The name change was filed with the Marshall Islands Registrar of Corporations following approval by the company’s shareholders at its annual general meeting held on May 29, 2007.
Teekay has changed its name to reflect the company’s asset management focus and expanded service offering in the marine midstream sector.
Teekay’s corporate structure includes majority ownership of two publicly-listed master limited partnerships, Teekay LNG Partners and Teekay Offshore Partners, and 100% ownership of their respective general partnerships.
Teekay has also recently announced its intention to create Teekay Tankers, a separate publicly-listed entity that will initially own a portion of its conventional tanker fleet.
In addition to Teekay’s core business of conventional oil shipping, the company also provides storage and offloading units, and liquefied petroleum gas and liquefied natural gas transportation, among other activities.
I am pleased with the outcome of the vote as it demonstrates that our shareholders view Teekay as more than a shipping company and one that provides marine solutions to the energy sector, said Bjorn Moller, president and CEO of Teekay Corporation.
While shipping will always remain an important part of our business, over the years we have grown the company and expanded our service offering to extend well beyond conventional shipping. It’s exciting and fitting that our company name reflects that diversity and is more inclusive of our expansion into other areas, Mr Moller concluded.
