Teekay Corporation Ltd. · NYSE:TK
Teekay — Non-Deal Roadshow (January 2008)
70 slides from Teekay's roadshow presentation, January 2008
Slide 1: Teekay Corporation Corporate Presentation January 2008
TEEKAY CORPORATION Corporate Presentation January 2008 www.teekay.com 1
Slide 2: Forward Looking Statements
Forward Looking Statements This presentation contains forward-looking statements (as defined in Section 21E of the Securities Exchange Act of 1934, as amended) which reflect management’s current views with respect to certain future events and performance, including statements regarding: the Company’
Slide 3: Table of Contents
Table of Contents 1. Introduction 2. Teekay Corporation: Overview 3. Teekay “Standalone” 4. Teekay Tankers 5. Teekay Offshore Partners 6. Teekay LNG Partners 7. Appendices (including fleet list by entity) 3 www.teekay.com 3
Slide 4: Teekay Corporation In Profile
Teekay Corporation In Profile f Global company serving customers across the Marine Midstream space through: f A responsive chartering network f An integrated operations and risk management franchise f Global project management f Innovative corporate structure f Transnational company with 22 offices
Slide 5: The Teekay Marine Midstream Concept
The Teekay Marine Midstream Concept 5 Floating, Production Storage & Offtake Units (FPSO) 44 Shuttle Tankers 33 Product 17 Gas Tankers 5 Floating Storage 89 Crude Oil Tankers & Offloading Units Tankers CUSTOMER PEOPLE FINANCE OPERATIONS *Includes 6 commercially managed vessels 5 www.teekay.com 5
Slide 6: Value Creation Approach – Four Components
Value Creation Approach – Four Components f Proactive freight and vessel trading f Disciplined timing of asset investment f Market knowledge enhances returns f An integrated marine operations franchise f Teekay’s brand is built on the in-house management of all critical functions f Global project ma
Slide 7: Global Project Management
Global Project Management f Teekay has developed powerful internal project management expertise which allows us to work on numerous projects simultaneously Specialized Operational/ Engineering & Customer Financial Project Relationships + Commercial Expertise + Expertise + Technical Expertise = Manag
Slide 8: Changing the Risk/Reward Ratio in our Favor
Changing the Risk/Reward Ratio in our Favor Investment Returns Low High MLP GP & Pure Fee TNK Perf. Fee Business Low 3rd Party Mngm’t In-chartering Trading spot ships Capital TNK TNK Intensity Fixed-rate shipping in MLPs Historical Fixed-rate Shipping during High shipping shipping “Super-cycle” 100%
Slide 9: Benefits of an Asset Management Platform
Benefits of an Asset Management Platform f Leverages existing operational expertise to enhance returns through fee income f Access to low cost capital to finance growth f Reduces risk by lowering investment capital requirements f G.P. contribute 2% of capital, eligible to receive up to 50% of cash f
Slide 10: Innovative Corporate Structure
Innovative Corporate Structure Teekay Parent G.P. of G.P. of TGP TOO Teekay LNG Teekay Teekay Offshore Partners L.P. Tankers Ltd. Partners L.P. NYSE: TNK NYSE: TGP NYSE: TOO Conventional Teekay Shuttle Tankers LNG Carriers Tankers Petrojarl FSOs OSE: TPO LPG Carriers Future FPSOs 10 www.teekay.com 1
Slide 11: Ownership Structure
Ownership Structure 2% 2% G.P. Units G.P. Units ~74% 61.7% 57.8% L.P. Units L.P. Units 54%* 64.5% Teekay LNG Partners Teekay Tankers Teekay Petrojarl OPCO L.P. Teekay Offshore Partners (~26% of OPCO) 54% of economic interest, 53% of vote 11 www.teekay.com 11
Slide 12: Unique Strategies at Each Subsidiary
Unique Strategies at Each Subsidiary TEEKAY LNG PARTNERS L.P f 10 – 25 year fixed rate contracts f 10% annual distribution growth target TEEKAY OFFSHORE PARTNERS L.P. f 3 – 10 year fixed rate contracts f 15% annual distribution growth target TEEKAY TANKERS LTD. f 0 – 3 year contracts (i.e. spot fixt
Slide 13: Sum-of-the-Parts Value
Sum-of-the-Parts Value $65.12 per share “Standalone” assets $30.79 per TK Share TGP TNK TOO/OPCO $9.57 per $2.92 per $21.83 per TK Share TK Share TK Share Current Teekay trading price of ~ $44 is a 32% discount to sum-of-parts value 13 www.teekay.com 13
Slide 14: 2008 Strategy
2008 Strategy f Execute on strategy of growing each of our subsidiaries through drop-downs from Teekay Corp, third party asset acquisitions, and organic growth projects Increased GP / TNK Increased LP Unit / TNK Performance Fee + Share Value = Increased Free and Increased SoP Cash Flow value 14 www.
