The successful launch of Teekay Tankers Ltd., Teekay Corporation’s third publicly listed subsidiary on the New York Stock Exchange, will facilitate the company’s growth and ensure Teekay can continue to provide exceptional service to its customers, says Teekay Tankers CEO Bjorn Moller.

Teekay Tankers Ltd. is listed on the New York Stock Exchange under the ticker symbol “TNK”.

“With increased access to equity capital through the public listing of Teekay Tankers, we will be able to expand our conventional tanker fleet more quickly than would otherwise have been possible,” he explains.

Teekay Corporation, which retains overall control of Teekay Tankers through a dual-class voting share structure, was built to meet the ever-changing requirements of its customers. To add to its well-established oil tanker operations, recent expansions to their service offering include the addition of liquefied gas vessels and various offshore vessels such as floating production, storage and offtake vessels (FPSOs).

“Our customers have been able to come to us for any and all of their midstream marine energy needs knowing that the Teekay brand ensures the highest operational and customer service standards,” he continues.

With a more diverse service offering, the company embarked on a series of carve-outs to facilitate the growth of each of these business lines. This began in 2005 with Teekay LNG Partners, followed by Teekay Offshore Partners in 2006, and Teekay Tankers in 2007. Each entity provides investors with an opportunity to co-invest with Teekay in each of its business lines, without requiring investors to invest in all of our business lines.

“Financial markets now see Teekay as an asset manager. Teekay manages the assets of each of our subsidiaries, while the equity capital required to grow these subsidiaries can be raised by the subsidiaries themselves. This structure provides us with the platform to accelerate our growth in all of our business segments.

“While Teekay has broadened its horizons in the last 10 years, our roots are in the tanker business which remains a cornerstone of our marine midstream energy franchise,“ adds Mr. Moller.

Teekay Tankers currently owns a fleet of nine double-hull Aframax oil tankers, which Teekay Corporation manages through a mix of short- to medium-term charters and trades in the spot tanker market.

Further, it is expected that Teekay Tankers will add four of Teekay’s existing double-hull Suezmax tankers within 18 months and an additional 35 Teekay vessels have been identified as suitable for Teekay Tankers to acquire. Teekay Tankers will also be seeking opportunities to acquire crude oil and product tankers from third parties. All vessels will continue to be marketed and operated under the Teekay brand, serving customers 24/7 from their commercial offices located in all major shipping markets.

Shareholders will benefit from investing in a tactically managed fleet with the international reputation and benefits of scale of the world’s largest operator of mid-sized tankers.

“From our customers’ point of view, there is still only one Teekay. From an investor’s point of view, there are now three subsidiary companies fueling the growth of the parent company, Teekay Corporation. Mr. Moller concludes, “Teekay Tankers will allow us to continue growing our tanker business to better meet the needs of our customers.“