Oil Tanker company Teekay (TK) announced Friday that it would team up with Merrill Lynch to convert the S/S Arctic Spirit into a floating natural gas plant.
The converted vessel, would be moored near Kitimat, British Columbia, and would be able to liquefy up to 75-100 million standard cubic feet daily of pipeline-quality gas, Teekay said in a press release.
"The potential to produce the world's first floating LNG unit in British Columbia, where our operations are headquartered, is an exciting prospect," said Mark J. Kremin, vice president for gas services at Teekay.
Teekay shares recently were down 1.9% to $13.76. The company, which competes with the likes of Overseas Shipholding Group (OSG) and MISC Berhad in a shipping space that includes such names as Tidewater (TDW), Frontline (FRO), Kirby (KEX), Seacor (CKH) and Diana Shipping (DSK), in February reported third-quarter net income of $103.1 million, or $1.41 per share, beating Wall Street estimates.
Select the service that is right for you!COMPARE ALL SERVICES
- $2.5+ million portfolio
- Large-cap and dividend focus
- Intraday trade alerts from Cramer
- Weekly roundups
Access the tool that DOMINATES the Russell 2000 and the S&P 500.
- Buy, hold, or sell recommendations for over 4,300 stocks
- Unlimited research reports on your favorite stocks
- A custom stock screener
- Upgrade/downgrade alerts
- Diversified model portfolio of dividend stocks
- Alerts when market news affect the portfolio
- Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
- Real Money + Doug Kass Plus 15 more Wall Street Pros
- Intraday commentary & news
- Ultra-actionable trading ideas
- 100+ monthly options trading ideas
- Actionable options commentary & news
- Real-time trading community
- Options TV