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<SEC-DOCUMENT>0000945234-06-000710.txt : 20060905
<SEC-HEADER>0000945234-06-000710.hdr.sgml : 20060904
<ACCEPTANCE-DATETIME>20060905172937
ACCESSION NUMBER:		0000945234-06-000710
CONFORMED SUBMISSION TYPE:	SC 13D
PUBLIC DOCUMENT COUNT:		1
FILED AS OF DATE:		20060905

SUBJECT COMPANY:	

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			PETROJARL ASA
		CENTRAL INDEX KEY:			0001362047
		STANDARD INDUSTRIAL CLASSIFICATION:	UNKNOWN SIC - 8880 [8880]
		IRS NUMBER:				000000000

	FILING VALUES:
		FORM TYPE:		SC 13D
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	005-82014
		FILM NUMBER:		061074887

	BUSINESS ADDRESS:	
		STREET 1:		STRANDVEIEN 4
		STREET 2:		P. O. BOX 89
		CITY:			N-1326 LYSAKER
		STATE:			Q8
		ZIP:			00000

	MAIL ADDRESS:	
		STREET 1:		STRANDVEIEN 4
		STREET 2:		P. O. BOX 89
		CITY:			N-1326 LYSAKER
		STATE:			Q8
		ZIP:			00000

FILED BY:		

	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

	BUSINESS ADDRESS:	
		STREET 1:		BAYSIDE HOUSE, BAYSIDE EXECUTIVE PARK
		STREET 2:		WEST BAY ST & BLAKE RD, PO BOX AP-59212
		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
</SEC-HEADER>
<DOCUMENT>
<TYPE>SC 13D
<SEQUENCE>1
<FILENAME>o32961sc13d.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>

<BR clear="right">

<P align="center"><FONT size="4"><B>UNITED STATES</B><BR>
<B>SECURITIES AND EXCHANGE COMMISSION</B></FONT><BR>
<FONT size="3"><B>Washington, D.C. 20549</B></FONT>

<P align="center"><FONT size="5"><B>SCHEDULE 13D</B></FONT>

<P align="center"><FONT size="2"><B>Under the Securities Exchange Act of 1934</B></FONT>

<DIV align="left" style="font-size: 3pt; margin-top: 3pt">&nbsp;
</DIV>


<P align="center"><FONT size="2">Petrojarl ASA</FONT><BR>
<HR size="1" noshade>
<CENTER><FONT size="2">(Name of Issuer)</FONT></CENTER>

<P align="center"><FONT size="2">Ordinary Shares, nominal value 2.00 Norwegian Kroner (NOK) per share<BR>
(represented in the United States by American Depository Shares)</FONT><BR>
<HR size="1" noshade>
<CENTER><FONT size="2">(Title of Class of Securities)</FONT></CENTER>

<P align="center"><FONT size="2">716498100 (American Depository Shares)</FONT><BR>
<HR size="1" noshade>
<CENTER><FONT size="2">(CUSIP Number)</FONT></CENTER>

<P> <CENTER> <P align="center"><FONT size="2">Francelyn Bethel</FONT><BR>
<FONT size="2">Bayside House, Bayside Executive Park</FONT><BR>
<FONT size="2">West Bay Street &amp; Blake Road, P.O. Box  AP 59212</FONT><BR>
<FONT size="2">Nassau, Bahamas, Tel: (242) 502-8880</FONT><BR>
<FONT size="2">&nbsp;</FONT><BR>
<FONT size="2">with a copy to:</FONT><BR>
<FONT size="2">&nbsp;</FONT><BR>

<FONT size="2">David Matheson, Esq.</FONT><BR>
<FONT size="2">Perkins Coie, LLP, 1120 NW Couch Street, 10<SUP>th</SUP> Floor</FONT><BR>
<FONT size="2">Portland, Oregon 97209</FONT><BR>
<HR size="1" noshade>
<CENTER><FONT size="2">(Name, Address and Telephone Number of Person<BR>
Authorized to Receive Notices and Communications)</FONT></CENTER>
</CENTER>
<P align="center"><FONT size="2">August 23, 2006</FONT><BR>
<HR size="1" noshade>
<CENTER><FONT size="2">(Date of Event Which Requires Filing of this Statement)</FONT></CENTER>

<DIV align="left" style="font-size: 3pt; margin-top: 3pt">&nbsp;
</DIV>

<P>
<FONT size="2">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.&nbsp;&nbsp;<FONT face="wingdings">&#111;</FONT></FONT>

<P align="center"><FONT size="2">&nbsp;</FONT>

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<P align="center"><FONT size="2"><B>SCHEDULE 13D</B></FONT>


