Teekay (TK), a Canadian-based company is one of the world’s largest tanker owners and operators. The company provides a full suite of ship-to-ship transfer services in the oil, gas, and dry bulk industries; and offshore production services. The company spun out the Teekay Offshore division to Brookfield Business Partners L.P (BBU) through two separate transactions in 2017 and 2019 and exited the offshore oil exploration business. The company also sold its LNG shipping business to Stonepeak Infrastructure Partners in 2022 in a $6.2 billion transaction.
The company now operates as Teekay Corporation and Teekay Tankers Ltd. (TNK), which is a controlled subsidiary of Teekay Corporation. Teekay is now one of the world’s largest marine energy transportation companies. The consolidated Teekay entities manage and operate total assets under management of approximately $2 billion, comprised of approximately 65 conventional tankers and other marine assets. Its major clients include energy and utility companies, major oil traders and consumers, government agencies, and other industries that depend on marine transportation.