Teekay Corporation
NYSE : TK

Teekay Corporation

August 11, 2011 08:30 ET

Teekay Corporation Reports Second Quarter Results

HAMILTON, BERMUDA--(Marketwire - Aug. 11, 2011) - Teekay Corporation (NYSE:TK) -

Highlights


--  Second quarter 2011 cash flow from vessel operations of $148.8 million. 
--  Second quarter 2011 adjusted net loss attributable to stockholders of
    Teekay of $36.3 million, or $0.51 per share (excluding specific items
    which increased GAAP net loss by $60.2 million, or $0.85 per share). 
--  In June 2011, Teekay Corporation was awarded a new long-term FPSO
    contract for the Knarr field in the North Sea, scheduled to commence in
    early 2014. 
--  Total consolidated liquidity of $1.9 billion as at June 30, 2011, of
    which $850 million was at Teekay Parent. 
--  As at August 10, 2011, 4.4 million ($144 million) of Teekay Corporation
    shares repurchased under existing $200 million authorization. 

Teekay Corporation (Teekay or the Company) (NYSE:TK) today reported an adjusted net loss attributable to stockholders of Teekay(1) of $36.3 million, or $0.51 per share, for the quarter ended June 30, 2011, compared to an adjusted net loss attributable to the stockholders of Teekay of $26.1 million, or $0.36 per share, for the same period of the prior year. Adjusted net loss attributable to stockholders of Teekay excludes a number of specific items that had the net effect of increasing GAAP net loss by $60.2 million (or $0.85 per share) for the three months ended June 30, 2011 and increasing GAAP net loss by $127.1 million (or $1.74 per share) for the three months ended June 30, 2010, as detailed in Appendix A to this release. Including these items, the Company reported on a GAAP basis, a net loss attributable to the stockholders of Teekay of $96.5 million, or $1.36 per share, for the quarter ended June 30, 2011, compared to net loss attributable to the stockholders of Teekay of $153.1 million, or $2.10 per share, for the same period of the prior year. Net revenues(2) for the second quarter of 2011 were $433.0 million, compared to $485.9 million for the same period of the prior year.

For the six months ended June 30, 2011, the Company reported an adjusted net loss attributable to stockholders of Teekay(1) of $64.1 million, or $0.90 per share, compared to adjusted net loss attributable to the stockholders of Teekay of $30.0 million, or $0.41 per share, for the six months ended June 30, 2010. Adjusted net loss attributable to stockholders of Teekay excludes a number of specific items that had the net effect of increasing GAAP net loss by $62.0 million (or $0.87 per share) for the six months ended June 30, 2011 and increasing GAAP net loss by $137.2 million (or $1.88 per share) for the six months ended June 30, 2010, as detailed in Appendix A to this release. Including these items, the Company reported on a GAAP basis, net loss attributable to the stockholders of Teekay of $126.1 million, or $1.77 per share, for the six months ended June 30, 2011, compared to net loss attributable to the stockholders of Teekay of $167.2 million, or $2.29 per share, for the six months ended June 30, 2010. Net revenues(2) for the six months ended June 30, 2011 were $875.9 million, compared to $986.2 million for the same period of the prior year.

On July 5, 2011, the Company declared a cash dividend on its common stock of $0.31625 per share for the quarter ended June 30, 2011. The cash dividend was paid on July 29, 2011, to all shareholders of record on July 15, 2011.


1.  Adjusted net income (loss) attributable to stockholders of Teekay is a
    non-GAAP financial measure. Please refer to Appendix A to this release
    for a reconciliation of this non-GAAP measure as used in this release to
    the most directly comparable financial measure under United States
    generally accepted accounting principles (GAAP). 
2.  Net revenues represents revenues less voyage expenses, which comprise
    all expenses relating to certain voyages, including bunker fuel
    expenses, port fees, cargo loading and unloading expenses, canal tolls,
    agency fees and commissions. Net revenues is a non-GAAP financial
    measure used by certain investors to measure the financial performance
    of shipping companies. Please see the Company's website at
    http://www.teekay.com/ for a reconciliation of this non-GAAP measure as
    used in this release to the most directly comparable financial measure
    under GAAP. 

"We successfully concluded two of our business development projects in the second quarter, signing important contracts in both our FPSO and shuttle tanker businesses," commented Peter Evensen, Teekay Corporation's President and Chief Executive Officer. "In June, we entered into a new FPSO contract with BG Group plc to service the Knarr oil and gas field in the North Sea, commencing in early 2014, and our daughter company Teekay Offshore Partners entered into a new shuttle tanker contract with another subsidiary of BG in Brazil to charter four newbuilding shuttle tankers, beginning in mid- to late-2013."

"Teekay's diversified business model continues to be an important source of differentiation and fixed-rate cash flows, with the two new FPSO and shuttle contracts together adding approximately $2.7 billion of forward fixed-rate revenues to our existing portfolio of approximately $12 billion of forward fixed-rate revenues," Mr. Evensen continued. "In addition to the attractive near- and long-term opportunities in our offshore business, we have also benefited from a strengthening market and enhanced project activity in the LNG sector. During the second quarter, the increased level of LNG shipping demand enabled us to secure new short-term charters for two of our smaller LNG carriers, the Arctic Spirit and Polar Spirit, at attractive rates and we have been actively pursuing new project opportunities in both LNG transportation and floating regasification. With the pace of tanker supply growth acting as a drag on spot tanker rates, Teekay Parent continued to reduce its exposure to the spot tanker market through the redeliveries of time-chartered in vessels and tactical fleet management. During the second quarter, Teekay Parent redelivered three spot-traded, time-chartered in vessels upon the expiry of their contracts and expects to redeliver an additional five time-chartered in vessels during the remainder of 2011. Our strong in-house chartering operation has also provided us with opportunities to time-charter out vessels on a short-term basis at rates exceeding the current spot market levels."

"Finally, market opportunities have enabled us to make good progress under our $200 million share repurchase authorization," Mr. Evensen continued. "Since we last reported on May 12th, we have repurchased $62 million of stock, bringing our total repurchase to date to $144 million."

Operating Results

The following tables highlight certain financial information for each of Teekay's four publicly-listed entities: Teekay Offshore Partners L.P. (Teekay Offshore) (NYSE:TOO), Teekay LNG Partners L.P. (Teekay LNG) (NYSE:TGP), Teekay Tankers Ltd. (Teekay Tankers) (NYSE:TNK) and Teekay, excluding results attributed to Teekay Offshore, Teekay LNG and Teekay Tankers, referred to herein as Teekay Parent. A brief description of each entity and an analysis of its respective financial results follow the tables below. Please also refer to the "Fleet List" section below and Appendix B to this release for further details.


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                            Three Months Ended June 30, 2011                
                                       (unaudited)                          
----------------------------------------------------------------------------
                                                                     Teekay 
                 Teekay    Teekay                         Consol-    Corpor-
(in thousands  Offshore       LNG    Teekay              idation      ation 
 of U.S.       Partners  Partners   Tankers     Teekay    Adjust-   Consoli-
 dollars)            LP        LP      Ltd.     Parent     ments      dated 
----------------------------------------------------------------------------
Net revenues    201,573    91,562    30,878    164,457   (55,437)   433,033 
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Vessel                                                                      
 operating                                                                  
 expense         75,197    23,388    10,852     65,280         -    174,717 
Time-charter                                                                
 hire expense    18,182         -         -     90,669   (55,437)    53,414 
Depreciation                                                                
 and                                                                        
 amortization    46,163    22,171    10,793     26,109         -    105,236 
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Cash flow                                                                   
 from vessel                                                                
 operations                                                               
 (1)(2)          95,171    63,130    17,895    (27,425)(3)     -    148,771 
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Net debt(4)   1,758,491 1,402,638   333,234    717,501         -  4,211,864 
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----------------------------------------------------------------------------


----------------------------------------------------------------------------
                            Three Months Ended June 30, 2010                
                                       (unaudited)
----------------------------------------------------------------------------
                                                                     Teekay 
                 Teekay    Teekay                         Consol-    Corpor-
(in thousands  Offshore       LNG    Teekay              idation      ation 
 of U.S.       Partners  Partners   Tankers     Teekay    Adjust-   Consoli-
 dollars)            LP        LP      Ltd.     Parent     ments      dated
----------------------------------------------------------------------------
Net revenues    191,889    91,353    35,785    207,754   (40,919)   485,862 
----------------------------------------------------------------------------

