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<SEC-DOCUMENT>0000945234-05-000414.txt : 20050520
<SEC-HEADER>0000945234-05-000414.hdr.sgml : 20050520
<ACCEPTANCE-DATETIME>20050520171455
ACCESSION NUMBER:		0000945234-05-000414
CONFORMED SUBMISSION TYPE:	SC 13D
PUBLIC DOCUMENT COUNT:		1
FILED AS OF DATE:		20050520
DATE AS OF CHANGE:		20050520

SUBJECT COMPANY:	

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			TEEKAY SHIPPING CORP
		CENTRAL INDEX KEY:			0000911971
		STANDARD INDUSTRIAL CLASSIFICATION:	DEEP SEA FOREIGN TRANSPORTATION OF FREIGHT [4412]
		IRS NUMBER:				000000000
		STATE OF INCORPORATION:			1T
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		SC 13D
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	005-45313
		FILM NUMBER:		05849038

	BUSINESS ADDRESS:	
		STREET 1:		TK HOUSE, BAYSIDE EXECUTIVE PARK
		STREET 2:		WEST BAY ST & BLAKE RD, PO BOX AP-59213
		CITY:			NASSAU BAHAMAS
		STATE:			C5
		ZIP:			00000
		BUSINESS PHONE:		8093228020

	MAIL ADDRESS:	
		STREET 1:		SUITE 2000,  BENTALL 5
		STREET 2:		550 BURRARD STREET
		CITY:			VANCOUVER
		STATE:			A1
		ZIP:			V6C 2K2

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	VIKING STAR SHIPPING INC
		DATE OF NAME CHANGE:	19930914

FILED BY:		

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			Teekay LNG Partners L.P.
		CENTRAL INDEX KEY:			0001308106
		STANDARD INDUSTRIAL CLASSIFICATION:	WATER TRANSPORTATION [4400]
		IRS NUMBER:				000000000
		STATE OF INCORPORATION:			1T
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		SC 13D

	BUSINESS ADDRESS:	
		STREET 1:		TK HOUSE, BAYSIDE EXECUTIVE PARK
		STREET 2:		WEST BAY ST. & BLAKE RD., PO BOX AP59213
		CITY:			NASSAU
		STATE:			C5
		ZIP:			0000000000
		BUSINESS PHONE:		242-502-8820

	MAIL ADDRESS:	
		STREET 1:		TK HOUSE, BAYSIDE EXECUTIVE PARK
		STREET 2:		WEST BAY ST. & BLAKE RD., PO BOX AP59213
		CITY:			NASSAU
		STATE:			C5
		ZIP:			0000000000
</SEC-HEADER>
<DOCUMENT>
<TYPE>SC 13D
<SEQUENCE>1
<FILENAME>o16899sc13d.htm
<DESCRIPTION>SCHEDULE 13D
<TEXT>
<HTML>
<HEAD>
<TITLE>Schedule 13D</TITLE>
</HEAD>
<BODY bgcolor="#FFFFFF">
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<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>
<TABLE align="right" width="160" border="1" cellspacing="0" cellpadding="1">
<TR><TD align="center" nowrap>OMB APPROVAL</TD></TR>
<TR><TD nowrap>OMB Number: 3235-0145</TD></TR>
<TR><TD nowrap>Expires: December 31, 2005</TD></TR>
<TR><TD nowrap>Estimated average burden<BR>
hours per response...15</TD></TR></TABLE>

<BR clear="right">
<BR clear="right">

<P align="center" style="font-size: 14pt"><B>UNITED STATES<BR>
SECURITIES AND EXCHANGE COMMISSION</B><BR>
<DIV align="center" style="font-size: 12pt"><B>Washington, D.C. 20549</B></DIV>
<P align="center" style="font-size: 18pt"><B>SCHEDULE 13D</B>

<P align="center"><B>Under the Securities Exchange Act of 1934</B>

<P><DIV align="center" style="font-size: 24pt">Teekay LNG Partners L.P.</DIV>
<HR size="1" noshade>
<DIV align="center" style="font-size: 10pt">(Name of Issuer)</DIV>

<P><DIV align="center" style="font-size: 10pt">Common Units, Representing Limited Partner Interests<BR>
<HR size="1" noshade>
(Title of Class of Securities)</DIV>

<P><DIV align="center" style="font-size: 10pt">Y8564M 10 5<BR>
<HR size="1" noshade>
(CUSIP Number)</DIV>

<P> <DIV align="center" style="font-size: 10pt"> Bruce C. Bell<BR>
Teekay Shipping Corporation<BR>
TK House, Bayside Executive Park, West Bay Street &#38; Blake Road<BR>
P.O. Box AP-59212<BR>
Nassau, Bahamas<BR>
Tel: (242) 502-8880<BR>
<HR size="1" noshade>
(Name, Address and Telephone Number of Person<BR>Authorized to Receive Notices and Communications)</DIV>
<P><DIV align="center" style="font-size: 10pt">May 10, 2005<BR>
<HR size="1" noshade>
(Date of Event Which Requires Filing of this Statement)</DIV>
<P align="left" style="font-size: 10pt">If the filing person has previously filed a statement on Schedule 13G to report the acquisition that is the subject of this Schedule 13D, and is filing this schedule because of &#167;&#167;240.13d-1(e), 240.13d-1(f) or 240.13d-1(g), check the following box. <FONT face="wingdings" size="2">&#111;</FONT>

