Teekay, Torm complete deal
Teekay Corp. and A/S Dampskibsselskabet TORM said they completed their acquisition of OMI Corp. on Friday.
The two companies paid abut $2.2 billion for the Stamford, Conn.-based tanker operator, and are splitting the fleet between themselves, with Teekay acquiring OMI’s 13 Suezmax tankers and eight product tankers, and TORM acquiring the remaining 26 product tankers.
Teekay also noted that it has changed its name from Teekay Shipping Corp., saying the revision reflected its “asset management focus and expanded service offering as a leader in the marine midstream sector.”
Teekay has majority ownership of two publicly listed master limited partnerships, Teekay LNG Partners L.P. and Teekay Offshore Partners L.P., and 100 percent ownership of their respective general partnerships. In addition, Teekay has recently announced its intention to create Teekay Tankers, a separate publicly listed entity that will initially own a portion of its conventional tanker fleet.
While Teekay said conventional oil and gas shipping is its core business, the name change reflects its participation in other areas such as floating production, storage and offloading units, floating storage and offtake units, shuttle tankers and lightering services. In addition, Teekay offers marine consulting, offshore engineering, project management, logistics and freight trading services.