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Teekay signs the Europe's one and only
framework agreement with Remontowa

Graham Westgarth, president of tanker shipping market leader Teekay Shipping and Piotr Soyka, president of Remontowa, signed, on March 22, an open form agreement on ship repair and ship docking services to be rendered by Gdansk based yard for the owner of the fleet of tankers and shuttle tankers.
Remontowa has been successfully serving Teekay with shiprepair, conversion (mainly tanker to shuttle tanker conversions) as well as upgrade services for around 10 years now, and the recently signed agreement is a crown for the two companies' fruitful cooperation. The agreement is the one and only of such kind signed by Teekay with an European yard.

Teekay is one of the world's largest tanker operators and leader in shuttle tankers market, operating the fleet of around 150 units. The worldwide shipyards order intake from Teekay amounts to 27 ships, at a total contractual value of USD 3 billion, at the moment. The large tanker operator decided to sign framework agreements with some of the leading, carefully selected yards located strategically worldwide, and the Remontowa agreement is the first of such kind, and - as mentioned before - the only such agreement to be signed in Europe. The agreement signed by Teekay Shipping and Remontowa encompasses a wide range of services, but mainly ship repairs and dockings.
Early April Remontowa saw arrival of yet another ship from Teekay fleet, Nordic Torinita, while Teekay operated Navion Fennia is expected to arrive for servicing at Remontowa later this month.
Teekay Shipping Corporation transports more than 10 percent of the world’s seaborne oil and has expanded into the liquefied natural gas shipping sector through its publicly-listed subsidiary, Teekay LNG Partners L.P. (NYSE: TGP), and into the offshore production, storage and transportation sector through its publicly-listed subsidiary, Teekay Offshore Partners L.P. (NYSE: TOO).
With a fleet of over 150 vessels, offices in 17 countries and 5,600 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”.
Among the most recent expansion moves by Teekay is the acquisition of Petrojarl ASA, a leading provider of FPSOs, being a Client of Remontowa, too.

Copyright 2005 Remontowa