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Teekay LNG raising funds

LNG Industry,

Teekay LNG Partners L.P. has announced that it has agreed to sell approximately 1.7 million common units to an institutional investor for net proceeds, including its general partner’s proportionate capital contribution, of approximately US$ 51 million.  The share offering represents a 3.5% share in the company.

The company provides marine transportation services to the LNG, LPG and crude oil industries. Teekay intends to use the proceeds from the sale for general partnership purposes, which may include funding newbuilding deliveries or future vessel acquisitions.  The sale is expected to close on July 16, 2010.

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