Just announced today by Teekay, the world’s leading operator of medium sized tankers.

Hamilton, Bermuda, September 29, 2010 – Teekay Corporation (Teekay or the Company) today announced that its President and Chief Executive Officer (CEO), Bjorn Moller, has informed the Company of his intention to retire from these positions in the spring of 2011, after more than 25 years of service with the Company. Mr. Moller plans to remain on Teekay’s Board of Directors.

Since Mr. Moller became CEO in 1998, Teekay has grown from a regional operator of Aframax tankers with $1.5 billion in assets to a global marine midstream service company with approximately $10 billion in assets providing a broad service offering to its customers in the oil and gas industry. Today the Company is the world’s leading operator of shuttle tankers; a leader in harsh weather floating production, storage and offloading (FPSO) units; the leading operator of medium-sized crude oil tankers; and the third-largest independent owner of liquefied natural gas (LNG) carriers. Teekay’s fleet of over 150 vessels, operated from 16 countries worldwide, carries approximately 10 percent of the world’s seaborne oil and a growing volume of its LNG, and generates a substantial portion of its cash flow under long-term, fixed rate arrangements. In addition, its FPSO fleet produces approximately 100,000 barrels of oil per day. Teekay’s strong growth has been supported by the creation of a unique corporate structure involving three publicly-listed subsidiaries: Teekay LNG Partners (NYSE: TGP); Teekay Offshore Partners (NYSE: TOO); and Teekay Tankers Limited (NYSE: TNK).

Sean Day, Teekay’s Chairman said, “Bjorn has been an exceptional and visionary leader of Teekay during his time as CEO. He has done a superb job of developing and implementing the strategies that have transformed the Company into a world leader in the marine energy industry over the past decade. We are grateful to Bjorn for his enormous passion and commitment to Teekay over so many years. I am pleased that Bjorn has accepted our invitation to remain on our Board of Directors after he steps down next spring so that we may continue to draw on his tremendous experience and expertise.”

Bjorn Moller said, “I feel privileged to have had the opportunity to lead Teekay over the past 12 years and to work with the best team in the industry. I am proud to have played a role in creating a world-class platform and a unique corporate structure that positions Teekay extremely well for the future.” Mr. Moller continued, “The economic downturn led us to reduce our growth ambitions over the past couple of years in favor of strengthening our financial condition. We believe we are in a better position to take advantage of profitable opportunities created by the recession and the continued growth in our customers’ requirements for shipping and offshore services. With Teekay having built a strong liquidity position and rapidly approaching its target of being net debt free at the parent company by the end of 2011, this process has largely been completed.  I therefore feel that this is a logical time for me to step aside before the organization embarks on the next multi-year phase of its evolution. This will allow me to focus on other priorities that have taken a backseat to the rewarding but also very busy life as CEO of Teekay.”

The Board of Directors of Teekay has appointed Teekay’s Chief Strategy Officer and Executive Vice President, Peter Evensen, 52, as CEO-elect to succeed Mr. Moller. Mr. Evensen joined Teekay as Chief Financial Officer and Senior Vice President in 2003 after 25 years in shipping, finance and banking. He was appointed to his current role of Chief Strategy Officer in 2006.

Mr. Day said, “Peter Evensen is the natural successor as CEO of Teekay at this time. He is a seasoned industry executive who brings a strategic mindset and high energy to the role. Peter has worked closely alongside Bjorn in building our business platform over the past seven years so he will be able to ensure a seamless leadership transition.” Mr. Day added, “By placing a high priority on talent management and succession planning over many years, the Board of Teekay has ensured that the Company has strong leadership across the organization. As a result, Peter will be supported by a talented and experienced team that will ensure continuity going forward.”

Peter Evensen said, “Teekay’s success is a testimony to Bjorn’s leadership, focus and vision.  I would like to thank the Board of Directors for their confidence in entrusting the leadership of Teekay to me following Bjorn’s retirement next year. I look forward to working with the Company’s Board of Directors, its executive team and its over 6,100 employees as we build on our reputation of delivering high quality marine services to the oil and gas industry while upholding the standards of safety and excellence. Like Bjorn, I remain committed to creating value for our customers, our employees and our shareholders.”

About Teekay
Teekay Corporation transports approximately 10 percent of the world’s seaborne oil, has built a significant presence in the liquefied natural gas shipping sector through its publicly-listed subsidiary, Teekay LNG Partners L.P. (NYSE: TGP), is further growing its operations in the offshore oil production, storage and transportation sector through its publicly-listed subsidiary, Teekay Offshore Partners L.P. (NYSE: TOO), and continues to expand its conventional tanker business through its publicly-listed subsidiary, Teekay Tankers Ltd. (NYSE: TNK).  With a fleet of over 150 vessels, offices in 16 countries and over 6,100 seagoing and shore-based employees, Teekay provides a comprehensive set of marine services to the world’s leading oil and gas companies, helping them seamlessly link their upstream energy production to their downstream processing operations.  Teekay’s reputation for safety, quality and innovation has earned it a position with its customers as The Marine Midstream Company.

Teekay’s common stock is listed on the New York Stock Exchange where it trades under the symbol “TK”.

