Nov 2024
On 1 October 2024, Teekay Corporation Ltd. and Teekay Tankers Ltd. announced their redomiciliation from the Marshall Islands to Bermuda. Conyers served as special Bermuda legal counsel to the Teekay Group during the redomiciliation.
“Teekay’s decision to redomicile to Bermuda is a strong affirmation of Bermuda’s reputation as a premier jurisdiction. Bermuda’s distinguished maritime heritage and well-established business infrastructure continues to attract global industry leaders,” said Marcello Ausenda, Head of Conyers Bermuda Corporate Practice and the Global Shipping Practice. “We are delighted to welcome the Teekay companies to the expanding list of Bermuda companies trading on major US stock exchanges.”
The Teekay Group has existing ties to Bermuda, and the redomiciliation decision comes as part of a broader initiative to position the NYSE-listed companies for long-term success by leveraging Bermuda’s established reputation in the international market.
Teekay Corporation Ltd. and Teekay Tankers Ltd. are two of the world’s leading marine energy transportation companies. Teekay Corporation Ltd. is a leading provider of international crude oil marine transportation and other marine services, which it provides directly and through its controlling ownership interest in Teekay Tankers Ltd., one of the world’s largest owners and operators of mid-size crude tankers. Teekay Tankers Ltd. has a fleet of 42 double-hull tankers (including 24 Suezmax tankers and 18 Aframax / LR2 tankers), and has six time chartered-in tankers. It also owns a Very Large Crude Carrier through a 50 percent-owned joint venture, as well as a ship-to-ship transfer business.
Conyers Directors Marcello Ausenda, Victor Richards, Senior Associate Alexis Haynes and Associate Joshua DeAllie of Conyers’ Bermuda office advised on this matter, working alongside Perkins Coie LLP and Watson Farley & Williams LLP.