Teekay (TK) Raises Quarterly Dividend 73.9% to $0.55; Will Complete Sale of Knarr FPSO Unit

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Go back to Teekay (TK) Raises Quarterly Dividend 73.9% to $0.55; Will Complete Sale of Knarr FPSO Unit

Teekay Corporation to Complete Sale of the Knarr FPSO and Announces Dividend Increase of 75 Percent

June 30, 2015 9:02 AM EDT

HAMILTON, BERMUDA -- (Marketwired) -- 06/30/15 -- Teekay Corporation (NYSE: TK) -

Highlights:

-- Completing dropdown sale of the Knarr FPSO to Teekay Offshore on July 1, 2015 for approximately $1.26 billion. -- Agreed to invest $300 million in common units of Teekay Offshore. -- Results in a reduction in Teekay Parent's net debt by approximately $1 billion. -- Increased quarterly cash dividend by 75 percent to $0.55 per share, from $0.31625 per share. -- Targeting 15 to 20 percent annual dividend growth over the next three years.

Teekay Corporation (Teekay or the Company) announced today that its Board of... More