Sustainability is a core value at Teekay and ensures the long-term health and success of our people, our business and the surroundings we work in. It involves a commitment to responsible safety and environmental practices, as well as an innovative approach to the use of technology and the development of projects.
For more, visit: www.teekay.com
In this report you will find many examples of how Teekay works with sustainability as a guideline throughout the entire organization. The report focuses on the sustainability issues that significantly affect business performance and matter most to our key stakeholders. Our prioritization of the topics reflects potential impact on People, Planet, Profit and reputation. These include profitability, regularity, HSEQ, competence, greenhouse gas emissions, workforce participation, supply chain management and transparency with respect to corruption and ethics.
Teekay Offshore Production’s annual sustainability reporting is one of the means of which we examine and elaborate on our targets, performance and initiatives within the area of sustainability. This report describes our impact on and approach to sustainability and associated challenges and opportunities. We strive to consider people, planet and profit in all of our decisions and actions. Sustainability is a core value in Teekay and ensures the long-term health and success of our people, our business and the surroundings we work in.
Forty years have passed since Torben Karlshoej established a small tanker operation that initially concentrated on the Far East-United States west coast crude oil trade. Its remarkable initial expansion is attributable to Tobern's vision, energy and leadership. His role was cut short by his untimely death in 1992, and, as competitors devised strategies to acquire the leaderless company, his close confidants - led by his elder brother Axel - joined forces to repel take over bids and secure its independence.
By introducing new leadership figures who shared the Karlshoej vision and ethics, that small but zealous group stimulated the company's growth to its position as a leader in tanker and offshore oil-related operations.
This book traces the history of the company against a backdrop of the global socio-political and economic events that influenced its development to its present status in the oil trade. It also pays tribute to the men and women who have made that growth possible by loyal, enthusiastic and visionary service ashore and at sea.
Osea 2014 - Singapore, Marina Bay Sands - The 20th International Oil and Gas ...WhereInFair
OSEA is the biennial tradeshow that has served the offshore Oil & Gas market and its supporting industries since 1976.
The Platinum Edition (20th) of OSEA will be held from 2 – 5 December 2014 at Marina Bay Sands, Singapore. Established as the region’s most well-attended Oil & Gas event, it has continuously attracted a high quality attendance.
Poised to upstage its previous editions, OSEA2014 will become a larger exhibition occupying 3 levels at Marina Bay Sands. Tapping into the region’s increasing need for more sophisticated technologies and solutions, an international representation of exhibitors will put up a comprehensive showcase for buyers from Asia and beyond.
In this report you will find many examples of how Teekay works with sustainability as a guideline throughout the entire organization. The report focuses on the sustainability issues that significantly affect business performance and matter most to our key stakeholders. Our prioritization of the topics reflects potential impact on People, Planet, Profit and reputation. These include profitability, regularity, HSEQ, competence, greenhouse gas emissions, workforce participation, supply chain management and transparency with respect to corruption and ethics.
Teekay Offshore Production’s annual sustainability reporting is one of the means of which we examine and elaborate on our targets, performance and initiatives within the area of sustainability. This report describes our impact on and approach to sustainability and associated challenges and opportunities. We strive to consider people, planet and profit in all of our decisions and actions. Sustainability is a core value in Teekay and ensures the long-term health and success of our people, our business and the surroundings we work in.
Forty years have passed since Torben Karlshoej established a small tanker operation that initially concentrated on the Far East-United States west coast crude oil trade. Its remarkable initial expansion is attributable to Tobern's vision, energy and leadership. His role was cut short by his untimely death in 1992, and, as competitors devised strategies to acquire the leaderless company, his close confidants - led by his elder brother Axel - joined forces to repel take over bids and secure its independence.
By introducing new leadership figures who shared the Karlshoej vision and ethics, that small but zealous group stimulated the company's growth to its position as a leader in tanker and offshore oil-related operations.
This book traces the history of the company against a backdrop of the global socio-political and economic events that influenced its development to its present status in the oil trade. It also pays tribute to the men and women who have made that growth possible by loyal, enthusiastic and visionary service ashore and at sea.
Osea 2014 - Singapore, Marina Bay Sands - The 20th International Oil and Gas ...WhereInFair
OSEA is the biennial tradeshow that has served the offshore Oil & Gas market and its supporting industries since 1976.
The Platinum Edition (20th) of OSEA will be held from 2 – 5 December 2014 at Marina Bay Sands, Singapore. Established as the region’s most well-attended Oil & Gas event, it has continuously attracted a high quality attendance.
Poised to upstage its previous editions, OSEA2014 will become a larger exhibition occupying 3 levels at Marina Bay Sands. Tapping into the region’s increasing need for more sophisticated technologies and solutions, an international representation of exhibitors will put up a comprehensive showcase for buyers from Asia and beyond.
Atwood Oceanics, Inc. is a global offshore drilling contractor engaged in the drilling and completion of exploratory and developmental oil and gas wells. The company currently owns 13 mobile offshore drilling units and is constructing three ultra-deepwater drillships. The company was founded in 1968 and is headquartered in Houston, Texas. Atwood Oceanics, Inc. common stock is traded on the New York Stock Exchange under the symbol "ATW."
“Full Speed Ahead” aptly describes Atwood Oceanics’ first ultra-deepwater drillship, the Atwood Advantage, which joined our fleet in mid-December and is pictured on the cover. The Atwood Advantage is the first of four “A-Class” ultra-deepwater drillships that will extend our market presence with state-of- the-art drilling capability, efficiency and safety. With their high transit speeds and superior size, these vessels offer the mobility and flexibility required to efficiently conduct multi-regional drilling campaigns.
Greetings,
Attached FYI ( NewBase Special 12 November 2015 ) , from Hawk Energy Services Dubai . Daily energy news covering the MENA area and related worldwide energy news. In todays’ issue you will find news about:-
• ADIPEC: 2015 AWARDS CELEBRATE EXCELLENCE, BEST PRACTICE AND INNOVATION IN ENERGY
• Iraq: Occidental to sell Zubair stake to Iraq's South Oil -officials
• Cameroon: Bowleven commences extended well test at the Moambe well onshore Kenya/Ethiopia: Africa Oil provides update on operations in Kenya and Ethiopia
• US oil prices struggle to break away from 2-month low
• Russia's Oil Rivalry With Saudis Masks the Bigger Iranian Threat
• Back to the 1970s: four charts that showing where the oil market is heading
• Major Oil Companies Have Half-Trillion $ to Fund Takeovers
we would appreciate your actions to send to all interested parties that you may wish. Also note that if you or your organization wish to include your own article or advert in our circulations, please send it to :-
khdmohd@hotmail.com or khdmohd@hawkenergy.net
Best Regards.
