Teekay Corporation

Teekay Corporation
Caltex Australia Petroleum Pty Ltd.

September 09, 2009 19:19 ET

Teekay/Caltex Announce 10-Year Deal

HAMILTON, BERMUDA--(Marketwire - Sept. 9, 2009) - Teekay Corporation (Teekay) (NYSE:TK) and Caltex Australia Petroleum Pty Ltd. (Caltex) today announced the signing of a 10-year, fixed-rate time-charter.

"We are pleased to announce a new 10-year time-charter with Caltex, to replace the Barrington time charter," said Bjorn Moller, President and CEO, Teekay Corporation. "The new contract is a continuation of the long-term strategic relationship between Teekay and Caltex, which began in 1997. We look forward to serving Caltex under this new contract."

Teekay has purchased a 40,000 dwt, 2007-built tanker, to replace the product tanker Barrington, which is approaching its 20-year operating age. The vessel delivered to Teekay on September 3 to commence operations under the new contract and is named Alexander Spirit. The vessel will be manned by Teekay's Australian seafarers.

"Teekay has been a valued supply chain partner of Caltex for well over a decade providing shipping for petroleum products between Caltex refineries in Sydney and Brisbane and to terminals on the coast of Australia. This new 10 year charter is a product of the shared performance values in that partnership and cements the long term relationship between our two companies" said Ken James, Caltex General Manager Supply and Distribution.

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 over 165 vessels, offices in 17 countries and more than 6,700 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 Caltex Australia

With over 4,000 employees across Australia, Caltex is the leading fuel and convenience marketer in Australia, underpinned by a flexible supply chain. The integrated business incorporates supply, refining, logistics and marketing. Caltex is the only oil refining and fuel and convenience marketing company listed on the ASX and has more than 30,000 shareholders with institutions, retail investors and employees holding 50 percent of the shares and Chevron Corporation of the US holding the balance. The Caltex vision is to be the Australian oil refining and marketing company most admired for its people, partnership and performance.

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