<P align="center" style="font-size: 10pt">
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<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>
<TABLE width="100%" border="0" cellspacing="0" cellpadding="4" style="font-size: 10pt">
<TR>
<TD width="4%">&nbsp;</TD>
<TD width="3%">&nbsp;</TD>
<TD width="3%">&nbsp;</TD>
<TD width="3%">&nbsp;</TD>
<TD width="28%">&nbsp;</TD>
<TD width="14%">&nbsp;</TD>
<TD width="45%">&nbsp;</TD>
</TR>

<TR>
<TD colspan="5">CUSIP No. Y8564M 10 5 </td> <TD colspan="2" align="right">Page 2 of 12 Pages </TD>
</TR>

<TR><TD colspan=7><HR noshade></TD></TR>

<TR>
<TD>&nbsp;</TD>
<TD valign=top>1.</TD>
<TD valign=top colspan=3>Name of Reporting Person:<BR>Teekay Shipping Corporation</TD>
<TD valign=top colspan=2>I.R.S. Identification Nos. of above persons (entities only):<BR>
</TD>
</TR>

<TR><TD colspan=7><HR noshade></TD></TR>

<TR>
<TD>&nbsp;</TD>
<TD valign=top>2.</TD>
<TD valign=top colspan=5>Check the Appropriate Box if a Member of a Group (See Instructions):</TD>
</TR>

<TR>
<TD>&nbsp;</TD>
<TD>&nbsp;</TD>
<TD valign=top>(a)</TD>
<TD valign=top><FONT face="wingdings" size="2">&#111;</FONT></TD>
<TD valign=top colspan=3>&nbsp;</TD>
</TR>

<TR>
<TD>&nbsp;</TD>
<TD>&nbsp;</TD>
<TD valign=top>(b)</TD>
<TD valign=top><FONT face="wingdings" size="2">&#111;</FONT></TD>
<TD valign=top colspan=3>&nbsp;</TD>
</TR>

<TR><TD colspan=7><HR noshade></TD></TR>

<TR>
<TD>&nbsp;</TD>
<TD valign=top>3.</TD>
<TD valign=top colspan=5>SEC Use Only:</TD>
</TR>

<TR><TD colspan=7><HR noshade></TD></TR>

<TR>
<TD>&nbsp;</TD>
<TD valign=top>4.</TD>
<TD valign=top colspan=5>Source of Funds (See Instructions):<BR>OO</TD>
</TR>

<TR><TD colspan=7><HR noshade></TD></TR>


<TR>
<TD>&nbsp;</TD>
<TD valign=top>5.</TD>
<TD valign=top colspan=5>Check if Disclosure of Legal Proceedings Is Required Pursuant to Items 2(d) or 2(e): <FONT face="wingdings" size="2">&#111;</FONT> </TD>
</TR>

<TR><TD colspan=7><HR noshade></TD></TR>

<TR>
<TD>&nbsp;</TD>
<TD valign=top>6.</TD>
<TD valign=top colspan=5>Citizenship or Place of Organization:<BR>
Republic of the Marshall Islands</TD>
</TR>

<TR><TD colspan=7><HR noshade></TD></TR>

<TR><TD colspan="3" rowspan="8" align="center">Number of<BR>Shares<BR>Beneficially<BR>Owned by<BR> Each Reporting<BR>Person With</TD></TR>

<TR><TD valign=top>7.</TD>
<TD valign=top colspan=3>Sole Voting Power:<BR>8,734,572(1)</TD></TR>

<TR><TD colspan=4><hr noshade></TD></TR>

<TR><TD valign=top>8.</TD><TD valign=top colspan=3> Shared Voting Power:<BR>-0-</TD></TR>

<TR><TD colspan=4><hr noshade></TD></TR>

<TR><TD valign=top>9.</TD><TD valign=top colspan=3> Sole Dispositive Power:<BR>8,734,572(1)</TD></TR>

<TR><TD colspan=4><hr noshade></TD></TR>

<TR><TD valign=top>10.</TD><TD valign=top colspan=3>Shared Dispositive Power:<BR>-0-</TD></TR>

<TR><TD colspan=7><hr noshade></TD></TR>

<TR><TD>&nbsp;</TD>
<TD valign=top>11.</TD><TD valign=top colspan=5>Aggregate Amount Beneficially Owned by Each Reporting Person: <BR>8,734,572(1)</TD>
</TR>

<TR><TD colspan=7><hr noshade></TD></TR>

<TR><TD>&nbsp;</TD>
<TD valign=top>12.</TD><TD valign=top colspan=5>Check if the Aggregate Amount in Row (11) Excludes Certain Shares (See Instructions):<BR> <FONT face="wingdings" size="2">&#111;</FONT> </TD>
</TR>

<TR><TD colspan=7><hr noshade></TD></TR>

<TR><TD>&nbsp;</TD>
<TD valign=top>13.</TD><TD valign=top colspan=5>Percent of Class Represented by Amount in Row (11):<BR>55.9%</TD></TR>

<TR><TD colspan=7><hr noshade></TD></TR>

<TR><TD>&nbsp;</TD>
<TD valign=top>14.</TD><TD valign=top colspan=5>Type of Reporting Person (See Instructions):<BR>CO</TD></TR>

