Teekay Announces Senior Management Changes

HAMILTON, BERMUDA--(Marketwire - Nov. 14, 2012) - Teekay Corporation (Teekay or the Company) (NYSE:TK) announced that Executive Vice President, Innovation, Technology and Projects, Graham Westgarth, has informed the Company of his intention to resign from his position effective December 31, 2012, after more than 13 years of service with the Company.

Peter Evensen, Teekay's President and Chief Executive Officer said, "I was sorry to hear from Graham Westgarth that he has decided to move on from Teekay." Mr. Evensen continued, "Graham has been an instrumental part of Teekay's growth. He is a reflection of what Teekay is today - a leader with a reputation for operational excellence and integrity."

Graham Westgarth said, "My time with Teekay has been exciting, intellectually stimulating and professionally rewarding. Having said this, I feel the time is right to move on, and seek opportunities where I can best bring my operational knowledge and experience to bear."

Mr. Westgarth joined Teekay in 1999 as Vice President, Marine Operations. In 2003, Mr. Westgarth was appointed President of Teekay Marine Services division, with a responsibility for the marine and technical operations of Teekay's fleet, and also newbuild construction. During this time, Mr. Westgarth was the elected Chairman of the International Association of Independent Tanker Owners (INTERTANKO). In 2011, he assumed his new role as Executive Vice President for Innovation, Technology and Projects. Mr. Westgarth has 40 years of industry experience, which includes 18 years of sea service, with five years in a command position.

Teekay has appointed Chief Strategy Officer and Executive Vice President, Kenneth Hvid to assume Mr. Westgarth's portfolio of responsibilities.

About Teekay

Teekay Corporation 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 is growing its operations in the offshore oil production, storage and transportation sector through its publicly-listed subsidiary, Teekay Offshore Partners L.P. (NYSE:TOO), continues to expand its significant presence in the liquefied natural gas shipping sector through its publicly-listed subsidiary, Teekay LNG Partners L.P. (NYSE:TGP), and seeks to grow its conventional tanker business through its public subsidiary, Teekay Tankers Ltd. (NYSE:TNK). With a fleet of approximately 150 vessels, offices in 16 countries and approximately 6,400 seagoing and shore-based employees, Teekay transports 10 percent of the world's seaborne oil and its 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".