Teekay finalizes acquisition of Tapias

Teekay Shipping has now completed its acquisition of Naviera F. Tapias (Tapias), and has formed a 50/50 joint venture company with the former shareholders of Tapias to pursue new oil and gas shipping opportunities in Spain. Teekay has acquired Tapias for a total value of approximately $810 million and, in addition, Teekay has assumed approximately $540 million in newbuilding commitments.

With the acquisition of Tapias, Teekay has gained entry into the high-growth LNG shipping sector while at the same time it has positioned itself as a key supplier of LNG shipping to Spain. In addition, by acquiring Tapias, a major provider of crude oil transportation to Spain, Teekay’s will extend its leading position in the crude oil tanker sector.