Vessel                                                                      
 operating                                                                  
 expense         61,108    22,041    10,551     57,092         -    150,792 
Time-charter                                                                
 hire expense    23,424         -         -     92,883   (40,919)    75,388 
Depreciation                                                                
 and                                                                        
 amortization    47,924    22,407    11,333     29,570         -    111,234 
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Cash flow                                                                   
 from vessel                                                                
 operations
 (1)(2)          89,053    65,428    19,062     21,521(3)      -    195,064 
----------------------------------------------------------------------------
Net debt(4)   1,520,865 1,501,521   316,775    555,426         -  3,894,587 
----------------------------------------------------------------------------
----------------------------------------------------------------------------

1.  Cash flow from vessel operations represents income from vessel
    operations before depreciation and amortization expense, vessel/goodwill
    write-downs, gains and losses on the sale of vessels and unrealized
    gains and losses relating to derivatives, but includes realized gains
    and losses on the settlement of foreign currency forward contracts. Cash
    flow from vessel operations is a non-GAAP financial measure used by
    certain investors to measure the financial performance of shipping
    companies. Please see the Company's website at http://www.teekay.com/
    for a reconciliation of this non-GAAP measure as used in this release to
    the most directly comparable GAAP financial measure. 
2.  Excludes the cash flow from vessel operations relating to assets
    acquired from Teekay Parent for the periods prior to their acquisition
    by Teekay Offshore, Teekay LNG and Teekay Tankers, respectively, as
    those results are included in the historical results for Teekay Parent. 
3.  In addition to Teekay Parent's cash flow from vessel operations, Teekay
    Parent also receives cash dividends and distributions from its daughter
    public companies. For the three months ended June 30, 2011 and 2010,
    Teekay Parent received daughter company dividends and distributions
    totaling $35.9 million and $47.1 million, respectively. The dividends
    and distributions received by Teekay Parent include those made with
    respect to its general partner interests in Teekay Offshore and Teekay
    LNG and its 49 percent interest in Teekay Offshore Operating L.P., which
    is controlled by Teekay Offshore, prior to the sale of this interest to
    Teekay Offshore on March 8, 2011. Please refer to Appendix D to this
    release for further details. 
4.  Net debt represents current and long-term debt less cash and, if
    applicable, current and long-term restricted cash. 

Teekay Offshore Partners L.P.

Teekay Offshore is an international provider of marine transportation, oil production and storage services to the offshore oil industry through its fleet of 40 shuttle tankers (including five chartered-in vessels, and four committed newbuildings), two floating, production, storage and offloading (FPSO) units, five floating, storage and offtake (FSO) units and 10 conventional oil tankers. Teekay Offshore also has the right to participate in certain other FPSO and vessel opportunities. As at June 30, 2011, Teekay Parent owned a 37.6 percent interest in Teekay Offshore (including the 2 percent sole general partner interest).

Cash flow from vessel operations from Teekay Offshore increased to $95.2 million in the second quarter of 2011, from $89.1 million in the same period of the prior year. This increase was primarily due to the acquisition from Teekay of the Cidade de Rio das Ostras FPSO unit on October 1, 2010, higher revenues relating to the amended Statoil master agreement effective September 2010, which includes the earnings from the Amundsen Spirit and the Nansen Spirit shuttle tanker newbuildings, and lower time-charter hire expenses resulting from re-delivery of two in-chartered vessels. This was partially offset by lower revenue resulting from fewer revenue days from vessels operating under contracts of affreightment and higher vessel operating expenses in the shuttle tanker fleet, as well as the sale of the Karratha Spirit FSO unit during the first quarter of 2011.

In June 2011, Teekay Offshore entered into a new contract with a subsidiary of BG Group plc (BG) to provide shuttle tanker services in Brazil. The contract involves the time-charter out of four Suezmax newbuilding shuttle tankers to be constructed by Samsung Heavy Industries for a total delivered cost of approximately $480 million. Upon their scheduled delivery in mid- to late-2013, the vessels will commence operations under 10-year time-charter contracts which include certain contract extension and vessel purchase options. In July 2011, Teekay Offshore sold 0.7 million common units in a private placement for net proceeds of $20.4 million (including the general partners' contribution), which were used to partially finance the shipyard installments relating to the four newbuilding shuttle tankers.

For the second quarter of 2011, Teekay Offshore's quarterly distribution was $0.50 per unit. The cash distribution received by Teekay Parent based on its common unit ownership and general partnership interest in Teekay Offshore totaled $13.4 million for the second quarter of 2011, as detailed in Appendix D to this release.

In early August 2011, Teekay Offshore sold its 1993-built conventional Aframax tanker, Scotia Spirit, to a third party for net proceeds of $8.3 million.

Teekay LNG Partners L.P.

Teekay LNG provides liquefied natural gas (LNG), liquefied petroleum gas (LPG) and crude oil marine transportation services under long-term, fixed-rate charter contracts with major energy and utility companies through its current fleet of 17 LNG carriers, three LPG/Multigas carriers and 11 conventional tankers. In addition, Teekay LNG has agreed to acquire one newbuilding LPG carrier from a subsidiary of IM Skaugen (Skaugen) in 2011, one newbuilding Multigas carrier from Teekay Parent in 2011 and a 33 percent interest in four newbuilding LNG carriers from Teekay Parent in 2011 through early 2012, upon their respective delivery dates. Teekay Parent currently owns a 43.6 percent interest in Teekay LNG (including the 2 percent sole general partner interest).

Cash flow from vessel operations from Teekay LNG during the second quarter of 2011 decreased to $63.1 million from $65.4 million in the same period of the prior year. This decrease was primarily due to the sale of the Dania Spirit LPG carrier in November 2010 and an increase in off-hire days in the second quarter of 2011 relating to scheduled drydockings, partially offset by the earnings from the Multigas carrier acquired in mid-June 2011, which commenced a 15-year fixed-rate charter to Skaugen.

In April 2011, Teekay LNG completed a public offering of 4.3 million common units, which provided net proceeds to the partnership of approximately $162 million. The net proceeds from the offering were used to repay a portion of the partnership's revolving credit facilities, which may be redrawn in the future to fund the equity component of the partnership's purchase of the 33 percent interest in the four Angola LNG carrier newbuildings, the remaining two Skaugen LPG/Multigas carriers, as well as fund other potential acquisitions.

For the second quarter of 2011, Teekay LNG's quarterly distribution was $0.63 per unit. The cash distribution received by Teekay Parent based on its common unit ownership and general partnership interest in Teekay LNG totaled $19.1 million for the second quarter of 2011, as detailed in Appendix D to this release.

Teekay Tankers Ltd.

Teekay Tankers' fleet includes 11 Aframax tankers and six Suezmax tankers (including two in-chartered Aframax tankers). In addition, Teekay Tankers owns a 50 percent interest in a VLCC newbuilding scheduled to deliver in April 2013 and has invested $115 million in three-year, first-priority mortgage loans secured by two VLCC newbuildings which yield an average of 10 percent per annum. Of the 17 vessels currently in operation, 10 are, or will be, employed on fixed-rate time-charters, generally ranging from one to three years in initial duration, with the remaining vessels trading in Teekay's spot tanker pools. Teekay Parent currently owns a 26.0 percent interest in Teekay Tankers (including 100 percent of the outstanding Class B common shares, which together with its current ownership of Class A common shares, provides Teekay voting control of Teekay Tankers).

Cash flow from vessel operations from Teekay Tankers decreased to $17.9 million in the second quarter of 2011, from $19.1 million in the same period of the prior year, primarily due to lower average realized tanker rates for its time-charter and spot fleets during the second quarter of 2011, and an increase in operating expenses mainly related to higher repairs and maintenance costs compared to the same period of the prior year.

On August 10, 2011, Teekay Tankers declared a second quarter 2011 dividend of $0.21 per share which will be paid on August 26, 2011 to all shareholders of record on August 19, 2011. Based on its ownership of Teekay Tankers Class A and Class B shares, the dividend to be paid to Teekay Parent will total $3.4 million for the second quarter of 2011.

Teekay Tankers recently time-chartered in two Aframax tankers for firm periods of six and four months, respectively, with options to extend up to an additional 18 and 16 months, respectively. Teekay Tankers also recently time-chartered out two of its owned Aframax tankers, each for a period of 12 months, at rates approximately $3,000 per day higher than the rates for the firm periods of the two time-chartered in vessels. The combined result of these charter transactions will be accretive to Teekay Tankers' dividend for the firm period of the two time-chartered in contracts and provide further potential upside through in-charter extension options. Teekay Tankers' currently has fixed-rate contract coverage of approximately 60 percent for the second half of 2011 and 36 percent for fiscal 2012.