Slide 15: Financial Strategy for Cash Generated
Financial Strategy for Cash Generated 1. Delever the Balance Sheet 2. Fund Profitable Growth f Maintain sufficient liquidity f Acquisitions and organic and balance sheet capacity growth to take advantage of growth opportunities f Newbuild and ‘warehousing’ commitments 3. Return Cash to Shareholders
Slide 16: Over $10 Billion in Forward Fixed-Rate Revenues
Over $10 Billion in Forward Fixed-Rate Revenues Segment # of Avg. remaining firm Forward Fixed-rate Vessels contract Revenues Shuttle tankers 39 6.7 years $2.3 billion LNG carriers 13 21.3 years $4.4 billion FPSO units 5 5.4 years $1.8 billion FSO units 5 3.9 years $0.2 billion Conventional 22 11.4
Slide 17: Fixed Revenue Coverage of Cash Expenses
Fixed Revenue Coverage of Cash Expenses (000s) Teekay* OMI ** Total Fixed revenues $1,184,518 $121,672 $1,306,190 Non-cash revenue (Teekay Petrojarl) (65,000) (65,000) Vessel opex (412,524) (34,531) (447,055) Time-charter hire expense (399,496) (60,075) (459,571) G&A (234,310) (11,040) (245,350) Net
Slide 18: Teekay Standalone
TEEKAY CORPORATION Teekay “Standalone” www.teekay.com 18
Slide 19: G.P. Interests
G.P. Interests f MLPs have two cash flow streams: f Cash flow to LP Unit holders f Cash flow to GP Unit holder f Initial split: 98% to LP units, 2% to GP units f Incentive Distributions Rights (IDRs) allow GP to increase its percentage take of distributions by raising distributions to LP unit holder
Slide 20: TNK Performance Fee
TNK Performance Fee f Performance Fee – an incentive to increase dividends per share f Calculated as 20% of cash flow above a $3.20 per share threshold f Shareholders required to receive minimum average annual dividend of $2.65 per share before performance fee is paid f Average annual dividend calcu
Slide 21: Teekay Illustration
Teekay Illustration Assumptions TGP TOO Current Quarterly Distribution per Unit $0.53 $0.40 Annual Distribution Growth Rate 10% 15% LP Unit Issuance per Annum 10% 10% LP Units O/S @ Jan. 1, 2008 37,620,000 19,600,000 21 www.teekay.com 21
Slide 22: TGP and TOO G.P. Cash Flow Growth - Illustrative
TGP and TOO G.P. Cash Flow Growth - Illustrative $100 $90 $80 $70 (millions) $60 92% (millions) = $50 GR $40 CA $30 $20 $10 $ 2008 2009 2010 2011 2012 TGP G.P. Distribution TOO G.P. Distribution FOR ILLUSTRATION PURPOSES ONLY: Based on assumptions detailed on slide 64 and do not reflect management’s
Slide 23: TGP and TOO G.P. Value - Illustrative
TGP and TOO G.P. Value - Illustrative Rapid Escalation of Value of G.P.s $2,800 $30.42 per Teekay $2,400 share $2,000 (Millions) (millions) $1,600 (millions) $1,200 $2.21 per Teekay share $800 $400 $ 2008 2009 2010 2011 2012 Value of TGP GP Interest Value of TOO GP Interest Values based on a compara
Slide 24: Teekay Petrojarl
Teekay Petrojarl f Strategic Rationale f Natural extension of Teekay’s offshore franchise f FPSOs are complementary to Teekay’s shuttle tankers and FSOs f Petrojarl is a leader in harsh weather FPSOs f Petrojarl owns and operates 4 FPSO units in the North Sea, 1 FPSO unit in Brazil, and has a 40% in