About Peter Evensen
Peter Evensen, CEO-elect of Teekay Corporation, joined Teekay in May 2003 as Chief Financial Officer and Senior Vice President. He was appointed Chief Strategy Officer and Executive Vice President in November 2006. Mr. Evensen also serves as the Chief Executive Officer, Chief Financial Officer and Director of both Teekay GP L.L.C. and Teekay Offshore GP L.L.C., and Executive Vice President and Director of Teekay Tankers Limited. Mr. Evensen has over 25 years experience in shipping, finance and banking. Prior to joining Teekay, Mr. Evensen was Managing Director and Head of Global Shipping at J.P. Morgan Securities Inc.  His international industry experience includes positions in New York, London and Oslo.

After being decommissioned this past August after 58 years of service, NOAA’s oldest and only wooden research ship that remained in its fleet, the John N. Cobb, will now be named to the National Register of Historic Places.  NOAA tells us:

Following a mandated federal review in March, Cobb will join more than 80,000 places deemed significant in American history, architecture, archeology, engineering, and culture. The register lists notable places as diverse as the Brooklyn Bridge and Paul Bunyan statue in Portland, Ore. The register is maintained by the Department of the Interior’s National Park Service.

“John N. Cobb leaves behind a rich legacy of fisheries research and maritime traditions that served NOAA and the country well for nearly 60 years,” said Mary Glackin, deputy under secretary for oceans and atmosphere. “Being named to the National Register of Historic Places is an indication of the great maritime history behind the Cobb, the people who served on it, and its importance to America.”

The 93-foot fisheries research vessel was active in the National Oceanic and Atmospheric Administrations’ fleet since 1950, spending most of its time in Alaskan waters.  A press release from NOAA on Cobb’s decomissioning states:

“The John N. Cobb has been an extremely productive platform for NOAA. She has been operating with her original 1931-design Fairbanks-Morse engine until this year,” said Rear Admiral Jonathan W. Bailey, director of the NOAA Corps, one of the nation’s seven uniformed services, and NOAA’s Office of Marine and Aviation Operations. “We are sad to see Cobb go, but it would not be the best use of NOAA’s resources to perform the maintenance and repairs required to keep her in service.”

The John N. Cobb has seen some interesting and unusual sights in its day and is retired with a career full of highlights.  Notable missions include:

*  From 1950 to 1962, Cobb conducted a series of bottomfish and shellfish surveys from southern Oregon to the Arctic Ocean. These early surveys still provide baseline data for current environmental evaluations
* Cobb helped pioneer the use of surface rope trawls, which led to the development of an important long-term data set on the biological and physical factors affecting annual fluctuations in the population strength of specific groups of salmon.
* The Exxon Valdez disaster in 1989 kept Cobb busy for several years supporting evaluations of the effects of the oil spill on the Prince William Sound ecosystem.
* Cobb came to the assistance of two vessels in distress in Alaska — the purse seine vessel Karen Rae in the mid 1990s and the Alaska state ferry Le Conte in 2004.
* Cobb participated in a burial at sea in 1999. The ashes of Dr. Richard Carlson of the Auke Bay Laboratories were spread in the waters of Auke Bay at the wishes of his family.

More from NOAA on the John N Cobb can be found HERE.

Another good article with some interesting information on the John N. Cobb can be found in The Seattle Times HERE.

PHOTO COLLECTION

]]> http://gcaptain.com/noaas-oldest-research-ship-retired/?1949/feed/ 0 http://gcaptain.com/mariner-finance-101-401k/?1075 http://gcaptain.com/mariner-finance-101-401k/?1075#comments Thu, 31 Jan 2008 18:19:18 +0000 John Konrad http://gcaptain.com/maritime/blog/mariner-finance-101-401k/  

Mariners, Take Full Advantage of Your 401K

By Capt. Ben Dinsmore

As shipping companies continue to phase out defined pension plans for an ever increasing number of mariners, the 401k has become the cornerstone of many American seafarers’ retirement plan. Unfortunately, success is not guaranteed with these plans and mariners need to take the following steps to maximize the performance of these accounts.

Enroll
If you’re not enrolled in your company’s 401K program you need to as soon as you’re eligible.

Get Your Company’s Match
If your company matches contributions up to a certain percentage of your salary you need to contribute at least enough to get the full match. This is free money that you are otherwise giving up. Most financial advisors recommend saving at least 10-15% of your income towards retirement.

Become Familiar with Your 401K’s Website
If your computer skills are lacking, consult a coworker who is familiar with your 401K provider’s website. More than likely he or she can show you most of the basic functions that you will need to perform such as checking account balances, switching investments, changing contribution levels, exc. Many companies including Fidelity and Vanguard are more than happy to walk you through their websites if you call them.

Choose Solid Investments
Most 401K plans offer at least a couple solid mutual funds from which to choose. When deciding on a particular fund, compare the 5 and 10 year track records of each and use that as a guide. If you need more help in choosing which fund is right for you, check out (Morningstar.com) and (finance.yahoo.com) for reviews of each fund. Never hold more than 10% of your accounts value in a single companies stock (Remember what happened to the Enron Employees).

Leave Your Investments Alone
You may hear about your coworkers trying to “Time” the market by pulling their money out of stock mutual funds when the market goes down. Financial experts warn that this method is seldom effective.

Never Cash Out Your 401K
If you leave your company, do not be tempted to cash out your 401K. Not only will you be charged regular income tax on the proceeds but you will also be assessed a 10% penalty by the IRS if you are under the age of 59 ½. Instead talk to a financial services company such as Vanguard, Fidelity, or T. Rowe Price, about a “direct transfer rollover” into an Individual Retirement Account.

Capt. Ben Dinsmore is a Master Mariner currently sailing a chief mate on an oil exploration vessel in the Gulf of Mexico. He is author of the personal finance blog www.treesfullofmoney.com.