Teekay Parent

In addition to its equity ownership interests in Teekay Offshore, Teekay LNG and Teekay Tankers, Teekay Parent directly owns a substantial fleet of vessels. As at August 1, 2011, this included 17 conventional tankers, one shuttle tanker, and three FPSO units. In addition, Teekay Parent currently has under construction or conversion two FPSO units. In addition, as at August 10, 2011, Teekay Parent had 26 chartered-in conventional tankers (including eight vessels owned by its subsidiaries), two chartered-in LNG carriers owned by Teekay LNG and two chartered-in shuttle tankers owned by Teekay Offshore.

In the second quarter of 2011, Teekay Parent generated negative cash flow from vessel operations of $27.4 million, compared to positive cash flow from vessel operations of $21.5 million in the same period of the prior year. The decrease in cash flow is primarily due to the sale of vessels, including the Cidade de Rio das Ostras FPSO unit to Teekay Offshore in October 2010, one Suezmax tanker and one Aframax tanker to Teekay Tankers during November 2010, a non-recurring $29 million retroactive component of revenue recognized in the second quarter of 2010 related to the signing of the Foinaven FPSO contract amendment, and a decrease in average realized spot tanker rates for the second quarter of 2011 compared to the same period in the prior year.

In April 2011, Teekay Parent entered into short-term fixed-rate contracts for the Arctic Spirit and Polar Spirit LNG carriers, which are time-chartered in from Teekay LNG on a long-term basis. Teekay Parent's time-charter out contracts for these vessels are for six and four months, respectively, and the Arctic Spirit contract includes two one-year options to extend at the charterer's option.

On June 30, 2011, Teekay Parent entered into an agreement with BG to charter a newbuilding FPSO unit for the Knarr oil and gas field located in the North Sea. The newbuilding FPSO unit is scheduled to deliver in the first quarter of 2014 and will commence operations for a firm period of either six or ten years plus extension options for a total period of up to 20 years. BG has until the end of 2012 to decide on the firm period of the charter contract.

In July 2011, Teekay Parent took delivery of the Scott Spirit shuttle tanker newbuilding, the fourth and final vessel in the "Explorer" class of shuttle tankers which includes the Amundsen Spirit, Peary Spirit and Nansen Spirit sold to Teekay Offshore in late 2010 through mid-2011.

Tanker Market

Crude tanker freight rates weakened during the second quarter and into the third quarter of 2011 due to a combination of tanker supply growth, geopolitical factors, and seasonal factors. The tanker market continues to be affected by an oversupply of vessels relative to demand, which is dragging down tanker rates. In addition, the loss of Libyan crude oil production due to political unrest had a negative impact on Aframax rates in the Mediterranean, while North Sea production was impacted by a series of unplanned oilfield shutdowns. Tanker rates were further affected by seasonal refinery maintenance programs and the onset of summer oilfield maintenance in the North Sea.

The world tanker fleet grew by a net 13.8 million deadweight tonnes (mdwt), or 3.1 percent, in the first half of 2011 compared to a net increase of 10.6 mdwt, or 2.5 percent, in the same period last year. A combination of weak spot tanker freight rates and relatively high demolition prices have led to 7.3 mdwt of tanker removals through the first half of 2011, which has helped dampen tanker fleet growth. With increasing customer discrimination toward older double hull tankers on the rise, we expect this level of scrapping to persist through the second half of the year. In addition, new tanker ordering has remained virtually non-existent, with only 3.5 mdwt ordered since the start of the year. If this level of ordering continues for the rest of the year, it will be the lowest annual level of new tanker orders since 1985.

The International Energy Agency (IEA) is forecasting global oil demand of 89.5 million barrels per day (mb/d) in 2011, an increase of 1.2 mb/d from 2010 levels. The IEA also recently released its outlook for 2012 in which it calls for global oil demand growth of 1.5 mb/d, which is primarily driven by expected continued demand growth in China.

Teekay Parent Conventional Tanker Fleet Performance

The table below highlights the operating performance of Teekay Parent's owned and in-chartered conventional tankers participating in the Company's commercial tonnage pools and vessels on period out-charters with an initial term greater than one year, measured in net revenues per revenue day, or time-charter equivalent (TCE) rates. Revenue days represent the total number of vessel calendar days less off-hire days associated with major repairs, drydockings, or mandated surveys.


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                                                   Three Months Ended       
                                            June 30,   March 31,    June 30,
                                                2011        2011        2010
                                        ------------------------------------
Suezmax                                                                     
Gemini Suezmax Pool average spot TCE                                        
 rate (1)                                $    17,461 $    18,761 $    30,937
Spot revenue days (2)(3)                         586         659         542
Average time-charter rate (4)(5)         $    24,464 $    27,250 $    27,079
Time-charter revenue days (3)(4)                 364         401         739

Aframax                                                                     
Teekay Aframax Pool average spot TCE                                        
 rate (1)(6)(7)                          $    16,348 $    16,299 $    19,928
Spot revenue days (2)(3)                       1,349       1,526       1,570
Average time-charter rate (5)            $    23,662 $    23,642 $    24,513
Time-charter revenue days (3)                    727         723       1,072

LR2                                                                         
Taurus LR2 Pool average spot TCE                                        
 rate (1)                                $    15,509 $    14,490 $    15,257
Spot revenue days (2)(3)                         453         450         361

MR                                                                          
MR product tanker average spot TCE rate                                     
 (1)                                               -           - $     9,721
Spot revenue days (2)(3)                           -           -         151
Average product tanker time-charter rate                                    
 (5)                                     $    30,869 $    26,011 $    26,752
Time-charter revenue days (3)                    407         270         269
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1.  Average spot rates include short-term time-charters and fixed-rate
    contracts of affreightment that are initially under a year in duration
    and third-party vessels trading in the pools. 
2.  Spot revenue days include total owned and in-chartered vessels in the
    Teekay Parent fleet, but exclude commercially managed on behalf of third
    parties. Suezmax spot revenue days exclude four vessels on back-to-back
    in-charter. 
3.  Average time-charter days are adjusted to reflect the vessel-equivalent
    number of days in the respective period that any synthetic time-charters
    (STCs) or forward freight agreements (FFAs) were in effect. For vessel
    classes in which STCs and FFAs are in effect, a corresponding reduction
    in spot revenue days is made in each of the respective periods. 
4.  Includes one VLCC on time-charter out at a TCE rate of $47,000 per day
    prior to May 14, 2011 when this vessel was redelivered following the
    expiry of its time-charter in contract. 
5.  Average time-charter rates include realized gains and losses of STCs and
    FFAs, bunker hedges, short-term time-charters, and fixed-rate contracts
    of affreightment that are initially one year in duration or greater. 
6.  Excludes vessels greater than 15 years-old. 
7.  The average Teekay Aframax spot TCE rate (including vessels greater than
    15 years old and realized results of bunker hedging, STCs and FFAs), was
    $15,423 per day, $12,584 per day and $18,232 per day for the three
    months ended June 30, 2011, March 31, 2011 and June 30, 2010,
    respectively. 

Fleet List

As at August 10, 2011, Teekay's consolidated fleet consisted of 152 vessels, including chartered-in vessels and newbuildings under construction/conversion, but excluding vessels managed for third parties, as summarized in the following table:


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                                            Number of Vessels(1)            
                                --------------------------------------------
                                   Owned   Chartered-in   Newbuildings/     
                                 Vessels        Vessels    Conversions Total
----------------------------------------------------------------------------
Teekay Parent Fleet                                                         
  Spot-rate:                                                                
  Aframax Tankers(2)                   -             10              -    10
  Suezmax Tankers                      5              1              -     6
  LR2 Product Tankers                  2              1              -     3
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  Total Teekay Parent Spot Fleet       7             12              -    19
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  Fixed-rate:(3)                                                            
  Aframax Tankers(2)                   3              3              -     6
  Suezmax Tankers                      3              1              -     4
  LR2 Product Tankers                  1              -              -     1
  MR Product Tankers                   3              2              -     5
  Shuttle Tankers (4)                  1              -              -     1
  FPSO Units                           3              -              2     5
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  Total Teekay Parent Fixed-rate                                            
   Fleet                              14              6              2    22
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Total Teekay Parent Fleet             21             18              2    41
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Teekay Offshore Fleet                 48              5              4    57

Teekay LNG Fleet                      31              -              6    37

Teekay Tankers Fleet                  15              1              1    17
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Total Teekay Consolidated Fleet      115             24             13   152
----------------------------------------------------------------------------

1.  Ownership percentages in these vessels range from 33 percent to 100
    percent. Excludes vessels managed on behalf of third parties. 
2.  Excludes eight vessels chartered-in from Teekay Offshore. 
3.  Excludes two LNG carriers chartered-in from Teekay LNG. 
4.  Excludes two shuttle tankers chartered-in from Teekay Offshore. 

