Mariners Rescued from Disabled Barge Off Rhode Island
Three mariners were rescued from a disabled barge off the coast of Point Judith, Rhode Island on Wednesday after their tug sank. The U.S. Coast Guard reports that watchstanders at...
NYSE-listed Teekay Tankers (TNK) announced it has agreed to acquire all remaining and outstanding shares of Oslo-listed Tanker Investments (TIL) in a share-for-share merger, solidifying Teekay’s position as the world’s largest publicly-listed mid-sized conventional tanker company.
TIL’s fleet consists of 10 Suezmax tankers, 6 Aframax tankers and 2 LR2 Product tankers with an average age of 7.3 years. The merger will grow Teekay Tankers’ fleet to 62 conventional tankers, including 3 in-chartered conventional tankers, comprising 30 Suezmax tankers, 22 Aframax tankers, 9 LR2 Product tankers and one 50 percent-owned VLCC.
“We believe Teekay Tankers presents an even more compelling investment in the mid-size tanker space with a stronger financial foundation, a much larger, younger fleet with which to service our customers globally, and our now fully-integrated tanker operations, positioning our Company as the leading tanker brand in our segment,” commented Kevin Mackay, Teekay Tankers’ President and Chief Executive Officer.
Mr. Mackay continued, “The merger with Tanker Investments is expected to be immediately accretive to earnings per share, further strengthens the Company’s financial position, and better positions Teekay Tankers to take advantage of the next tanker market upturn. Once finalized, the acquisition will lower our average fleet age, reduce our financial leverage and increase our total liquidity position. In addition, with the acquisition of the remaining interest in Teekay Operations, Teekay Tankers has now completed its evolution into a fully-integrated conventional tanker platform with all management and operations now owned and operated solely by Teekay Tankers.”
The merger has been approved by the Board of Directors of both Teekay Tankers and TIL. Teekay says it to close the merger in the third quarter of 2017.
Join the 62,480 members that receive our newsletter.
Have a news tip? Let us know.