HAMILTON, Bermuda, Aug. 11, 2022 (GLOBE NEWSWIRE) — Teekay Corporation (teekay Where the company) (NYSE: TK) today announced that its Board of Directors has authorized a stock repurchase program to repurchase up to $30 million of the company’s outstanding common stock. Under the program, redemptions may be made from time to time in the open market, through privately negotiated transactions, and through any other means permitted by the rules of the United States Securities and Exchange Commission, in each cases at times and at prices deemed appropriate by the Company. The timing of any purchase and the exact number of shares to be purchased under the program will be subject to the discretion of the Company and to market conditions and other factors. The Company intends to make all open market redemptions under the plan in accordance with Rule 10b-18 of the United States Securities Exchange Act of 1934, as amended.
Teekay is a leading provider of international crude oil and other shipping services. Teekay provides these services directly and through its controlling interest in Teekay Tankers Ltd. (NYSE: TNK), one of the world’s largest owners and operators of midsize tankers. Teekay’s consolidated entities manage and operate 60 conventional tankers and other marine assets. With offices in eight countries and approximately 2,500 employees at sea and ashore, Teekay provides a full suite of maritime services to the world’s leading energy companies and the Australian government.
Teekay’s common stock is listed on the New York Stock Exchange where it trades under the symbol “TK”.
For Teekay Investor Relations
Email: [email protected]
This release contains forward-looking statements within the meaning of Section 27A of the US Securities Act of 1933, as amended, and Section 21E of the US Securities Exchange Act of 1934, as amended. All statements included in this release, other than statements of historical facts, are forward-looking statements. When used in this report, the words “expect”, “believe”, “anticipate”, “plan”, “intend”, “estimate”, “may”, “will” or words similar are intended to identify forward-looking statements. . Readers are cautioned not to place undue reliance on these forward-looking statements and these forward-looking statements are qualified in their entirety by reference to the following cautionary statements. All forward-looking statements speak only as of the date hereof and are based on current expectations and involve a number of assumptions, risks and uncertainties that could cause actual results to differ materially from such statements. prospective. Forward-looking statements in this release include, among other things, statements regarding the expected amount and timing of repurchases of Teekay common stock under the company’s stock repurchase program.
The following factors are among those that could cause actual results to differ materially from forward-looking statements, which involve risks and uncertainties, and which should be considered when evaluating such statement: changes in the Company’s liquidity and leverage; the capital requirements of the Company; changes in demand for oil and refined products; changes in trading patterns significantly affecting overall vessel tonnage requirements; higher or lower than expected levels of new ship orders and deliveries and higher or lower than expected ship demolition rates; changes in world oil prices or tanker prices; higher than expected costs and expenses, non-lease days or dry-docking requirements (planned and unplanned); changes in the trading price and volume of the Company’s common stock; and other factors discussed in Teekay’s filings from time to time with the SEC, including its Annual Report on Form 20-F for the fiscal year ended December 31, 2021. Teekay expressly disclaims any obligation or undertaking to publicly any updates or revisions to any forward-looking statements contained herein to reflect any change in Teekay’s expectations with respect thereto or any change in events, conditions or circumstances on which such statement is based.