Teekay Acquires 50.3 Percent Shares of PetroJarl

Maritime Activity Reports, Inc.

October 18, 2006

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.
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