Date    18 July 2001
Number  04/01


BHP Billiton Limited (BHP Billiton) and Teekay Shipping Corporation (Teekay)
today announced the signing of an Implementation Agreement to form a joint
venture company encompassing ship management, crewing and marine technical

The joint venture, called Teekay Marine Pty Ltd (Teekay Marine), will provide
improved operating costs via economies of scale and ongoing surety over
service quality and risk. It will also deliver significantly increased
resources and capabilities to BHP Billiton through Teekay's global network.

Teekay Marine will contract services to BHP Billiton for its existing shipping
fleet. Equity ownership will be split 70:30 between Teekay and BHP Billiton

BHP Billiton President Transport and Logistics Bruce McGowan said the joint
venture would create a world-class ship management business with a strong
position in Australia and a significant global footprint.

"Teekay Marine will deliver a total shipping capability and build on both
partners' excellent track record serving major customers and complementary
global experience with different types of vessels and cargo," he said.

"In addition, being a key customer and part owner of Teekay Marine will
ensure BHP Billiton increases its range of options to best meet the needs
of its global customer base."

The signing of the Implementation Agreement follows several months of
negotiations and is separate to BHP Billiton's strategic review of its
Transport and Logistics requirements. There will be no change to the Company's
existing ship ownership arrangements as a result of the joint venture being

Teekay President and CEO Bjorn Moller said: "BHP Billiton is a long-standing
customer of our oil transportation services. We are delighted with this
opportunity to strengthen our relationship further by joining them in this
marine services venture."

It is intended to transfer all of BHP Billiton's 600 sea-going personnel to
Teekay Shipping (Australia) Pty Ltd (a 100 per cent-owned subsidiary of
Teekay Shipping Corporation). The joint venture will create a broad range
of career opportunities as part of a growing, marine services-focussed

It is expected that the joint venture will be implemented by October 2001
following completion of all negotiations.

As previously advised, BHP Billiton will retain its Sea Freight Management
function as part of the Company's Marketing group. A Melbourne-based team
will also provide support, focussing on Marine Services, Handysize Chartering
and Logistics Solutions.

Teekay Background:

Teekay Shipping Corporation is a leading provider of international crude oil
and petroleum product transportation services through the world's largest
fleet of medium sized oil tankers.

Headquartered in Nassau, Bahamas, with offices in 11 other countries, Teekay
employs 300 onshore and more than 2700 sea-going staff around the world. The
company's modern fleet has earned a reputation for safety and excellence in
providing transportation services to major oil companies, oil traders and
government agencies world wide. (

Further information can be found on our Internet site:


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