Teekay Plans to Create a MLP for its Offshore Business

Teekay Shipping Corporation (Teekay) (NYSE: TK) today announced that its Board of Directors has approved a plan to create a new publicly-traded master limited partnership called Teekay Offshore Partners L.P. that will focus on providing marine solutions to the growing offshore energy sector. Teekay expects that the partnership will be comprised of assets that generate stable, long-term cash flows. It is anticipated that the partnership will initially acquire an interest in Teekay