Khaled Al Awadi
Energy Consultant & NewBase Chairman - Senior Chief Editor
MS & BS Mechanical Engineering (HON), USA
Emarat member since 1990
ASME meme since 1995
Hawk Energy since 2010
Greetings,
Attached FYI ( NewBase Special 25 February 2016 ) , from Hawk Energy Services Dubai . Daily energy news covering the MENA area and related worldwide energy news. In todays’ issue you will find news about:-
• UAE: Masdar Institute and EnergyNest agree to further intensify research activities at MISP’s Thermal Energy Storage Pilot Facility
• Qatar: Qapco close to finalising ethane expansion project
• Saudi Arabia struggles with cheap oil
• US: How Many Gas Tankers to export Would It Take to Wipe out a U.S. Glut?
• America’s Shale Makes Debut in Global Gas Trade With First Cargo
• Cheniere To Export First US LNG Cargo To Brazil
• US crude steady as strong gasoline demand offset by record stocks
• BP sees end in sight for oil glut, but impact will linger
• BP’s Lamar Mackay on oil price curves: Is it a V or a W or an L?
• For Exxon and Shell, Age of Ultramajors Comes at the Wrong Time
• Saudi Arabia to U.S. Oilmen: Cut Costs or Exit the Business
we would appreciate your actions to send to all interested parties that you may wish. Also note that if you or your organization wish to include your own article or advert in our circulations, please send it to :-
khdmohd@hotmail.com or khdmohd@hawkenergy.net
Best Regards.
Khaled Al Awadi
Energy Consultant & NewBase Chairman - Senior Chief Editor
MS & BS Mechanical Engineering (HON), USA
Emarat member since 1990
ASME meme since 1995
Hawk Energy since 2010
Offshore crewing and_manning_slide shareRuoh Yi Tham
Offshore Marine Crewing and Manning, Asia's First and ONLY conference on sourcing and manning solutions for offshore oil and gas operations, will be held in Singapore from 23-26 June 2014. More updates at www.offshorecrewingmanning.com
For a more strategic solution to Crew Management, WRS can engage with you to bring together Global Mobility, Resourcing, Training & Compliance, Account Management and Assignment Support to transform your global crew management into a compliant, efficient and high-performing operation. Our solutions provide potential cost savings and improved efficiency and performance.
Apesar de um ambiente econômico enfraquecido em Portugal, Sines Container Terminal viu seu aumento de volume em quase 70%. Nova tráfego da Ásia para a África Ocidental e aumento do movimento de carga para EUA / Canadá contribuíram para o forte desempenho em Sines. A segunda fase do terminal do desenvolvimento começou com o cais que está sendo prorrogado por 210 metros para 940 metros.
In spite of a weakened economic environment in Portugal, Sines Container Terminal saw its volume surge by nearly 70%. New traffic from Asia to West Africa and increased cargo movement to US/ Canada contributed to the strong performance at Sines. The terminal’s second phase of development got underway with the quay being extended by 210 metres to 940 metres.
Participants will acquire an understanding of the geological principles employed to find, develop and produce oil and gas reservoirs, the type of data required to build a model of the subsurface, and the different methods used to display
information. The value and limitations of different data sources will be discussed.
Emphasis is placed on the operational and applied aspects of petroleum geology. The course will demonstrate how appropriate use of geological information can
lead to better management decisions and thus improve the value of oil and gas projects.
Our annual sustainability reporting is one of the means by which we examine and elaborate on our targets, performance and initiatives within the area of sustainability in 2013. This report describes our impacts on and approach to sustainability and associated challenges and opportunities. The report contains Standards
Disclosures from the GlobalReporting Initiative G4 guidelines.
For more information, visit our website: www.teekay.com
Atwood Oceanics, Inc. is a global offshore drilling contractor engaged in the drilling and completion of exploratory and developmental oil and gas wells. The company currently owns 13 mobile offshore drilling units and is constructing three ultra-deepwater drillships. The company was founded in 1968 and is headquartered in Houston, Texas. Atwood Oceanics, Inc. common stock is traded on the New York Stock Exchange under the symbol "ATW."
“Full Speed Ahead” aptly describes Atwood Oceanics’ first ultra-deepwater drillship, the Atwood Advantage, which joined our fleet in mid-December and is pictured on the cover. The Atwood Advantage is the first of four “A-Class” ultra-deepwater drillships that will extend our market presence with state-of- the-art drilling capability, efficiency and safety. With their high transit speeds and superior size, these vessels offer the mobility and flexibility required to efficiently conduct multi-regional drilling campaigns.
Greetings,
Attached FYI ( NewBase Special 12 November 2015 ) , from Hawk Energy Services Dubai . Daily energy news covering the MENA area and related worldwide energy news. In todays’ issue you will find news about:-
• ADIPEC: 2015 AWARDS CELEBRATE EXCELLENCE, BEST PRACTICE AND INNOVATION IN ENERGY
• Iraq: Occidental to sell Zubair stake to Iraq's South Oil -officials
• Cameroon: Bowleven commences extended well test at the Moambe well onshore Kenya/Ethiopia: Africa Oil provides update on operations in Kenya and Ethiopia
• US oil prices struggle to break away from 2-month low
• Russia's Oil Rivalry With Saudis Masks the Bigger Iranian Threat
• Back to the 1970s: four charts that showing where the oil market is heading
• Major Oil Companies Have Half-Trillion $ to Fund Takeovers
we would appreciate your actions to send to all interested parties that you may wish. Also note that if you or your organization wish to include your own article or advert in our circulations, please send it to :-
khdmohd@hotmail.com or khdmohd@hawkenergy.net
Best Regards.
Khaled Al Awadi
Energy Consultant & NewBase Chairman - Senior Chief Editor
MS & BS Mechanical Engineering (HON), USA
Emarat member since 1990
ASME meme since 1995
Hawk Energy since 2010
Greetings,
Attached FYI ( NewBase Special 25 February 2016 ) , from Hawk Energy Services Dubai . Daily energy news covering the MENA area and related worldwide energy news. In todays’ issue you will find news about:-
• UAE: Masdar Institute and EnergyNest agree to further intensify research activities at MISP’s Thermal Energy Storage Pilot Facility
• Qatar: Qapco close to finalising ethane expansion project
• Saudi Arabia struggles with cheap oil
• US: How Many Gas Tankers to export Would It Take to Wipe out a U.S. Glut?
