Teekay Shipping Buys Stake in Petrojarl

Teekay Shipping Corp., an operator of crude oil tankers, on Friday said one of its subsidiaries bought a 40 percent stake in Norwegian oil services provider Petrojarl ASA.

Financial terms were not disclosed. Under Norwegian law Bahamas-based Teekay must bid for the remainder of the company in the next four weeks

Petrojarl owns and operates four Floating Production Storage and Offloading units in the North Sea.