Teekay Awarded Three Long-Term LNG Contracts

Source: www.gulfoilandgas.com 7/1/2004, Location: Middle East

Nassau, The Bahamas - July 01, 2004 -Teekay Shipping Corporation (“Teekay” or “the Company”) announced today that it has been awarded contracts to charter three 151,700 m3 liquefied natural gas (“LNG”) carriers to Ras Laffan Liquefied Natural Gas Co. Limited (II) (“RasGas II”), a joint venture company between a subsidiary of ExxonMobil Corporation and Qatar Petroleum. The vessels will be chartered to RasGas II at fixed rates, with inflation adjustments, for a period of 20 years (with options to extend up to 35 years), commencing in late 2006 and early 2007.

In connection with these charter contracts, Teekay has entered into agreements with Daewoo Shipbuilding & Marine Engineering Co. Ltd. to construct three LNG carriers, representing a total contract price of approximately $510 million. The charter contracts are expected to generate approximately $55 million in annualized cash flow from vessel operations. Qatar Gas Transport Company is expected to acquire a 30% interest in the vessels as permitted under the tender documents.

“We are delighted to have been selected as a provider of LNG shipping services in Qatar, which is expected to become the largest exporter of LNG in the world within the next few years,” commented David Glendinning, President of Teekay’s Gas division. “The profitability of this transaction has been enhanced through an ‘en bloc’ order for all three vessels from one shipyard combined with an attractively priced, long-term fixed-rate loan facility that was locked in at interest rates below current levels.” Mr. Glendinning continued, “The RasGas II contracts are an excellent example of building on the strategic LNG platform that Teekay acquired with the Tapias transaction earlier this year. In addition, this new association with Qatar Petroleum provides a base from which to pursue future profitable growth in Qatar.”



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