Teekay Corporation and Konig & Cie Announces Diamond Shipping Group has Joined the Gemini Tankers Suezmax Pool

STAMFORD, CONNECTICUT--(Marketwire - Feb. 8, 2012) - Teekay Corporation (NYSE:TK) and König & Cie are pleased to announce that Diamond S Shipping Group has joined the Gemini Tankers Suezmax Pool as a full member. The Gemini fleet currently has 17 modern Suezmax vessels. This is expected to grow to 26 vessels by the end of 2012 as vessels redeliver from time-charters and Diamond S' eight additional newbuildings are added to the Pool.

"We are delighted that Diamond S Shipping has joined the Gemini Tankers Suezmax Pool. The addition of their eight, high quality newbuild Suezmax tankers delivering over the course of 2012 further modernizes our fleet and solidifies our position as the premier Suezmax tanker pool," commented Håkan Svedin, Gemini's Managing Director.

"We have a great team in place providing a transparent, reliable and flexible management service to our customers, with whom we have long-term relationships. To them we can offer a fantastic modern Suezmax fleet operating across the globe, with a focus on the Atlantic spot markets," Mr. Svedin added.

Craig Stevenson, CEO, Diamond S Shipping Group commented, "We are pleased to pool our Suezmax tankers with Teekay and König in the Gemini Tankers Suezmax Pool. We are excited by the opportunities this relationship will create for Diamond S. We were attracted by the modern fleet of Suezmax tankers operated by the Gemini Tankers Pool and their established track record of successfully managing that fleet in the key Suezmax tanker markets around the world."

Bruce Chan, President, Teekay Tanker Services, commented, "Teekay is very pleased to continue with its long-standing cooperation with König, and excited about working with a first-class owner in the Craig Stevenson-led Diamond S Shipping. The addition of eight, high quality newbuild Suezmax tankers over the course of 2012 ensures that Gemini will be able to continue to provide excellent service to our customers."

Tobias König, Managing Partner, König, agreed. "We have worked with Teekay for many years, and believe that the new relationship we have with Diamond S will support the long-term success of Gemini Tankers," said Mr. König. "We have real competence in the pool: each partner brings a proven commercial record, strong financial backing, and long-term commitment to the Suezmax segment," continued Mr. König.

"We have strong, reliable pool owners who are with us for the long-term," added Mr. Svedin. "However, we will also consider taking further owners and tonnage into the Pool over time. The future for Gemini Tankers is exciting and the team will continue providing the best service in the market to our pool partners and customers."

About Gemini

Gemini commercially manages a pool of Suezmax tankers. The Gemini team, including key chartering, commercial operations and post-fixture staff, operate from the pool's headquarters in Stamford Connecticut, headed by Managing Director, Håkan Svedin, who has successfully led the Gemini Pool since 2009.

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), and its investment in Sevan Marine ASA (OSE:SEVAN). Teekay also 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 publicly-listed subsidiary, Teekay Tankers Ltd. (NYSE:TNK). With a fleet of approximately 150 vessels, offices in 16 countries and approximately 6,300 seagoing and shore-based employees, Teekay transports approximately 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".

About König:

König & Cie. is a leading privately owned developer of investment projects as well as a fund & asset manager in Germany, and has currently €4.2 billion assets under management. Investment projects have focused on the following industries: Shipping, Infrastructure, Real Estate, Private Equity & Renewable Energy. König currently controls a fleet of 83 vessels ranging from Container Vessels, Tankers, Bulk Carriers and a Car Carrier. König sponsors and manages the stock listed "Marenave Schiffahrts AG" that controls a fleet of currently 13 vessels. König issued over 80 KG-Funds approved by the German SEC, thereby investing into shipping investments valued at approx. €2.9 billion. The company is representing approx. 31,000 investors with about 42,000 KG-shares.

About Diamond S

Headquartered in Greenwich, Connecticut, USA, Diamond S Shipping Group is a global owner/operator of modern, efficient crude and refined product tankers. Diamond S Shipping's current fleet consists of 30 medium-range refined product tankers on long-term charter, a newly built Suezmax tanker operated in the spot market and seven newbuild Suezmax and two LR2 tankers scheduled for delivery in 2012 and 2013. Diamond S Shipping has invested or committed US$2.0 billion in building its fleet.

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: the chartering outlook for Gemini Tankers and the Suezmax conventional tanker class; future commitment of pool members to Gemini Tankers and the Suezmax asset class; projected growth in the fleet of vessels trading within the Gemini Tankers commercial tonnage pool; the potential to take on additional owners and tonnage into the Gemini Tankers pool in the future; and ongoing commitment of existing owners in Gemini Tankers. 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: changes in production of or demand for oil, petroleum products, either generally or in particular regions; greater or less than anticipated levels of tanker newbuilding orders or greater or less than anticipated rates of tanker scrapping; changes in trading patterns significantly affecting overall vessel tonnage requirements; changes in applicable industry laws and regulations and the timing of implementation of new laws and regulations; changes in the typical seasonal variations in tanker charter rates; shipyard production delays of vessels expected to join the Gemini Tankers pool; the decision by any Gemini Tankers pool member to remain operating within the pool; failure of additional prospective pool members to join the Gemini Tankers pool; and other factors discussed in Teekay's filings from time to time with the SEC, including its Report on Form 20-F for the fiscal year ended December 31, 2010. The Company expressly disclaims any obligation or undertaking to release publicly any updates or revisions to any forward looking statements contained herein to reflect any change in the Company's expectations with respect thereto or any change in events, conditions or circumstances on which any such statement is based.