• America’s Shale Makes Debut in Global Gas Trade With First Cargo
• Cheniere To Export First US LNG Cargo To Brazil
• US crude steady as strong gasoline demand offset by record stocks
• BP sees end in sight for oil glut, but impact will linger
• BP’s Lamar Mackay on oil price curves: Is it a V or a W or an L?
• For Exxon and Shell, Age of Ultramajors Comes at the Wrong Time
• Saudi Arabia to U.S. Oilmen: Cut Costs or Exit the Business
we would appreciate your actions to send to all interested parties that you may wish. Also note that if you or your organization wish to include your own article or advert in our circulations, please send it to :-
khdmohd@hotmail.com or khdmohd@hawkenergy.net
Best Regards.
Khaled Al Awadi
Energy Consultant & NewBase Chairman - Senior Chief Editor
MS & BS Mechanical Engineering (HON), USA
Emarat member since 1990
ASME meme since 1995
Hawk Energy since 2010
Offshore crewing and_manning_slide shareRuoh Yi Tham
Offshore Marine Crewing and Manning, Asia's First and ONLY conference on sourcing and manning solutions for offshore oil and gas operations, will be held in Singapore from 23-26 June 2014. More updates at www.offshorecrewingmanning.com
For a more strategic solution to Crew Management, WRS can engage with you to bring together Global Mobility, Resourcing, Training & Compliance, Account Management and Assignment Support to transform your global crew management into a compliant, efficient and high-performing operation. Our solutions provide potential cost savings and improved efficiency and performance.
Apesar de um ambiente econômico enfraquecido em Portugal, Sines Container Terminal viu seu aumento de volume em quase 70%. Nova tráfego da Ásia para a África Ocidental e aumento do movimento de carga para EUA / Canadá contribuíram para o forte desempenho em Sines. A segunda fase do terminal do desenvolvimento começou com o cais que está sendo prorrogado por 210 metros para 940 metros.
In spite of a weakened economic environment in Portugal, Sines Container Terminal saw its volume surge by nearly 70%. New traffic from Asia to West Africa and increased cargo movement to US/ Canada contributed to the strong performance at Sines. The terminal’s second phase of development got underway with the quay being extended by 210 metres to 940 metres.
Participants will acquire an understanding of the geological principles employed to find, develop and produce oil and gas reservoirs, the type of data required to build a model of the subsurface, and the different methods used to display
information. The value and limitations of different data sources will be discussed.
Emphasis is placed on the operational and applied aspects of petroleum geology. The course will demonstrate how appropriate use of geological information can
lead to better management decisions and thus improve the value of oil and gas projects.
Our annual sustainability reporting is one of the means by which we examine and elaborate on our targets, performance and initiatives within the area of sustainability in 2013. This report describes our impacts on and approach to sustainability and associated challenges and opportunities. The report contains Standards
Disclosures from the GlobalReporting Initiative G4 guidelines.
For more information, visit our website: www.teekay.com
Transworld Group Inaugurates its Cold Chain Distribution CenterTransworld Group
Transworld Group proudly inaugurated its new Cold Chain Distribution Centre in JAFZA, Dubai.
The ceremony was graced by Mr. Abdulla Bin Damithan CEO & MD of DP World UAE & JAFZA,
and Pujya Brahmavihari Swamiji from the BAPS Hindu Mandir Abu Dhabi.
Led by Chairman Mr. Ramesh S. Ramakrishnan & Managing Director Mr. Ritesh S. Ramakrishnan,
Transworld Group reinforces its commitment to excellence & unmatched service. The advanced
facility adheres to industry standards, ensuring secure handling of temperature-sensitive goods.
SNC-Lavalin
We are fortunate to be one of few companies in the world with the
resources and capabilities to invest in, design, build, and then operate
and maintain infrastructure and power facilities that improve lives.
Temasek Review 2014 - Our journey has just begunTemasek
The 11th edition of the Temasek Review, “Our journey has just begun”, was launched on 8 July 2014 and marks the 40th year since the company was first founded in 1974.
Structure
- The Temasek Charter
- Ten-Year Performance Overview
- Portfolio Highlights
- From Our Chairman
- Investor
- Institution
- Steward
- Group Financial Summary
- Major Investments
- Contact Information
- Temasek Portfolio at Inception
Visit www.temasekreview.com.sg for the latest Temasek Review.
Follow @Temasek on Twitter at www.twitter.com/Temasek.
The 2008 Temasek Review, titled “Risks & Opportunities”, was launched in July 2008.
Structure
- Institutional Overview
- Year in Summary
- Portfolio Highlights
- To My Fellow Stakeholders
- Group Financial Summary
- Investments
- Shaping the Institution
- Engaging the World
- Extending Pathways
- Major Portfolio Investments
- Our Reach
Visit www.temasekreview.com.sg for latest Temasek Review.
Follow @Temasek on Twitter at www.twitter.com/Temasek.
3. CONTENTS
About Teekay 5
Message From The CEO 8
People 10
Planet 18
Profit 26
Performance Summary 30
TEEKAY 2013 SUSTAINABILITY REPORT
3
4. OUR VISION
IS TO BRING
ENERGY TO THE
WORLD WITH
TEEKAY SPIRIT
4
5. ABOUT
TEEKAY
Welcome to Teekay’s 2013 Sustainability Report.
This is a snapshot of our ongoing focus and
commitment to sustainable practices.
Sustainability is a core value at Teekay, and that means we
consider our impact on the environment in each decision we
make. For us, success is more than financial metrics. We evaluate
our performance according to the health, safety and success of
our employees, and our impact on the environment. In short, we
measure our performance according to People, Planet and Profit.
About Teekay
Teekay provides a vital link in the global energy supply chain. We
bring energy where it is needed — anywhere in the world — to
power the global economy and to improve people’s lives.
Teekay Corporation is an operational leader and project developer
in the marine midstream space. With 25 offices in 16 countries
and approximately 6600 seagoing and shore-based employees,
we provide a comprehensive set of marine services to the world’s
leading oil and gas companies. Our reputation for safety, quality
and innovation has earned us a position as a trusted partner.
Over the past decade, we have undergone a major transformation
from being primarily an owner of ships in the cyclical spot tanker
business to being a diversified service provider in the marine
midstream sector.
