View source for Teekay

{{Short description|Largest shipowners in the world}}{{Use dmy dates|date=November 2019}}
{{Infobox company
| name = Teekay
| logo =
| image = Stena Teekay Alexita passing Dunoon - geograph.org.uk - 5674385.jpg
| image_caption = Stena Teekay {{MV|Alexita}} passing [[Dunoon]]
| type = [[Public company|Public]]
| traded_as = {{NYSE|TK}}<ref>{{cite news|last1=Stamford|first1=Joe|title=New Teekay arm uses Oslo cash to splash on tankers|url=http://www.tradewindsnews.com/weekly/330832/new-teekay-arm-uses-oslo-cash-to-splash-on-tankers|accessdate=24 November 2017|publisher=Tradewinds|date=17 January 2014}}</ref><br>{{NYSE|TNK}} (Teekay Tankers)<br>[[Russell 2000 Index|Russell 2000 Component]] (TK, TNK)
| foundation = 1973<ref name="official">{{cite web|title=About us|url=http://teekay.com/about-us/|website=teekay.com|publisher=Teekay official website|accessdate=24 November 2017}}</ref>
| location = Vancouver, Canada
| key_people = Torben Karlshoej (founder), Kenneth Hvid (CEO)
| area_served =
| industry = [[Maritime transport]], [[Petroleum industry|Petroleum]]
| products =
| num_employees =
| parent = Teekay Corporation (TK)
| homepage = http://www.teekay.com/
| footnotes =
}}
'''Teekay''' is a Canadian shipping corporation which specialises in shipping [[Crude oil tanker|crude oil]].<ref name="agm">{{cite book|title=TEEKAY SHIPPING CORPORATION - Annual general meeting - Management review|date=15 May 2003|publisher=TK Corporation|location=London|edition=1|url=https://teekay.com/wp-content/uploads/2014/11/AGM_spch1-2003.pdf|accessdate=24 November 2017}}</ref>
==History==
Teekay was founded in 1973 by Torben Karlshoej, then a 31 year old [[Danish language|Danish]] ship broker who had emigrated to the United States at the age of 20 and mostly worked on farms.<ref name="tkf1">{{cite web|title=About J. Torben Karlshoej|url=http://www.tkfoundation.bs/about/jtorbenkarlshoej/|website=www.tkfoundation.bs|publisher=TK foundation|accessdate=24 November 2017}}</ref> The company was named "TK" for Karlshoej's initials. It commenced operations by purchasing small second and third hand [[oil tanker]]s, a lucrative trade due to the high oil prices during the [[1973 oil crisis|1973–1974 oil crisis]]. It maintained a [[Tax haven|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]].<ref>{{cite web|title=Teekay Shipping Corporation - Company Profile, Information, Business Description, History, Background Information on Teekay Shipping Corporation|url=http://www.referenceforbusiness.com/history2/60/Teekay-Shipping-Corporation.html|website=www.referenceforbusiness.com|publisher=Reference for business|accessdate=24 November 2017}}</ref>
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.<ref>{{cite book|title=Teekay Corporation Reports Fourth Quarter and Annual 2021 Results|date=24 February 2022|publisher=Teekay Corporation|location=Hamilton, Bermuda|url=https://www.teekay.com/blog/2022/02/24/teekay-corporation-reports-fourth-quarter-and-annual-2021-results/|accessdate=3 March 2022}}</ref>
==Offshore operations==
[[File:Petrojarl Knarr (1) (15004845363).jpg|thumb|right|This is the {{FPSO|Petrojarl Knarr}} designed for offshore oil production. It was owned in 2015 by shipping company Teekay, and was built by [[Samsung Heavy Industry]]’s shipyard in [[South Korea]]. It will be operating from Q4 2014 in the [[Demographics of Norway|Norwegian]] sector of the [[North Sea]] for British company [[BG Group]], producing 63,000 barrels of oil per day. Here it is shot at the [[Aibel shipyard]] in [[Haugesund, Norway]] as it undergoes final preparations before leaving for the North Sea.]]
