Good day and welcome to Teekay Corporation’s Third Quarter 2021 Earnings Results Conference Call. [Operator Instructions] As a reminder, this call is being recorded. Now, for opening remarks and introductions, I would like to turn the call over to the company. Please go ahead.

Before we begin, I would like to direct all participants to our website at www.teekay.com, where you will find a copy of the third quarter of 2021 earnings presentation. Teekay’s President and CEO, Kenneth Hvid and Teekay’s CFO, Vince Lok, will review this presentation during today’s conference call. Please allow me to remind you that our discussion today contains forward-looking statements. Actual results may differ materially from results projected by those forward-looking statements. Additional information concerning factors that could cause actual results to materially differ from those in the forward-looking statements is contained in the third quarter of 2021 earnings release and presentation available on our website. Please note that due to the pending merger between Teekay LNG and Stonepeak, we are strictly limited in our ability to comment on the planned transaction and therefore, we will not be holding a Q&A session after the call today. For additional information about the merger, please see Teekay LNG’s proxy statement filed with the SEC on November 2, relating to the pending merger. With that, I will now turn the call over to Vince to begin.

Thanks, Ryan. Good morning, everyone and thank you for joining us today for Teekay Corporation’s third quarter 2021 earnings conference call. Before I hand the call over to Kenneth, I will briefly review our financial results for the quarter. Starting with our recent highlights on Slide 3 of the presentation, in the third quarter, we reported a consolidated adjusted profit of $95,000, up slightly from $30,000 in the prior quarter. We also generated total adjusted EBITDA of $165 million, down from $172 million in the previous quarter. Stronger results from our Marine Services business in Australia and lower vessel operating expenses offset weaker tanker rates and a heavy dry dock schedule in our tanker business during the quarter, while our gas business performed as expected. Looking ahead and viewing the Teekay consolidated entity in its current configuration, we are expecting our fourth quarter results to be better than the third quarter mainly due to improving spot tanker rates and fewer dry docking days for both our gas and tanker fleets, partially offset by higher vessel operating expenses mainly due to timing of repairs and maintenance. For guidance on our fourth quarter results, please refer to the appendix of this presentation. As announced on October 4, TGP and Stonepeak entered into a merger agreement, whereby Stonepeak will acquire all the issued and outstanding common units and general partner units for $17 per unit in cash, representing an enterprise value of $6.2 billion and common unit equity value of $1.5 billion. Teekay Parent will be selling its entire position in TGP, including our GP interest for gross proceeds of approximately $640 million. In addition, as part of the transaction, Teekay will transfer the ownership of various management services companies that currently deliver the operations for TGP and certain of its joint ventures,…

Thanks, Vince, and good morning, everyone. Turning to Slide 4, I’ll comment on TGP’s pending merger with Stonepeak and the key transaction highlights. Since TGP’s IPO 16 years ago, we have built TGP into the world’s third largest independent LNG carrier owner and operator with one of the largest and most diversified portfolios of long-term contracts with leading players in the LNG industry. We leveraged Teekay’s operating franchise on brand and reputation in the shipping industry to grow our market share considerably over the last 16 years to the point where TGP is now only behind two Japanese LNG shipping companies in terms of size. TGP hasn’t ordered a new vessel since 2014. And to modernize and potentially grow its fleet in an accretive manner, TGP is now at the stage where it requires a significant amount of competitively priced capital for both fleet renewal and potential future growth. Subs capital has not been available to the LNG shipping and MLP sectors on competitive terms through public equity markets for a number of years. We believe this is reflected in many of the privatizations that have taken place in recent times, including a number of TGP’s peers. In this context, and as Vince mentioned earlier, Stonepeak has agreed to pay $17 per unit or unit equivalent in cash plus the quarterly distribution of approximately $0.29 per unit, which will be paid on November 12 to unitholders on record on November 5. Including this quarterly distribution, the price paid equates to a 10.2% premium to TGP’s closing price on October 1 and 19.5% premium to the 180-day volume-weighted average price. On a year-to-date basis, this represents a total unitholder return of over 60%. We believe this transaction represents a unique opportunity for us and other TGP common unitholders to monetize our…

This concludes today’s call. Thank you for your participation. You may now disconnect.