Liquidity and Capital Expenditures

As at June 30, 2011, Teekay had consolidated liquidity of $1.9 billion, consisting of $497.5 million cash and approximately $1.4 billion of undrawn revolving credit facilities, of which $850.3 million, consisting of $247.8 million cash and $602.5 million of undrawn revolving credit facilities, is attributable to Teekay Parent. Including pre-arranged newbuilding financing, Teekay's total consolidated liquidity was approximately $2.2 billion, of which approximately $1.1 billion is attributable to Teekay Parent.

The Company's remaining capital commitments relating to its portion of newbuildings and conversions were as follows as at June 30, 2011:


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(in millions)                             2011    2012    2013  2014   Total
----------------------------------------------------------------------------
Teekay Offshore                              - $    78 $   323     - $   401
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Teekay LNG                             $    34       -       -     - $    34
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Teekay Tankers                               - $    20 $    20     - $    40
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Teekay Parent(i)                       $   455 $   390 $   360     - $ 1,205
----------------------------------------------------------------------------
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Total Teekay Corporation Consolidated  $   489 $   488 $   703     - $ 1,680
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----------------------------------------------------------------------------

(i) Reflects Teekay Parent's 50 percent interest in the Petrojarl Cidade de 
Itajai FPSO conversion project.                                             

As indicated above, the Company had total capital expenditure commitments pertaining to newbuildings and conversions of approximately $1.7 billion remaining as at June 30, 2011, with pre-arranged financing for approximately $290 million of this amount. The Company expects to obtain debt financing for approximately $1.3 billion of the $1.4 billion of remaining unfinanced capital expenditure commitments relating to the Petrojarl Cidade de Itajai FPSO unit, the VLCC newbuilding (through Teekay Tankers' joint venture with Wah Kwong), the Knarr FPSO newbuilding, and the four shuttle tanker newbuildings that will be time-chartered out to BG.

Share Repurchase Program

In October 2010, the Company announced its intention to commence repurchasing shares under the Company's $200 million share repurchase authorization. As of August 10, 2011, the Company had repurchased 4.4 million shares under the Company's existing authorization, representing a total cost of $144 million. Shares will be repurchased in the open market at times and prices considered appropriate by the Company. The timing of any purchase and the exact number of shares to be purchased will be dependent on market conditions.

Conference Call

The Company plans to host a conference call on August 11, 2011 at 11:00 a.m. (ET) to discuss its results for the second quarter of 2011. An accompanying investor presentation will be available on Teekay's website at www.teekay.com prior to the start of the call. All shareholders and interested parties are invited to listen to the live conference call by choosing from the following options:


--  By dialing (800) 711-9538 or (416) 640-5925, if outside North America,
    and quoting conference ID code 5457560. 
--  By accessing the webcast, which will be available on Teekay's website at
    www.teekay.com (the archive will remain on the website for a period of
    30 days). 

The conference call will be recorded and available until Thursday, August 18, 2011. This recording can be accessed following the live call by dialing (888) 203-1112 or (647) 436-0148, if outside North America, and entering access code 5457560.

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 publicly-listed subsidiary, Teekay Tankers Ltd. (NYSE:TNK). With a fleet of 152 vessels, offices in 16 countries and approximately 6,400 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".


TEEKAY CORPORATION                                                          
SUMMARY CONSOLIDATED STATEMENTS OF INCOME (LOSS)                            
(in thousands of U.S. dollars, except share and per share data)             

----------------------------------------------------------------------------
                      Three Months Ended                Six Months Ended    
                June 30,    March 31,     June 30,     June 30,     June 30,
                   2011         2011         2010         2011         2010 
             (unaudited)  (unaudited)  (unaudited)  (unaudited)  (unaudited)
----------------------------------------------------------------------------
REVENUES(1)     484,922      488,024      552,229      972,946    1,125,104 
----------------------------------------------------------------------------
OPERATING                                                                   
 EXPENSES                                                                   
Voyage                                                                      
 expenses        51,889       45,126       66,367       97,015      138,917 
Vessel                                                                      
 operating                                                                  
 expenses                                                                   
 (1)(2)         174,717      161,577      150,792      336,294      305,327 
Time-                                                                       
 charter                                                                    
 hire                                                                       
 expense         53,414       63,031       75,388      116,445      154,639 
Depreci-                                                                 
 ation and                                                    
 amorti-                                                                 
 zation         105,236      105,038      111,234      210,274      219,464
General and                                                                 
 adminis-                                                                 
 trative                                                               
 (1)(2)          51,273       70,218       50,256      121,491       98,347 
Asset                                                                       
 impairments/                                                               
 net loss                                                                 
 on vessel                                                                  
 sales            5,812        3,593           22        9,405          782 
Restructur-                                                                 
 ing charges        458        4,961        4,195        5,419        7,978 
----------------------------------------------------------------------------
                442,799      453,544      458,254      896,343      925,454 
----------------------------------------------------------------------------
Income from                                                                 
 vessel                                                                     
 operations      42,123       34,480       93,975       76,603      199,650 
----------------------------------------------------------------------------
OTHER ITEMS                                                                 
Interest                                                                    
 expense(1)     (33,516)     (32,794)     (33,926)     (66,310)     (66,078)
Interest                                                                    
 income           2,457        2,465        2,209        4,922        6,483 
Realized                                                                    
 and                                                                        
 unrealized                                                                 
 (loss)                                                                     
 gain on                                                                    
 derivative                                                                 
 instru-                                                                 
 ments(1)      (102,140)      23,257     (219,225)     (78,883)    (307,072)
Income tax                                                                  
 (expense)                                                                  
 recovery        (2,022)        (811)       5,147       (2,833)      12,454 
Equity                                                                      
 (loss)                                                                     
 income                                                                     
 from joint                                                                 
 ventures(1)     (6,053)       6,394      (21,827)         341      (24,493)
Foreign                                                                     
 exchange                                                                   
 (loss)                                                                     
 gain            (7,157)     (20,340)      27,488      (27,497)      56,514 
Other                                                                       
 income                                                                     
 (loss) -                                                                   
 net                958           94          740        1,052       (8,946)
----------------------------------------------------------------------------
Net (loss)                                                                  
 income        (105,350)      12,745     (145,419)     (92,605)    (131,488)
Less: Net                                                                   
 loss                                                                       
 (income)                                                                   
 attributable                                                               
 to non-                                                                 
 control-                                                                 
 ling                                                                   
 interests        8,898      (42,402)      (7,729)     (33,504)     (35,662)
----------------------------------------------------------------------------
Net loss                                                                    
 attributable                                                               
 to stockholders of                                                  
 Teekay                                                                     
 Corporation    (96,452)     (29,657)    (153,148)    (126,109)    (167,150)
----------------------------------------------------------------------------
Loss per                                                                    
 common                                                                     
 share of                                                                   
 Teekay                                                                     
  - Basic        ($1.36)      ($0.41)      ($2.10)      ($1.77)      ($2.29)
  - Diluted      ($1.36)      ($0.41)      ($2.10)      ($1.77)      ($2.29)
----------------------------------------------------------------------------
Weighted-                                                                   
 average                                                                    
 number of                                                                  
 common                                                                     
 shares                                                                     
 outstanding                                                                
  - Basic    70,935,484   71,946,997   72,961,471   71,438,446   72,875,508 
  - Diluted  70,935,484   71,946,997   72,961,471   71,438,446   72,875,508 
----------------------------------------------------------------------------

1.  Realized and unrealized gains and losses related to derivative
    instruments that are not designated as hedges for accounting purposes
    are included as a separate line item in the statements of income (loss).
    The realized gains (losses) relate to the amounts the Company actually
    received or paid to settle such derivative instruments and the
    unrealized gains (losses) relate to the change in fair value of such
    derivative instruments, as detailed in the table below: 

