Teekay completes Skaugen buy

Teekay completes Skaugen buy

Tanker operator Teekay Shipping Corp. said it has completed its purchase of 50 percent of I.M. Skaugen ASA's wholly-owned subsidiary, Skaugen PetroTrans.

The purchase consists of a cash payment of $25 million and earn-outs based on the financial performance of SPT over the next five years.

The deal is expected to help SPT expand its lightering business beyond the Gulf of Mexico. SPT will continue to operate as an autonomous entity governed by a joint venture agreement with its own management and Board of Directors.