Teekay LNG said it will purchase two Suezmax tankers and one Handymax tanker from Teekay Corporation for $160m.

The company expects the acquisition of the Bermuda Spirit, Hamilton Spirit and Alexander Spirit to be completed by mid-March 2010.

The Bermuda Spirit and the Hamilton Spirit are currently serving 11-year fixed-rate contracts and the Alexander Spirit is on a ten-year fixed-rate contract, the company said.

Teekay LNG expects to annually generate about $8m from the vessels.