Statoil transfers Navion tanker business to new owner Teekay

07 April 2003 14:17  [Source: ICIS news]

LONDON (CNI)--Norwegian energy and petrochemicals group Statoil said Monday it has formally transferred its shipping company Navion to new owner, Norsk Teekay - a wholly-owned subsidiary of Canada's Teekay Shipping Corporation.

Navion's fleet includes a methanol tanker and one ethane gas carrier as well as around 48 crude oil and general petroleum product tankers. 

Statoil said that following the transfer of ownership, executive vice president Erling Overland will be replaced as chairman of Navion by Bjorn Moller, chief executive of Teekay Shipping Corp.

The new president of Navion will be Peter Antturi, who comes from the post of chief financial officer of Teekay Shipping Corp.

Statoil sold Navion to Teekay on 1 January 2003, receiving just over NKr6bn (about $827m/Euro773m) from the deal.

By: Neil Sinclair
+44 20 8652 3214

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