Teekay Corporation Ltd.

Welcome to TK Corporation's fourth quarter and fiscal 2021 earnings results conference call. During the call, all participants will be in a listen-only mode. Afterwards, you will be invited to participate in a question and answer session. At that time, if you have a question, participants will be asked to press star 1 to register for a question. For assistance during the call, please press star 0 on your touch-tone phone. 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'd like to direct all participants to our website at www.tk.com, where you'll find a copy of the fourth quarter and fiscal year 2021 earnings presentation. TK's President and CEO, Kenneth Hvid, and TK's CFO, Vince Locke, 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 fourth quarter and fiscal year 2021 earnings release and presentation available on our website. With that, I will now turn over the call to Vince to begin.

Thanks Ryan. Good morning, everyone, and thank you for joining us today for TK Corporation's fourth quarter and fiscal 2021 earnings conference call. Before I hand the call over to Kenneth, I will briefly review our financial results, starting with the recent highlights on slide three of the presentation. In the fourth quarter, we reported a consolidated adjusted profit of $8 million, or $0.08 per share, up from $95,000 in the prior quarter. We also generated total adjusted EBITDA of $182 million, up from $165 million in the previous quarter. Our Q4 results were stronger, mainly due to a modest improvement in spot tanker rates. In fiscal year 2021, we reported a consolidated adjusted net profit of $20 million, or $0.19 per share, compared to $83 million, or $0.82 per share in the prior year, and generated total adjusted EBITDA of $721 million compared to $1.1 billion in the prior year. This decrease primarily reflects the exceptionally strong tanker market in the first half of 2020. Please note that our consolidated net income and total adjusted EBITDA results for Q4 and fiscal 2021 include TKL&G even though TKL&G's results are presented as discontinued operations in our financial statements. On January 13th of this year, we successfully completed the sale of all of our interests in TKL&G to Stonepeak, bringing in gross cash proceeds of approximately $641 million to TK Parent. Upon closing the sale, we expeditiously eliminated approximately $330 million of high-cost debt ranging between 5% and 9.25%. TK Parent is now largely debt-free with a net cash position of over $300 million. Looking ahead to Q1, we expect our consolidated results to be lower as a result of the sale of our interest in TK LNG in mid-January 2022, partially offset by significantly lower interest expense due to TK Parent now being largely debt-free. For guidance on our first quarter results, please refer to the appendix of this presentation. With that, I will now turn the call over to Kenneth.