15 August 2012

Teekay - KOTUG Joint Venture to Pursue Opportunities In Australian Towage Market

Sydney, Australia/Rotterdam, The Netherlands - 15 August 2012 - Teekay Shipping Australia Pty Ltd. (Teekay) and KOTUG International B.V. The Netherlands (KOTUG) today announced the establishment of a new Joint Venture (JV) company, called KT Maritime Services Australia Pty Ltd, to pursue new business opportunities in the Australian towage market. 

“We believe there are new opportunities for trusted and experienced companies like Teekay and KOTUG to provide superior towage services at existing and greenfield terminal developments,” commented Ard-Jan Kooren, CEO of KOTUG. “The JV between Teekay and KOTUG will bring together complementary skills from each partner. At KOTUG, we have many years of practical and technical experience in the towage field, including the deployment of our highly maneuverable RotorTug technology. Combined with Teekay’s worldwide reputation for operational leadership and deep knowledge and expertise in the Australian crewing and ship management markets, this results in a strong partnership to pursue new business.” 

“The Australian market for towage services is growing as new LNG projects begin production, adding to the ongoing growth in Australian coal and iron ore export shipments,” commented David Parmeter, Managing Director, Teekay Shipping Australia Pty Ltd. “Since 2002, Teekay has operated in the Australian towage market at both Hay Point and Port Hedland where we currently manage 12 tugs and have experience with several KOTUG RotorTug vessels. With our new JV company, we are formalizing a partnership that will deliver top tier towage services for the Australian market.” 

Under the terms of the JV agreement, Teekay and KOTUG will both continue to separately manage respective existing operations in various Australian ports. 

KT Maritime Services Australia Pty Ltd will be located in Perth, Australia. Jamie Anderson, Business Development Manager for KT Maritime Services Australia, will be responsible for developing new business with potential customers. 

Teekay Corporation is an operational leader and project developer in the marine midstream space. Through its general partnership interests in two master limited partnerships (MLPs), Teekay LNG Partners L.P. (NYSE:TGP) and Teekay Offshore Partners L.P. (NYSE:TOO), its controlling ownership of Teekay Tankers Ltd. (NYSE:TNK), and its fleet of directly-owned vessels, Teekay is responsible for managing and operating consolidated assets of over $11 billion, comprised of approximately 150 liquefied gas, offshore, and conventional tanker assets. It has offices in 16 countries and approximately 6,400 seagoing and shore-based employees. Teekay's common stock is listed on the New York Stock Exchange where it trades under the symbol "TK". 

KOTUG is an international maritime service provider. With a century of experience combined with a modern fleet, KOTUG has built its reputation as a competitive and innovative player in the maritime industry for harbour towage, coastal & deep sea towage, salvage and emergency response, tug management, crew training, chartering, brokerage, offshore services and assistance to dredging industry. 

Source: KOTUG