Teekay Announces Signing of $1 Billion Framework Cooperation Agreement With Export-Import Bank of China
HAMILTON, BERMUDA--(Marketwired - Sep 30, 2015) - Teekay Corporation (Teekay or the Company) (TK) announced today it has entered into a Framework Cooperation Agreement with The Export-Import Bank of China (CEXIM) for up to $1 billion in new loan facilities. Such loan facilities would be made available to Teekay and its subsidiaries, including Teekay LNG Partners L.P. (TGP), Teekay Offshore Partners L.P. (TOO) and Teekay Tankers Ltd. (TNK), to finance the construction or conversion of vessels from shipyards in China over the next three years.
"We are very pleased to announce the signing of this framework agreement in Beijing, China as it further strengthens our existing relationship with CEXIM and represents yet another source of capital for the Teekay group," commented Vince Lok, Teekay Corporation's Executive Vice President and Chief Financial Officer. "We anticipate that the shipyards in China will become an increasingly important supplier of vessels for Teekay, as we have seen recently with the construction of Teekay Offshore's Units for Maintenance and Safety in China." Mr. Lok continued, "We are grateful for the strong support from CEXIM and we look forward to further expanding our relationship with them."
The CEXIM loan facilities are subject to approvals by CEXIM, customary closing conditions and the execution of satisfactory documentation.
About Teekay Corporation
Teekay Corporation operates in the marine midstream space through its ownership of the general partners and a portion of the outstanding limited partner interests in Teekay LNG Partners L.P. (TGP) and Teekay Offshore Partners L.P. (TOO). The general partners own all of the outstanding incentive distribution rights. In addition, Teekay has a controlling ownership interest in Teekay Tankers Ltd. (TNK) and directly owns a fleet of vessels. The combined Teekay entities manage and operate consolidated assets of approximately $12.5 billion, comprised of 214 liquefied gas, offshore, and conventional tanker assets. With offices in 15 countries and approximately 7,100 seagoing and shore-based employees, Teekay provides a comprehensive set of marine services to the world's leading oil and gas companies.
Teekay's common stock is listed on the New York Stock Exchange, where it trades under the symbol "TK".
Forward Looking Statements
This release contains forward-looking statements (as defined in Section 21E of the Securities Exchange Act of 1934, as amended) which reflect management's current views with respect to certain future events and performance, including statements regarding: the timing and certainty of up to $1 billion of new loan facilities with CEXIM to finance the construction or conversion of vessels from shipyards in China; and the importance of the shipyards in China as a supplier of vessels to Teekay in the future. The following factors are among those that could cause actual results to differ materially from the forward-looking statements, which involve risks and uncertainties, and that should be considered in evaluating any such statement: the ability of Teekay and CEXIM to agree on acceptable terms and conditions for new loan facilities under the Framework Cooperation Agreement; failure by CEXIM to approve any new loan facilities; the availability of suitable growth projects to the Company that would involve the construction or conversion of vessels from shipyards in China; and other factors discussed in Teekay's filings from time to time with the SEC, including its Report on Form 20-F for the fiscal year ended December 31, 2014. The Company expressly disclaims any obligation or undertaking to release publicly any updates or revisions to any forward-looking statements contained herein to reflect any change in the Company's expectations with respect thereto or any change in events, conditions or circumstances on which any such statement is based.
