Teekay Corp. loans up to US$1 billion from CEXIM

Teekay Corp. has announced that it has entered into a framework cooperation agreement, and will loan up to US$1 billion from the Export-Import Bank of China (CEXIM). The loan would allow Teekay and its subsidiary companies, such as Teekay LNG Partners LP, Teekay Offshore Partners LP and Teekay Tankers Ltd, to construct or convert vessels in Chinese shipyards over the coming three years.

Vince Lok, the Executive Vice President and Chief Financial Officer, said: “?We are very pleased to announce the signing of this framework agreement as it further strengthens our existing relationship with CEXIM and represents yet another source of capital for the Teekay group.

“We anticipate that the shipyards in China will become an increasingly important supplier of vessels for Teekay, as we have seen recently with the construction of Teekay Offshore’s Units for Maintenance and Safety in China.

“We are grateful for the strong support from CEXIM and we look forward to further expanding our relationship with them.”

Edited from various sources by David Rowlands

Read the article online at: https://www.lngindustry.com/liquid-natural-gas/01102015/teekay-corp-loans-up-to-us1-billion-from-cexim-1384/