Teekay Corporation Ltd. Reports Third Quarter 2024 Results; Declares a Special Dividend; and Announces New Share Repurchase Program
October 30 2024 - 3:05PM
Teekay Corporation Ltd. (Teekay or the Company) (NYSE:TK)
today reported results for the three months ended September 30,
2024. The full earnings release and Teekay Group’s earnings
presentation are available on the Company’s website here.
Special Dividend
The Company's Board of Directors declares a
one-time special cash dividend in the amount of $1.00 per
outstanding common share. This dividend is payable on December 18,
2024 to all Teekay shareholders of record on December 4, 2024.
New Share Repurchase Program
The Company’s Board of Directors has authorized
a new share repurchase program for the repurchase of up to $40
million of the Company’s outstanding common shares. Under the
program, repurchases can be made from time to time in the open
market, through privately-negotiated transactions and by any other
means permitted under the rules of the U.S. Securities and Exchange
Commission, in each case at times and prices considered appropriate
by the Company. The timing of any purchases and the exact number of
shares to be purchased under the program will be subject to the
discretion of the Company and upon market conditions and other
factors. The Company intends to make all open market repurchases
under the plan in accordance with Rule 10b-18 of the U.S.
Securities Exchange Act of 1934, as amended.
About Teekay
Teekay is a leading provider of international
crude oil marine transportation and other marine services. Teekay
provides these services directly and through its controlling
ownership interest in Teekay Tankers Ltd. (NYSE: TNK), one of the
world’s largest owners and operators of mid-sized crude tankers.
The consolidated Teekay entities manage and operate approximately
62 conventional tankers and other marine assets, including vessels
operated for the Australian government. With offices in 8 countries
and approximately 2,200 seagoing and shore-based employees, Teekay
provides a comprehensive set of marine services to the world’s
leading energy companies.
Teekay’s common stock is listed on the New York
Stock Exchange where it trades under the symbol “TK”.
For Investor Relations enquiries
contact:
E-mail: investor.relations@teekay.comWebsite: www.teekay.com
Forward-Looking Statements
This release contains forward-looking statements
within the meaning of Section 27A of the U.S. Securities Act of
1933, as amended, and Section 21E of the U.S. Securities Exchange
Act of 1934, as amended. All statements included in this release,
other than statements of historical fact, are forward-looking
statements. When used in this report, the words “expect,”
“believe,” “anticipate,” “plan,” “intend,” “estimate,” “may,”
“will” or similar words are intended to identify forward-looking
statements. Readers are cautioned not to place undue reliance on
these forward-looking statements and any such 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 forward-looking statements. Forward-looking statements
contained in this release include, among others, statements
regarding the expected amount and timing of repurchases of Teekay’s
common shares under the Company’s share repurchase program; and the
occurrence and timing of a special cash dividend payment by the
Company.
The following factors are among those that could
cause actual results to differ materially from the forward-looking
statements, which involve risks and uncertainties, and that should
be considered in evaluating any such statement: changes in the
Company’s liquidity and financial leverage; the Company’s capital
requirements; changes in the demand for oil and refined products;
changes in trading patterns significantly affecting overall vessel
tonnage requirements; greater or less than anticipated levels of
vessel newbuilding orders and deliveries and greater or less than
anticipated rates of vessel scrapping; changes in global oil prices
or tanker rates; higher than expected costs and expenses, off-hire
days or dry-docking requirements (both scheduled and unscheduled);
changes in the trading price and trading volume of the Company’s
common shares; 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, 2023. Teekay expressly
disclaims any obligation or undertaking to release 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 any such statement is based.
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