                                Three Months Ended        Six Months Ended  
                            June 30, March 31,  June 30,  June 30,  June 30,
                               2011      2011      2010      2011      2010 
----------------------------------------------------------------------------
Realized (losses) gains                                                     
 relating to:                                                               
  Interest rate swaps       (32,692)  (33,997)  (40,634)  (66,689)  (79,220)
  Interest rate swap resets       -   (92,672)        -   (92,672)        - 
  Foreign currency forward                                                  
   contracts                                                                
  Vessel operating expenses   3,337     1,216    (1,037)    4,553    (1,394)
  General and administrative                                                
   expenses                     221       109        15       330        49 
  Bunkers, FFAs and other        (7)       49    (2,207)       42    (4,356)
----------------------------------------------------------------------------
                            (29,141) (125,295)  (43,863) (154,436)  (84,921)
----------------------------------------------------------------------------
Unrealized (losses) gains                                                   
 relating to:                                                               
  Interest rate swaps       (73,331)  141,859  (164,032)   68,527  (209,838)
  Foreign currency forward                                                  
   contracts                    540     6,707    (8,836)    7,248   (12,053)
  Bunkers, FFAs and other      (208)      (14)   (2,494)     (222)     (260)
----------------------------------------------------------------------------
                            (72,999)  148,552  (175,362)   75,553  (222,151)
----------------------------------------------------------------------------
Total realized and                                                          
 unrealized (losses) gains                                                  
 on non-designated                                                          
 derivative instruments    (102,140)   23,257  (219,225)  (78,883) (307,072)
----------------------------------------------------------------------------
----------------------------------------------------------------------------

In addition, equity income (loss) from joint ventures includes net unrealized gains (losses) from non-designated interest rate swaps held within the joint ventures of $(12.4) million, $4.2 million and $(24.6) million for the three months ended June 30, 2011, March 31, 2011, and June 30, 2010, respectively, and $(8.2) million and $(30.7) million for the six months ended June 30, 2011 and June 30, 2010, respectively.


2.  The Company has entered into foreign currency forward contracts, which
    are economic hedges of vessel operating expenses and general and
    administrative expenses. Certain of these forward contracts have been
    designated as cash flow hedges pursuant to GAAP. Unrealized gains
    (losses) arising from hedge ineffectiveness from such forward contracts
    are reflected in vessel operating expenses and general and
    administrative expenses in the above Summary Consolidated Statements of
    Income (Loss), as detailed in the table below:  

                                Three Months Ended        Six Months Ended  
                            June 30, March 31,  June 30,  June 30,  June 30,
                               2011      2011      2010      2011      2010 
                          --------------------------------------------------
Vessel operating expenses      (171)     (179)   (1,433)     (350)   (3,515)
General and administrative      121        95      (844)      216    (1,736)



TEEKAY CORPORATION                                                          
SUMMARY CONSOLIDATED BALANCE SHEET                                          
(in thousands of U.S. dollar)                                               

----------------------------------------------------------------------------
                                         As at          As at          As at
                                      June 30,      March 31,   December 31,
                                          2011           2011           2010
                                   (unaudited)    (unaudited)    (unaudited)
----------------------------------------------------------------------------
ASSETS                                                                      
Cash and cash equivalents              497,549        567,325        779,748
Other current assets                   392,845        414,404        341,777
Restricted cash - current               94,626         92,733         86,559
Restricted cash - long-term            493,970        493,633        489,712
Vessels held for sale                    8,300              -              -
Vessels and equipment                6,585,418      6,491,185      6,573,388
Advances on newbuilding                                                     
 contracts /conversions                345,445        261,335        197,987
Derivative assets                      104,613         87,594         83,198
Investment in joint ventures           217,584        220,563        207,633
Investment in direct financing                                              
 leases                                473,693        480,248        487,516
Investment in term loans               186,418        186,184        116,014
Other assets                           172,044        182,759        188,482
Intangible assets                      146,471        151,306        155,893
Goodwill                               203,191        203,191        203,191
----------------------------------------------------------------------------
Total Assets                         9,922,167      9,832,460      9,911,098
----------------------------------------------------------------------------
----------------------------------------------------------------------------
LIABILITIES AND EQUITY                                                      
Accounts payable and accrued                                                
 liabilities                           420,867        421,851        422,109
Other current liabilities               14,500         14,500             59
Current portion of long-term                                                
 debt                                  813,909        743,019        543,890
Long-term debt                       4,484,097      4,450,725      4,626,308
Derivative liabilities                 462,899        376,417        531,235
In process revenue contracts           174,372        185,239        196,106
Other long-term liabilities            215,982        216,435        217,658
Redeemable non-controlling                                                  
 interest                               39,604         40,614         41,725
Equity:                                                                     
  Non-controlling interests          1,602,411      1,544,239      1,353,561
  Stockholders of Teekay             1,693,526      1,839,421      1,978,447
----------------------------------------------------------------------------
Total Liabilities and Equity         9,922,167      9,832,460      9,911,098
----------------------------------------------------------------------------
----------------------------------------------------------------------------



TEEKAY CORPORATION                                                          
SUMMARY CONSOLIDATED STATEMENTS OF CASH FLOWS                               
(in thousands of U.S. dollar)                                               

                                                         Six Months Ended  
                                                             June 30,      
                                                          2011         2010 
                                                    (unaudited)  (unaudited)
----------------------------------------------------------------------------
Cash and cash equivalents provided by (used for)                            
OPERATING ACTIVITIES                                                        
----------------------------------------------------------------------------
Net operating cash flow                                  7,199      220,314 
----------------------------------------------------------------------------

FINANCING ACTIVITIES                                                        
Net proceeds from long-term debt                       561,753      833,159 
Scheduled repayments of long-term debt                (125,791)    (110,100)
Prepayments of long-term debt                         (341,783)    (741,898)
Increase in restricted cash                             (4,353)      (1,769)
Repurchase of common stock                             (83,660)           - 
Net proceeds from public offerings of Teekay LNG       158,326            - 
Net proceeds from public offerings of Teekay                                
 Offshore                                                    -       94,491 
Net proceeds from public offerings of Teekay                                
 Tankers                                               107,234      103,036 
Cash dividends paid                                    (46,472)     (46,058)
Distribution from subsidiaries to non-controlling                           
 interests                                            (101,284)     (73,736)
Other                                                    5,171        2,437 
----------------------------------------------------------------------------
Net financing cash flow                                129,141       59,562 
----------------------------------------------------------------------------

INVESTING ACTIVITIES                                                        
Expenditures for vessels and equipment                (358,607)     (92,428)
Proceeds from sale of vessels and equipment              5,055       27,591 
Investment in term loans                               (70,404)           - 
Loans to joint ventures                                 (1,881)      (4,868)
Other                                                    7,298        8,786 
----------------------------------------------------------------------------
Net investing cash flow                               (418,539)     (60,919)
----------------------------------------------------------------------------

(Decrease) increase in cash and cash equivalents      (282,199)     218,957 
Cash and cash equivalents, beginning of the period     779,748      422,510 
----------------------------------------------------------------------------
Cash and cash equivalents, end of the period           497,549      641,467 
----------------------------------------------------------------------------
----------------------------------------------------------------------------



TEEKAY CORPORATION                                                          
APPENDIX A - SPECIFIC ITEMS AFFECTING NET INCOME (LOSS)                     
(in thousands of U.S. dollars, except per share data)                       

Set forth below is a reconciliation of the Company's unaudited adjusted net (loss) income attributable to the stockholders of Teekay, a non-GAAP financial measure, to net income (loss) attributable to stockholders of Teekay as determined in accordance with GAAP. The Company believes that, in addition to conventional measures prepared in accordance with GAAP, certain investors use this information to evaluate the Company's financial performance. The items below are also typically excluded by securities analysts in their published estimates of the Company's financial results. Adjusted net (loss) income attributable to the stockholders of Teekay is intended to provide additional information and should not be considered a substitute for measures of performance prepared in accordance with GAAP.