<TR><TD colspan=7><hr noshade></TD></TR>
</TABLE>

<P align="right" style="font-size: 10pt">2 of 12
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<DIV style="font-family: 'Times New Roman',Times,serif">


<P align="left" style="font-size: 10pt">(1)&nbsp;As described in Items 3 and 4, below, upon the closing of the Issuer&#146;s
initial public offering (the &#147;Offering&#148;) of common units (&#147;Common Units&#148;) representing
limited partner interests in Teekay LNG Partners L.P. (the &#147;Issuer&#148;), Teekay Shipping
Corporation beneficially owned 8,734,572 Common Units and 14,734,572 subordinated units of
the Issuer. Subject to the satisfaction of certain conditions, discussed in Item&nbsp;6 below,
the subordinated units are convertible into Common Units on a one-for-one basis. In
addition, Teekay Shipping Corporation owns 100% of Teekay GP L.L.C., the general partner of
the Issuer. Teekay GP L.L.C. has a 2% general partner interest in the Issuer and incentive
distribution rights, which represent the right to receive an increasing percentage of
quarterly distributions in excess of specified amounts. Teekay Shipping Corporation is the
indirect beneficial owner of Teekay GP L.L.C.&#146;s general partner interest in the Issuer and
incentive distribution rights.



<P align="right" style="font-size: 10pt">3 of 12
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">



<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="5%" nowrap align="left"><B>Item&nbsp;1.</B></TD>
<TD width="1%">&nbsp;</TD>
<TD><B>Security and Issuer</B></TD>
</TR>

</TABLE>

<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;This Schedule&nbsp;13D relates to Common Units, representing limited partner interests of Teekay
LNG Partners L.P., a limited partnership organized under the laws of the Republic of the Marshall
Islands (the &#147;Issuer&#148;), with principal executive offices at TK House, Bayside Executive Park, West
Bay Street &#038; Blake Road, P.O. Box AP-59212, Nassau, Bahamas.


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="5%" nowrap align="left"><B>Item&nbsp;2.</B></TD>
<TD width="1%">&nbsp;</TD>
<TD><B>Identity and Background</B></TD>
</TR>

</TABLE>

<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;This Schedule&nbsp;13D relates to Teekay Shipping Corporation, a corporation organized under the
laws of the Republic of the Marshall Islands (the &#147;Reporting Person&#148;), with its principal executive
offices at TK House, Bayside Executive Park, West Bay Street &#038; Blake Road, P.O. Box AP- 59212,
Nassau, Bahamas. The Reporting Person owns 100% of Teekay GP L.L.C., a limited liability company
organized under the laws of the Republic of the Marshall Islands and the general partner of the
Issuer (the &#147;General Partner&#148;). Resolute Investments, Inc., a corporation organized under the laws
of the Bahamas (&#147;Resolute&#148;), is the principal stockholder of the Reporting Person.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Reporting Person is principally in the business of international crude oil and petroleum
product transportation services.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The name, principal occupation or employment and principal business address and citizenship of
each director and executive officer of the Reporting Person and of Resolute are as set forth on
Schedules A and B, respectively.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In the past five years, neither of the Reporting Person nor, to the knowledge of the Reporting
Person, any of the individuals set forth on Schedule&nbsp;A or B has been convicted in a criminal
proceeding (excluding traffic violations or similar misdemeanors) or been a party to any civil
proceeding of a judicial or administrative body of competent jurisdiction as a result of which it
is subject to a judgment, decree or final order enjoining future violations of, or prohibiting or
mandating activities subject to federal or state securities laws or finding any violation with
respect to such laws.


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="5%" nowrap align="left"><B>Item&nbsp;3.</B></TD>
<TD width="1%">&nbsp;</TD>
<TD><B>Source and Amount of Funds or Other Consideration</B></TD>
</TR>

</TABLE>

<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Reporting Person and the General Partner formed the Issuer as a Marshall Islands limited
partnership to own and operate certain assets and businesses previously owned and operated by the
Reporting Person and its subsidiaries. The General Partner obtained a 2% general partner interest
and the Reporting Person obtained a 98% limited partner interest in the Issuer.

<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Prior
to the closing of the Issuer&#146;s initial public offering of its
Common Units (the &#147;Offering&#148;), the Reporting Person contributed
certain assets and liabilities to the Issuer and retained its 98%
limited partner interest in the&nbsp;Issuer. At the closing of the Offering,
the Reporting Person&#146;s 98% limited partner interest in the Issuer converted into 8,734,572 Common
Units and 14,734,572 subordinated units of the Issuer. Subject to the satisfaction of certain
conditions, discussed in Item&nbsp;6 below, the subordinated units are convertible into Common Units on
a one-for-one basis.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In connection with the Offering, the underwriters were granted the right to purchase up to
900,000 Common units from the Issuer solely to cover over-allotments. The underwriters exercised
this over-allotment option on May&nbsp;10, 2005.


