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Teekay Tankers and Tanker Investments Announce Closing of Merger

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Staff Writer | November 28, 2017
Teekay Tankers and Tanker Investments announced the closing of the merger of the two companies.
Teekay Tankers
Merger   35 double-hull tankers
Upon the closing of the merger, each outstanding share of TIL common stock (other than shares held in the treasury of TIL or owned by Teekay Tankers or any of its subsidiaries) was exchanged for the right to receive 3.30 shares of Teekay Tankers Class A Common Stock, and TIL became a wholly owned subsidiary of Teekay Tankers.

Teekay Tankers currently owns a fleet of 35 double-hull tankers, including 16 Suezmax tankers, 12 Aframax tankers, and seven Long Range 2 (LR2) product tankers, and has four capital leased Suezmax tankers and one contracted time charter-in vessel.

Teekay Tankers’ vessels are employed through a mix of short- or medium-term fixed rate time charter contracts and spot tanker market trading. Teekay Tankers also owns a Very Large Crude Carrier (VLCC) through a 50 percent-owned joint venture.

In addition, Teekay Tankers owns a ship-to-ship transfer business. Teekay Tankers was formed in December 2007 by Teekay Corporation as part of its strategy to expand its conventional oil tanker business. â– 


 

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