<TABLE width="100%" border="0" cellspacing="0" cellpadding="4">
<TR>
<TD width="4%"><FONT size="2">&nbsp;</FONT></TD>
<TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
<TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
<TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
<TD width="28%"><FONT size="2">&nbsp;</FONT></TD>
<TD width="14%"><FONT size="2">&nbsp;</FONT></TD>
<TD width="45%"><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
<TD colspan="6"><FONT size="2"><B>CUSIP No. 716498100 (American Depository Shares)</B></FONT> </TD>
<TD align=right><FONT size="2"><B>Page 2 of 8 Pages</B></FONT>

</TR>

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

<TR>
<TD><FONT size="2">&nbsp;</FONT></TD>
<TD valign=top><FONT size="2">1.</FONT></TD>
<TD valign=top colspan=3><FONT size="2">NAMES OF REPORTING PERSON<BR>Teekay Shipping Corporation</FONT></TD>
<TD valign=top colspan=2><FONT size="2">I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS (ENTITIES ONLY)<BR>
&nbsp;</FONT></TD>
</TR>

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

<TR>
<TD><FONT size="2">&nbsp;</FONT></TD>
<TD valign=top><FONT size="2">2.</FONT></TD>
<TD valign=top colspan=5><FONT size="2">CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (SEE INSTRUCTIONS)</FONT></TD>
</TR>

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

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

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

<TR>
<TD><FONT size="2">&nbsp;</FONT></TD>
<TD valign=top><FONT size="2">3.</FONT></TD>
<TD valign=top colspan=5><FONT size="2">SEC USE ONLY</FONT></TD>
</TR>

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

<TR>
<TD><FONT size="2">&nbsp;</FONT></TD>
<TD valign=top><FONT size="2">4.</FONT></TD>
<TD valign=top colspan=5><FONT size="2">SOURCE OF FUNDS (SEE INSTRUCTIONS)<BR>
WC</FONT></TD>
</TR>

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


<TR>
<TD><FONT size="2">&nbsp;</FONT></TD>
<TD valign=top><FONT size="2">5.</FONT></TD>
<TD valign=top colspan=5><FONT size="2">CHECK IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO ITEMS 2(d) or 2(e) <FONT face="wingdings">&#111;</FONT>
</FONT></TD>
</TR>

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

<TR>
<TD><FONT size="2">&nbsp;</FONT></TD>
<TD valign=top><FONT size="2">6.</FONT></TD>
<TD valign=top colspan=5><FONT size="2">CITIZENSHIP OR PLACE OF ORGANIZATION<BR>The Republic of the Marshall Islands</FONT></TD>
</TR>

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

<TR><TD colspan="3" rowspan="8" align="center"><FONT size="2">NUMBER
OF<BR>SHARES<BR>BENEFICIALLY<BR>OWNED BY<BR>EACH REPORTING<BR>PERSON
WITH</FONT></TD></TR>

<TR><TD valign=top><FONT size="2">7.</FONT></TD>
<TD valign=top colspan=3><FONT size="2">SOLE VOTING POWER:<BR>30,409,100 Ordinary Shares*</FONT></TD></TR>

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

<TR><TD valign=top><FONT size="2">8.</FONT></TD><TD valign=top colspan=3><FONT
size="2">SHARED VOTING POWER<BR>-0-</FONT></TD></TR>

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

<TR><TD valign=top><FONT size="2">9.</FONT></TD><TD valign=top colspan=3><FONT
size="2">SOLE DISPOSITIVE POWER<BR>30,409,100 Ordinary Shares*</FONT></TD></TR>

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

<TR><TD valign=top><FONT size="2">10.</FONT></TD><TD valign=top colspan=3><FONT
size="2">SHARED DISPOSITIVE POWER<BR>-0-</FONT></TD></TR>

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

<TR><TD><FONT size="2">&nbsp;</FONT></TD>
<TD valign=top><FONT size="2">11.</FONT></TD><TD valign=top colspan=5><FONT
size="2">AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON<BR>30,409,100 Ordinary Shares*</FONT></TD>
</TR>

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

<TR><TD><FONT size="2">&nbsp;</FONT></TD>
<TD valign=top><FONT size="2">12.</FONT></TD><TD valign=top colspan=5><FONT
size="2">CHECK IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES (SEE INSTRUCTIONS)<BR> <FONT face="wingdings">&#111;</FONT></FONT></TD>
</TR>

