Form 6-K - Report of foreign issuer [Rules 13a-16 and 15d-16]
09 September 2024 - 5:01PM
Edgar (US Regulatory)
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 6-K
Report of
Foreign Private Issuer
Pursuant to Rule 13a-16 or
15d-16
under the Securities Exchange Act of 1934
Date of Report: September 9, 2024
Commission file number 1-12874
TEEKAY CORPORATION
(Exact name of Registrant as specified in its charter)
4th Floor,
Belvedere Building
69 Pitts Bay Road
Hamilton, HM 08, Bermuda
(Address of principal executive office)
Indicate by check mark whether
the registrant files or will file annual reports under cover Form 20-F or Form 40-F.
Form 20-F ☒ Form 40-F ☐
INFORMATION CONTAINED IN THIS FORM 6-K REPORT
Attached to this Report on Form 6-K (this Report) as Exhibit 99.1 is a copy of the press release
of Teekay Corporation titled Teekay Corporation Announces Update On $25 Million Share Repurchase Program and Announces New Share Repurchase Program.
EXHIBITS
The following exhibit is filed as part of this
Report:
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Exhibit |
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99.1 |
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Press Release dated September 9, 2024. |
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned,
thereunto duly authorized.
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TEEKAY CORPORATION |
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Date: September 9, 2024 |
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By: |
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/s/ Frans Lotz |
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Frans Lotz General Counsel, Secretary and
Privacy Officer |
Exhibit 99.1
TEEKAY CORPORATION ANNOUNCES UPDATE ON $25 MILLION SHARE REPURCHASE PROGRAM AND ANNOUNCES NEW SHARE REPURCHASE PROGRAM
Hamilton, Bermuda, September 9, 2024 - Teekay Corporation (Teekay or the Company) (NYSE:TK) today
announced that the Company has nearly completed the previously-announced $25 million share repurchase program, repurchasing 3.25 million common shares at an average price of $7.49 per share. Since August 2022, Teekay has repurchased a
total of 14.97 million common shares, or 14.7% of the outstanding common shares immediately prior to commencement of the initial share repurchase plan announced in August 2022, for a total cost of $84.4 million, representing an average
repurchase price of $5.64 per share.
In addition, the Companys Board of Directors has authorized a new share repurchase program for the repurchase
of up to $40 million of the Companys 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 worlds largest owners and operators
of mid-sized crude tankers. The consolidated Teekay entities manage and operate approximately 65 conventional tankers and other marine assets, including vessels operated for the Australian government. With
offices in eight countries and approximately 2,200 seagoing and shore-based employees, Teekay provides a comprehensive set of marine services to the worlds leading energy companies.
Teekays common stock is listed on the New York Stock Exchange where it trades under the symbol TK.
For Teekay Investor Relations
enquiries contact:
E-mail: investor.relations@teekay.com
Website: 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 Teekays common shares under the Companys share repurchase program.
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
Companys liquidity and financial leverage; the Companys 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 Companys common shares; and
other factors discussed in Teekays 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 Teekays expectations with respect thereto or any change in events, conditions or circumstances
on which any such statement is based.
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