Bermuda-based Teekay Corporation has contracted with the Australian Department of Defence to provide marine services for five government vessels for a firm period of six years, with options to extend for up to an additional 10 years.

Under the contract, which is expected to commence in November, Teekay said it will provide ship management services, including crewing and training, operating, engineering, maintenance, and supply support.

Kenneth Hvid, president and CEO of Teekay, said: “This is another example of how we can generate value from the Teekay franchise and allows us to expand our asset-lite services segment.

“In addition, this contract further builds on our strategic relationship with the Australian government, where we will now provide services for a total of nine Australian government vessels, and it provides a solid foundation from which to further grow this business.”

Teekay said it is a leading provider of international crude oil and gas marine transportation services. Teekay provides these services primarily through its directly-owned fleet and its controlling ownership interests in Teekay LNG Partners LP, one of the world’s largest independent owners and operators of LNG carriers, and Teekay Tankers Ltd, one of the world’s largest owners and operators of mid-sized crude tankers.

The consolidated Teekay entities manage and operate total assets under management of approximately $9 billion, comprised of more than 130 liquefied gas carriers, conventional tankers, and other marine assets.

With offices in 10 countries and approximately 5,350 seagoing and shore-based employees, Teekay said it provides a comprehensive set of marine services primarily to the world’s leading oil and gas companies.