Teekay Corporation (Teekay or the Company) announces that it has entered into a contract with the Australian Government Department of Defence to provide marine services for five Australian Government vessels for a firm period of six years, with options to extend for up to an additional 10 years. Under the contract, which is expected to commence in November 2021, Teekay will provide ship management services, including crewing and training, operating, engineering, maintenance, and supply support.

“This is another example of how we can generate value from the Teekay franchise and allows us to expand our asset-lite services segment,” commented Kenneth Hvid, Teekay’s President and CEO. “In addition, this contract further builds on our strategic relationship with the Australian Government, where we will now provide services for a total of nine Australian Government vessels, and it provides a solid foundation from which to further grow this business.”