May 29, 2019
HAMILTON, Bermuda, May 29, 2019 (GLOBE NEWSWIRE) — Teekay GP LLC (the Company), the general partner of Teekay LNG Partners L.P. (NYSE:TGP) (Teekay LNG or the Partnership), today announced changes to its Board of Directors (the Board). Effective immediately, Alan Semple, David Schellenberg, Richard Paterson, and Sylvia Barnes will be joining the Board, and current director Kenneth Hvid, will become the Chair of the Board. Mr. Hvid is also the President and CEO of Teekay Corporation, which owns the Company.
Mr. Semple, Mr. Paterson, and Ms. Barnes will serve on the Company’s Audit Committee, which will be chaired by Mr. Semple. Mr. Paterson and Ms. Barnes will also serve on the Board’s Conflicts Committee, which will be chaired by Mr. Paterson. Ms. Barnes and Mr. Paterson will also serve on the Board’s Governance Committee, which will be chaired by Ms. Barnes.
“Alan, David, Richard, and Sylvia bring a wealth of operational and financial expertise to Teekay LNG Partners,” commented Mr. Hvid. “We are very pleased that they have all agreed to join the Board, and we look forward to their contributions as we continue to execute on Teekay LNG’s strategy in the years to come.”
In connection with these new appointments to the Board, Ida Jane Hinkley, Joseph McKechnie and Beverlee Park, have stepped down from the Board, also effective today.
As previously announced, Teekay GP LLC Director William (“Bill”) P. Utt will be stepping down from the Board, effective June 10, 2019, and Director C. Sean Day will remain on the Board.
Mr. Hvid continued, “Jane, Joe and Bev have made valuable contributions to the success of Teekay LNG during their tenure. On behalf of Teekay LNG, we are grateful for their years of service and dedication. I look forward to working with our new directors, Sean Day and the management team on the next phase for Teekay LNG as we complete the delivery of our remaining newbuildings this year.”
Mr. Semple has served as a Teekay Corporation director since 2015. Mr. Semple brings over 30 years of finance experience primarily in the energy industry to the Company’s Board. He was formerly Director and Chief Financial Officer at John Wood Group PLC (Wood Group), a provider of engineering, production support and maintenance management services to the oil and gas and power generation industries, a role he held from 2000 until his retirement in 2015. Prior to this, he held a number of senior finance roles in Wood Group from 1996. Mr. Semple currently serves on the Board of Cactus, Inc. (NYSE) where he is Chair of the Audit Committee. He also served as director and Chair of the Audit Committee of Cobham PLC (LSE) until April 26, 2018.
Mr. Schellenberg brings over 25 years of financial and operating leadership experience. Mr. Schellenberg joined the Board of Teekay Corporation (NYSE:TK) in 2017 and will take over as Chairman of the Board on June 10, 2019. He has also been nominated to stand for election to the board of Teekay Tankers Ltd. (NYSE:TK) at its June AGM. He is currently a Managing Director and Principal with Highland West Capital, a private equity firm in Vancouver, Canada. Prior to that, Mr. Schellenberg was with Conair Group and its subsidiary Cascade Aerospace, specialty aviation and aerospace business, from 2000 to 2013 and was President and CEO from 2007 to 2013. Mr. Schellenberg also acted as a Managing Director in the Corporate Office of the Jim Pattison Group, Canada’s second largest private company, from 1991 to 2000. Mr. Schellenberg is a member of the Young Presidents’ Organization and holds an MBA and is a Fellow of the Chartered Professional Accountants of Canada (FCPA, FCA).
Mr. Paterson was on the board of Teekay Tankers Ltd. from August 2017 until May 29, 2019. He is a certified public accountant who retired from PriceWaterhouseCoopers LLP (PwC) in 2011 after 37 years of service. At the time of his retirement, Mr. Paterson served as the global leader of PwC’s Consumer, Industrial Products and Services Practices comprising the automotive, consumer and retail, energy utilities and mining, industrial products, pharmaceutical and health industry sectors. Mr. Paterson also served as Managing Partner of PwC’s Houston Office and U.S. Energy Practice. He supervised audits of ExxonMobil Corporation from 2002 to 2006. From 1997 to 2001, Mr. Paterson lived in Moscow, Russia where he led PwC’s Energy Practice for Europe, Middle East and Asia and also supervised the audits of OAO Gazprom. Mr. Paterson is a member of the National Association of Corporate Directors and serves on the board of Montage Resources Corporation. He is a past board member of Parker Drilling Company (2012 – 2019), Zaff GP LLC, the U.S./Russia Business Council and the U.S. Energy Association, and stepped down in July 2017 from the Board and Chairmanship of the Audit Committee of Tidewater. He also resigned as a member of the Board of Saipem Canada, Inc., a private company, in September 2017.
Ms. Barnes brings extensive financial experience, energy sector expertise and an engineering background to the Company’s board from her 37-year career. Since 2015, she has been Principal and Head of Energy Advisory Services at Tanda Resources LLC. From 2011 to 2014, she was Managing Director/Group Head Oil & Gas Investment and Corporate Banking at Keybanc Capital Markets. From 2009 to 2011, she was Managing Director and Head of Energy Investment Banking Group at Madison Williams and Company and from 2003 to 2009, she was Managing Director of Merrill Lynch/Petrie Parkman. Ms. Barnes is currently on the Board of Ultra Petroleum (NASDAQ:UPL), where she is a member of the Compensation Committee, and is on the Board of Pure Acquisition Corp (NYSE:PACQ), where she is the Chair of the Audit Committee and a member of the Compensation and Nominating and Governance Committees. Previously, Ms. Barnes served on the Board of Halcón Resources Corporation (NYSE:HK) and as a member of its Audit Committee and Reserves Committee, and on the Board of Sandridge Energy Inc. (NYSE:SD), and as a member and Chair of the Compensation Committee and a member of the Audit Committee. Ms. Barnes has an MBA from York University and a B.Sc. Mechanical Engineering from the University of Manitoba. Ms. Barnes is also Chair of the Santa Maria Hostel Foundation and is a member of the Independent Petroleum Association of American (IPAA) Capital Markets Committee and also a member of the National Association of Corporate Directors (NACD).
About Teekay LNG
Teekay LNG Partners is one of the world’s largest independent owners and operators of LNG carriers, providing LNG, LPG and crude oil marine transportation services primarily under long-term, fee-based charter contracts through its interests in 49 LNG carriers (including four newbuildings), 22 mid-size LPG carriers, seven multi-gas carriers, and one conventional tanker. The Partnership’s ownership interests in these vessels range from 20 to 100 percent. In addition, the Partnership owns a 30 percent interest in a regasification terminal, which is currently under construction. Teekay LNG Partners is a publicly-traded master limited partnership formed by Teekay Corporation (NYSE: TK) as part of its strategy to expand its operations in the LNG and LPG shipping sectors.
Teekay LNG Partners’ common units and preferred units trade on the New York Stock Exchange under the symbols “TGP”, “TGP PR A” and “TGP PR B”, respectively.
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