Teekay Shipping Corporation has acquired Ugland Nordic Shipping, a shuttle tanker company, for some $223 million.

Teekay is the leading midsize crude oil tanker operator in the Indo-Pacific basis, with a total fleet of 75 vessels. The company has identified the shuttle tanker market as an area of significant opportunity, consistent with its operations-intensive and customer-focused operating strategy. Expansion of services in the offshore marine market is considered a natural extension of Teekay’s core competencies, allowing the firm to broaden the services offered to customers on a global basis.