Slide 25: The Petrojarl FPSO Fleet (excluding Siri)
The Petrojarl FPSO Fleet (excluding Siri) Petrojarl I Field: Glitne, NCS Client: Statoil Petrojarl Foinaven Field: Foinaven, UKCS Client: BP Petrojarl Varg Field: Varg, NCS Client: Talisman Petrojarl Banff Field: Banff, UKCS Client: CNR Ikdam (Petrojarl own 40%) Field: Isis, Tunisia Client: Lundin 2
Slide 26: Substantial Cash Flows to Teekay Standalone
Substantial Cash Flows to Teekay Standalone $552m or $7.51/share “Standalone” assets** $35,000/day Afra rate $45,000/day Suez rate $350m $2.8m G.P. $0.6m G.P. $34.4m $98.4m* $47.2m L.P. $18.5m L.P. TGP TNK TOO Annual Dist’n Projected Div’d Annual Dist’n OPCO $2.12 $2.55*** $1.60 *Based on 3q’07 figu
Slide 27: Teekay Standalone Fleet
Teekay “Standalone” Fleet Teekay Corporation Number of Vessels Chartered-in Newbuildings / Owned Vessels Vessels Conversions Total Spot Tanker Fleet: Suezmaxes 6 10 10 26 Aframaxes 5 25 30 Panamaxes 1 1 Large Product Tankers 13 8 1 22 Small Product Tankers 10 10 Total Spot Tanker Segment 24 54 11 89
Slide 28: Teekay Tankers Ltd.
T E E K A Y T A N K E R S L T D. NYSE: TNK IPO Date: Dec. 12, 2007 IPO Price: $19.50/unit Current Price/unit: $16.30* Indicative 2008 Yield: 15.6%** *As at January 24, 2008 **Based on assumed TCE rate of $31,625 www.teekay.com 28
Slide 29: Ownership Structure
Ownership Structure Teekay Teekay Corporation Corporation Public Public Shareholders Shareholders 54% 54% Economic Economic Interest Interest 46% 46% Economic Economic Interest Interest 53% 53% Vote Vote 47% 47% Vote Vote Teekay f 1.0 million Class A Shares f 11.5 million Class A Shares f 12.5 milli
Slide 30: Vessel Characteristics
Vessel Characteristics Aframaxes Suezmaxes Carrying Capacity: 750,000 bbls 1,000,000 bbls Size: Largest in Houston ship Largest through Suez channel and NY harbor Canal Trading Pattern: Short to medium haul Medium to long haul Key Routes: North Sea / Baltic, West Africa to U.S. Former Soviet Union t
Slide 31: Aframax Tanker Rates
Aframax Tanker Rates 90,000 80,000 70,000 Charter Rate (USD / Day 60,000 2007 Avg. 50,000 Spot Rate $35,810 40,000 30,000 20,000 Rate used in F-1 10,000 $31,625* 0 Q1 Q2 Q3 Q4 2005 2006 2007 2008 1-Year TCE Rate Used in F-1 2007 Avg . Spot Rate (1) Source: CRS (Aframax average). (1) Assumption used
Slide 32: Near Term Rate Catalysts
Near Term Rate Catalysts 1040 $100 Price of Oil (USD / Bb 1000 75 Million Barrels 960 50 920 ` 25 880 0 Jan-05 May-05 Jan-06 May-06 Jan-07 May-07 Sep-05 Sep-06 Sep-07 OECD - Industry Crude Stocks WTI Prices (USD / bbl) Limited Limited cushion cushion against against Oil Oil inventories inventories n
Slide 33: Strong Long-term Demand Fundamentals
Strong Long-term Demand Fundamentals f 2002-2006 growth of 2.1% p.a. f Non-OECD growth of 4.3% Continued Strong Oil Demand f 2008-2012 annual growth of ~2.1% f China and India driving growth f Every marginal barrel of oil shipped by sea translates to Tanker Demand Amplified by 2002-2006 ton-mile dem
