Teekay Shipping to acquire Navion unit from Statoil

By OGJ editors
HOUSTON, Dec. 17 -- Teekay Shipping Corp. Monday reported entering into an agreement to acquire from Norway's Statoil ASA its Navion ASA shipping and offshore business unit for $800 million.

In late 2001, Statoil had acquired full ownership of Navion after purchasing the Rasmussen Group's 20% share in the company for $175.4 million (OGJ Online, Sept. 4, 2001).

"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 and product tanker trades," Statoil said. During 2001, Navion transported a total of 160 million tonnes of crude oil and petroleum products. During that same year, Teekay transported 135 million tonnes of oil and products, the company said.

Included in the transaction is Navion's offshore loading business comprising its fleet of shuttle tankers: 9 owned shuttle tankers, 17 time chartered-in shuttle tankers (which includes 4 vessels from Teekay's shuttle tanker unit Ugland Nordic Shipping AS), 2 floating storage and offloading vessels, 12 chartered-in crude oil tankers, 9 chartered-in product tankers, and 1 gas carrier. Teekay also will acquire Navion's conventional tanker business and the chartering joint venture with Statoil.

Teekay currently owns and operates 17 shuttle tankers, which represent about 25% of the worldwide shuttle tanker fleet.

The transaction becomes effective Jan. 1, 2003 and is expected to close during second quarter 2003, Statoil said. After the closing of the deal, Teekay will move its main Norwegian operating office to Stavanger.

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