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Marine Log

October 18, 2006

Teekay has 50.3 percent of Petrojarl shares
Teekay Shipping Corporation (Teekay) (NYSE:TK) today announced that it has acquired, through its wholly owned subsidiary TPO Investments AS, 50.3 percent of the shares of Petrojarl ASA (Petrojarl), pursuant to its mandatory bid announced on September 18, 2006. The mandatory bid to purchase the remaining Petrojarl shares for NOK 70 per share expires at 10:30 a.m. EDT on October 18, 2006. Petrojarl is the largest operator of FPSO's in the North Sea

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