Teekay specialise in shipping
crude oil.
History
Teekay was founded in 1973 by Torben Karlshoej, then a 31 year old
Danish
Danish may refer to:
* Something of, from, or related to the country of Denmark
People
* A national or citizen of Denmark, also called a "Dane," see Demographics of Denmark
* Culture of Denmark
* Danish people or Danes, people with a Danish a ...
ship broker who had emigrated to the United States at the age of 20 and mostly worked on farms.
The company was named "TK" for Karlshoej's initials. It commenced operations by purchasing small second and third hand
oil tanker
An oil tanker, also known as a petroleum tanker, is a ship designed for the bulk transport of oil or its products. There are two basic types of oil tankers: crude tankers and product tankers. Crude tankers move large quantities of unrefined cru ...
s, a lucrative trade due to the high oil prices during the
1973–1974 oil crisis. It maintained a
head office in the
Bahamas
The Bahamas (), officially the Commonwealth of The Bahamas, is an island country within the Lucayan Archipelago of the West Indies in the North Atlantic. It takes up 97% of the Lucayan Archipelago's land area and is home to 88% of the ar ...
, 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
The Persian Gulf ( fa, خلیج فارس, translit=xalij-e fârs, lit=Gulf of Fars, ), sometimes called the ( ar, اَلْخَلِيْجُ ٱلْعَرَبِيُّ, Al-Khalīj al-ˁArabī), is a mediterranean sea in Western Asia. The bod ...
during the
Iran–Iraq War
The Iran–Iraq War was an armed conflict between Iran and Ba'athist Iraq, Iraq that lasted from September 1980 to August 1988. It began with the Iraqi invasion of Iran and lasted for almost eight years, until the acceptance of United Nations S ...
.
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
The New York Stock Exchange (NYSE, nicknamed "The Big Board") is an American stock exchange in the Financial District of Lower Manhattan in New York City. It is by far the world's largest stock exchange by market capitalization of its listed ...
: Teekay Corporation and Teekay Tankers.
Offshore operations
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 (Petroleum Geo-Services) is a technologically focused oilfield service company involved in providing geophysical services worldwide. Its seismic service offerings help oil companies find oil and gas reserves offshore. Product offerings span ...
(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.
In August 2006, Teekay further expanded their Offshore business with the acquisition of Petrojarl ASA. In 2008, Teekay acquired all remaining shares of the company.
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.
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. 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.
LNG shipping
In 2004, Teekay entered
LNG
Liquefied natural gas (LNG) is natural gas (predominantly methane, CH4, with some mixture of ethane, C2H6) that has been cooled down to liquid form for ease and safety of non-pressurized storage or transport. It takes up about 1/600th the volu ...
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
Qatar (, ; ar, قطر, Qaṭar ; local vernacular pronunciation: ), officially the State of Qatar,) is a country in Western Asia. It occupies the Qatar Peninsula on the northeastern coast of the Arabian Peninsula in the Middle East; it ...
and
Indonesia
Indonesia, officially the Republic of Indonesia, is a country in Southeast Asia and Oceania between the Indian and Pacific oceans. It consists of over 17,000 islands, including Sumatra, Java, Sulawesi, and parts of Borneo and New Guine ...
.
In July 2014, Teekay signed contracts for six
Yamal Icebreaking LNG Carrier Newbuildings in a joint venture between Teekay LNG and China LNG. The first ship, the
Eduard Toll
Eduard Gustav Freiherr von Toll (russian: Эдуа́рд Васи́льевич Толль, translit=Eduárd Vasíl'evič Toll'; 1902), better known in Russia as Eduard Vasilyevich Toll and often referred to as Baron von Toll, was a Russian ge ...
, 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.
Current operations
Teekay currently operates a fleet of
conventional tankers, under head offices in
Canada
Canada is a country in North America. Its ten provinces and three territories extend from the Atlantic Ocean to the Pacific Ocean and northward into the Arctic Ocean, covering over , making it the world's second-largest country by tot ...
,
London
London is the capital and List of urban areas in the United Kingdom, largest city of England and the United Kingdom, with a population of just under 9 million. It stands on the River Thames in south-east England at the head of a estuary dow ...
,
Manila
Manila ( , ; fil, Maynila, ), officially the City of Manila ( fil, Lungsod ng Maynila, ), is the capital of the Philippines, and its second-most populous city. It is highly urbanized and, as of 2019, was the world's most densely populate ...
,
Mumbai
Mumbai (, ; also known as Bombay — List of renamed Indian cities and states#Maharashtra, the official name until 1995) is the capital city of the Indian States and union territories of India, state of Maharashtra and the ''de facto'' fin ...
,
Bermuda
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and
Singapore
Singapore (), officially the Republic of Singapore, is a sovereign island country and city-state in maritime Southeast Asia. It lies about one degree of latitude () north of the equator, off the southern tip of the Malay Peninsula, bor ...
, 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), Kevin Mackay (President and CEO - Teekay Tankers Ltd.), Art Bensler (Executive Vice President, Corporate Secretary and General Counsel, and Vince Lok (Executive Vice President and Chief Financial Officer).
References
External links
{{Portal, Norway, Energy
Teekay Petrojarl web sitePetroleum Geo-Services web site
Oil companies of Norway
Companies based in Trondheim
Floating production storage and offloading vessel operators
Transport companies established in 1973
1973 establishments in the Bahamas