BHP Billiton JV with Teekay

BHP Billiton Limited
18 July 2001

Release Time     IMMEDIATE

Date          18 July 2001
Number     04/01



              BHP BILLITON ENTERS SHIP MANAGEMENT JOINT VENTURE

                             WITH TEEKAY SHIPPING

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
services.

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
respectively.

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
formed.

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 organisation.

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. (http://www.teekay.com)



Further information can be found on our Internet site: http://
www.bhpbilliton.com

ENQUIRIES:

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