----------------------------------------------------------------------------
                                   Three Months Ended      Six Months Ended 
                                        June 30, 2011         June 30, 2011 
                                           (unaudited)           (unaudited)
                                ------------------------------------------- 
                                                $ Per                 $ Per 
                                         $    Share(1)         $    Share(1)
----------------------------------------------------------------------------
Net loss - GAAP basis             (105,350)              (92,605)           
Adjust for: Net loss (income)                                               
 attributable to non-controlling                                            
 interests                           8,898               (33,504)           
----------------------------------------------------------------------------
Net loss attributable to                                                    
 stockholders of Teekay            (96,452)     (1.36)  (126,109)     (1.77)
Add (subtract) specific items                                               
 affecting net loss:                                                        
  Unrealized losses (gains) from                                            
   derivative instruments (2)       85,445       1.21    (67,207)     (0.94)
  Foreign currency exchange                                             
   loss(3)                           7,935       0.11     28,942       0.41 
  Deferred income tax expense on                                            
   unrealized foreign exchange                                              
   gains                             3,576       0.05     10,095       0.14 
  Restructuring charges (4)            458       0.01      5,419       0.08 
  Asset impairments/net loss on                                             
   vessel sales                      5,812       0.08      9,405       0.13 
  Adjustments to pension accruals                                           
   and stock based compensation(5)       -          -     18,102       0.25 
  Upfront payments related to                                               
   interest rate swap resets             -          -     92,672       1.30 
  Other - net(6)                    (2,598)     (0.04)    (6,232)     (0.09)
  Non-controlling interests' share                                          
   of items above                  (40,431)     (0.57)   (29,215)     (0.41)
----------------------------------------------------------------------------
Total adjustments                   60,197       0.85     61,981       0.87 
----------------------------------------------------------------------------
Adjusted net loss attributable                                              
 to stockholders of Teekay         (36,255)     (0.51)   (64,128)     (0.90)
----------------------------------------------------------------------------
----------------------------------------------------------------------------

1.  Fully diluted per share amounts. 
2.  Reflects the unrealized gains or losses relating to the change in the
    mark-to-market value of derivative instruments that are not designated
    as hedges for accounting purposes, including those included in equity
    income (loss) from joint ventures, and the ineffective portion of
    foreign currency forward contracts designated as hedges for accounting
    purposes. 
3.  Foreign currency exchange gains and losses primarily relate to the
    Company's debt denominated in Euros and deferred tax liability
    denominated in Norwegian Kroner. A substantial majority of the Company's
    foreign currency exchange gains and losses are unrealized. 
4.  Restructuring charges relate to crew changes, reflagging of certain
    vessels, and global staffing changes. 
5.  Relates to one-time pension retirement payment to the Company's former
    President and Chief Executive Officer and accelerated timing of
    accounting recognition of stock-based compensation expense. 
6.  Relates to non-recurring adjustments to tax accruals. 

----------------------------------------------------------------------------
                                     Three Months Ended    Six Months Ended 
                                          June 30, 2010       June 30, 2010 
                                             (unaudited)         (unaudited)
----------------------------------------------------------------------------
                                                  $ Per               $ Per 
                                            $   Share(1)        $   Share(1)
----------------------------------------------------------------------------
Net income - GAAP basis              (145,419)           (131,488)          
Adjust for: Net income attributable                                         
 to non-controlling interests          (7,729)            (35,662)          
----------------------------------------------------------------------------
Net income attributable to                                                  
 stockholders of Teekay              (153,148)    (2.10) (167,150)    (2.29)
Add (subtract) specific items                                               
 affecting net income:                                                      
  Unrealized gains from derivative                                          
   instruments (2)                    202,236      2.77   258,100      3.54 
  Foreign currency exchange (gains)                                         
   losses (3)                         (27,488)    (0.38)  (56,514)    (0.77)
  Deferred income tax recovery on                                           
   unrealized foreign exchange                                              
   losses                             (10,997)    (0.15)  (14,206)    (0.19)
  Restructuring charge(4)               4,195      0.06     7,978      0.11 
  Loss on sale of vessels and                                               
   equipment                               22         -       782      0.01 
  Retroactive component of revenue                                          
   recognized from contract                                                 
   amendment(5)                       (29,200)    (0.40)  (59,200)    (0.81)
  Loss on bond repurchases (8.875                                           
   percent notes due 2011)                537      0.01    12,645      0.17 
  Adjustments to carrying value of                                          
   certain capitalized drydocking                                           
   expenditures                         2,394      0.03     2,394      0.03 
  Non-recurring adjustments to tax                                          
   accruals                             6,842      0.09     6,842      0.09 
  Other(6)                                739      0.01       739      0.01 
  Non-controlling interests' share                                          
   of items above                     (22,219)    (0.30)  (22,387)    (0.31)
----------------------------------------------------------------------------
Total adjustments                     127,061      1.74   137,173      1.88 
----------------------------------------------------------------------------
Adjusted net loss attributable to                                           
 stockholders of Teekay               (26,087)    (0.36)  (29,977)    (0.41)
----------------------------------------------------------------------------
----------------------------------------------------------------------------

1.  Fully diluted per share amounts. 
2.  Reflects the unrealized gains or losses relating to the change in the
    mark-to-market value of derivative instruments that are not designated
    as hedges for accounting purposes, including those included in equity
    income (loss) from joint ventures, and the ineffective portion of
    foreign currency forward contracts designated as hedges for accounting
    purposes. 
3.  Foreign currency exchange losses primarily relate to the Company's debt
    denominated in Euros and deferred tax liability denominated in Norwegian
    Kroner. Nearly all of the Company's foreign currency exchange gains and
    losses are unrealized. 
4.  Restructuring charges relate to crew changes, reflagging of certain
    vessels, and global staffing changes. 
5.  Reflects the retroactive component of revenue recognized in the three
    and six months ended June 30, 2010 relating to the signing of the
    Foinaven FPSO contract amendment on March 30, 2010 
6.  Relates to write-off of capitalized loan costs upon prepayments of long-
    term debt. 



TEEKAY CORPORATION                                                          
APPENDIX B - SUPPLEMENTAL FINANCIAL INFORMATION                             
SUMMARY BALANCE SHEET AS AT JUNE 30, 2011                                   
(in thousands of U.S. dollars)                                              
(unaudited)                                                                 

               -------------------------------------------------------------
                                                          Consoli-          
                   Teekay    Teekay  Teekay    Teekay      dation           
                 Offshore       LNG Tankers    Parent Adjustments      Total
               -------------------------------------------------------------
ASSETS                                                                      
Cash and cash                                                               
 equivalents      158,644    74,508  16,566   247,831           -    497,549
Other current                                                               
 assets           105,883    16,955   8,028   261,979           -    392,845
Restricted cash                                                             
 (current &                                                                 
 non-current)           -   585,543       -     3,053           -    588,596
Vessels held                                                                
 for sale           8,300         -       -         -           -      8,300
Vessels and                                                                 
 equipment      2,302,667 1,962,794 737,096 1,582,861           -  6,585,418
Advances on                                                                 
 newbuilding                                                                
 contracts/con-                                                             
 versions          44,589    40,835       -   260,021           -    345,445
Derivative                                                                  
 assets            25,913    67,529       -    11,171           -    104,613
Investment in                                                               
 joint ventures         -   184,229      68    33,287           -    217,584
Investment in                                                               
 direct                                                                     
 financing                                                                  
 leases            60,722   412,828       -       143           -    473,693
Investment in                                                               
 term loans             -         - 116,418    70,000           -    186,418
Other assets       17,613    31,978  11,547   110,906           -    172,044
Advances to                                                                 
 affiliates        24,655     3,157  14,604   (42,416)          -          -
Equity                                                                      
 investment in                                                              
 subsidiaries           -         -       -   473,109    (473,109)         -
Intangibles and                                                             
 goodwill         152,316   154,612  13,310    29,424           -    349,662
               -------------------------------------------------------------

TOTAL ASSETS    2,901,302 3,534,968 917,637 3,041,369    (473,109) 9,922,167
               -------------------------------------------------------------
               -------------------------------------------------------------

LIABILITIES AND                                                             
 EQUITY                                                                     
Accounts                                                                    
 payable and                                                                
 accrued                                                                    
 liabilities       90,121    59,847  13,396   257,503           -    420,867
Other current                                                               
 liabilities       14,500         -       -         -           -     14,500
Advances from                                                               
 affiliates       120,990    83,721   1,967  (206,678)          -          -
Current portion                                                             
 of long-term                                                               
 debt             202,677   561,591   1,800    47,841           -    813,909
Long-term debt  1,714,458 1,501,098 348,000   920,541           -  4,484,097
Derivative                                                                  
 liabilities      171,049   201,435  19,743    70,672           -    462,899
In-process                                                                  
 revenue                                                                    
 contracts              -         -     254   174,118           -    174,372
Other long-term                                                             
 liabilities       21,972   107,580   3,185    83,245           -    215,982
Redeemable non-                                                             
 controlling                                                                
 interest          39,604         -       -         -           -     39,604
  Non-                                                                      
   controlling                                                              
   interests(1)    46,740    13,173       -       601   1,541,897  1,602,411
  Equity                                                                    
   attributable                                                             
   to                                                                       
   stockholders                                                             
   /unitholders                                                             
   of publicly-                                                             
   listed                                                                   
   entities       479,191 1,006,523 529,292 1,693,526  (2,015,006) 1,693,526
               -------------------------------------------------------------

TOTAL                                                                       
 LIABILITIES                                                                
 AND EQUITY     2,901,302 3,534,968 917,637 3,041,369    (473,109) 9,922,167
               -------------------------------------------------------------
               -------------------------------------------------------------

NET DEBT(2)     1,758,491 1,402,638 333,234   717,501           -  4,211,864
               -------------------------------------------------------------
               -------------------------------------------------------------

1.  Non-controlling interests in the Teekay Offshore and Teekay LNG columns
    represent the joint venture partners' share of joint venture net assets.
    Non-controlling interest in the Consolidation Adjustments column
    represents the public's share of the net assets of Teekay's publicly-
    traded subsidiaries.  
2.  Net debt represents current and long-term debt less cash and, if
    applicable, current and long-term restricted cash. 




