Teekay Corporation

Teekay Corporation

June 15, 2009 17:31 ET

Teekay Launches Taurus Tankers LR2 Pool

HAMILTON, BERMUDA--(Marketwire - June 15, 2009) - Teekay Corporation (Teekay) (NYSE:TK) today announced its launch of Taurus Tankers, a pool of modern LR2 class product tankers.

"We continually look for ways to improve on the level of service we provide our customers while maximizing the efficiency of our fleet," said Bruce Chan, President, Teekay Tanker Services. "We believe the Taurus Tankers LR2 pool, with its high quality homogenous fleet, allows for greater flexibility in meeting customers' preferred cargo lifting dates. It will also allow us to pursue tailor-made contracts that provide improved fleet utilization and cost efficiencies through economies of scale."

The Taurus Tankers pool currently consists of nine product tankers, comprising four Teekay vessels, two Almi Tankers vessels, two Interorient vessels and one newbuilding from Four Jolly, a joint-venture between Premuda and Messina, all in the 105,000 to 115,000 dwt size. The pool is actively seeking to expand, with a target size of approximately 15 to 20 vessels. "In addition to improving customer service, as we respond to market conditions, Taurus Tankers provides advantages to pool partners such as enhanced operational efficiency, improved revenue stability, experienced chartering personnel and the benefit of Teekay's established customer relationships," added Mr. Chan.

It is also of note that, given Teekay's large presence in the adjacent Aframax crude oil tanker market, the vessels in the Taurus Tankers pool are well positioned to operate in both the clean product and crude oil markets. This cross trade, made possible by the vessels' coated tank configuration, will serve to further optimize vessels' earnings and provide more options to our customers.

Taurus Tankers will be commercially managed by Teekay, primarily from Teekay's London office, but will benefit from access to other offices in Teekay's global chartering network.

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), is further growing its operations in the offshore oil production, storage and transportation sector through its publicly listed subsidiary, Teekay Offshore Partners L.P. (NYSE:TOO), and continues to expand its conventional tanker business through its publicly listed subsidiary, Teekay Tankers Ltd. (NYSE:TNK).

With a fleet of 175 vessels, offices in 17 countries and more than 6,600 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".

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