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]].
[[File:Petrojarl Knarr (2) (15622347651).jpg|thumb|right|Close-up view of {{FPSO|Petrojarl Knarr}} on 25 October 2014 just before it was commissioned]]
In December 2002, Teekay acquired [[Navion ASA]] from [[Equinor|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]].<ref>{{cite news|title=Statoil Sells Navion to Teekay Shipping|date=16 December 2002|publisher=Statoil ASA|location=Oslo, Norway|url=https://www.globenewswire.com/en/news-release/2002/12/16/292754/725/en/Statoil-Sells-Navion-to-Teekay-Shipping.html|accessdate=3 March 2022}}</ref>
In August 2006, Teekay further expanded their Offshore business with the acquisition of Petrojarl ASA.<ref>{{cite news|title=Teekay Announces Acquisition of Stake in Petrojarl ASA; Intends to Launch Mandatory Bid for 100%|date=31 August 2006|publisher=Teekay Shipping Corporation|location=Nassau, Bahamas|url=https://www.sec.gov/Archives/edgar/data/911971/000091197106000041/form6k-083106.htm|accessdate=3 March 2022}}</ref> In 2008, Teekay acquired all remaining shares of the company. <ref>{{cite news|title=Teekay Announces Acquisition of Remaining Shares of Teekay Petrojarl ASA|date=9 July 2008|publisher=Teekay Shipping Corporation|location=Hamilton, Bermuda|url=https://www.teekay.com/blog/2008/07/09/teekay-announces-acquisition-of-remaining-shares-of-teekay-petrojarl-asa/|accessdate=3 March 2022}}</ref>
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 subsequently became [[Teekay Petrojarl|Teekay Petrojarl ASA]].<ref>{{cite news|title=Teekay opens TIL|url=http://www.tradewindsnews.com/tankers/331112/teekay-opens-til|accessdate=24 November 2017|publisher=Trade Winds|date=17 January 2004}}</ref>
In September 2017, [[Brookfield Business Partners|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.<ref>{{cite news|title=Teekay and Brookfield Announce Closing of Strategic Transaction; and Changes to Teekay Offshore's Board of Directors|url=https://www.teekay.com/blog/2017/09/25/teekay-and-brookfield-announce-closing-of-strategic-transaction-and-changes-to-teekay-offshore-s-board-of-directors/|accessdate=3 March 2022|publisher=Teekay Corporation|date=25 September 2017}}</ref> 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.<ref>{{cite news|title=Teekay Corporation Agrees to Sell Remaining Interests in Teekay Offshore to Brookfield for $100 Million|date=30 April 2019|publisher=Teekay Corporation|location=Hamilton, Bermuda|url=https://www.teekay.com/blog/2019/04/30/teekay-corporation-agrees-to-sell-remaining-interests-in-teekay-offshore-to-brookfield-for-100-million/|accessdate=3 March 2022}}</ref>
==LNG shipping==
In 2004, Teekay entered [[Liquefied natural gas|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]].<ref>{{cite book |last1=Ingpen |first1=Brian |title=Teekay: The First 40 Years |date=2013 |publisher=Kattegat Limited |location=Hamilton, Bermuda |isbn=978-0-620-56155-6 |pages=131–134 |url=https://teekay.com/wp-content/uploads/2013/08/Teekay_The_First_40_Years.pdf |access-date=7 March 2022}}</ref>
A short time after October 2011, Teekay acquired [[Maersk]]'s LNG carrier business of eight vessels in a deal worth $1.4bn, as the latter exited the LNG space. Peter Evensen said that the Teekay LNG fleet at the time numbered to 45 vessels.<ref name="me1">{{cite news |url=https://maritime-executive.com/article/teekay-lng-partners-to-acquire-ownership-interest-in-1-4bill-maersk-lng-carriers |title=Teekay LNG Partners to Acquire Ownership Interest in $1.4Bill Maersk LNG Carriers }}</ref>