Slide 34: Tanker Supply Growth Constrained
Tanker Supply Growth Constrained World Aframax Fleet 800 770 f New vessels ordered 7.1% CAGR gross fleet today are not expected to 188 growth before deletions be delivered until 2011 or 600 2012 f Major part of 400 existing tanker 582 582 orderbook is at new, 200 unproven yards in China 0 (1) 2007E
Slide 35: Fleet Managed by Leading Tanker Franchise
Fleet Managed by Leading Tanker Franchise Teekay has a network of strong Leadership in Mid-size Tankers customer relationships built through superior service: 100 f 6 chartering offices working 80 24 / 7 Number of Ships 60 f Market concentration on key 40 routes f Focus on quality-conscious 20 custo
Slide 36: Our Business Strategy
Our Business Strategy f Tactically manage our mix of spot and charter contracts f Maximize cash flow by participating in the Teekay Pool f Expand our fleet through accretive acquisitions Objective: Objective: To To Maximize Maximize Dividends Dividends Per Per Share Share 36 www.teekay.com 36
Slide 37: Teekay Will Opportunistically Manage Fleet Mix
Teekay Will Opportunistically Manage Fleet Mix $90,000 80,000 Charter Rate (USD / day 70,000 60,000 Name Y/ Built Dwt 50,000 40,000 Everest Spirit 2004 115,000 30,000 20,000 Kareela Spirit 1999 113,100 56% of the fleet 10,000 operating in 0 Kyeema Spirit 1999 113,300 spot market through Q1-02 Q3-02
Slide 38: Charter Strategy Optimizes Dividend Payout
Charter Strategy Optimizes Dividend Payout Teekay Tankers Combines Low Breakeven and Significant Upside $4.50 Aframax Spot Rate Dividend per Share Yield at Midpoint $21,625 $1.69 9.1% $26,625 $2.12 11.4% $3.75 $31,625 $2.55 13.8% $36,625 $2.98 16.1% $41,625 $3.41 18.4% $3.00 Dividend Per Share $2.25
Slide 39: Significant Growth Opportunities
Significant Growth Opportunities f Over 1,500 crude oil 3rd party tankers in the world acquisitions f Over 450 product tankers in the world S ND DE f 6 Aframaxes VI Teekay owns DI 35 other f 3 Suezmaxes NG tankers SI f 15 Product tankers EA suitable for CR TNK to acquire f 11 Newbuilds IN 4 f To be
Slide 40: Summary Financial Information
Summary Financial Information (Dollars in millions, except daily spot rates) Pro Spot Rate Known Acquisition Forma = $31,625 Opportunities Increase 2006 / Day Capacity 65% Average Daily Spot Rate $35,388 $31,625 Net Voyage Revenues $108.2 $103.0 Vessel Expenses(1) (45.1) (45.1) Income From Vessel Op
Slide 41: Teekay Offshore Partners (NYSE: TOO)
NYSE: TOO IPO Date: Dec. 13, 2006 IPO Price: $21/unit Current Price/unit: $24.19* Current Dist’n/unit: $1.60** *As of Jan. 24, 2008 www.teekay.com 41
Slide 42: Teekay Offshore Partners – Ownership Structure
Teekay Offshore Partners – Ownership Structure Teekay Corp. Public GP Unitholders NYSE: TK 58% 2% 40% Teekay Offshore Navion Bergen Partners L.P. Navion Gothenburg (50%) Dampier Spirit 74% NYSE: TOO 26% (Includes 100% of GP interest) Teekay Offshore Operating L.P. (OPCO) 36 4 9 Shuttle Tankers FSO U