To fund growth, we developed a corporate structure of publicly
traded entities including Teekay Corporation (NYSE: TK) and its
three daughter subsidiaries: Teekay LNG Partners L.P. (NYSE:
TGP), Teekay Offshore Partners L.P. (NYSE: TOO) and Teekay
Tankers Ltd. (NYSE: TNK).
Today, Teekay is focused on three strategic drivers:
1. Asset Manager: allocating capital to business and projects to
achieve the highest risk-adjusted rate of return on investment to
both Teekay Parent and daughter companies.
2. Project Developer: delivering major projects on time and on
budget, identifying and commercializing viable new lines of
business.
3. Operational Leader: delivering strong operations and safety
performance with a focus on cost efficiency and profitability.
TEEKAY 2013 SUSTAINABILITY REPORT
5
6. IN 2013, TEEKAY
CELEBRATED
ITS 40TH
ANNIVERSARY
To mark this milestone, we launched “Teekay: The
First 40 Years”, a book that traces the history of our
company since our founder, Torben Karlshoej, started
Teekay as a small tanker operation. The book also
pays tribute to the men and women who have made
Teekay’s growth possible through loyal, enthusiastic
and visionary service ashore and at sea.
To read our book online, please visit our website at
www.teekay.com
6
7. Teekay 2013 at a Glance
Total Staff: 6,600 Sea Staff: 5,700
Shore Staff: 900
Fatalities: 0 (down from 1 in 2012)
Lost Time Injuries: 3* (down from 15 in 2012)
Greenhouse Gas Emissions: 5,086,750 metric tonnes
Assets (thousands): USD 11,555,701
Revenue (thousands): USD 1,830,085
Number of Vessels: 171
Shuttle Tanker and FSO Segment: 41
FPSO Segment: 10
Liquefied Gas Segment: 67
Spot Tanker Segment: 26
Fixed Rate Tanker Segment: 27
New York Stock Exchange Listings:
Teekay Corporation TK (listed 1995)
Teekay LNG Partners TGP (listed 2005)
Teekay Offshore Partners TOO (listed 2006)
Teekay Tankers TNK (listed 2007
*All Lost Time Injuries occurred in the Shuttle fleet.
ABOUT
TEEKAY
TEEKAY 2013 SUSTAINABILITY REPORT
7
8. Message From the CEO
When I think about sustainability, I think of the definition
employees developed for our core SPIRIT values. The “S” in
SPIRIT stands for Safety and Sustainability.
This Sustainability Report shares how we are delivering on that
mandate. In 2013, Teekay had another amazing year of business—
as we celebrated our 40-year anniversary, we also celebrated the
safest year in our history in terms of Lost Time Injury (LTI) with
zero fatalities and three LTIs.
We received the NAMEPA 2013 Marine Environment Protection
Award for our efforts to preserve the marine environment, our
commitment to high-quality operational standards and constantly
delivering on our promise as a team.
We delivered new vessels into our fleet and placed orders for new
units that will get us closer to our strategic objectives. In Teekay
Offshore, we delivered four newbuilding shuttle tankers and are
building two floating storage and offtake (FSO) projects. Teekay
LNG secured time-charter contracts for two highly fuel-efficient
LNG carriers to be delivered in 2016 and ordered three additional
LNG carriers with industry-leading technology that will positively
impact our environmental footprint in the future. We also began oil
production on a new field—with first oil of the Voyageur Spirit—
that will bring long-term profitable growth for Teekay, as will many
of the portfolio investment decisions that we regularly take to
ensure Teekay is financially secure and successful in the long-term.
More importantly for me, as I traveled the world and met with
colleagues in offices and onboard our fleet, was the display of
Teekay Spirit I saw from our boardrooms to our messrooms,
from Singapore to Brazil to London, in the North Sea and on the
Pacific Ocean. I am incredibly lucky and proud to lead the Teekay
team, who devotes enormous effort towards upholding the Teekay
name as a respected symbol of quality and as a protector of the
environment. In the following pages, I hope you will appreciate
that unremitting Teekay focus on being the best and living by our
SPIRIT values.
— Peter Evensen, President and Chief Executive Officer
We put safety first. No compromises. We look
after each other and make sure everyone
gets home safely. We consider people, planet
and profit in all of our decisions and actions.
We contribute to a sustainable business,
environment and community.
8
9. OUR SPIRIT
VALUES OF SAFETY,
SUSTAINABILITY,
PASSION, INTEGRITY,
RELIABILITY,
INNOVATION AND
TEAMWORK GUIDE
US EVERYDAY.
TEEKAY 2013 SUSTAINABILITY REPORT
9
10. PEOPLE
Teekay’s greatest asset is
undoubtedly its world-class
people. We’ve grown from
approximately 25 employees
worldwide in 1985 to more
than 5,700 sea staff and
900 shore staff in 2013.
No matter how our people join us, they all provide us with valuable ideas and
perspectives, and show Teekay Spirit in everything they do.
Growth In Number Of Employees And Teekay Offices
7000
6000
5000
4000
3000
2000
1000
0
2000
8
3000 3000
4100 4100 4200
12 12 12 12 12
5500 5500
14 14
5100
5600
6300
6600
6300 6100
6500 6600
17 16 16 17 16 16 16 16
1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013
35
30
25
20
15
10
5
0
Number of Employees (Shore and Sea)
Number Of Countries With Teekay Offices
10
11. WE RELY ON OUR
PEOPLE TO ENSURE
OUR SHIPS DELIVER
THEIR CARGOS SAFELY
AND PROVIDE SERVICE
THAT MEETS TEEKAY’S
HIGH STANDARDS FOR
OUR CUSTOMERS.
TEEKAY 2013 SUSTAINABILITY REPORT
11
12. WE HAVE A STRONG
FOCUS ON RETAINING
OUR STAFF. FOR THE
PAST FIVE YEARS,
VOLUNTARY ATTRITION
OF SEAFARERS HAS
COMPARED FAVORABLY
WITH GENERAL
INDUSTRY.
12
13. Health and Safety
Teekay seeks continuous improvement in health and safety across
the company. We have a goal of zero injuries to personnel and zero
harm to the environment.
In 2013, Teekay incurred three lost time injuries in the shuttle fleet
and zero lost time injuries in the other fleets — down from 15 in
2012 — and no fatalities. It was the safest year in Teekay’s history
in terms of lost time injuries.
