TEEKAY
Agreement with Frontline to expand the Gemini Suezmax Pool

DEC, 16.2008
 

 

Teekay Corporation (Teekay) and Frontline Ltd. announced an agreement to commercially combine their Suezmax vessels within the Gemini Pool, a Suezmax tanker pool serving customers around the world.

Frontline will add its spot Suezmax vessels in the Gemini Pool, increasing to 36 its total number of vessels. Gemini has opened an office in Oslo to manage the new larger fleet and establish a chartering presence in Europe.

“Teekay and the other members of the Gemini Pool are pleased to welcome Frontline as a new partner,” said Bjorn Moller, president & CEO of Teekay Corporation.

Gemini Pool partners are Frontline, Teekay, König & Cie and Hyundai Merchant Marine. The expanded Pool will commence by January 1, 2009.

• Teekay Corporation (listed on NYSE), has a 10% market share of the world’s seaborne oil. With a fleet of 180 vessels, offices in 17 countries and more than 6,400 seafarers and shore-based employees, provides marine services to the world’s leading oil and gas companies.

• Frontline Ltd. listed on Oslo Stock Exchange and NYSE, is a world leader in the international seaborne transportation of crude oil, with one of the world's largest fleets of VLCC and Suezmax tankers and Suezmax OBO carriers.