<P align="right" style="font-size: 10pt">4 of 12
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">

<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="5%" nowrap align="left"><B>Item&nbsp;4.</B></TD>
<TD width="1%">&nbsp;</TD>
<TD><B>Purpose of Transaction.</B></TD>
</TR>

</TABLE>

<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Reporting Person acquired the Issuer&#146;s securities as part of the transaction described in
Item&nbsp;3 above.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pursuant to the Second Amended and Restated Limited Liability Company Agreement of Teekay GP
L.L.C., the Reporting Person has the right to appoint the board of directors of the General
Partner. Through the right to appoint a majority of the board of directors of the General Partner,
the Reporting Person has the ability to influence the management policies and control of the Issuer
with the aim of increasing the value of the Issuer, and thus of the Reporting Person&#146;s investment.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The subordinated units owned of record by the Reporting Person are convertible into Common
Units on a one for one basis once certain financial tests are met, but generally not beginning
before March&nbsp;31, 2010.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;As of the date of this Schedule&nbsp;13D, the Reporting Person has no plans or proposals which
relate to or would result in any of the following actions, except as disclosed herein and except
that the Reporting Person or its affiliates may, from time to time or at any time, subject to
market conditions and other factors, purchase additional Common Units in the open market, in
privately negotiated transactions or otherwise, or sell at any time all or a portion of the Common
Units now owned or hereafter acquired by them to one or more purchasers:



<P align="left" style="margin-left:3%; font-size: 10pt">&#149;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;the acquisition by any person of additional securities of the Issuer, or the
disposition of securities of the Issuer;



<P align="left" style="margin-left:3%; font-size: 10pt">&#149;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;an extraordinary corporate transaction, such as a merger, reorganization or
liquidation, involving the Issuer or any of its subsidiaries;



<P align="left" style="margin-left:3%; font-size: 10pt">&#149;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a sale or transfer of a material amount of assets of the Issuer or any of its
subsidiaries;



<P align="left" style="margin-left:3%; font-size: 10pt">&#149;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;any change in the present board of directors or management of the General Partner of
the Issuer, including any plans or proposals to change the number or term of directors or to
fill any existing vacancies on the board;



<P align="left" style="margin-left:3%; font-size: 10pt">&#149;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;any material change in the present capitalization or dividend policy of the Issuer;



<P align="left" style="margin-left:3%; font-size: 10pt">&#149;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;any other material change in the Issuer&#146;s business or partnership structure including
but not limited to, if the Issuer is a registered closed-end investment company, any plans
or proposals to make any changes in its investment policy for which a vote is required by
Section&nbsp;13 of the Investment Company Act of 1940;



<P align="left" style="margin-left:3%; font-size: 10pt">&#149;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;changes in the Issuer&#146;s charter, bylaws or instruments corresponding thereto or other
actions which may impede the acquisition of control of the Issuer by any person;



<P align="left" style="margin-left:3%; font-size: 10pt">&#149;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;causing a class of securities of the Issuer to be delisted from a national securities
exchange or to cease to be authorized to be quoted in an inter-dealer quotation system of a
registered national securities association;



<P align="left" style="margin-left:3%; font-size: 10pt">&#149;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a class of equity securities of the Issuer becoming eligible for termination of
registration pursuant to Section&nbsp;12(g)(4) of the Act; or



<P align="left" style="margin-left:3%; font-size: 10pt">&#149;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;any action similar to any of those enumerated above.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pursuant to the terms of the Issuer&#146;s First Amended and Restated Agreement of Limited
Partnership of Teekay LNG Partners L.P. (the &#147;Partnership Agreement&#148;), among other conditions, the
General Partner may not be removed from its position as general partner of the Issuer unless 66
2/3% of the outstanding common and subordinated units, voting together as a single class, including
units held by the General Partner and its affiliates, vote to approve such removal. The ownership
of more than 33 1/3% of the outstanding units by the General Partner and its affiliates would give
them the practical inability to prevent the General Partner&#146;s removal. As of the closing of the
Offering, the Reporting Person owns a 100% interest in the General Partner and 77.3% of the
outstanding common and subordinated units. Because the Reporting Person controls greater than 33
1/3% of the outstanding units, it can prevent the removal of the General Partner.


<P align="right" style="font-size: 10pt">5 of 12
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<DIV style="font-family: 'Times New Roman',Times,serif">

<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Reporting Person, through its direct control of the General Partner and its indirect
control of the Issuer and its subsidiaries, will be able to prevent the Issuer, its subsidiaries
and the General Partner from taking certain significant actions without the approval of the
Reporting Person These actions include:



<P align="left" style="margin-left:3%; font-size: 10pt">&#149;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;certain acquisitions, borrowings and capital expenditures by the Issuer, its
subsidiaries or the General Partner



<P align="left" style="margin-left:3%; font-size: 10pt">&#149;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;issuances of equity interests in the Issuer or its subsidiaries; and



<P align="left" style="margin-left:3%; font-size: 10pt">&#149;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;certain dispositions of equity interests in, or assets of, the Issuer, the General
Partner or the Issuer&#146;s subsidiaries.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;References to, and descriptions of, the Partnership Agreement of the Issuer as set forth in
this Item&nbsp;4 are qualified in their entirety by reference to the Partnership Agreement filed as
Appendix&nbsp;A to the Issuer&#146;s final prospectus, filed with the Commission pursuant to Rule&nbsp;424(b)(4)
under the Securities Act of 1933, on May&nbsp;6, 2005 (No.&nbsp;333-120727) which is incorporated by
reference in its entirety in this Item&nbsp;4.


