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    Teekay acquires Navion

    News // December 20, 2002
    Teekay Shipping Corporation and Statoil ASA have announced that they have entered into an agreement under which Teekay will acquire Statoil's wholly-owned shipping company, Navion ASA, on a debt free basis, for approximately $800 million in cash.

    The transaction positions Teekay as a strategic logistics provider of shuttle tanker services to Statoil and other oil companies, and increases Teekay's presence in the conventional crude oil andproduct tanker trades. In 2001, Navion transported a total of 160 million tonnes of crude oil and petroleum products, exceeding the 135 million tonnes carried by Teekay in that year.

    Operating from Stavanger, Norway, Navion has built a leading franchise in the complex North Sea offshore loading business. It provides logistics services to Statoil and other oil companies through a portfolio of fixed-rate long-term contracts of affreightment (COAs). Navion supports this COA business with a modern fleet of nine owned and 17 chartered shuttle tankers, including four vessels from Ugland Nordic Shipping AS (UNS), Teekay's shuttle tanker subsidiary located in Sandefjord, Norway.

    Navion also services the conventional tanker requirements of Statoil and other customers through a modern in-chartered fleet of 12 crude oil tankers and 9 product tankers mainly operating in the Atlantic region. In addition Navion owns two FSO vessels currently trading as conventional crude tankers in the Atlantic region, and one gas carrier on long-term charter to Statoil.

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