Teekay Tankers has forged a deal with Oslo-listed Tanker Investments Ltd to consolidate much of the Teekay group's conventional tanker fleet under one company.
The deal will see New York-listed Teekay Tankers take over TIL's $500m worth of modern tankers, bringing together a combined fleet valued at $2.4bn.
"We believe Teekay Tankers presents an even more compelling investment in the midsize tanker space with a stronger financial foundation, a much larger, younger fleet with which to service our customers globally, and our now fully integrated tanker operations, positioning our company as the leading tanker brand in our segment," said Kevin Mackay, Teekay Tankers’ chief executive.
