Teekay to Create New Offshore Services Unit

Teekay Shipping Corp., the oil tanker operating giant, has announced plans to create a new, publicly traded offshore oil services company. Teekay Offshore Partners LP will involve acquiring a stake in Teekay’s shuttle tanker and floating storage unit. In another development, Teekay said it has approved a $150 million increase in its share repurchase program, bringing the total to about $186 million. Teekay has been engaged in an earlier buyback program since November of last year. Since November, under its earlier buyback program, Teekay repurchased $747 million, or about 21 percent, of its stock. The company currently has 74.2 million shares outstanding. Teekay expects to register the IPO with the Securities and Exchange Commission in the second half of the year.