Teekay, KOTUG Form Joint Venture for Australian Towage Market

Teekay Shipping Australia Pty Ltd. (Teekay) and KOTUG International B.V. The Netherlands (KOTUG) today announced the establishment of a new Joint Venture (JV) company, called KT Maritime Services Australia Pty Ltd, to pursue new business opportunities in the Australian towage market. “We believe there are new opportunities for trusted and experienced companies like Teekay and KOTUG to provide superior towage services at existing and greenfield terminal developments,” commented Ard-Jan Kooren, CEO of KOTUG. “The JV between Teekay and KOTUG will bring together complementary skills from each partner. At KOTUG, we have many years of practical and technical experience in the towage field, including the deployment of our highly maneuverable RotorTug technology. Combined with Teekay’s worldwide reputation for operational leadership and deep knowledge and expertise in the Australian crewing and ship management markets, this results in a strong partnership to pursue new business.” “The Australian market for towage services is growing as new LNG projects begin production, adding to the ongoing growth in Australian coal and iron ore export shipments,” commented David Parmeter, Managing Director, Teekay Shipping Australia Pty Ltd. “Since 2002, Teekay has operated in the Australian towage market at both Hay Point and Port Hedland where we currently manage 12 tugs and have experience with several KOTUG RotorTug vessels. With our new JV company, we are formalizing a partnership that will deliver top tier towage services for the Australian market.” Under the terms of the JV agreement, Teekay and KOTUG will both continue to separately manage respective existing operations in various Australian ports. KT Maritime Services Australia Pty Ltd will be located in Perth, Australia. Jamie Anderson, Business Development Manager for KT Maritime Services Australia, will be responsible for developing new business with potential customers.