Slide 43: Significant Deepwater Offshore Growth
Significant Deepwater Offshore Growth f Deepwater offshore oil Increasing Trend Towards production is one of the Deepwater Oil Production fastest growing areas in 27 10 the energy industry Shallow water f Only significant 26 8 opportunity to add reserves outside of Russia and Middle East 25 6 MB / D
Slide 44: Growing Investment in Offshore Oil and Gas Sector
Growing Investment in Offshore Oil and Gas Sector Run-rate of $247 billion annually by 2010 $163 billion in 2005 expenditures Exploration / Subsea Storage Terminal Seismic Drilling Development Production Transportation SHUTTLE TANKER FPSO FSO Source: Douglas Westwood. 44 www.teekay.com 44
Slide 45: Offshore Oil Transportation, Storage and Production
Offshore Oil Transportation, Storage and Production Shuttle Tanker FSO FPSO Specially designed to Provides on-site Oil production and transport oil from storage for oil fields storage vessel offshore installations to refineries Majority of contracts Contracts are Contracts are are ‘life of field’ ge
Slide 46: Long-term, Diverse Contract Portfolio
Long-term, Diverse Contract Portfolio Conventional Shuttle Tankers FSO Units Tankers f Majority of CoA volumes f 4 years Average f 7 years are life of field (15 year Contract average field life) – 21 (plus 5 one-year Life options) vessels f Time / bareboat charter 6 years – 17 vessels High Quality C
Slide 47: Teekay LNG Partners (NYSE: TGP)
NYSE: TGP IPO Date: May 5, 2005 IPO Price: $22/unit Current Price/unit: $28.18* Current Dist’n/unit: $2.12 *As of Jan. 24, 2008 www.teekay.com 47
Slide 48: Teekay LNG Partners LP – Ownership Structure
Teekay LNG Partners LP – Ownership Structure 100% Teekay Corporation Public Teekay GP L.L.C. 61.7% (General Partner) Unitholders 2% Teekay LNG 36.3% Partners L.P. Current Current LNG/LPG Carriers LNG/LPG Fleet Oil Tanker Fleet on Order 8 Vessels 9 Vessels 8 Vessels 8 Vessels 9 Vessels 48 www.teekay.
Slide 49: Teekay’s Gas Business
Teekay’s Gas Business Long Term Growth Strategy: f Expand our LNG and LPG fleets on a build-to- suit basis f Grow through newbuildings, joint ventures and acquisitions f Leverage customer and supplier relationships f Provide superior vessel operations f Deliver competitive rates by leveraging our fi
Slide 50: Stable Long-Term Cash Flows
Stable Long-Term Cash Flows f Attractive fixed-rate contracts “locking in” cash flows: f 20 - 25 years initial length for LNG carriers f High credit quality customers f Cost escalation provisions f Long remaining contract life for all vessels: f LNGs: 19 years f Tankers: 13 years f Liabilities are m
Slide 51: LNG Shipments: 8% Expected Annual Growth
LNG Shipments: 8% Expected Annual Growth f Global demand for natural gas is expected to continue to grow significantly f Growing shortfall of natural gas in key consuming countries f LNG shipments are the obvious solution to address this shortfall f Creates increased demand for LNG Carriers and a $1
Slide 52: Multi-Year, Built-in Growth
