EXHIBIT 8.1

List of Significant Subsidiaries

      The following is a list of the of Company’s significant subsidiaries as at March 1, 2002.

	State or		Proportion of
	Jurisdiction of		Ownership
Name of Significant Subsidiary	Incorporation		Interest
BONA SHIPHOLDING LTD		BERMUDA		100	%
SINGLE SHIP COMPANIES (3)		AUSTRALIA		100	%
SINGLE SHIP LIMITED LIABILITY COMPANIES (47)		MARSHALL ISLANDS		100	%
TEEKAY CHARTERING LIMITED		MARSHALL ISLANDS		100	%
TEEKAY SHIPPING LIMITED		BAHAMAS		100	%
UGLAND NORDIC SHIPPING ASA		NORWAY		100	%