SOURCE: Teekay Shipping Norway

June 10, 2008 10:09 ET

Changed ownership of Swift Tankers

STAVANGER, NORWAY, HAMILTON, BERMUDA and COPENHAGEN, DENMARK--(Marketwire - June 10, 2008) -

Teekay Corporation (NYSE: TK) and A.P. Møller - Maersk A/S (A.P. Moller - Maersk) (CSE: MAERSK A and MAERSK B) today announced an agreement whereby A.P. Moller - Maersk has agreed to acquire Teekay Corporation's 50% share in Swift Tankers Management A/S. This includes taking over Teekay Corporation's portfolio of 13 intermediate vessels - all of which are time chartered from a number of owners - and thereby taking over Teekay Corporation's activities in the Intermediates market. A.P. Moller - Maersk consequently becomes sole owner of Swift Tankers.

Swift Tankers operates 24 intermediate (10-20,000 DWT) product and chemical tankers, from its primary location in Copenhagen as well as a subsidiary office in Stavanger, Norway.

"In the day-to-day operations there will be no changes to our customers and we look forward to continuing to service the markets with attention on a safe and reliable performance"said Kristian V. Morch, Group Senior Vice President, A. P. Moller - Maersk.

Bruce Chan, President of Teekay Tanker Services, said 'We are pleased to see that Swift Tankers has got off to a good start. We have however decided to move our focus away from the intermediate segment to fully concentrate on Teekay's core activities within the larger products and crude tanker markets'.

The transaction, which is subject to regulatory approvals, will be effective as of 1st July 2008.

For more information on Swift Tankers, please visit www.swifttankers.com.

About Teekay

Teekay Corporation transports more than 10 percent of the world's seaborne oil, has built a significant presence in the liquefied natural gas shipping sector through its publicly listed subsidiary, Teekay LNG Partners L.P. (NYSE: TGP), and is further growing its operations in the offshore production, storage and transportation sector through its publicly listed subsidiaries, Teekay Offshore Partners L.P. (NYSE: TOO) and Teekay Petrojarl ASA (OSE: TPO). Teekay has also recently launched publicly listed subsidiary Teekay Tankers Ltd. (NYSE: TNK), which provides international marine transportation of crude oil.

With a fleet of over 200 vessels, offices in 17 countries and more than 6,400 seagoing and shore-based employees, Teekay provides a comprehensive set of marine services to the world's leading oil and gas companies, helping them seamlessly link their upstream energy production to their downstream processing operations. Teekay's reputation for safety, quality and innovation has earned it a position with its customers as The Marine Midstream Company.

Teekay's common stock is listed on the New York Stock Exchange where it trades under the symbol "TK".

For more information about Teekay, please visit www.teekay.com

About A.P. Moller - Maersk

A.P. Moller - Maersk is an international company of Danish origin widely recognised for its activities within shipping, energy, offshore, retail and industry. The A.P. Moller - Maersk Group has more than 117,000 employees and offices in around 130 countries.

For more information about A.P. Moller - Maersk, please visit www.maersk.com or www.maersktankers.com


Copyright © Hugin AS 2008. All rights reserved.

Contact Information

  • For Media enquiries please contact

    Kristian V. Morch
    Maersk Tankers
    Tel.: +45 3363 4812
    Mobile: +45 2031 4812
    Email: Email Contact

    Axel Wiedenmann
    Teekay Corporation
    Tel.: +47 5144 2844 or
    Mobile: +47 9516 3022
    Email: Email Contact