Marubeni and Teekay LNG Partners joint venture to acquire ownership interest of 8 LNG Vessels from A.P. Moller-Maersk A/S

Oct. 13. 2011
Marubeni Corporation

Marubeni Corporation (“Marubeni”) jointly with Teekay LNG Partners L.P. (“Teekay LNG”) has agreed to acquire the ownership interest of 8 LNG vessels from A.P. Moller-Maersk A/S (“APMM”) for an aggregate purchase price of $1.4 billion. 
Marubeni and Teekay LNG established through their subsidiaries a 48%/52% joint venture company (“JVC”) in Denmark and the JVC acquires the ownership from APMM. The JVC arranges the finance for the acquisition with first class banks.

APMM has operated the 8 vessels all built by Samsung Heavy Industries Co., Ltd. in 2004-2010 and owned 100% interests of 6 vessels of which 3 are chartered for a long term and 3 are under short-term charters and 26% interests of 2 vessels chartered for a long term.

Marubeni which entered into owning and operation business of LNG vessels by acquisition of 49% ownership interests of 8 vessels from BW Gas Ltd. in 2010, has been aiming at involving itself more in the business and reached a decision of this second acquisition, being confident that LNG as energy and LNG vessel as its transportation vehicle will become increasingly important.

Teekay LNG is an LNG/LPG shipowning arm of Teekay Corporation with which Marubeni wishes to take the opportunity afforded by this partnership to expand the relationship in LNG and various energy transportation businesses.

About A.P. Moller-Maersk A/S
The A.P. Moller - Maersk Group is a worldwide conglomerate. The Group operates in some 130 countries and has a workforce of some 108,000 employees. In addition to owning one of the world's largest shipping companies, the Group is involved in a wide range of activities in the energy, logistics, retail and manufacturing industries.
A.P. Moller - Maersk A/S common units are traded on the Copenhagen Stock Exchange, part of the NASDAQ OMX Group, under the symbol “MAERSK”.

About Teekay LNG Partners L.P.
Teekay LNG Partners L.P. is a publicly-traded master limited partnership formed by Teekay Corporation (NYSE: TK) as part of its strategy to expand its operations in the LNG and LPG shipping sectors. Teekay LNG Partners L.P. provides LNG, LPG and crude oil marine transportation services primarily under long-term, fixed-rate charter contracts with major energy and utility companies through its fleet of 21 LNG carriers (including one LNG regasification unit), five LPG/Multigas carriers and 11 conventional tankers. Two of the 21 LNG carriers are newbuildings scheduled for delivery in 2011 and 2012. One of the five LPG/Multigas carriers is a newbuilding scheduled for delivery in 2011. In addition, Teekay LNG Partners, through its joint venture with Marubeni, has agreed to acquire ownership interests in eight LNG carriers and expects this transaction to close in late-2011.
Teekay LNG Partners’ common units trade on the New York Stock Exchange under the symbol “TGP”.

Outline of 8 LNG Vessels

LNG Carrier  Year Delivered  Ownership
1. Maersk Meridian  2010 100%
2. Woodside Donaldson  2009 100%
3. Maersk Magellan  2009 100%
4. Maersk Arwa 2008 100%
5. Maersk Marib  2008 100%
6. Maersk Methane  2008 100%
7. Maersk Qatar  2006 26%
8. Maersk Ras Laffan  2004 26%