April 16, 2012 / 9:50 PM / 5 years ago

UPDATE 1-Teekay Corp to sell 13 vessels to tanker unit

April 16 (Reuters) - Teekay Corp, a marine crude oil and petroleum product transporter, said it will sell 13 of its vessels to its oil tanker operating unit Teekay Tankers for about $455 million.

Bermuda-based Teekay Corp will sell 6 oil tankers and 7 product tankers to the unit, including 9 vessels already operating under contracts.

Teekay Tankers, which was formed in 2007, had told Reuters in March that it could look at buying product tankers, which are used to move petrochemical from refineries.

Teekay Corp will receive $25 million in new Teekay Tankers Class A shares, taking its voting interest in the unit to 53 percent from 51 percent. The unit will also assume $180 million of Teekay Corp’s debt.

The deal, expected to be completed in the second quarter, reduces the number of parent company’s directly owned tankers to 4.

Teekay Tankers shares were up 4 percent in trading after the bell. They had closed at $5.43 on Monday on the New York Stock Exchange, while those of Teekay Corp closed at $35.17 on the same exchange.

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