January 13, 2011
HAMILTON, BERMUDA–(Marketwire – Jan. 13, 2011) – Teekay Corporation (Teekay or the Company) (NYSE:TK) today announced that its current President of its Shuttle Tanker and FSO business unit, Kenneth Hvid, has been appointed to the position of Executive Vice President and Chief Strategy Officer effective April 1, 2011. In his new role, Mr. Hvid will be located in Vancouver, Canada and will be succeeding Peter Evensen, who will take over as Teekay’s President and Chief Executive Officer in April 2011 as a result of the previously announced retirement of Bjorn Moller.
Mr. Hvid joined Teekay in 2000 from A.P. Moller, and was responsible for leading the Company’s global procurement activities until he was promoted in 2004 to Senior Vice President, Teekay Gas Services. During this time, Mr. Hvid was involved in leading Teekay’s entry and growth in the LNG business. In 2006, he was appointed to his current role as President, Teekay Navion Shuttle Tankers and Offshore.
Mr. Evensen commented, “Kenneth has done an extraordinary job in growing our shuttle tanker and FSO activities and in positioning the Stavanger-based business unit for the future. With his broad expertise, natural leadership skills and strategic mindset, Kenneth is the ideal candidate to lead Teekay’s strategic initiatives.”
Ingvild Sæther has been appointed Mr. Hvid’s successor as President, Teekay Navion Shuttle Tankers and Offshore effective April 1, 2011. Ms. Sæther joined Teekay in 2002 as part of the Company’s acquisition of Navion from Statoil. She held various management positions in Teekay’s conventional tanker business unit before she was appointed Vice President, Teekay Navion Shuttle Tankers in 2007, with commercial responsibility for Teekay’s shuttle tanker activities in the North Sea.
“Ingvild has been instrumental in managing the growth of our North Sea activities including the recent successful contracting of our new generation shuttle tankers and is the natural successor as President of Teekay’s Shuttle Tanker and FSO business unit,” commented Mr. Evensen. “She is a visionary leader with passion for her work and extensive shipping experience. She has worked closely alongside Kenneth for the last few years which will ensure a seamless leadership transition.”
Teekay Corporation transports approximately 10 percent of the world’s seaborne oil, has built a significant presence in the liquefied natural gas shipping sector through its publicly-listed subsidiary, Teekay LNG Partners L.P. (NYSE:TGP), is further growing its operations in the offshore oil production, storage and transportation sector through its publicly-listed subsidiary, Teekay Offshore Partners L.P. (NYSE:TOO), and continues to expand its conventional tanker business through its publicly-listed subsidiary, Teekay Tankers Ltd. (NYSE:TNK). With a fleet of over 150 vessels, offices in 16 countries and over 6,100 seagoing and shore-based employees, Teekay provides a comprehensive set of marine services to the world’s leading oil and gas companies, helping them seamlessly link their upstream energy production to their downstream processing operations. Teekay’s reputation for safety, quality and innovation has earned it a position with its customers as The Marine Midstream Company.
Teekay’s common stock is listed on the New York Stock Exchange where it trades under the symbol “TK”.