HAMILTON, BERMUDA–(Marketwired – Aug. 5, 2015) – Highlights
- Agreed to acquire 12 modern Suezmax tankers from Principal Maritime for $662 million.
- Acquiring on-the-water vessels, delivering at the right point in the tanker market cycle to take advantage of the strong spot tanker market.
- Accretive to earnings, free cash flow and net asset value per share.
- Solidifies Teekay Tankers’ position as the largest owner and operator of mid-size crude oil tankers.
- Reduces average age of Teekay Tankers’ fleet by 1.2 years.
- Acquisition is fully financed and will not materially impact Teekay Tankers’ financial leverage; increases the Company’s dividend capacity.
Investor Relations Enquiries Ryan Hamilton +1 (604) 844-6654 www.teekaytankers.com