Attracting and Retaining Staff
At Teekay, we directly employ our seafarers. We recognize that
employee engagement and company loyalty are key elements
that make us an employer of choice. Being an employer of choice
allows us to attract and retain quality talent, which enhances
company performance. Our continued success is also linked to
maintaining an effective partnership with our employees — and
with labor organizations — based on mutual respect and clearly
defined responsibilities.
Operational Leadership
Operational excellence has always been among Teekay’s core
strengths. Our commitment to operational excellence is reflected
in our focus on providing safe, sustainable, reliable service to
our customers, which has made us an operational leader in our
industry and given us our enviable reputation.
We rely on our people to ensure our ships deliver their cargos
safely and provide service that meets Teekay’s high standards
for our customers.
Teekay employees have been given extensive training in
Operational Leadership to wholeheartedly embrace a series of
responsibilities and commitments including:
• Being accountable for our own safety and for our
colleagues’ safety;
• Making safety behaviors a key component in consideration
for employee promotion;
• Ensuring we use risk management tools effectively; and
• Being responsive to our customer needs for both high quality
and cost efficiency.
3.5
2.5
1.5
0.5
0.0
2009
Per Million Person Hours
LTIF = Lost Time Injury Frequency
TRCF = Total Recordable Case Frequency
2010 2011 2012 2013
0.50
0.61 0.56 0.48
0.14
3.01
2.37 2.33
2.45
2.03
All Fleet LTIF/TRCF
5-Year “All Fleet” Seafarer Attrition/Retention
100%
80%
60%
40%
20%
94.2% 94.3% 94.7% 92.9% 94.9%
5.8% 5.7% 5.3% 7.1% 5.1%
All Fleet Nationality Groups (End Of 2013)
Brazil: 1.5% Angola: 0.2%
Indonesia: 1.8% Others: 0.7%
Philippines: 37%
Europe: 30%
Australia 10%
India: 18%
PEOPLE
0%
2009 2010 2011 2012 2013
Retention Attrition
TEEKAY 2013 SUSTAINABILITY REPORT
13
14. PEOPLE
ASSISTING OUR
COLLEAGUES IN
THE PHILLIPINES
On November 8, 2013, 200 families of Teekay’s Filipino
crew and shore employees were impacted after Super
Typhoon Yolanda barreled through the Visayas region.
Some families were left with damaged houses, some lost
the land that provided their livelihoods and many lost their
hard-earned possessions.
Teekay Philippines made an extraordinary effort to reach
out and locate members of each family. Miraculously, all
of our employees and their loved ones emerged safe
and sound.
A global donation campaign was undertaken by Teekay
offices and vessels. The support from our employees,
Teekay Corporation and Kattegat Limited, the sponsor
company of the Teekay Foundation, was overwhelming.
In an incredible outpouring of support for our colleagues,
Teekay raised over $200,000, which was given to
affected families as assistance.
14
15. SUPPORTING
THE VANCOUVER
AQUARIUM
MARINE MAMMAL
RESCUE CENTRE
In 2013, Teekay became a key partner with the
Vancouver Aquarium Marine Mammal Rescue Centre to
aid in the rescue, rehabilitation and release of over 100
marine mammals a year back into their natural habitat.
One of the beneficiaries was Levi, a harbor porpoise who
was found stranded near Vancouver Island in British
Columbia, Canada. Levi had a serious lung infection
but with the help of a veterinary team at the Vancouver
Aquarium Rescue Centre, he was fully treated and
released back into his natural h Photo credit: Vancouver Aquarium abitat five months later.
TEEKAY 2013 SUSTAINABILITY REPORT
15
16. IN 2013, TEEKAY
CONTRIBUTED OVER
USD $440,000
GLOBALLY TO VARIOUS
ORGANIZATIONS
16
17. PEOPLE
Teekay’s Corporate Social Responsibility
Teekay recognizes the importance of giving back to the communities in which we live
and work. We partner with charitable organizations that embody Teekay’s SPIRIT values
in education, environment and health. Our program encourages Teekay employees to
support selected charities by offering their time to organizations in their local community.
Teekay also offers financial donations to various organizations and encourages employees
to do the same.
Donations
Some of the initiatives and organizations assisted by Teekay were:
• The children’s village in Keila, Estonia, to provide the children living there with a safe
environment that they can learn and grow up in;
• The Iselin Health Care Center on Mindoro, Philippines, to cover the cost of running the
Iselin Center. This includes salaries to the three midwives running the birth clinic and
the health care programs in the small villages in the neighborhood;
• Shoe4Africa in Sub-Saharan, Africa, to help with the construction of the first public
children’s hospital;
• Seafarers UK in London, UK, to look after the welfare needs of seafarers, ex-seafarers
and their dependants;
• Food from the Heart in Singapore to support their mission of alleviating hunger
through a food distribution program; and
• AVOSOS in Aracaju, Brazil, to support children with cancer.
Other organizations Teekay supported in 2013 include the Greater Vancouver Food Bank,
Junior Achievement of BC, Society for Prevention of Cruelty to Animals in Trondheim and
Birse & Ballogie Community Council in Aberdeen.
Seafarer Day 2013
June 25 is the International Maritime Organization (IMO) celebration of Day of the
Seafarer. In 2013, the celebration’s theme was “Faces of the Sea” and because Teekay is
proud to have some of the most talented seafarers in the world, we celebrated them too.
We collected photos from our fleet and showcased our seafarers on our social media
channels. There was an incredible amount of engagement between our seafarers and
everyone around the world showing appreciation for their work.
You can see photos using the hashtag #TeekaySPIRIT on Instagram. Follow us on
Facebook and Twitter at @TeekayCorp for all our current news and seafarer stories.
TEEKAY 2013 SUSTAINABILITY REPORT
17
18. PLANET
Running a sustainable company
requires us to operate in a way
that ensures our planet thrives.
We have committed to environmental sustainability by implementing environmentally
sound initiatives in our offices, having staff everywhere pledge to use environmentally
friendly practices and using technology to continually lessen our vessels’ impact on the
environment.
All our vessels are operated under our Safety Management System, in compliance with the
International Safety Management Code, the International Standards Organization’s 9001 for
Quality Assurance, ISO 14001 for Environment Management Systems, Occupational Health
and Safety Advisory Services 18001 and new Maritime Labour Convention 2006.
Teekay is ISO14001 certified and focuses on using best practices and technologies to avoid
spills, reduce emissions, conserve energy and minimize waste.
