Teekay Corp has recorded a stellar improvement in profit for 2015 compared to the previous financial year, aided by growth of various projects during the year and the strong tanker shipping market.

Net profit for last year was recorded at $68.08m, a significant jump from the gain of $1.47m in 2014. Revenue improved by 23.1% year-on-year to $2.45bn.

“The strong cash flow growth and earnings were driven mainly by the delivery and acquisition of various growth projects during 2015, including our largest FPSO project to date, the Knarr FPSO, tanker fleet growth and the highest spot tanker rates in seven years,” said Peter Evensen, president and ceo of Teekay Corp.

He noted that Teekay Offshore and Teekay LNG continued to operate with high fleet utilisation, while Teekay Tankers registered one of its strongest years ever.

Teekay Offshore has completed the sale of two conventional tankers and entered into an agreement to sell its remaining two conventional tankers for $130m.

The first two tankers, the SPT Explorer and Navigator Spirit, were sold to Teekay Tankers in mid-December 2015 and the two remaining tankers, the Kilimanjaro Spirit and Fuji Spirit, are expected to be delivered to a third party in March 2016.

Over at Teekay LNG, the company in early-February secured a ten-year, $360m lease facility to finance two LNG carriers, with one having completed sea trials and the second scheduled to commence sea trials late in the first quarter.

“Looking ahead to 2016, despite the anticipated redelivery of Teekay Offshore’s Varg FPSO after operating on the Varg field for almost 18 years, the Teekay Group’s operating cash flows are expected to remain relatively strong supported by high fleet utilization, the delivery of various growth projects in 2016 and the continued strength in the conventional tanker market,” Evensen said.

“In addition, we are focusing on project execution, operational efficiencies and securing required financings for our two MLPs.”