Teekay layoffs, on the record
Every job cut, severance charge and restructuring Teekay reported in its annual reports, 2023 to 2025, quoted from the filings.
Headcount, as reported
| Annual report | Employees | As of |
|---|---|---|
| 20-F for 2023 | approximately 2,300 | — |
| 20-F for 2025 | approximately 1,800 seagoing staff | December 31, 2025 |
Job cuts, severance and restructuring
Our summaryTeekay Tankers recorded restructuring charges primarily tied to organizational changes in its commercial and technical operations teams.
Word for word“Restructuring charges of $1.2 million for the year ended December 31, 2023 were primarily related to organizational changes made to Teekay Tankers' commercial and technical operations teams.” 20-F for 2023
Our summaryThe company recorded restructuring charges primarily from organizational changes in its commercial and technical operations teams.
Word for word“During 2023, the Company recorded restructuring charges of $ 1.7 million (2022 – $ 11.6 million, 2021 – $ 1.8 million).” 20-F for 2023
Our summaryThe company recorded restructuring charges in 2022 tied to reorganizing shared service functions, separating IT systems after the Teekay Gas Business sale, and ending the Sevan Hummingbird FPSO charter.
Word for word“The restructuring charges in 2022 primarily related to the reorganization and realignment of resources of the Company's shared service functions and the separation of information technology systems following the sale of the Teekay Gas Business, and costs associated with the termination of the charter contract for the Sevan Hummingbird FPSO unit.” 20-F for 2023
Our summaryTeekay Tankers recorded restructuring charges from organizational changes linked to Teekay's divestments related to Teekay LNG Partners.
Word for word“Restructuring charges of $1.8 million for the year ended December 31, 2022, were primarily related to organizational changes made as a result of Teekay's divestments related to Teekay LNG Partners L.P. (now known as Seapeak LLC) in January 2022, as described in "Item 18 – Financial Statements: Note 13 - Related Party Transactions" of this Annual Report.” 20-F for 2023
Our summaryTeekay Parent's segment reported restructuring charges tied to the sale of the Teekay Gas Business and Sevan Hummingbird FPSO costs in 2022, with a smaller amount in 2023.
Word for word“Restructuring charges (429) (9,757) Loss from vessel operations (4,185) (10,183) Calendar-ship-days - FPSO Units — 475 (1) Includes direct general and administrative expenses and indirect general and administrative expenses allocated to Teekay Parent based on estimated use of corporate resources.” 20-F for 2023
Our summaryRestructuring charges recorded for 2024 related to organizational changes to Teekay Tankers' senior management team.
Word for word“During the year ended December 31, 2024, the Company recorded restructuring charges of $ 5.6 million (2023 – $ 1.7 million, 2022 – $ 11.6 million).” 20-F for 2024
Our summaryRestructuring charges in 2023 related to organizational changes in the commercial and technical operations teams.
Word for word“The 2023 charges primarily related to organizational changes made to the Company's commercial and technical operations teams.” 20-F for 2024
Our summaryRestructuring liabilities outstanding at year end, included in accrued and other long-term liabilities.
Word for word“As at December 31, 2024 and 2023, restructuring liabilities of $ 0.9 million and $ 0.7 million, respectively, were included in accrued liabilities in the Company's consolidated balance sheets.” 20-F for 2024
Our summaryThe company recorded severance costs after a management contract for its Australian operations was terminated, and the customer fully reimbursed them.
Word for word“During the year ended December 31, 2025, the Company recorded restructuring charges of $ 5.6 million, which relate to the severance costs resulting from the termination of a management contract related to the Company's Australian operations.” 20-F for 2025
| Fiscal year ended | Restructuring charges |
|---|---|
| 2016-12-31 | $26.8 million |
| 2017-12-31 | $5.1 million |
| 2018-12-31 | $4.1 million |
| 2019-12-31 | $8.3 million |
| 2020-12-31 | $10.7 million |
| 2021-12-31 | $1.8 million |
| 2022-12-31 | $11.6 million |
| 2023-12-31 | $1.7 million |
| 2024-12-31 | $5.6 million |
| 2025-12-31 | $5.6 million |
Teekay has filed no restructuring notice (Form 8-K, Item 2.05) since 2016. Companies file one only for a cut they judge material, so many announced layoffs never appear as one. This page shows what the company reported to the SEC, not news reports or state layoff notices.
Read from Teekay’s annual reports (20-F for 2025, 20-F for 2024, 20-F for 2023) and the financial data it files with the SEC, as of 2026-03-13. Every quotation is word for word from the filing linked beside it; how these pages are built and checked. The full record is in its company data sheet.