Our Commitments
Teekay supports environmental sustainability programs by ensuring we meet and exceed
environmental requirements. Our Health, Safety, Environment, Quality and Security policy
supports this by setting commitments for zero oil spills and minimizing the impact of our
operations on the environment.
Although we are proud of our environmental achievements, we recognize that there is
always room to do more, and we strive to be innovators and leaders in environmental
sustainability.
Through responsible safety and environmental practices, Teekay ensures that we not only
comply with legislation, but we go above and beyond compliance to further reduce our
environmental footprint.
18
19. “OUR ENVIRONMENT -
OUR RESPONSIBILITY”
IS A PHILOSOPHY
THAT DRIVES STAFF
AT SEA AND ASHORE
IN KEEPING THE
ENVIRONMENT A
TOP PRIORITY.
TEEKAY 2013 SUSTAINABILITY REPORT
19
20. Environmental Strategy
In 2008, Teekay launched its first environmental strategy. From
2008 to 2012, this strategy, through the implementation of annual
environmental objectives and targets, resulted in significant
improvement to our environmental impact. In 2013, we recognized
that we must continue to evolve to meet new legislative challenges
and customer expectations.
To continue Teekay’s journey towards environmental sustainability,
we launched the Teekay Environmental Strategy for 2013 to 2018.
The strategy aims to deliver the following business benefits:
• Innovation – benefits from new technologies aimed at
sustainable business practices and reducing costs.
• Operational effectiveness - improvements and innovation in
Teekay’s practices and processes as a direct result of being
more responsible and sustainable, creating more effective
operations and higher levels of efficiency.
• Risk management – benefits resulting from sustainability efforts
that improve Teekay’s ability to identify and reduce exposure to
risk, and prepare for and manage risk better.
• Employee and future workforce – benefits from responsible
business practice that affects the working life of employees,
and the ability to attract and hold on to talent. This includes
employee motivation, productivity, recruitment, satisfaction,
retention, engagement and loyalty.
• Brand value and reputation – benefits realized from responsible
business that improve the value of Teekay’s brand and/or the
reputation of the brand or organization.
The action plan that guides Teekay’s Environmental Strategy
(2013-2018) is the annual Environmental Leadership Program
(ELP). The ELP offers flexibility for each fleet to develop specific
objectives and targets to achieve our Environmental Strategy.
ELP audits are conducted by trained Quality Assurance Training
Officers (QATOs), who go onboard each vessel yearly to
verify implementation of Teekay environmental programs and
procedures. The QATOs also provide training and verify the
effectiveness of initiatives while evaluating the ship’s performance.
The program’s vision, “Environment as a driver for innovation,”
ensures we identify and plan for legislative changes that affect the
environment.
Recycling of Vessels
Teekay prides itself in maintaining a high quality modern fleet. As
a part of its ongoing business, Teekay routinely renews its fleet and
sells its older vessels to third parties. These vessels are sold ‘on
the water’ as fully operational vessels on industry standard terms
that are routinely used for the sale of second hand vessels, such
as the standard BIMCO “SALEFORM 1993” or “SALEFORM 2012”
prepared by the Norwegian Shipbrokers Association. Teekay is
continually assessing how the company can best ensure it plays
a responsible role in the value chain – building, operating and
recycling vessels in a safe and environmentally friendly way.
PLANET
20
21. 21
TEEKAY IS
THE FIRST
SHIP OWNER TO
ORDER A MEGI
PROPELLED
LNG CARRIER
Next Generation of LNG Carriers
Teekay has taken a lead in being the first ship owner
to order a Main Engine Gas Injection (MEGI) propelled
Liquefied Natural Gas (LNG) carrier. In December 2012,
Teekay LNG announced the ordering of these two LNG
MEGI-engine carriers and soon after, these vessels entered
into two, five-year time-charter contracts with Cheniere
Marketing, LLC.
Being the most environmentally friendly technology
available, the MEGI engines reduce fuel consumption by 30
percent. This is a revolution in its own right within the LNG
industry, burning 30 tonnes per day less gas at 19.5 knots
than the most modern Dual Fuel Diesel Electric LNG ship.
As a result of this initiative, Teekay was shortlisted in the
Lloyd’s List Global Awards for 2013 in the Technological
Innovation Award category.
TEEKAY 2013 SUSTAINABILITY REPORT
21
23. Environmental Impacts
Sustainability involves a commitment to responsible environmental
practices, and an innovative approach to technology use and
project development. As a result of our focus on environmental
sustainability, Teekay has introduced many initiatives to reduce
our emissions and discharges to air, sea and land.
2013 Levels
GHG Emissions: In 2013, Teekay emitted 5,086,750 metric tonnes
of greenhouse gases. We had an increase in carbon dioxide from
12.62 grams per tonne-mile in 2012 to 16.51 grams in 2013,
mainly due to increased vessel usage in an improving market.
Sulphur oxide emissions were 20,831 metric tonnes. In 2013
Teekay purchased 17,911 kg of refrigerant gas, including 1,195 kg
of ozone depleting refrigerant types. Nitrogen oxide emissions were
75,821. Each fleet is responsible for environmental reports for their
own review performance.
Greenhouse Gas Emission By Fleet
Discharges to Water: In 2013, Teekay vessels discharged 75,569
cubic meters of bilge, slop and soot water to sea. Our FPSO vessels
discharged 36 cubic meters of oil in produced water in 2013, which
is more than a 60% reduction since 2010.
Spills: 175 million metric tonnes of cargo were carried on Teekay
vessels in 2013. The total cargo lost to sea was 68 liters and to
atmosphere (vented gas cargo and refrigerant) was 0.6 metric tonnes.
Waste: In 2013, Teekay vessels generated 11,186 cubic meters of
solid waste. More than 64 percent of that was sent to shore facilities
for disposal or recycling. Approximately 30 percent was incinerated
on-board, with the remaining five percent disposed of at sea in
accordance with MARPOL (the International Convention for the
Prevention of Pollution from Ships).
The average per vessel at sea disposal in 2013 was 0.32 m3 and
0.38 m3 including bulk carrier cargo residues.
Our 2014 goal is to maintain zero sea waste disposals through the
year, which aligns with new MARPOL legislative requirements.
Teekay Petrojarl: Green Teams
Teekay Petrojarl has introduced environmental Green Teams across
our entire fleet. Tankers and Floating Production Storage and
Offloading (FPSO) units are encouraged to assemble at least one
green team to meet regularly. Their main responsibility is to assess
and improve the environmental performance of their vessel.
