September 30, 2011
HAMILTON, BERMUDA–(Marketwire – Sept. 30, 2011) – Teekay Corporation (Teekay or the Company) (NYSE:TK) today announced that it has reached an agreement in principle to acquire three floating production storage and offloading (FPSO) units from Sevan Marine ASA (Sevan), a Norway-based developer, owner and operator of FPSO units, and acquire an equity interest in a recapitalized Sevan. Under the terms of the agreement in principle, which has been approved by the Teekay and Sevan boards of directors, Teekay will:
- Acquire from Sevan three FPSO units, the Hummingbird, Piranema and Voyageur (upon completion of upgrade), along with their existing charter contracts;
- Finance the completion of the Voyageur FPSO upgrade;
- Subscribe to a new issuance of Sevan equity to acquire a significant ownership position in a recapitalized Sevan; and
- Enter into a cooperation agreement to acquire future FPSO projects developed by Sevan.