Teekay

Teekay
Company typePublic
NYSE: TK[1]
NYSE: TNK (Teekay Tankers)
Russell 2000 Component (TK, TNK)
IndustryMaritime transport, Petroleum
Founded1973[2]
HeadquartersVancouver, Canada
Key people
Torben Karlshoej (founder), Kenneth Hvid (CEO)
ParentTeekay Corporation (TK)
Websitehttp://www.teekay.com/

Teekay is a Canadian shipping corporation which specialises in shipping crude oil.[3]

History

Teekay was founded in 1973 by Torben Karlshoej, then a 31 year old Danish ship broker who had emigrated to the United States at the age of 20 and mostly worked on farms.[4] The company was named "TK" for Karlshoej's initials. It commenced operations by purchasing small second and third hand oil tankers, a lucrative trade due to the high oil prices during the 1973–1974 oil crisis. It maintained a head office in the Bahamas, thus taking advantage of low corporate taxes. Most of its ships were registered in Liberia, thus taking advantage of the comparatively low taxes and the ability to recruit seafarers from across the world. The company grew in the 1980s by operating in the risky waters off Persian Gulf during the Iran–Iraq War.[5]

Under Karlshoej's leadership, the company grew further from a tanker operator to an operational ship owner in the conventional shipping market. Over the years, Teekay expanded across new segments including gas and offshore. Teekay currently operates under two companies that are publicly traded on the New York Stock Exchange: Teekay Corporation and Teekay Tankers.[6]

Offshore operations

This is the FPSO Petrojarl Knarr designed for offshore oil production. It was owned in 2015 by shipping company Teekay, and was built by Samsung Heavy Industry’s shipyard in South Korea. It will be operating from Q4 2014 in the Norwegian sector of the North Sea for British company BG Group, producing 63,000 barrels of oil per day. Here it is shot at the Aibel shipyard in Haugesund, Norway as it undergoes final preparations before leaving for the North Sea.

In 1998, Teekay commenced operations under what is now called Petrojarl. It commenced offshore oil exploration as Golar Nor Offshore, a part of Petroleum Geo-Services (PGS) and Golar-Nor.

Close-up view of FPSO Petrojarl Knarr on 25 October 2014 just before it was commissioned

In December 2002, Teekay acquired Navion ASA from Statoil. The acquisition was successfully completed on April 7, 2003, and the included shuttle tanker subsidiary, Ugland Nordic Shipping (UNS) became known as Teekay Navion Shuttle Tankers & Offshore (TNSTO), with their headquarters in Stavanger, Norway.[7]

In August 2006, Teekay further expanded their Offshore business with the acquisition of Petrojarl ASA.[8] In 2008, Teekay acquired all remaining shares of the company. [9]

In 2005 the company purchased the shuttle tanker Rita Knutsen. This was followed in 2007, with the Russian tanker Che Guevara which was subsequently converted into the FPSO Petrojarl Cidade de Rio das Ostras. In 2006, Petrojarl ASA was demerged from Petroleum Geo-Services and listed on the Oslo Stock Exchange. Teekay acquired majority ownership in the company in December 2006 and Petrojarl ASA subsequently became Teekay Petrojarl ASA.[10]

In September 2017, Brookfield Business partners LP completed a $640 million equity investment in Teekay Offshore Partners L.P., acquiring 60% of the common units of Teekay Offshore.[11] In April 2019, Teekay sold all remaining interests in Teekay Offshore to Brookfield for a further $100 million, signaling their exit from the Offshore space.[12]

LNG shipping

In 2004, Teekay entered LNG shipping business with acquisition of Naviera Tapias, and publicly listed Teekay LNG Partners on the New York Stock Exchange in 2005. Teekay LNG Partners expanded business in 2005 after being awarded major long-term LNG contracts in Qatar and Indonesia.[13]

A short time after October 2011, Teekay acquired Maersk's LNG carrier business of eight vessels in a deal worth $1.4bn, as the latter exited the LNG space. Peter Evensen said that the Teekay LNG fleet at the time numbered to 45 vessels.[14]

In July 2014, Teekay signed contracts for six Yamal Icebreaking LNG Carrier Newbuildings in a joint venture between Teekay LNG and China LNG.[15] The first ship, the Eduard Toll, was delivered in January of 2018, and the final of the six vessels, the MV Yakov Gakkel, was delivered in December 2019.