On-shore Efforts: Green 15
Teekay has a shore based environmental program known as
Green 15 in place. This program ensures our commitment to the
environment is matched in our office activities. Green 15 is an
annual plan for our offices to reduce their environmental impact,
and includes a checklist of 15 items, which are revised annually to
encourage continuous improvement.
Some of these commitments include:
• Increasing the waste diversion rate by raising awareness about
recycling programs;
• Reducing energy impact through energy generation building
programs – lights and HVAC off at programmed times;
• Reducing carbon emissions by encouraging use of public transit,
car-pooling and cycling;
• Ensuring new office equipment is ENERGY STAR or
equivalent rated;
• Equipping all kitchens with dishes and utensils to discourage
the use of disposable dishes and utensils;
• Implementing battery and light bulb recycling to reduce
toxic emissions;
• Challenging staff to reduce printing and copying amounts;
• Being active in local environmental efforts; and
• Encouraging staff to reduce the environmental impact of their
overseas travel.
Conventional
Petrojarl
LNG
Shuttle
Other
PLANET
TEEKAY 2013 SUSTAINABILITY REPORT
23
24. PLANET
NAMEPA’s 2013 Marine Environment Protection Corporate Award
On September 3, 2013, the North American Marine Environment Protection Association
(NAMEPA) announced Teekay Corporation as the recipient of NAMEPA’s 2013 Marine
Environment Protection Corporate Award.
“We are honored to receive the 2013 Marine Environment Protection Corporate Award,”
said CEO Peter Evensen. “Safety and sustainability are core values at Teekay and it ensures
the long-term health and success of our people, our business and the surroundings we
work in.”
The award is given as part of the North American World Maritime Day conference to
recognize individuals or organizations that work to preserve the marine environment.
2013 Chamber of Shipping America Environmental
Achievement Awards
On November 13, 2013, Teekay was named a recipient of the 2013 Chamber of Shipping
America Environmental Achievement Awards. The awards recognize dedication to
environmental excellence.
To be eligible for the Environmental Achievement Awards, a vessel must have a minimum
two-year period of zero reportable spills, zero U.S. Coast Guard citations for violations of
MARPOL, zero port state citations for violations of MARPOL and zero violations of state or
local pollution regulations. Among the recipients named at the 2013 ceremony, vessels had
an average 6.9 years operating without incident.
24
25. TEEKAY RECEIVED
THE 2013 NAMEPA
MARINE ENVIRONMENT
PROTECTION
CORPORATE AWARD TEEKAY 2013 SUSTAINABILITY REPORT
25
26. During 2013, Teekay’s financial management
objectives focused on three key areas:
• Executing on our sustainable growth strategy
• Financial strength and access to capital
• Improving profitability
With approximately $1.6 billion in new gas and offshore growth
projects completed in 2013, we have once again increased and
further diversified our fixed-rate cash flows. Our fixed-rate cash
flows in our gas and offshore businesses increased in 2013
through recent LNG and LPG carrier acquisitions and recently
delivered FPSO and shuttle tanker newbuilding and conversion
projects. During the year, our gas and offshore businesses
generated total cash flow from vessel operations, or CFVO1, of
$731 million, up 5 percent from the 2012 cash flows. In addition,
these two businesses now make up approximately 87 percent of
our total assets, up from 67 percent in 2006. Conversely, the more
volatile spot tanker business only represented 5 percent of our total
assets at the end of 2013, compared to 20 percent in 2006.
Growing Gas and Offshore Fixed-Rate Cash Flows
$800
$700
$600
$400
$300
$200
$100
$0
$ Millions
$500
Shuttle & FSO FPSO Gas
2006 2007 2008 2009 2010* 2011 2012 2013
PROFIT
Note: Annual xed-rate CFVO represents earnings from vessels that are consolidated on the company’s consolidated
nancial statements and earnings on a pro rata basis from its equity-accounted vessels and other investments.
* Excludes $59 million of catch-up payments related to prior periods under the amended Foinaven FPSO contract.
1 Cash ow from vessel operations (CFVO) represents income from vessel operations before depreciation and amortization expense, amortization of in-process revenue contracts, vessel write downs,
gains and losses on the sale of vessels, adjustments for direct nancing leases to a cash basis, and unrealized gains and losses relating to derivatives, but includes realized gains and losses on the
settlement of foreign currency forward contracts. CFVO represents CFVO from vessels that are consolidated and vessels that are equity accounted for on the Company’s nancial statements. Cash ow
from vessel operations is a non-GAAP nancial measure used by certain investors to measure the nancial performance of shipping companies. Please see the Company’s Website at www.teekay.com
for a reconciliation of this non-GAAP measure as used above to the most directly comparable GAAP nancial measure.
26
27. 19%
5%
Diversified Business Model
As At December 31, 2006 As At December 31, 2013
Shuttle Tanker
And FSO
FPSO Liquefied
Gas
5%
8% 17%
Fixed-Rate
Conventional
Tanker
Spot-Rate
Conventional
Tanker
$7.7B
Total Assets
2006
$11.6B
Total Assets
2013
39% 31%
20% 24%
24%
19%
13%
Teekay 2013 Sustainability Report
27
28. PROFIT
Looking Ahead
With a pipeline of approximately $5 billion in new growth projects
across the Teekay Group, primarily in our gas and offshore
businesses, delivering through to 2020, we are expecting further
fixed-rate cash flow growth over the next several years. In addition,
we continue to migrate our operating assets from the parent
company (Teekay Parent) to our publicly-traded daughter entities,
Teekay LNG Partners L.P., Teekay Offshore Partners L.P. and
Teekay Tankers Ltd. (the Daughter Entities) which enable us to
monetize the value of these assets and further strengthen our
balance sheet.
Through a combination of asset sales from Teekay Parent to the
Daughter Entities and, increasingly, direct acquisitions and organic
growth projects by our Daughter Entities, Teekay Parent has
benefited from growing dividend cash flows it receives from its
Daughter Entities, particularly the incentive distribution right cash
flows from Teekay Parent’s general partner interests in Teekay LNG
and Teekay Offshore. Through the sale of assets to the Daughter
Entities, Teekay Parent has increased its financial strength, in the
form of lower net debt and increased liquidity.
With the significant growth in gas and offshore investments, the
ability to finance this growth is an important priority and during
2013, we took further steps to diversify our sources of capital.