Multi-Year, Built-in Growth ANGOLA PROJECT (33%) (4 LNG carriers) TANGGUH (70%) (2 LNG Carriers) RASGAS 3 (40%) (4 LNG Carriers) Dania Sp. LPG Skaugen (2 LPG) Skaugen (1 LPG) RASGAS II (70%) (3 LNG Carriers) SUEZMAX ACQUISITION (3 Vessels) INITIAL FLEET (4 LNG Carriers) (5 Suezmax Vessels) 2005 2006
Slide 53: Appendix
Appendix www.teekay.com 53
Slide 54: Publicly Traded GP Valuations
Publicly Traded GP Valuations Public G.P. Comps Price Current DCF P/DCF GP Ticker (1/3/08) Distribution 2007E 2008E Yield 2007E 2008E Alliance Holdings GP, L.P. AHGP $24.72 $1.06 $1.11 $1.49 4.3% 22.2x 16.6x Atlas Pipeline Holings, L.P. AHD $26.95 $1.28 $1.11 $1.63 4.7% 24.2x 16.5x Buckeye GP Holdin
Slide 55: EBITDA Reconciliation
EBITDA Reconciliation (Dollars in millions) EBITDA for Year Ending December 31, 2006 Spot Rate = PF 2006 $31,625 / Day Net income $53.1 $47.9 Add: Depreciation and amortization 15.6 15.6 Interest expense 8.7 8.7 Income tax expense 1.3 1.3 Less: Interest income 0.0 0.0 EBITDA* $78.6 $73.5 Source: F-1
Slide 56: Newbuilding/Conversion Deliveries
Newbuilding/Conversion Deliveries 1Q08 2Q08 3Q08 4Q08 2008 Offshore Segment 1 1 Fixed-Rate Tanker Segment 1 1 2 Liquefied Gas Segment 4 2 6 Spot Segment 2 2 4 Total 2 5 2 4 13 1Q09 2Q09 3Q09 4Q09 2009 Offshore Segment Fixed-Rate Tanker Segment Liquefied Gas Segment 1 1 2 Spot Segment 2 1 3 6 Total 3
Slide 57: Capex
Capex Capex by Segment (in millions) 2008 2009 2010 2011 Total Offshore Segment - $23 $231 $163 $417 Fixed-Rate Tanker Segment 59 - - - 59 Liquefied Gas Segment 191 54 - - 245 Spot Tanker Segment 366 132 - - 498 Total $616 $209 $231 $163 $1,219 Company’s remaining capital commitments relating to its
Slide 58: Sum of Parts Support
Sum of Parts Support Balance sheet amounts as of Sept 30, 2007, except TNK which is based on F1 Share prices effective: 25-Jan-08 Teekay Offshore Partners and OPCO Teekay LNG Partners Teekay Standalone in (millions) TOO TGP FMV of owned 'on-the-water' fleet 1,891.6 L.P. units outstanding 19.6 L.P. u
Slide 59: Sum of Parts Support continued
Sum of Parts Support continued OPCO Net Debt Calculation Teekay LNG Net Debt Calculation Teekay Tankers Cash 96.6 Cash 40.9 Cash 35.0 Restricted Cash - current Restricted Cash - current 30.8 Restricted Cash - current - Restricted Cash - long-term Restricted Cash - long-term 675.8 Restricted Cash - l
Slide 60: Fleet Summaries
Fleet Summaries Teekay Offshore Partners Fleet List Number of Vessels Chartered-in Owned Vessels Vessels Newbuildings on Order Total Shuttle Tanker Segment 26 12 - 38 Conventional Tanker Segment 9 - - 9 Floating Storage & Offtake ("FSO") Vessels 5 - - 5 Total 40 12 - 52 Teekay LNG Partners Fleet Lis
Slide 61: Teekay Standalone Fleet
Teekay Standalone Fleet Suezmax Tanker Newbuildings Percent Ownership DWT Year Built BH 508-4 Suezmax 100% 159,000 2008 BH 508-5 - Suezmax 100% 159,000 2008 SH 1680 -Suezmax 100% 159,000 2008 SH 1681 -Suezmax 100% 159,000 2008 BH 508-6 Suezmax 100% 159,000 2009 BH 508-7 - Suezmax 100% 159,000 2009 S
