Teekay Orders Newbuilding Aframax Tankers

Teekay Shipping Corporation (Teekay) announced that it has entered into agreements to purchase four high specification Aframax newbuildings, two each with Daewoo Shipbuilding & Marine Engineering Co. Ltd. and Samsung Heavy Industries Co. Ltd. The agreements also provide Teekay with options to order additional ships. The new vessels will be 115,000 deadweight tonnes each and are scheduled to be delivered in 2004. The aggregate cost is approximately US$152 million, including construction supervision costs and capitalized interest.