 | |
 House flag of Teekay | |
| Company type | Public |
|---|---|
| NYSE: TK [1] NYSE: TNK (Teekay Tankers) Russell 2000 Component (TK, TNK) | |
| Industry | Maritime transport, Petroleum |
| Founded | 1973 [2] |
| Headquarters | Vancouver, Canada |
Key people | Torben Karlshoej (founder), Kenneth Hvid (CEO) |
| Parent | Teekay Corporation (TK) |
| Website | http://www.teekay.com/ |
Teekay is a Canadian shipping corporation which specialises in shipping crude oil. [3]
Teekay was founded in 1973 by Torben Karlshoej, then a 31 year old Danish ship broker who had emigrated to the United States at the age of 20 and mostly worked on farms. [4] The company was named "TK" for Karlshoej's initials. It commenced operations by purchasing small second and third hand oil tankers, a lucrative trade due to the high oil prices during the 1973–1974 oil crisis. It maintained a head office in the Bahamas, thus taking advantage of low corporate taxes. Most of its ships were registered in Liberia, thus taking advantage of the comparatively low taxes and the ability to recruit seafarers from across the world. The company grew in the 1980s by operating in the risky waters off Persian Gulf during the Iran–Iraq War. [5]
Under Karlshoej's leadership, the company grew further from a tanker operator to an operational ship owner in the conventional shipping market. Over the years, Teekay expanded across new segments including gas and offshore. Teekay currently operates under two companies that are publicly traded on the New York Stock Exchange: Teekay Corporation and Teekay Tankers. [6]
In 1998, Teekay commenced operations under what is now called Petrojarl. It commenced offshore oil exploration as Golar Nor Offshore, a part of Petroleum Geo-Services (PGS) and Golar-Nor.
In December 2002, Teekay acquired Navion ASA from Statoil. The acquisition was successfully completed on April 7, 2003, and the included shuttle tanker subsidiary, Ugland Nordic Shipping (UNS) became known as Teekay Navion Shuttle Tankers & Offshore (TNSTO), with their headquarters in Stavanger, Norway. [7]
In August 2006, Teekay further expanded their Offshore business with the acquisition of Petrojarl ASA. [8] In 2008, Teekay acquired all remaining shares of the company. [9]
In 2005 the company purchased the shuttle tanker Rita Knutsen. This was followed in 2007, with the Russian tanker Che Guevara which was subsequently converted into the FPSO Petrojarl Cidade de Rio das Ostras. In 2006, Petrojarl ASA was demerged from Petroleum Geo-Services and listed on the Oslo Stock Exchange. Teekay acquired majority ownership in the company in December 2006 and Petrojarl ASA became Teekay Petrojarl ASA subsequently. [10]
In September 2017, Brookfield Business partners LP completed a $640 million equity investment in Teekay Offshore Partners L.P., acquiring 60% of the common units of Teekay Offshore. [11] In April 2019, Teekay sold all remaining interests in Teekay Offshore to Brookfield for a further $100 million, signaling their exit from the Offshore space. [12]
In 2004, Teekay entered LNG shipping business with acquisition of Naviera Tapias, and publicly listed Teekay LNG Partners on the New York Stock Exchange in 2005. Teekay LNG Partners expanded business in 2005 after being awarded major long-term LNG contracts in Qatar and Indonesia. [13]
In July 2014, Teekay signed contracts for six Yamal Icebreaking LNG Carrier Newbuildings in a joint venture between Teekay LNG and China LNG. [14] The first ship, the Eduard Toll, was delivered in January of 2018, and the final of the six vessels, the Yakov Gakkel, was delivered in December 2019.
In 2021, Teekay announced that Stonepeak Infrastructure Partners would acquire Teekay LNG in a $6.2 billion transaction. The transaction closed on January 13, 2022 and the company was rebranded as Seapeak. [15]
Teekay currently operates a fleet of conventional tankers, under head offices in Canada, London, Manila, Mumbai, Bermuda and Singapore, along with a marine services arm based in Australia.
As of March 2022, the company's leadership consisted of Kenneth Hvid (the President and Group CEO) and Kevin Mackay (President and CEO - Teekay Tankers Ltd.). [16]
Frontline PLC is the world's fourth largest oil tanker shipping company, based in Limassol, Cyprus and controlled by John Fredriksen. Its primary business is transporting crude oil. As of 2008 the company had one of the world's largest tanker fleets consisting of VLCC, Suezmax and Suezmax OBO carriers.
Seatrium Limited is a Singaporean company. It is listed on the Singapore Exchange (SGX) and was formed from the merger of the two main offshore and marine companies in Singapore in 2023: Sembcorp Marine and Keppel Offshore & Marine.
TORM based in Copenhagen, Denmark, is a shipping company that owns and operates product tankers. The company's product tankers carry refined oil products such as gasoline, jet fuel, naphtha and diesel oil.