In July 2014, Teekay signed contracts for six [[Yamal LNG|Yamal]] Icebreaking LNG Carrier Newbuildings in a joint venture between Teekay LNG and China LNG.<ref>{{cite news |title=Teekay LNG Partners Finalizes Contracts for Six Yamal LNG Carrier Newbuildings |url=https://www.teekay.com/blog/2014/07/09/teekay-lng-partners-finalizes-contracts-for-six-yamal-lng-carrier-newbuildings/ |access-date=7 March 2022 |publisher=Teekay Corporation |date=9 July 2014}}</ref> The first ship, the [[Eduard von Toll|Eduard Toll]], was delivered in January of 2018, and the final of the six vessels, the {{MV|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]].<ref>{{cite news |title=Teekay LNG Partners L.P. Closes Acquisition by Stonepeak and Will Rebrand as Seapeak |url=https://www.globenewswire.com/news-release/2022/01/13/2366473/0/en/Teekay-LNG-Partners-L-P-Closes-Acquisition-by-Stonepeak-and-Will-Rebrand-as-Seapeak.html |access-date=7 March 2022 |publisher=Teekay Corporation |date=13 January 2022}}</ref>
==Current operations==
[[File:CSIRO ScienceImage 1541 Research vessel Investigator under construction.jpg|thumb|right| The 93.9 metre Investigator has room onboard for up to 40 scientists, who can stay at sea for up to 60 days and cover up to 10,000 nautical miles in a single voyage. The contract to design, build and commission the vessel was awarded to [[Teekay Holdings Australia]], which partnered with [[Sembawang Shipyard]] Pte Ltd in [[Singapore]] because of its track record and strong commitment to new technologies and innovation.]]
Teekay currently operates a fleet of [[Oil tanker|conventional tankers]], under head offices in [[Canada]], [[London]], [[Manila]], [[Mumbai]], [[Bermuda]] and [[Singapore]], along with a marine services arm based in [[Australia]].{{cn|date=September 2024}}
===Leadership===
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.).<ref>{{cite web |title=Leadership |url=https://www.teekay.com/investors/teekay-corporation/leadership/ |website=Teekay.com |access-date=7 March 2022}}</ref>
==Gallery==
<gallery>
File:House flag of Teekay.svg|[[House flag]] of Teekay
File:Navion Britannia at the '4e Petroleumhaven', Port of Rotterdam, Holland 23-Apr-2006.jpg|Teekay acquired the {{MV|Navion Britannia}} when it bought operator Navion from [[Statoil]]
File:Axel Spirit - IMO 9282041 - Callsign C6FY5 at the '8e Petroleumhaven', Port of Rotterdam, Holland 08-Apr-2006.jpg|{{MV|Axel Spirit}} in April 2006 at the [[Port of Rotterdam]]
File:Navion Hispania p2 IMO 9168922 at the '5e Petroleumhaven', Port of Rotterdam, Holland 15-Jul-2006.jpg|{{MV|Navion Hispania}} in July 2006 at Rotterdam
File:BALOE & JAN PONTON (28227271162).jpg|The {{MV|Meridian Spirit}} is seen in the distance, beyond the breakwater in this photo from July 2016 in Rotterdam
File:SriLanka-Independence - 4 Feb 2019 (10).jpg|The {{MV|SriLanka Independence}} on 4 February 2019 offshore [[Colombo harbour]]
</gallery>
== References ==
{{reflist}}
==External links==
{{Portal|Norway|Energy}}
* [http://teekay.com/ Teekay web site]
* [http://www.pgs.com Petroleum Geo-Services web site]
[[Category:Oil companies of Norway]]
[[Category:Companies based in Trondheim]]
[[Category:Shipping companies of Canada]]
[[Category:Floating production storage and offloading vessel operators]]
[[Category:Transport companies established in 1973]]
[[Category:1973 establishments in the Bahamas]]