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="5%" nowrap align="left"><B>Item&nbsp;5.</B></TD>
<TD width="1%">&nbsp;</TD>
<TD><B>Interest in Securities of the Issuer</B></TD>
</TR>

</TABLE>

<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;The Reporting Person beneficially owns 8,734,572 Common Units, representing 55.9% of the
outstanding Common Units of the Issuer. The Reporting Person also beneficially owns 14,734,572
subordinated units of the Issuer, representing 100% of the Issuer&#146;s subordinated units. As
described in Item&nbsp;6 below, under certain circumstances, the subordinated units held by the
Reporting Person are convertible into Common Units on a one-for-one basis.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;The Reporting Person has the sole power to vote or direct the vote and to dispose or
direct the disposition of the Common Units and subordinated units owned by the Reporting Person.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;Except as described herein, the Reporting Person has not effected any transactions in the
Common Units during the past 60&nbsp;days.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)&nbsp;Except for the cash distribution described in Item&nbsp;6 below, no other person is known by
the Reporting Person to have the right to receive or the power to direct the receipt of dividends
from, or the proceeds from the sale of, Common Units beneficially owned by the Reporting Person.


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="5%" nowrap align="left"><B>Item&nbsp;6.</B></TD>
<TD width="1%">&nbsp;</TD>
<TD><B>Contracts, Arrangements, Understandings or Relationships with Respect to
Securities of the Issuer</B></TD>
</TR>

</TABLE>

<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The information provided or incorporated by reference in Item&nbsp;3 and Item&nbsp;4 is hereby
incorporated by reference in this Item&nbsp;6.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B><I>Omnibus Agreement</I></B>


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Under the terms of an Omnibus Agreement, dated May&nbsp;10, 2005, entered into among the Issuer,
the Reporting Person, the General Partner and the Operating Company (the &#147;Omnibus Agreement&#148;):


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#149;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Reporting Person agreed, and will cause its controlled affiliates (other than the
Issuer, the Issuer&#146;s subsidiaries and the General Partner) to agree, not to own, operate or charter
liquefied natural gas (&#147;LNG&#148;) carriers under certain circumstances and the Issuer agreed, and will
cause its subsidiaries to agree, not to own, operate or charter oil tankers under certain
circumstances.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#149;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Issuer and its subsidiaries granted to the Reporting Person a 30-day right of first
offer on any proposed sale, transfer or other disposition or rechartering of the Issuer&#146;s Suezmax
tankers and the Reporting Person agreed, and will cause its subsidiaries to agree, to grant a
similar right of first offer to the Issuer for any LNG carriers the Reporting Person might own.


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<DIV style="font-family: 'Times New Roman',Times,serif">

<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#149;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Reporting Person will indemnify the Issuer for a period of five years against
certain environmental and toxic tort liabilities to the extent arising prior to the closing date of
the Offering. There is an aggregate cap of $10&nbsp;million on the amount of indemnity coverage
provided by the Reporting Person for the environmental and toxic tort liabilities.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#149;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Reporting Person will also indemnify the Issuer for liabilities related to:


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#149;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;certain defects in title to the assets contributed to the Issuer and failure to obtain,
prior to the closing of the Offering, certain consents and permits necessary to conduct the
Issuer&#146;s business, which liabilities arise within three years after the closing of the Offering;
and


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#149;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;certain income tax liabilities attributable to the operation of the assets contributed
to the Issuer prior to the time they were contributed to the Issuer.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B><I>First Amended and Restated Agreement of Limited Partnership of Teekay LNG Partners L.P.</I></B>


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Cash Distributions</I>


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pursuant to the terms of the Issuer&#146;s Partnership Agreement, the Issuer intends to make
minimum quarterly distributions of $0.4125 per Common Unit to the extent the Issuer has sufficient
cash from its operations after the establishment of cash reserves and payment of fees and expenses,
including payments to the General Partner. In general, the Issuer will pay any cash distributions
made each quarter to its unitholders in the following manner:


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#149;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;first, 98% to the holders of Common Units and 2% to the General Partner, until each
Common Unit has received a minimum quarterly distribution of $0.4125 plus any arrearages from prior
quarters;


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#149;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;second, 98% to the holders of subordinated units and 2% to the General Partner, until
each subordinated unit has received a minimum quarterly distribution of $0.4125; and


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#149;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;third, 98% to all unitholders, pro rata, and 2% to the General Partner, until each unit
has received a distribution of $0.4625.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If cash distributions per unit exceed $0.4625 in any quarter, the General Partner will receive
increasing percentages, up to a maximum of 50%, of the cash distributed in excess of that amount.
These distributions are referred to as &#147;incentive distributions.&#148;


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Conversion of Subordinated Units</I>


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pursuant the terms of the Partnership Agreement, in any quarter during the subordination
period (the period subordinated units are outstanding) the subordinated units are entitled to
receive the minimum quarterly distribution of $0.4125 only after the common units have received the
minimum quarterly distribution and arrearages in the payment of the minimum quarterly distribution
from prior quarters. Subordinated units will not accrue arrearages. The subordination period will
end once the Issuer meets certain financial tests set forth in the Partnership Agreement, but it
generally cannot end before March&nbsp;31, 2010. These financial tests require the Issuer to have
earned and paid the minimum quarterly distribution on all of the outstanding units for three
consecutive, non-overlapping four-quarter periods. When the subordination period ends, all
remaining subordinated units will convert into Common Units on a one-for-one basis, and the Common
Units will no longer be entitled to arrearages.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If the Issuer meets the financial tests in the Partnership Agreement for any three
consecutive, non-overlapping four-quarter periods ending on or after March&nbsp;31, 2008, 25% of the
subordinated units will covert into Common Units. If the Issuer meets these tests for any three
consecutive four-quarter periods ending on or