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Teekay Petrojarl was the largest Floating Production Storage and Offloading (FPSO) operator in the North Sea with a daily production of 339,000 barrels of oil per day and a storage capacity of 1 million barrels (160,000 m3) of crude oil. Teekay Petrojarl operated five FPSO vessels, two shuttle tankers and one storage tanker. It was owned by Teekay, a large operator of tankers until purchased by Brookfield Asset Management, becoming Altera Infrastructure.
Odfjell SE is a company specialising in worldwide seaborne transportation and storage of chemicals and other speciality bulk liquids. The Odfjell fleet comprises more than 80 ships in total. The ships transport around 600 different kinds of liquids, including organic and inorganic bulk liquid chemicals, acids, animal fats, edible oils, portable alcohols and clean petroleum products. Odfjell’s ships are mainly registered in Norway (NIS) and Singapore, and are primarily manned by Norwegian and Filipino mariners.
MISC Group was incorporated in 1968 as Malaysia International Shipping Corporation Berhad and is the leading international shipping line of Malaysia. In September 2005, Malaysia International Shipping Corporation Berhad adopted its present corporate identity and changed its name to MISC Berhad. Its main shareholder is Petroliam Nasional Berhad (Petronas), the national oil conglomerate of Malaysia. With over 50 years of experience, MISC's principal businesses include energy shipping, offshore floating solutions, marine repair and conversion, integrated marine services, port management and maritime services, and maritime education and training. Fleet consists of more than 100 owned and in-chartered vessels with a combined deadweight tonnage capacity of over 13 million tonnes. MISC Group is a proud constituent of the DJSI Emerging Markets Index and FTSE4Good Bursa Malaysia Index, a testament to our strong sustainability performance and ESG practices.
Vetco was established in July 2004 and operated through its subsidiaries Vetco Gray and Vetco Aibel AS. Vetco was the result of a consortium consisting of the private equity firms Candover, 3i and JP Morgan Partners taking over ABB's oil and gas division; ABB Offshore Systems. Vetco was made out of companies that have serviced the upstream oil and gas industry since 1903. These companies are suppliers of products, systems and services for onshore and offshore drilling and production, project management, engineering, procurement and construction services, process systems and equipment, maintenance, modification and operations. Vetco was headquartered in London UK, and employed over 10,000 people in more than 30 countries worldwide.
Foinaven oilfield is a deep-water oil development approximately 190 kilometres (120 mi) west of the Shetland Islands. Together with Schiehallion, Loyal, Solan, Clair and Lancaster fields it forms the area generally termed as the West of Shetland.
Equinor ASA is a Norwegian state-owned multinational energy company headquartered in Stavanger, Norway. It is primarily a petroleum company operating in 36 countries with additional investments in renewable energy. In the 2020 Forbes Global 2000, Equinor was ranked as the 169th-largest public company in the world. As of 2021, the company has 21,126 employees.
A/S J. Ludwig Mowinckels Rederi is a Bergen-based shipping company that operates eight tankers with six newbuildings. The company is privately owned and has divided ownership between one foundation and the Mowinckel family through the founder's J. Ludwig Mowinckel's wife Julie Mowinckel's will and testament - still after 30 years waiting to be settled. The foundation "Magda Muller Mowincels Legat" was set up in 1985 by Magda Mowinckel - the daughter of the founder - and aims to protect and serve for the company's economy and existence.
Golar LNG owns and operates marine LNG infrastructure. The company had developed Floating LNG liquefaction terminal (FLNG) and Floating Storage and Regasification Unit (FSRU) projects based on the conversion of existing LNG carriers. Front End Engineering and Design (FEED) studies have now been completed for a larger newbuild FLNG solution. Golar is also collaborating with another industry leader to investigate solutions for the floating production of blue and green ammonia as well as carbon reduction in LNG production.
COSCO Shipping Energy Transportation Co., Ltd., stylized as COSCO SHIPPING Energy, is a Chinese oil tanker shipping company with its headquarters in Hongkou District, Shanghai. The company transports crude oil, LNG, and LPG. It is a subsidiary of COSCO Shipping. It is the world's largest oil tanker shipping company in terms of fleet capacity.
Tor Olav Trøim is a Norwegian businessman and engineer. He used to hold a number of executive and board positions in John Fredriksen-controlled companies, and was often described as his right hand. Trøim graduated as MSc Naval Architect from the University of Trondheim, Norway in 1985. Trøim is a Norwegian citizen and is resident in the UK. His career includes Portfolio Manager Equity in Storebrand ASA, and CEO for the Norwegian Oil Company DNO AS (1992–1995).
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Knutsen NYK Offshore Tankers (KNOT) is the second largest shuttle tanker operator in the world. KNOT is a joint venture between Norwegian-based Knutsen OAS Shipping and Japanese-based Nippon Yusen Kabushiki Kaisha (NYK), and was set up in 2010 following NYK's acquisition of 50 per cent of the shuttle tanker fleet from Knutsen OAS Shipping. The two companies have a separate joint venture regarding liquefied CO2.
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GE Oil & Gas was the division of General Electric that owned its investments in the petroleum industry. In July 2017, this division was merged with Baker Hughes.
