June 10, 2008
Maersk takes Teekay's Swift Tankers stake
Teekay Corporation (NYSE:TK) and A.P. Moller - Maersk A/S have reached an agreement that will see A.P. Moller - Maersk acquire Teekay Corporation's 50 percent share in Swift Tankers Management A/S. This includes taking over Teekay Corporation's portfolio of 13 intermediate vessels--all of which are time chartered from a number of owners --and thereby taking over Teekay Corporation's activities in the Intermediates market.
A.P. Moller - Maersk thus becomes sole owner of Swift Tankers.
Swift Tankers operates 24 intermediate (10-20,000 DWT) product and chemical tankers, from its primary location in Copenhagen as well as a subsidiary office in Stavanger, Norway.
"In the day-to-day operations there will be no changes to our customers and we look forward to continuing to service the markets with attention on a safe and reliable performance" said Kristian V. Morch, Group Senior Vice President, A. P. Moller - Maersk.
Bruce Chan, President of Teekay Tanker Services, said 'We are pleased to see that Swift Tankers has got off to a good start. We have however decided to move our focus away from the intermediate segment to fully concentrate on Teekay's core activities within the larger products and crude tanker markets'.
The transaction, which is subject to regulatory approvals, will be effective July 1, 2008.