Teekay Tankers has completed the purchase of stable mate Tanker Investments Ltd almost four years after it was spun-off as an asset play project listed in Oslo.
TIL used the speedy access to funds available in the Norwegian capital markets, listing in March 2014 and quickly growing a fleet with a view to eventual sale.
After pivoting on its strategy and becoming an operator for a period, TIL is the second fleet swallowed by Teekay Tankers in just over two and a half years after Apollo-backed Principal Maritime Tankers was taken in a $662m deal in August 2015.