Slide 62: Teekay Standalone Fleet Continued
Teekay Standalone Fleet Continued Suezmax Tankers - In-chartered Percent Ownership DWT Year Built Borga * 123,665 1992 Hellespont Trooper * 148,000 1996 Oliver Jacob * 157,327 1999 Cape Bantry * 159,999 2000 HS Alcina * 160,183 2001 Voyager * 149,991 2002 Astra * 149,995 2002 SCF Khibiny * 159,196 2
Slide 63: Teekay Standalone Fleet Continued
Teekay Standalone Fleet Continued Spot Conventional Tankers Newbuildings Percent Ownership DWT Year Built 1 x Handysize NB 100% 37,000 2009 Subtotal 1 Aframax Tankers - In-chartered Percent Ownership DWT Year Built Sebarok Spirit * 95,649 1993 Senang Spirit * 95,649 1994 Mayon Spirit * 98,507 1992 S
Slide 64: Teekay Standalone Fleet Continued
Teekay Standalone Fleet Continued Small Product Tankers - In-chartered Percent Ownership DWT Year Built Bregen * 13,941 1994 Sten Odin * 13,781 1998 Sten Embla * 13,781 1999 Sten Tor * 13,863 1999 Stenstraum * 13,610 2001 Sten Idun * 16,613 2002 Stenberg * 16,626 2003 Stenheim * 16,614 2003 Falcon *
Slide 65: Teekay Standalone Fleet Continued
Teekay Standalone Fleet Continued Fixed Rate Conventional Tanker - In-chartered Percent Ownership DWT Year Built Venture Spirit * 298,287 2003 Max Jacob * 157,327 2000 Stavanger Viking * 105,400 2004 Koa Spirit * 113,333 1999 Subtotal 4 Fixed Rate Conventional Tanker Newbuildings Percent Ownership D
Slide 66: TOO Fleet
TOO Fleet Fixed-Rate Shuttle Tankers - Owned Percent Ownership DWT Year Built Nordic Savonita 100% 108,153 1992 Navion Torinita 100% 106,852 1992 Basker Spirit 100% 97,068 1992 Navion Fennia 100% 95,195 1992 Navion Clipper 100% 78,228 1993 Navion Norvegia 100% 130,596 1995 Navion Europa 100% 130,319
Slide 67: TOO Fleet continued
TOO Fleet continued Fixed-Rate Shuttle Tankers - In-chartered Percent Ownership DWT Year Built Tove Knutsen * 105,295 1989 Navion Akarita * 107,223 1991 Tordis Knutsen * 123,848 1993 Vigdis Knutsen * 123,423 1993 Randgrid * 124,502 1995 Gerd Knutsen * 146,273 1996 Aberdeen * 87,055 1996 Elisabeth Kn
Slide 68: TGP Fleet
TGP Fleet Fixed-Rate LNG Carriers Percent Ownership DWT Year Built Hispania Spirit 100% 79,363 2002 Catalunya Spirit 100% 79,363 2003 Galicia Spirit 100% 79,364 2004 Madrid Spirit 100% 79,363 2004 Al Marrouna 70% 78,520 2006 Al Areesh 70% 78,520 2007 Al Daayen 70% 78,520 2007 Subtotal 7 Fixed-Rate L
Slide 69: TGP Fleet continued
TGP Fleet continued LPG Tanker Newbuildings Percent Ownership DWT Year Built WZL 0501 100% 8,200 2008 WZL 0502 100% 8,200 2008 WZL 0503 100% 8,200 2009 Subtotal 3 Fixed-rate Conventional Tankers - Owned Percent Ownership DWT Year Built Algeciras Spirit 100% 149,999 2000 Tenerife Spirit 100% 149,999
Slide 70: Teekay Tankers Fleet
Teekay Tankers Fleet Conventional Tankers - Owned Percent Ownership DWT Year Built Falster Spirit 100% 95,416 1995 Sotra Spirit 100% 95,420 1995 Nassau Spirit 100% 107,181 1998 Kareela Spirit 100% 113,144 1999 Kanata Spirit 100% 113,022 1999 Kyeema Spirit 100% 113,357 1999 Everest Spirit 100% 115,04