American Shipper

Teekay acquires Naviera F. Tapias for $810 million

Teekay acquires Naviera F. Tapias for $810 million

   Tanker shipping group Teekay Shipping Corp. has acquired Naviera F. Tapias S.A., a Spanish owner and operator of liquefied natural gas carriers and crude oil tankers, for about $810 million.

   Teekay has also entered into an agreement with the shareholders of Tapias to establish a 50-50 joint venture that will pursue new business in the oil and gas shipping sectors, focusing specifically on the Spanish market.

   The takeover of Tapias allows Teekay to enter the liquefied natural gas (LNG) market. Spain is also the world’s third-largest importer of LNG.

   Tapias operates four LNG tankers, contracted under long-term fixed-rate charters to major Spanish energy companies, and nine “Suezmax” conventional crude oil tankers.

   Teekay, listed on the New York Stock Exchange, also acquired the shipping arm of Norwegian oil major Statoil ASA in 2002 for about $800 million in cash.