During the year, Teekay Parent and its Daughter Entities completed
a total of 18 debt and equity financings, raising approximately $3.5
billion. Specific examples of how Teekay diversified its sources of
capital included:
• In April 2013, we completed our first issuance of perpetual
preferred units at Teekay Offshore, raising approximately $150
million of equity proceeds; and
• During 2013, Teekay Offshore and Teekay LNG completed the
first ever shuttle tanker and LNG carrier U.S. Private Placement
project bonds raising combined proceeds of approximately $370
million at low fixed interest rate levels.
The chart in the next page illustrates the various sources of capital
that the Teekay Group has been able to access since 2009.
Lastly, in 2013, we experienced higher tanker supply growth
relative to demand resulting in another year of weak spot tanker
rates, which when combined with certain temporary operational
issues experienced with some of our FPSO units, including the
Banff FPSO, Foinaven FPSO and Voyageur Spirit FPSO, resulted in
another year of recording a net loss for Teekay on a consolidated
basis. In 2013, we recorded an adjusted net loss1 of $79.9 million,
or $1.13 per share. Looking ahead, with an overarching goal of
returning Teekay to sustainable profitability, we expect to return to
profitability in 2014 primarily due to the following:
• Continuing to re-deliver spot conventional tankers employed on
loss-making time-chartered in contracts;
• Returning our FPSO units back to full production;
• Adding profitable growth, including the Salamander FSO,
the HiLoad DP unit, the Petrojarl Knarr FPSO and a full year
contribution from our shuttle tanker newbuilding program; and
• Improving conventional spot tanker rates.
1 Adjusted net (loss) income attributable to stockholders of Teekay is a non-GAAP nancial measure which adjusts for a number of specic items that are typically excluded by securities analysts in their
published estimates of the Company’s nancial results. Adjusted net (loss) income attributable to the stockholders of Teekay is intended to provide additional information and should not be considered
a substitute for measures of performance prepared in accordance with GAAP. Please refer to Appendix A of the Teekay Corporation Fourth Quarter and Fiscal 2013 Earnings Release, which can be
found on the Company’s website www.teekay.com, for a reconciliation of this non-GAAP measure, as referenced above, to the most directly comparable nancial measure under United States generally
accepted accounting principles (GAAP).
28
29. Teekay Corporation Sources of Capital
(December 31, 2008 - Present • $ Millions)
$2,758
Commerical Bank Debt
• Expanded banking group
• $300 million Corporate Revolver
secured by daughter LP Units
Export Credit Agency
(ECA) Facilities
$2,536
Daughter Company Equity
• Overnights, PIPEs, Prefs, COPs
$450
U.S. Corporate Bond
• TK
$831
Norwegian Kroner Bonds
• TK, TGP and TOO
$320
Joint Venture Partners
$275
U.S. Project Bonds
• Meridian Spirit (52%)
• BG Shuttle Tankers
$7.2B
Consolidated
Total
Teekay 2013 Sustainability Report
29
30. PERFORMANCE
SUMMARY
Unit 2011 2012 2013
PEOPLE
Total staff Persons 6,500 6,500 6,600
Sea staff 5,500 5,600 5,700
Shore staff 1,000 900 900
Total Recordable Case Frequency1 Per million person-hours 2.33 2.45 2.03
Total Recordable Injury Frequency2 Per million person-hours 5.87 4.58 2.40
Lost Time Injuries3 Number 16 15 34
Fatalities Number 1 1 0
PLANET
Greenhouse Gas Emissions Metric tonnes CO2-eq. 5,178,226 4,498,030 5,086,750
Sulphur Dioxide Emissions Metric tonnes 52,544 43,230 20,831
Nitrogen Oxide Emissions Metric tonnes 99,129 66,361 76,379
Spill volume Litres 4,010 1,791 68
Spills above 1 barrel (159 L) Number 3 4 0
Spills below 1 barrel (159 L) Number 12 10 9
Operational Discharges to Sea Cubic metres 100,273 45,420 75,605
Oil in produced water from FPSOs Cubic metres 55 43 36
Solid Waste Disposal at Sea Per Vessel5 Cubic metres 2.8 0.12 0.32
Total Vessel Waste Generated Cubic metres 12,789 12,758 11,186
Disposed to shore facilities 4,773 5,300 9,402
Incinerated onboard 3,114 3,723 3,441
Disposed at sea 990 894 502
PROFIT
Total Assets USD (thousands) 11,137,677 11,002,025 11,555,701
Revenues USD (thousands) 1,976,022 1,980,771 1,830,085
Cash Flow from Vessel Operations USD (thousands) 632,489 684,687 819,307
Adjusted Net Income (loss) USD (thousands) (103,096) (54,862) (79,886)
Total Equity USD (thousands) 3,303,794 3,191,474 3,203,050
Net Debt (net of cash and restricted cash) USD (thousands) 4,899,139 3,814,179 5,590,407
Our Fleet Number of vessels6 151 146 171
Shuttle Tanker and FSO Segment 45 43 41
FPSO Segment 9 10 10
Liqueed Gas Segment 26 34 67
Spot Tanker Segment 32 26 26
Fixed Rate Tanker Segment 39 33 27
1 Excludes Teekay Petrojarl. Sum of lost time injuries, restricted work cases, and medical treatment cases per unit of exposure hours.
2 Data is for Teekay Petrojarl only, which uses a slightly different measure.
3 Sum of fatalities, permanent total disabilities, permanent partial disabilities and lost workday cases.
4 In 2013, only three lost time injuries incurred in the shuttle eet and zero lost time injuries in the other eets.
5 MARPOL approved category 2, 3 and 4 wastes only and excluding bulk carrier cargo residues.
6 As of year-end, including chartered-in vessels and newbuildings on order, but excluding vessels managed for third parties.
30
31. BRINGING
ENERGY TO THE
WORLD WITH
TEEKAY SPIRIT
About This Report
This report includes the entites over which Teekay has
direct operational control (meaning Teekay has the
authority to implement our operating policies on the
entity or asset). This includes assets over which Teekay
Corporation, Teekay LNG, Teekay Offshore or Teekay
Tankers have operational control. Further information
is also provided in Teekay Petrojarl’s seperate 2013
Sustainability Report available at http://www.teekay.com/
business/sustainability/Sustainability-Reports/.
We have applied the principle of materiality to decide what
to include in this report. We include information that could
reasonably be considered to affect Teekay’s decisions,
and to affect our partners and our stakeholders. In
determining what information is material, we consulted
with staff across Teekay’s global offices.
TEEKAY 2013 SUSTAINABILITY REPORT
31