Teekay third-quarter profit falls as rates drop

NEW YORK, Oct 31 (Reuters) - Oil tanker operator Teekay Corp (TK.N: Quote, Profile, Research, Stock Buzz) said on Wednesday its quarterly profit fell as tanker charter rates and tanker freight rates declined.

The company said net income fell to $17 million, or 23 cents per share, from $79.8 million, or $1.07 per share, in the same period a year ago.

Seasonal oil field maintenance in the North Sea, and hurricane-related oil field outages led to lower oil export volumes and lower rates, the company said.

Net revenue rose to $462.3 million from $344.3 million in the third quarter a year earlier, the company said.

(Reporting by Emily Chasan)