Teekay and A2SEA to Jointly Develop Offshore Windfarm Installation Vessel

HAMILTON, BERMUDA--(Marketwire - June 29, 2011) - Teekay Corporation (NYSE:TK) (Teekay) today announced it has signed a memorandum of understanding (MOU) with A2SEA A/S (A2SEA) to jointly develop an innovative vessel design for the installation of offshore wind foundations. A2SEA is a leading service provider to the offshore wind sector.

The MOU encompasses the key terms of cooperation between Teekay and A2SEA for the design, delivery and operation of floating transportation and installation vessels for offshore windfarm foundations for deepwater locations and harsh weather conditions, and which meet the requirements of expected future offshore windfarm foundation concepts, such as tripods and jackets.

The joint cooperation between the two companies is based on A2SEA's extensive knowledge of offshore windfarm installation and Teekay's unique experience of operating large vessels controlled by dynamic positioning systems. A2SEA and Teekay are jointly developing a floating windfarm installation design through a technical study with the objective of subsequently delivering an innovative vessel to the market by 2014.

"A2SEA is committed to developing an innovative vessel design that can cope with the next generation of offshore windfarm foundations," commented Kaj Lindvig, Chief Sales Officer, A2SEA A/S. "Our aim is to provide a cost efficient concept that is unrestricted by factors that the second generation vessels coming onto the market now face such as water depth, type of sea bed, et cetera. We at A2SEA, alongside Teekay Corporation, believe that we have a floating installation concept that will be capable of transporting pre-assembled foundations straight out to the site that will drive down the time and cost of windfarm foundation installation We are very excited about this venture and the prospect of developing a pioneering foundation installation technique."

Stein Rynning, Senior Vice President, Teekay Shuttle Tankers and Offshore added, "Teekay's unique experience in sophisticated shuttle tanker operations and ability to access suitable existing tonnage, paired with A2SEA's extensive experience in the offshore wind sector, provides the ideal basis to jointly develop an optimized vessel for the installation of offshore wind foundations."

Under the terms specified in the MOU, if constructed, Teekay will own and operate the vessel while A2SEA will provide project management and operational expertise.

About Teekay

Teekay Corporation transports more than 10 percent of the world's seaborne oil, has built a significant presence in the liquefied natural gas shipping sector through its publicly-listed subsidiary, Teekay LNG Partners L.P. (NYSE:TGP), is further growing its operations in the offshore oil production, storage and transportation sector through its publicly-listed subsidiary, Teekay Offshore Partners L.P. (NYSE:TOO), and continues to expand its conventional tanker business through its publicly-listed subsidiary, Teekay Tankers Ltd. (NYSE:TNK). With a fleet of approximately 150 vessels, offices in 16 countries and over 6,400 seagoing and shore-based employees, Teekay provides a comprehensive set of marine services to the world's leading oil and gas companies, helping them seamlessly link their upstream energy production to their downstream processing operations. Teekay's reputation for safety, quality and innovation has earned it a position with its customers as The Marine Midstream Company.

Teekay's common stock is listed on the New York Stock Exchange where it trades under the symbol "TK".

About A2SEA

A2SEA is the world's largest and leading installation contractor dedicated to providing offshore wind farm owners and energy suppliers with safer, sustainable and cost efficient wind installations. A pioneer in its industry, A2SEA has established industry best practice techniques and methods that have been applied on many offshore wind installations. This extensive hands-on experience and know-how characterise A2SEA's entire organisation and enables them to provide customers with seamless integration of installation and service solutions. With a fleet of specially designed vessels, including the semi-jacked up crane vessels M/V SEA ENERGY and M/V SEA POWER and the two jack-ups, SEA JACK, SEA WORKER, and the SEA INSTALLER (currently under construction due for delivery in the third quarter of 2012), A2SEA has the flexibility to carry out many types of offshore wind installations and operations. A2SEA's vision is to stay ahead in taking wind power offshore and moving the future of energy in a sustainable direction.

FORWARD-LOOKING STATEMENTS

This release contains forward-looking statements (as defined in Section 21E of the Securities Exchange Act of 1934, as amended) which reflect management's current views with respect to certain future events and performance, including statements regarding: future cooperation between Teekay and A2SEA to design, deliver and operate floating transportation and installation vessels for the offshore windfarm industry; the ability of Teekay to access suitable vessels to convert to offshore windfarm floating transportation and installation vessels; and the expected timing for delivery of future offshore windfarm floating transportation and installation vessels to the market. The following factors are among those that could cause actual results to differ materially from the forward-looking statements, which involve risks and uncertainties, and that should be considered in evaluating any such statement: the decision by either Teekay or A2SEA not to proceed with the cooperation as contemplated in the MOU; failure to develop a technically feasible offshore windfarm floating transportation and installation vessel solution or the decision by either Teekay or A2SEA to not proceed with the construction of such a vessel upon development of a technically feasible solution; potential design or construction delays; and other factors discussed in Teekay Corporation's filings from time to time with the United States Securities and Exchange Commission, including its report on Form 20-F for the fiscal year ended December 31, 2010. The Company expressly disclaims any obligation of undertaking to release publicly any updates or revisions to any forward-looking statements contained herein to reflect any change to the Company's expectation with respect thereto or any change in events, conditions or circumstances on which any such statement is based.