In 2021, Teekay announced that Stonepeak Infrastructure Partners would acquire Teekay LNG in a $6.2 billion transaction. The transaction closed on January 13, 2022 and the company was rebranded as Seapeak.[16]

Current operations

The 93.9 metre Investigator has room onboard for up to 40 scientists, who can stay at sea for up to 60 days and cover up to 10,000 nautical miles in a single voyage. The contract to design, build and commission the vessel was awarded to Teekay Holdings Australia, which partnered with Sembawang Shipyard Pte Ltd in Singapore because of its track record and strong commitment to new technologies and innovation.

Teekay currently operates a fleet of conventional tankers, under head offices in Canada, London, Manila, Mumbai, Bermuda and Singapore, along with a marine services arm based in Australia.[citation needed]

Leadership

As of March 2022, the company's leadership consisted of Kenneth Hvid (the President and Group CEO) and Kevin Mackay (President and CEO - Teekay Tankers Ltd.).[17]

References

  1. ^ Stamford, Joe (17 January 2014). "New Teekay arm uses Oslo cash to splash on tankers". Tradewinds. Retrieved 24 November 2017.
  2. ^ "About us". teekay.com. Teekay official website. Retrieved 24 November 2017.
  3. ^ TEEKAY SHIPPING CORPORATION - Annual general meeting - Management review (PDF) (1 ed.). London: TK Corporation. 15 May 2003. Retrieved 24 November 2017.
  4. ^ "About J. Torben Karlshoej". www.tkfoundation.bs. TK foundation. Retrieved 24 November 2017.
  5. ^ "Teekay Shipping Corporation - Company Profile, Information, Business Description, History, Background Information on Teekay Shipping Corporation". www.referenceforbusiness.com. Reference for business. Retrieved 24 November 2017.
  6. ^ Teekay Corporation Reports Fourth Quarter and Annual 2021 Results. Hamilton, Bermuda: Teekay Corporation. 24 February 2022. Retrieved 3 March 2022.
  7. ^ "Statoil Sells Navion to Teekay Shipping". Oslo, Norway: Statoil ASA. 16 December 2002. Retrieved 3 March 2022.
  8. ^ "Teekay Announces Acquisition of Stake in Petrojarl ASA; Intends to Launch Mandatory Bid for 100%". Nassau, Bahamas: Teekay Shipping Corporation. 31 August 2006. Retrieved 3 March 2022.
  9. ^ "Teekay Announces Acquisition of Remaining Shares of Teekay Petrojarl ASA". Hamilton, Bermuda: Teekay Shipping Corporation. 9 July 2008. Retrieved 3 March 2022.
  10. ^ "Teekay opens TIL". Trade Winds. 17 January 2004. Retrieved 24 November 2017.
  11. ^ "Teekay and Brookfield Announce Closing of Strategic Transaction; and Changes to Teekay Offshore's Board of Directors". Teekay Corporation. 25 September 2017. Retrieved 3 March 2022.
  12. ^ "Teekay Corporation Agrees to Sell Remaining Interests in Teekay Offshore to Brookfield for $100 Million". Hamilton, Bermuda: Teekay Corporation. 30 April 2019. Retrieved 3 March 2022.
  13. ^ Ingpen, Brian (2013). Teekay: The First 40 Years (PDF). Hamilton, Bermuda: Kattegat Limited. pp. 131–134. ISBN 978-0-620-56155-6. Retrieved 7 March 2022.
  14. ^ "Teekay LNG Partners to Acquire Ownership Interest in $1.4Bill Maersk LNG Carriers".
  15. ^ "Teekay LNG Partners Finalizes Contracts for Six Yamal LNG Carrier Newbuildings". Teekay Corporation. 9 July 2014. Retrieved 7 March 2022.
  16. ^ "Teekay LNG Partners L.P. Closes Acquisition by Stonepeak and Will Rebrand as Seapeak". Teekay Corporation. 13 January 2022. Retrieved 7 March 2022.
  17. ^ "Leadership". Teekay.com. Retrieved 7 March 2022.