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<DIV style="font-family: 'Times New Roman',Times,serif">


<P align="left" style="font-size: 10pt">after March&nbsp;31, 2009, an additional 25% of the subordinated units will convert into Common
Units. The early conversion of the second 25% of the subordinated units may not occur until at
least one year after the early conversion of the first 25% of subordinated units.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Limited Call Right</I>


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pursuant to the terms of the Partnership Agreement, if, at any time, the General Partner and
its affiliates own more than 80% of the Common Units then outstanding, the General Partner has the
right, but not the obligation, to purchase all, but not less than all, of the remaining Common
Units at a price not less than the then-current market price of the Common Units. The General
Partner is not obligated to obtain a fairness opinion regarding the value of the Common Units to be
repurchased by it upon the exercise of this limited call right.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B><I>Second Amended and Restated Limited Liability Company Agreement of Teekay GP L.L.C.</I></B>


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Under the Second Amended and Restated Limited Liability Company Agreement of Teekay GP L.L.C.,
The Reporting Person has the right to designate the individuals to serve on the board of directors
of the General Partner.

<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B><I>Nakilat
Share Purchase Agreement</I></B>

<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pursuant to the terms of the
Nakilat Share Purchase Agreement, dated May&nbsp;10, 2005, entered
into between the Reporting Person and the Issuer, the Reporting
Person agreed to sell to the Issuer its 100%&nbsp;ownership interest
in Teekay Nakilat Holdings Corporation. Teekay Nakilat Holdings
Corporation currently owns 100% of Teekay Nakilat Corporation, which
in turn owns three subsidiaries, each of which has contracted to have
built a liquefied natural gas carrier newbuilding (the
&#147;RasGas&nbsp;II Vessels&#148;). The Issuer will purchase the
Reporting Person&#146;s interest in Teekay Nakilat Holdings
Corporation at approximately the time of the delivery of the first
newbuilding, which will allow the Issuer to defer its financing on
these&nbsp;vessels.

<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;As part of its proposal to
provide transportation services for the LNG&nbsp;project related to
the RasGas&nbsp;II Vessels, the Reporting Person agreed that Qatar
Gas Transport Company Ltd. will have three options to purchase up to
an aggregate 30%&nbsp;interest in the RasGas&nbsp;II Vessels through
ownership in either Teekay Nakilat Corporation or Teekay Nakilat
Corporation&#146;s shipowning subsidiaries. These options are
exercisable up to the delivery of each of the three RasGas&nbsp;II
Vessels. Accordingly, the Issuer will own between a 70% and
100%&nbsp;indirect interest in each of the RasGas&nbsp;II Vessels and
related time&nbsp;charters.

<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The aggregate purchase price
for the Reporting Person&#146;s interest in Teekay Nakilat Holdings
Corporation will reimburse the Reporting Person for its costs related
to the construction and delivery of the RasGas&nbsp;II Vessels and
compensate it for its cost of capital on construction payments made
to the shipyard. The Issuer will pay to the Reporting Person the
purchase price in either cash or Common Units, at the Reporting
Person&#146;s election made at least 90&nbsp;days prior to payment
thereof, or such other consideration as agreed between the Reporting
Person and the conflicts committee of the General Partner&#146;s
board of directors. Payments in Common Units will be valued at their
average closing price during the 10-day trading day period
immediately preceding the payment or if lower, their price per share
to the public in any offering undertaken by the Issuer to partially
finance its&nbsp;purchase.

<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;To the best of the Reporting Party&#146;s knowledge, there are no other contracts, arrangements,
understandings or relationships (legal or otherwise) among the persons named in Item&nbsp;2 and between
such persons and any person with respect to any securities of the Issuer.


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="5%" nowrap align="left"><B>Item&nbsp;7.</B></TD>
<TD width="1%">&nbsp;</TD>
<TD><B>Material to Be Filed as Exhibits</B></TD>
</TR>

</TABLE>
<P align="left" style="font-size: 10pt">A. First Amended and Restated Agreement of Limited Partnership of Teekay LNG Partners L.P.
(attached as Appendix&nbsp;A to the Issuer&#146;s final prospectus filed with the Commission pursuant to Rule
424(b)(4) on May&nbsp;6, 2005 (No.&nbsp;333-120727) and incorporated by reference herein in its entirety).


<P align="left" style="font-size: 10pt">B. Omnibus Agreement among Teekay Shipping Corporation, Teekay GP L.L.C., Teekay LNG Operating
L.L.C. and Teekay LNG Partners L.P. (filed as Exhibit&nbsp;10.4 to Amendment No.&nbsp;4 to the Issuer&#146;s
Registration Statement on Form F-1, filed with the Commission on April&nbsp;21, 2005 (No.&nbsp;333-120727)
and incorporated by reference herein in its entirety).


<P align="left" style="font-size: 10pt">C. Second Amended and Restated Limited Liability Company Agreement of Teekay GP L.L.C. (filed as
Exhibit&nbsp;3.4 to Amendment No.&nbsp;3 to the Issuer&#146;s Registration Statement on Form F-1, filed with the
Commission on April&nbsp;11, 2005 (No.&nbsp;333-120727) and incorporated by reference herein in its
entirety).