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

<TR><TD><FONT size="2">&nbsp;</FONT></TD>
<TD valign=top><FONT size="2">13.</FONT></TD><TD valign=top colspan=5><FONT
size="2">PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)<BR>40.55% *</FONT></TD></TR>

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

<TR><TD><FONT size="2">&nbsp;</FONT></TD>
<TD valign=top><FONT size="2">14.</FONT></TD><TD valign=top colspan=5><FONT
size="2">TYPE OF REPORTING PERSON (SEE INSTRUCTIONS)<BR>CO</FONT></TD></TR>

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

<P align="left"><FONT size="2">*&nbsp;&nbsp;Share amounts and percentages relate to the
ordinary shares, nominal value 2.00 Norwegian Kroner (NOK)
per share (&#147;Ordinary Shares&#148;), of&nbsp;the Issuer, which are not registered
under the Securities Act of 1933, as amended (the &#147;Securities Act&#148;).
The Issuer has registered American Depository Shares under the Securities Act,
each of which represents one Ordinary Share.
</FONT>

<P align="center"><FONT size="2">&nbsp;</FONT>

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




<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Item&nbsp;1.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Security and Issuer</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;This Schedule&nbsp;13D relates to the ordinary shares, nominal value 2.00 Norwegian Kroner (NOK)
per share (&#147;Ordinary Shares&#148;), of Petrojarl ASA, a corporation organized under the laws of the
Kingdom of Norway (the &#147;Issuer&#148;), with principal executive offices at Beddingen 16, Trondheim,
Norway. The Issuer has registered American Depository Shares (the &#147;ADSs&#148;) under the Securities
Act, each of which represents one Ordinary Share of the Issuer. The Ordinary Shares are traded on
the Oslo Stock Exchange and are not registered under the 1933 Act (other than as ADSs).
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Item&nbsp;2.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Identity and Background</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;This Schedule&nbsp;13D relates to Teekay Shipping Corporation, a corporation existing under the
laws of the Republic of the Marshall Islands (&#147;Teekay&#148;), with its principal executive offices at Bayside House, Bayside Executive Park, West Bay Street &#038; Blake Road, P.O. Box AP- 59212, Nassau, Bahamas.
Teekay is referred to as the &#147;Reporting Person.&#148;
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Reporting Person is principally in the business of international crude oil and petroleum
product transportation services.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&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 are as set forth on <U>Schedule&nbsp;A</U>.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&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 <U>Schedule&nbsp;A</U> has been convicted in a criminal
proceeding or been a party to any action 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.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Item&nbsp;3.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Source and Amount of Funds or Other Consideration</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The total amount of funds required to purchase the 30,409,100 Ordinary Shares beneficially
owned by the Reporting Person, was approximately 2,067,643,800 NOK, exclusive of brokerage
commissions, and was furnished from internally generated funds of the Reporting Person and its
affiliated entities.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Item&nbsp;4.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Purpose of Transaction</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Reporting Person acquired beneficial ownership of the Ordinary Shares for the purpose of
influencing or obtaining control of the Issuer.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;As a result of their having acquired more than 40% of the outstanding Ordinary Shares, the
Reporting Person has become obligated, pursuant to the Norwegian Securities Trading Act (the
&#147;NSTA&#148;), either to make a mandatory offer for the purchase of the remaining outstanding Ordinary
Shares (the &#147;Mandatory Offer&#148;) or reduce its holding to below 40%. The Mandatory Offer must be
made within four weeks after the Reporting Person first became obligated to make the Mandatory
Offer and the offer price in the Mandatory Offer must be at least as high as the market price of
Ordinary Shares as of, or the highest price paid by the Reporting Person to acquire Ordinary Shares
during the six month period prior to, the time the Reporting Person first became obligated to make
the Mandatory Offer &#151; which would result in an offer price of not less than 68 NOK per share in
the Mandatory Offer.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;As required by the NSTA, on September&nbsp;1, 2006, the Reporting Person notified the Oslo Stock
Exchange that it had become obligated to make the Mandatory Offer and that it would do so at the
minimum required offer price.
</DIV>

