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Teekay Corp , a marine crude oil and petroleum product transporter, will spend up to $823 million to buy three floating production storage and offloading (FPSO) units from Norway-based Sevan Marine ASA , upgrade one of them and buy stock in a recapitalized Sevan.Teekay said in a statement it will spend $668 million on the three FPSO units — the Sevan Piranema, Sevan Hummingbird and Sevan Voyageur — $110-$130 million on upgrading the Voyageur and invest $25 million in new Sevan stock.

The U.S. company said it will take a 40 percent stake in the recapitalized Sevan, which is expected to continue as a publicly-listed company.After the deal closes in the fourth quarter of 2011, the two companies will enter into an agreement under which it will have the right to buy future FPSO projects developed by Sevan. On close, Teekay will immediately acquire the Piranema and Hummingbird units. The third unit, Voyageur, will be acquired when it is deployed on its new charter contract on the Huntington field in the third quarter of 2012.

The 2007-built Piranema FPSO is currently operating under a long-term charter to Petrobras S.A. while 2008-built Hummingbird FPSO is currently operating under a charter to Centrica Energy Upstream.Teekay intends to finance the units purchase by assuming Sevan’s existing $230 million bank debt facility secured by the Voyageur, new debt facilities and existing liquidity.

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GRT Shipping (Pvt) Ltd.,
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+94 112 301306