<P align="left" style="font-size: 10pt">D. Nakilat Share Purchase
Agreement between Teekay Shipping Corporation and Teekay&nbsp;LNG
Partners&nbsp;L.P. (filed as Exhibit&nbsp;10.10 to Amendment
No.&nbsp;3 to the Issuer&#146;s Registration Statement on
Form&nbsp;F-1, filed with the Commission on April&nbsp;11, 2005
(No.&nbsp;333-120727) and incorporated by reference herein in its
entirety).

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<DIV style="font-family: 'Times New Roman',Times,serif">



<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>SIGNATURE</B>


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;After reasonable inquiry and to the best of my knowledge and belief, I certify that the
information set forth in this statement is true, complete and correct.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;May&nbsp;20, 2005

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head --><TR valign="bottom">
    <TD width="50%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="49%">&nbsp;</TD>
</TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">TEEKAY SHIPPING CORPORATION</TD>
</TR>
<TR>
  <TD colspan="3">&nbsp;</TD>
</TR>
<TR>
  <TD colspan="3">&nbsp;</TD>
</TR>
<TR>
  <TD colspan="3">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">/s/ Peter Evensen</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top" style="border-top: 1px solid #000000">Name: Peter Evensen</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Title: Executive Vice President and Chief Financial
Officer</TD>
</TR>
<!-- End Table Body --></TABLE>
</DIV>


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<DIV style="font-family: 'Times New Roman',Times,serif">

<P align="center" style="font-size: 10pt"><B>SCHEDULE A</B>



<P align="left" style="font-size: 10pt">Directors and Executive Officers of Teekay Shipping Corporation:

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head --><TR valign="bottom">
    <TD width="30%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="30%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="30%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="30%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><B>Principal Occupation or Employment and Principal</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="center" style="border-bottom: 1px solid #000000"><B>Name and Position</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" style="border-bottom: 1px solid #000000"><B>Business Address</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" style="border-bottom: 1px solid #000000"><B>Citizenship</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">C. Sean Day, Director and
Chairman of the Board
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">President<BR>
Seagin International LLC<BR>
Three Pickwick Plaza, 2nd Floor,<BR>
Greenwich, Connecticut, USA 06830
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">United States</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Bjorn Moller, Director,
President and Chief Executive
Officer
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Teekay Shipping (Canada) Ltd.<BR>
Suite&nbsp;2000, Bentall 5<BR>
550 Burrard Street<BR>
Vancouver B.C. V6C 2K2<BR>
Canada
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Denmark</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Axel Karlshoej, Director and
Chairman Emeritus
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">President and Director<BR>
Nordic Industries<BR>
1437 Furneaux Road<BR>
Marysville, California, USA 95901
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">United States</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Bruce C. Bell, Director
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Managing Director<BR>
Oceanic Bank and Trust Limited<BR>
TK House, Bayside Executive Park<BR>
West Bay Street &#038; Blake Road<BR>
P.O. Box AP- 59213, Nassau Bahamas
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Canada</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Dr. Ian D. Blackburne, Director
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Chairman<BR>
CSR Limited<BR>
Director<BR>
Suncorp-Metway Ltd.<BR>
Mayne Group Limited<BR>
130 Blues Point Road<BR>
McMahons Point, NSW 2060, Australia
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Australia</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Leif O. H&#246;egh, Director
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Deputy Chairman<BR>
Leif H&#246;egh UK Ltd.<BR>
Director<BR>
NeoMed Management Ltd.<BR>
Chairman<BR>
H&#246;egh Capital Partners, Inc.<BR>
60 Sloane Avenue<BR>
London SW3 3DD United Kingdom
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Norway</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Thomas Kuo-Yuen Hsu, Director
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Executive Director<BR>
Expedo &#038; Company (London) Ltd.<BR>
40 George Street<BR>
London, United Kingdom, W1H 5RE
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">United Kingdom</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Eileen A. Mercier, Director
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Finvoy Management Inc.<BR>
199 Cranbrooke Avenue<BR>
Toronto, ON M5M&nbsp;1M6 Canada
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Canada</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<!-- End Table Body --></TABLE>
</DIV>