<P align="right" style="font-size: 10pt">3 of 8
</DIV>

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

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The NSTA also provides that until such time as the Mandatory Offer is made, the Reporting
Person may not exercise any rights (including voting rights) as holders of the portion of the
Ordinary Shares it holds in excess of 40% (other than the right to receive dividends and
pre-emption rights).
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If following consummation of the Mandatory Offer, the Reporting Person holds more than 90% of
the outstanding Ordinary Shares, the Reporting Person (as well as any remaining shareholder of the
Issuer) would have the right under Norwegian law to commence a process leading to a compulsory
acquisition by the Reporting Person for cash of any Ordinary Shares not already owned by the
Reporting Person at price determined either by agreement or by a Norwegian court.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Except as described in this Schedule, the Reporting Person currently has no specific plans or
proposals that relate to or would result in any of the actions or transactions described in
paragraphs (a)&nbsp;through (j)&nbsp;of Item&nbsp;4 of the instructions to this Schedule. However, the Reporting
Person, either directly or through one of its subsidiaries, intends to hold discussions with the
board of directors and management of the Issuer, to seek to participate in the direction and
management of the Issuer (including by seeking representation on the Issuer&#146;s board of directors)
and to otherwise exercise influence or control over the Issuer and its business and policies, in
each case commensurate with the level of their shareholding in the Issuer. Accordingly, the
Reporting Person reserves the right, from time to time, to formulate plans or proposals regarding
the Issuer or any of its securities and to carry out any of the actions or transactions described
in paragraphs (a)&nbsp;through (j)&nbsp;of Item&nbsp;4 of the instructions to this Schedule, to the extent deemed
advisable by the Reporting Person.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Item&nbsp;5.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Interest in Securities of the Issuer</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Reporting Person beneficially owns and has sole voting and dispositive power with respect
to 30,409,100 shares of Ordinary Shares of the Issuer, representing approximately 40.55% of the
Issuer&#146;s outstanding Ordinary Shares calculated according to the number of shares of Ordinary
Shares the Issuer disclosed as outstanding following the transactions contemplated by its
Registration Statement on Form F-6, declared effective on July&nbsp;3, 2006.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Ordinary Shares beneficially owned by the Reporting Person were purchased by TPO
Investments AS, a wholly owned subsidiary of the Reporting Person (&#147;TPO&#148;). TPO acquired the
30,409,100 Ordinary Shares from August&nbsp;23, 2006 through the date of this Schedule, for a purchase price of 66.5&nbsp;NOK to 68 NOK per
share, excluding commissions, in cash in multiple transactions via the Oslo Stock Exchange and in
privately negotiated transactions.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Item&nbsp;6.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Contracts, Arrangements, Understandings or Relationships with Respect to Securities of the Issuer</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;TPO entered into price protection agreements with certain sellers of the Ordinary Shares
acquired by TPO. TPO agreed to pay each such seller the difference between the purchase price paid
by TPO to such seller for such seller&#146;s Ordinary Shares and the price at which TPO subsequently
purchases or sells any Ordinary Shares within a given period of time, ranging from three to twelve
months. A form of the letter agreement containing these terms is filed with this Schedule as
Exhibit&nbsp;99.1.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Item&nbsp;7.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Material to Be Filed as Exhibits</B>
</DIV>

<DIV align="center" style="margin-top: 6pt">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="86%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="8%">&nbsp;</TD>
    <TD width="4%">&nbsp;</TD>
    <TD width="90%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="center" style="border-bottom: 1px solid #000000"><B>Exhibit No.</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left" style="border-bottom: 1px solid #000000"><B>Description</B></TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD align="center" valign="top"><DIV style="margin-left:0px; text-indent:-0px">99.1
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Form of Letter Agreement, entered into by and between TPO and
certain sellers of Ordinary Shares</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


<P align="right" style="font-size: 10pt">4 of 8
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<DIV style="font-family: 'Times New Roman',Times,serif">


<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>SIGNATURE</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&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.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;September&nbsp;5, 2006
</DIV>

<TABLE width="100%" border="0" cellspacing="0" cellpadding="0" style="font-size: 10pt">
<TR>
    <TD width="48%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="40%">&nbsp;</TD>
    <TD width="10%">&nbsp;</TD>
</TR>
<TR>
    <TD valign="top" align="left">&nbsp;</TD>
    <TD colspan="3" align="left"><B>TEEKAY SHIPPING CORPORATION</B><BR>&nbsp;<BR>
&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD colspan="3" style="border-bottom: 1px solid #000000" align="left">/s/&nbsp;&nbsp;PETER B. EVENSEN
&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD valign="top">Name:&nbsp;&nbsp;</TD>
    <TD align="left">Peter B. Evensen&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD valign="top">Title:&nbsp;&nbsp;</TD>
    <TD align="left">Executive Vice President and Chief Financial Officer&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>

</TABLE>

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


<TABLE width="100%" border="0" cellspacing="0" cellpadding="0" style="font-size: 10pt">
<TR>
    <TD width="48%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="35%">&nbsp;</TD>
    <TD width="15%">&nbsp;</TD>
</TR>

</TABLE>

<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>SCHEDULE A</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt">Directors and Executive Officers of Teekay:
</DIV>

