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. Under Norwegian law Bahamas-based Teekay must bid for the remainder of the company in the next four weeks 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.