0000911971-03-000016 Sample Contracts

Navion Subsidiaries
Share Sale and Purchase Agreement • April 1st, 2003 • Teekay Shipping Corp • Deep sea foreign transportation of freight

We refer to the Share Sale and Purchase Agreement (the “Agreement”) entered into on 15 December 2002 between Statoil ASA (“Statoil”) and Statpet AS (“Statpet”) on the one side and Norsk Teekay AS on the other side.

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Navion Reorganisation
Share Sale and Purchase Agreement • April 1st, 2003 • Teekay Shipping Corp • Deep sea foreign transportation of freight

We refer to the Share Sale and Purchase Agreement (the “Agreement”) entered into on 15 December 2002 between Statoil ASA (“Statoil”) and Statpet AS (“Statpet”) on the one side and Norsk Teekay AS on the other side.

SHARE SALE AND PURCHASE AGREEMENT ________________________________________________ by and among STATOIL ASA and STATPET AS and NORSK TEEKAY AS dated December 15 2002
________________________________________________ Share Sale and Purchase Agreement • April 1st, 2003 • Teekay Shipping Corp • Deep sea foreign transportation of freight
Patents and Trademarks
Share Sale and Purchase Agreement • April 1st, 2003 • Teekay Shipping Corp • Deep sea foreign transportation of freight

We refer to the Share Sale and Purchase Agreement (the “Agreement”) entered into on 15 December 2002 between Statoil ASA (“Statoil”) and Statpet AS (“Statpet”) on the one side and Norsk Teekay AS on the other side.

To: Norsk Teekay AS
Teekay Shipping Corp • April 1st, 2003 • Deep sea foreign transportation of freight

We refer to the Share Sale and Purchase Agreement (including its Schedules 1.1 – 10.5 (c)) (the “Agreement”) entered into on 15 December 2002 between Statoil ASA (“Statoil”) and Statpet AS (“Statpet”) on the one side and Norsk Teekay AS on the other side.

Litigation and investigations
Share Sale and Purchase Agreement • April 1st, 2003 • Teekay Shipping Corp • Deep sea foreign transportation of freight

We refer to the Share Sale and Purchase Agreement (the “Agreement”) entered into on 15 December 2002 between Statoil ASA (“Statoil”) and Statpet AS (“Statpet”) on the one side and Norsk Teekay AS on the other side.

Letter of Resignation
Share Sale and Purchase Agreement • April 1st, 2003 • Teekay Shipping Corp • Deep sea foreign transportation of freight
Statement of None Awareness
Sale and Purchase Agreement • April 1st, 2003 • Teekay Shipping Corp • Deep sea foreign transportation of freight

We refer to the Share Sale and Purchase Agreement (the “Agreement”) entered into on 15 December 2002 between Statoil ASA and Statpet AS on the one side and Norsk Teekay AS on the other side.

Statement Certifying the Accuracy and Correctness of Representations and Warranties
Sale and Purchase Agreement • April 1st, 2003 • Teekay Shipping Corp • Deep sea foreign transportation of freight

We refer to the Share Sale and Purchase Agreement (the “Agreement”) entered into on 15 December 2002 between Statoil ASA (“Statoil”) and Statpet AS (“Statpet”) on the one side and Norsk Teekay AS on the other side.

GUARANTEE
Teekay Shipping Corp • April 1st, 2003 • Deep sea foreign transportation of freight
FORM OF COMPANY PERFORMANCE GUARANTEE
Teekay Shipping Corp • April 1st, 2003 • Deep sea foreign transportation of freight

Reference is made to that certain [contract of affreightment][time charterparty] (the “Contract”) dated [ ] and originally entered into between Navion Maritime AS [Rasmussen Navion KS] as [owners][charterers] and yourselves as [charterers][owners].

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