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="35%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="35%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="20%">&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</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center">&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>and Principal Business Address</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" style="border-bottom: 1px solid #000000"><B>Citizenship</B></TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">C. Sean Day, Director and
Chairman<BR>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>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <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">Bjorn Moller, Director,
President and<BR>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>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <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 and<BR>
Chairman Emeritus
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">President<BR>
Nordic Industries<BR>
1437 Furneaux Road<BR>
Marysville, California, USA, 95901
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Denmark</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <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">Rod (James) Clark, Director
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">3900 Essex Lane<BR>
Suite&nbsp;1200<BR>
Houston, Texas, USA 77027
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">United States</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <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">Dr. Ian D. Blackburne, Director
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">130 Blues Point Road<BR>
McMahons Point, NSW 2060, Australia
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Australia</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <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">Peter S. Janson, Director
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">500 Avenue Road, Suite&nbsp;1107<BR>
Toronto, ON M4V 2J6<BR>
Canada
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Canada</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <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
</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"><!-- Blank Space -->
    <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">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 1M6 Canada
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Canada</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <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">Tore I. Sandvold, Director
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Sandvold Energy AS<BR>
c/o E.ONRuhrgas AG<BR>
Stortingsgaten 8<BR>
0161 Oslo<BR>
Norway
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Norway</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <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">Peter Evensen, EVP, and Chief<BR>
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>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <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">David Glendinning, President,
Teekay Gas<BR>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>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


<P align="right" style="font-size: 10pt">6 of 8
</DIV>

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

<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="35%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="35%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="20%">&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</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center">&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>and Principal Business Address</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" style="border-bottom: 1px solid #000000"><B>Citizenship</B></TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&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>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <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 J. Bensler, EVP,
Secretary and<BR>General Counsel
</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>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <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">Vincent Lok, SVP 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>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <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">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>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <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 Chan, SVP, 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>
</TR>

<TR valign="bottom"><!-- Blank Space -->
    <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">Kenneth Hvid, President,<BR>
Teekay Navion Shuttle Tankers,<BR>
a division of Teekay Shipping Coproration</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Verven 4<BR>
N-4014 Stravanger<BR>
Norway
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Denmark</TD>
</TR>



<!-- End Table Body -->
</TABLE>
</DIV>


<P align="right" style="font-size: 10pt">7 of 8
</DIV>

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


<DIV align="right" style="font-size: 10pt; margin-top: 12pt"><B>EXHIBIT 99.1</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 18pt">&#091;Seller&#093;
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 36pt"><B>Teekay Shipping Corp. acquisition of shares in Petrojarl ASA</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 18pt">Ladies and Gentlemen;
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt">On &#091;Date&#093; Teekay Shipping Corporation (&#147;Teekay&#148;) acquired &#091;number&#093; shares from the &#091;Seller&#093; (&#147;the
Seller&#148;), representing &#091;percentage&#093;% of the outstanding shares in Petrojarl ASA for NOK &#091;Price&#093; per
share. As part consideration for such acquisition, in the event that Teekay within the period
ending &#091;time period end date&#093; acquires or agrees to acquire additional shares in Petrojarl ASA or
alternatively sells or agrees to sell shares in Petrojarl ASA acquired &#091;Date&#093; to purchasers, in
each case selling or purchasing shares (as the case might be) for a consideration representing more
than NOK &#091;Price&#093; per share (&#147;the Consideration&#148;), Teekay gives the following undertaking in favour
of the Seller:
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Teekay shall pay and the Seller shall receive within 5 business days of such purchase, sale or
agreement to acquire or sell shares (subject to consummation of such agreement having taken place),
an additional amount per share sold &#091;Date&#093; that equals the Consideration less NOK &#091;Price&#093; (&#147;the
Additional Amount&#148;).
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">However, to the extent the Additional Amount is payable following Teekay&#146;s sale of shares as
described, the Additional Amount shall be reduced up to 100% by a sum that in total will equal to
10 % p.a. of the number of shares sold by Teekay in such sale multiplied with NOK &#091;Price&#093;,
calculated in the period starting &#091;Date&#093; and ending the earlier of (a)&nbsp;the date Teekay receives the
purchase price for such shares sold and (b)&nbsp;the date Teekay is obligated to make payment to Seller
in respect of such sale pursuant to this letter.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 32pt">Yours sincerely
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 36pt">Peter Evensen<BR>
Executive VP and CFO, Teekay Shipping Corporation

</DIV>


<P align="right" style="font-size: 10pt">8 of 8
</DIV>

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