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<DIV style="font-family: 'Times New Roman',Times,serif">
<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head --><TR valign="bottom">
    <TD width="30%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="30%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="30%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="30%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><B>Principal Occupation or Employment and Principal</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="center" style="border-bottom: 1px solid #000000"><B>Name and Position</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" style="border-bottom: 1px solid #000000"><B>Business Address</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" style="border-bottom: 1px solid #000000"><B>Citizenship</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Tore I. Sandvold, Director
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Chairman<BR>
Sandvold Energy AS<BR>
c/o E. ON Ruhrgas AG<BR>
Stortingsgaten 8<BR>
0161 Oslo
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Norway</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Peter Anturri, President,
Teekay Navion Shuttle Tankers,
a division of Teekay Shipping
Corporation
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Teekay Shipping (Canada) Ltd.<BR>
Suite&nbsp;2000, Bentall 5<BR>
550 Burrard Street<BR>
Vancouver B.C. V6C 2K2<BR>
Canada
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Canada</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Peter Evensen, Executive Vice
President and Chief Financial
Officer
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Teekay Shipping (Canada) Ltd.<BR>
Suite&nbsp;2000, Bentall 5<BR>
550 Burrard Street<BR>
Vancouver B.C. V6C 2K2<BR>
Canada
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">United States</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">David Glendinning, President,
Teekay Gas and Offshore, a
division of Teekay Shipping
Corporation
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Teekay Shipping (Canada) Ltd.<BR>
Suite&nbsp;2000, Bentall 5<BR>
550 Burrard Street<BR>
Vancouver B.C. V6C 2K2<BR>
Canada
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">United Kingdom</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Graham Westgarth, President,
Teekay Marine Services, a
division of Teekay Shipping
Corporation
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Teekay Shipping (Canada) Ltd.<BR>
Suite&nbsp;2000, Bentall 5<BR>
550 Burrard Street<BR>
Vancouver B.C. V6C 2K2<BR>
Canada
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">United Kingdom</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Arthur J. Bensler, Senior Vice
President, General Counsel and
Secretary
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Teekay Shipping (Canada) Ltd.<BR>
Suite&nbsp;2000, Bentall 5<BR>
550 Burrard Street<BR>
Vancouver B.C. V6C 2K2<BR>
Canada
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Canada</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Vincent Lok, Senior Vice
President and Treasurer
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Teekay Shipping (Canada) Ltd.<BR>
Suite&nbsp;2000, Bentall 5<BR>
550 Burrard Street<BR>
Vancouver B.C. V6C 2K2<BR>
Canada
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Canada</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Jennifer Gordon, Senior Vice<BR>
President, Corporate Resources
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Teekay Shipping (Canada) Ltd.<BR>
Suite&nbsp;2000, Bentall 5<BR>
550 Burrard Street<BR>
Vancouver B.C. V6C 2K2<BR>
Canada
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Canada</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Paul Wogan, President, Teekay
Tanker Services, a division of
Teekay Shipping Corporation
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Teekay Shipping (Canada) Ltd.<BR>
Suite&nbsp;2000, Bentall 5<BR>
550 Burrard Street<BR>
Vancouver B.C. V6C 2K2<BR>
Canada
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">United Kingdom</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<!-- End Table Body --></TABLE>
</DIV>


<P align="right" style="font-size: 10pt">11 of 12
</DIV>

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<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">

<P align="center" style="font-size: 10pt"><B>SCHEDULE B</B>



<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Resolute is managed by Arthur F. Coady, a Director and its President, Bruce C. Bell, a
Director and its Vice President, C. Sean Day, a Director and its Chairman of the Board and Lindsey
J. Cancino, its Treasurer. Resolute is entirely owned by The Kattegat Trust which has as its
trustee, The Kattegat Trust Company Limited, the directors of which are Axel Karlshoej, Arthur
Coady, Thomas K. Y. Hsu and Shigeru Matsui.

<P align="left" style="font-size: 10pt">Directors and Executive Officers of Resolute Investments Inc.


<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head --><TR valign="bottom">
    <TD width="30%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="30%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="30%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left"><B>Principal Occupation or Employment and Principal</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="left" style="border-bottom: 1px solid #000000"><B>Name and Position</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left" style="border-bottom: 1px solid #000000"><B>Business Address</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left" style="border-bottom: 1px solid #000000"><B>Citizenship</B></TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">C. Sean Day, Chairman
of the Board and
Director
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">President<BR>
Seagin International LLC<BR>
Three Pickwick Plaza, 2nd Floor,<BR>
Greenwich, Connecticut, USA 06830
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">United States</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Bruce C. Bell, Vice
President and
Director
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Managing Director<BR>
Oceanic Bank and Trust Limited<BR>
TK House, Bayside Executive Park<BR>
West Bay Street &#038; Blake Road<BR>
P.O. Box AP- 59213, Nassau Bahamas
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Canada</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Arthur F. Coady,
President and
Director; Director,
The Kattegat Trust
Company Limited
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Chairman of the Board<BR>
Oceanic Bank and Trust Limited<BR>
TK House, Bayside Executive Park<BR>
West Bay Street &#038; Blake Road<BR>
P.O. Box AP- 59213, Nassau Bahamas
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Canada</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Lindsey J, Cancino,
Treasurer; Chief
Financial Officer,
The Kattegat Trust
Company Limited
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Director<BR>
Oceanic Bank and Trust Limited<BR>
TK House, Bayside Executive Park<BR>
West Bay Street &#038; Blake Road<BR>
P.O. Box AP- 59213, Nassau Bahamas
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Bahamas</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Axel Karlshoej,
Director, The
Kattegat Trust
Company Limited
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">President and Director<BR>
Nordic Industries<BR>
1437 Furneaux Road<BR>
Marysville, California, USA 95901
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">United States</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Thomas Kuo-Yuen Hsu,
Director, The
Kattegat Trust
Company Limited
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Executive Director<BR>
Expedo &#038; Company (London) Ltd.<BR>
40 George Street<BR>
London, United Kingdom, W1H 5RE
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">United Kingdom</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Shigeru Matsui,
Director, The
Kattegat Trust
Company Limited
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">President<BR>
Matsui &#038; Company<BR>
1103 Urban Shinbashi Bldg<BR>
5-1 Shinbashi 4-Chome<BR>
Minato-Ku, Tokyo, 105-0004, Japan
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Japan</TD>
</TR>
<!-- End Table Body --></TABLE>
</DIV>



<P align="right" style="font-size: 10pt">12 of 12
</DIV>

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