TEEKAY CORPORATION                                                          
APPENDIX B - SUPPLEMENTAL FINANCIAL INFORMATION                             
SUMMARY STATEMENT OF INCOME (LOSS) FOR THE THREE MONTHS ENDED JUNE 30, 2011 
(in thousands of U.S. dollars)                                              
(unaudited)                                                                 

                                                          Consoli-          
                                                           dation           
                       Teekay   Teekay  Teekay     Teekay  Adjust-          
                     Offshore      LNG Tankers     Parent   ments     Total 
                     -------------------------------------------------------
Revenues              234,145   92,247  31,427    182,540 (55,437)  484,922 
                     -------------------------------------------------------
Voyage expenses        32,572      685     549     18,083       -    51,889 
Vessel operating                                                            
 expenses              75,197   23,388  10,852     65,280       -   174,717 
Time-charter hire                                                           
 expense               18,182        -       -     90,669 (55,437)   53,414 
Depreciation and                                                            
 amortization          46,163   22,171  10,793     26,109       -   105,236 
General and                                                                 
 administrative        18,157    6,535   2,131     24,450       -    51,273 
Asset impairments/net                                                       
 loss (gain) on                                                             
 vessel sales           8,194        -       -     (2,382)      -     5,812 
Restructuring charges       -        -       -        458       -       458 
                     -------------------------------------------------------
Total operating                                                             
 expenses             198,465   52,779  24,325    222,667 (55,437)  442,799 
                     -------------------------------------------------------
Income (loss) from                                                          
 vessel operations     35,680   39,468   7,102    (40,127)      -    42,123 
                     -------------------------------------------------------
Net interest expense   (8,740) (10,438) (1,030)   (10,851)      -   (31,059)
Realized and                                                                
 unrealized loss on                                                         
 derivative                                                                 
 instruments          (38,720) (27,329) (4,387)   (31,704)      -  (102,140)
Income tax (expense)                                                        
 recovery              (3,037)    (119)      -      1,134       -    (2,022)
Equity income (loss)                                                        
 from joint ventures        -    3,447      (1)    (9,499)      -    (6,053)
Equity income of                                                            
 subsidiaries (1)           -        -       -     (6,945)  6,945         - 
Foreign exchange gain                                                       
 (loss)                   367   (8,859)     (6)     1,341       -    (7,157)
Other - net             1,159      141    (236)      (106)      -       958 
                     -------------------------------------------------------
Net (loss) income     (13,291)  (3,689)  1,442    (96,757)  6,945  (105,350)
Less: Net loss                                                              
 (income)                                                                   
 attributable to non-                                                       
 controlling                                                                
 interests (2)          1,188   (8,642)      -        305  16,047     8,898 
                     -------------------------------------------------------
Net (loss) income                                                           
 attributable to                                                            
 stockholders/unithol                                                       
 ders of publicly-                                                          
 listed entities      (12,103) (12,331)  1,442    (96,452) 22,992   (96,452)
                     -------------------------------------------------------
                     -------------------------------------------------------
CASH FLOW FROM VESSEL                                             
 OPERATIONS(3)         95,171   63,130  17,895    (27,425)(4)   -   148,771 
                     -------------------------------------------------------
                     -------------------------------------------------------

1.  Teekay Corporation's proportionate share of the net earnings of its
    publicly-traded subsidiaries. 
2.  Net (income) loss attributable to non-controlling interests in the
    Teekay Offshore and Teekay LNG columns represent the joint venture
    partners' share of the net income (loss) of the respective joint
    ventures. Net (income) loss attributable to non-controlling interest in
    the Consolidation Adjustments column represents the public's share of
    the net income (loss) of Teekay's publicly-traded subsidiaries.  
3.  Cash flow from vessel operations represents income from vessel
    operations before depreciation and amortization expense, vessel/goodwill
    write-downs, gains or losses on the sale of vessels and unrealized gains
    and losses relating to derivatives, but includes realized gains and
    losses on the settlement of foreign currency forward contracts. Cash
    flow from vessel operations is a non-GAAP financial measure used by
    certain investors to measure the financial performance of shipping
    companies. Please see the Company's website at www.teekay.com for a
    reconciliation of this non-GAAP financial measure as used in this
    release to the most directly comparable GAAP financial measure. 
4.  In addition to Teekay Parent's cash flow from vessel operations, Teekay
    Parent also receives cash dividends and distributions from its daughter
    public companies. For the three months ended June 30, 2011, Teekay
    Parent received daughter company cash dividends and distributions
    totaling $35.9 million. The dividends and distributions received by
    Teekay Parent include those made with respect to its general partner
    interests in Teekay Offshore and Teekay LNG. Please refer to Appendix D
    to this release for further details. 




TEEKAY CORPORATION                                                          
APPENDIX B - SUPPLEMENTAL FINANCIAL INFORMATION                             
SUMMARY STATEMENT OF INCOME (LOSS) FOR THE SIX MONTHS ENDED JUNE 30, 2011   
(in thousands of U.S. dollars)                                              
(unaudited)                                                                 

                                                          Consoli-          
                                                           dation           
                      Teekay   Teekay  Teekay    Teekay    Adjust-          
                    Offshore      LNG Tankers    Parent     ments     Total 
                    --------------------------------------------------------
Revenues             467,916  185,466  63,171   363,686  (107,293)  972,946 
                    --------------------------------------------------------
Voyage expenses       58,037    1,055   1,159    36,764         -    97,015 
Vessel operating                                                            
 expenses            150,327   44,195  20,454   121,318         -   336,294 
Time-charter hire                                                           
 expense              38,452        -       -   185,286  (107,293)  116,445 
Depreciation and                                                            
 amortization         91,733   44,520  21,577    52,444         -   210,274 
General and                                                                 
 administrative       36,887   12,861   4,800    66,943         -   121,491 
Asset                                                                       
 impairments/net                                                            
 loss on vessel                                                             
 sales                 9,265        -       -       140         -     9,405 
Restructuring                                                               
 charges               3,924        -       -     1,495         -     5,419 
                    --------------------------------------------------------
Total operating                                                             
 expenses            388,625  102,631  47,990   464,390  (107,293)  896,343 
                    --------------------------------------------------------
Income (loss) from                                                          
 vessel operations    79,291   82,835  15,181  (100,704)        -    76,603 
                    --------------------------------------------------------
Net interest expense (17,080) (20,614) (2,176)  (21,518)        -   (61,388)
Realized and                                                                
 unrealized loss on                                                         
 derivative                                                                 
 instruments         (27,880) (16,560) (3,934)  (30,509)        -   (78,883)
Income tax (expense)                                                        
 recovery             (5,690)    (955)      -     3,812         -    (2,833)
Equity income (loss)                                                        
 from joint ventures       -   11,504      (2)  (11,161)        -       341 
Equity in earnings                                                          
 of subsidiaries (1)       -        -       -    31,481   (31,481)        - 
Foreign exchange                                                            
 (loss) gain            (432) (29,892)    (29)    2,856         -   (27,497)
Other - net            2,469     (270)   (507)     (640)        -     1,052 
                    --------------------------------------------------------
Net income (loss)     30,678   26,048   8,533  (126,383)  (31,481)  (92,605)
Less: Net (income)                                                          
 loss attributable                                                          
 to non-controlling                                                         
 interests (2)        (2,897)  (4,023)      -       274   (26,858)  (33,504)
                    --------------------------------------------------------
Net income (loss)                                                           
 attributable to                                                            
 stockholders/unitho                                                        
 lders of publicly-                                                         
 listed entities      27,781   22,025   8,533  (126,109)  (58,339) (126,109)
                    --------------------------------------------------------
                    --------------------------------------------------------
CASH FLOW FROM                                                              
 VESSEL                                                          
 OPERATIONS(3)       187,166  130,205  36,758   (68,957)(4)     -   285,172 
                    --------------------------------------------------------
                    --------------------------------------------------------

1.  Teekay Corporation's proportionate share of the net earnings of its
    publicly-traded subsidiaries. 
2.  Net (income) loss attributable to non-controlling interests in the
    Teekay Offshore and Teekay LNG columns represent the joint venture
    partners' share of the net income (loss) of the respective joint
    ventures. Net (income) loss attributable to non-controlling interest in
    the Consolidation Adjustments column represents the public's share of
    the net income (loss) of Teekay's publicly-traded subsidiaries.  
3.  Cash flow from vessel operations represents income from vessel
    operations before depreciation and amortization expense, vessel/goodwill
    write-downs, gains or losses on the sale of vessels and unrealized gains
    and losses relating to derivatives, but includes realized gains and
    losses on the settlement of foreign currency forward contracts. Cash
    flow from vessel operations is a non-GAAP financial measure used by
    certain investors to measure the financial performance of shipping
    companies. Please see the Company's website at www.teekay.com for a
    reconciliation of this non-GAAP financial measure as used in this
    release to the most directly comparable GAAP financial measure. 
4.  In addition to Teekay Parent's cash flow from vessel operations, Teekay
    Parent also receives cash dividends and distributions from its daughter
    public companies. For the six months ended June 30, 2011, Teekay Parent
    received daughter company cash dividends and distributions totaling
    $72.3 million. The dividends and distributions received by Teekay Parent
    include those made with respect to its general partner interests in
    Teekay Offshore and Teekay LNG. Please refer to Appendix D to this
    release for further details. 




TEEKAY CORPORATION                                                          
APPENDIX C - SUPPLEMENTAL FINANCIAL INFORMATION                             
TEEKAY PARENT SUMMARY OPERATING RESULTS                                     
FOR THE THREE MONTHS ENDED JUNE 30, 2011                                    
(in thousands of U.S. dollar)                                               
(unaudited)                                                                 

Set forth below is a reconciliation of unaudited cash flow from vessel operations, a non-GAAP financial measure, to income from vessel operations as determined in accordance with GAAP, for Teekay Parent's primary operating segments. The Company believes that, in addition to conventional measures prepared in accordance with GAAP, certain investors use this information to evaluate Teekay Parent's financial performance. Disaggregated cash flow from vessel operations for Teekay Parent, as provided below, is intended to provide additional information and should not be considered a substitute for measures of performance prepared in accordance with GAAP.


----------------------------------------------------------------------------
                                            Fixed-                          
                                     Spot    rate                    
                                   Conven- Conven-                   Teekay
                                   tional  tional            Other   Parent 
                                   Tanker  Tanker     FPSO      (1)   Total 
                                 -------------------------------------------
Revenues                           65,964  40,754   61,533  14,289  182,540 

Voyage expenses                    15,372     334        -   2,377   18,083 
Vessel operating expenses           9,495  12,695   41,396   1,694   65,280 
Time-charter hire expense          56,910  13,336    9,009  11,414   90,669 
Depreciation and amortization       5,101   5,944   14,562     502   26,109 
General and administrative          9,492   4,106    8,248   2,604   24,450 
Asset impairments/net (gain) loss                                           
 on vessel sales                   (3,053)     90        -     581   (2,382)
Restructuring charges                  49     184        -     225      458 
                                 -------------------------------------------
Total operating expenses           93,366  36,689   73,215  19,397  222,667 
                                 -------------------------------------------

(Loss) income from vessel                                                   
 operations                       (27,402)  4,065  (11,682) (5,108) (40,127)
                                 -------------------------------------------

Reconciliation of (loss) income from vessel operations to cash flow from    
 vessel operations                                                          

(Loss) income from vessel                                                   
 operations                       (27,402)  4,065  (11,682) (5,108) (40,127)
Depreciation and amortization       5,101   5,944   14,562     502   26,109 
Asset impairments/net (gain) loss                                           
 on vessel sales                   (3,053)     90        -     581   (2,382)
Amortization of in process                                                  
 revenue contracts and other            -       -  (10,798) (2,610) (13,408)
Unrealized (gains) losses from                                              
 the change in fair value of                                                
 designated foreign exchange                                                
 forward contracts                      -     (32)      68       -       36 
Realized gains from the                                                     
 settlements of non-designated                                              
 foreign exchange forward                                                   
 contracts/bunkers/FFAs                 -     911    1,436       -    2,347 
                                 -------------------------------------------
CASH FLOW FROM VESSEL OPERATIONS  (25,354) 10,978   (6,414) (6,635) (27,425)
                                 -------------------------------------------
                                 -------------------------------------------

1.  Results of two chartered-in LNG carriers owned by Teekay LNG, one
    chartered-in FSO unit owned by Teekay Offshore and newbuilding shuttle
    tanker delivered in May 2011. 




TEEKAY CORPORATION                                                          
APPENDIX C - SUPPLEMENTAL FINANCIAL INFORMATION                             
TEEKAY PARENT SUMMARY OPERATING RESULTS                                     
FOR THE SIX MONTHS ENDED ENDED JUNE 30, 2011                                
(in thousands of U.S. dollar)                                               
(unaudited)                                                                 

Set forth below is a reconciliation of unaudited cash flow from vessel operations, a non-GAAP financial measure, to income from vessel operations as determined in accordance with GAAP, for Teekay Parent's primary operating segments. The Company believes that, in addition to conventional measures prepared in accordance with GAAP, certain investors use this information to evaluate Teekay Parent's financial performance. Disaggregated cash flow from vessel operations for Teekay Parent, as provided below, is intended to provide additional information and should not be considered a substitute for measures of performance prepared in accordance with GAAP.


----------------------------------------------------------------------------
                                          Fixed-                          
                                   Spot    rate                    
                                 Conven- Conven-                     Teekay
                                 tional  tional             Other    Parent 
                                 Tanker  Tanker     FPSO       (1)    Total 
                               ---------------------------------------------
Revenues                        134,269  76,895  128,045   24,477   363,686 

Voyage expenses                  32,328     585        -    3,851    36,764 
Vessel operating expenses        19,063  22,133   77,526    2,596   121,318 
Time-charter hire expense       120,372  25,949   16,875   22,090   185,286 
Depreciation and amortization    10,234  11,900   29,124    1,186    52,444 
General and administrative       19,577   8,264   18,115   20,987    66,943 
Asset impairments/net (gain)                                                
 loss on vessel sales              (553)    112        -      581       140 
Restructuring charges                54      16        -    1,425     1,495 
                               ---------------------------------------------
Total operating expenses        201,075  68,959  141,640   52,716   464,390 
                               ---------------------------------------------
(Loss) income from vessel                                                   
 operations                     (66,806)  7,936  (13,595) (28,239) (100,704)
                               ---------------------------------------------

Reconciliation of (loss) income from vessel operations to cash flow from    
 vessel operations                                                          

(Loss) income from vessel                                                   
 operations                     (66,806)  7,936  (13,595) (28,239) (100,704)
Depreciation and amortization    10,234  11,900   29,124    1,186    52,444 
Asset impairments/net (gain)                                                
 loss on vessel sales              (553)    112        -      581       140 
Amortization of in process                                                  
 revenue contracts and other          -       -  (21,596)  (2,610)  (24,206)
Unrealized (gains) losses from                                              
 the change in fair value of                                                
 designated foreign exchange                                                
 forward contracts                    -     (44)     110        -        66 
Realized gains from the                                                     
 settlements of non-designated                                              
 foreign exchange forward                                                   
 contracts/bunkers/FFAs               -   1,132    2,171        -     3,303 
                               ---------------------------------------------
CASH FLOW FROM VESSEL                                                       
OPERATIONS                      (57,125) 21,036   (3,786) (29,082)  (68,957)
                               ---------------------------------------------
                               ---------------------------------------------

1.  Results of two chartered-in LNG carriers owned by Teekay LNG, two
    chartered-in FSO units owned by Teekay Offshore, one FSO unit owned by
    Teekay Parent, and one newbuilding shuttle tanker delivered in May 2011.




TEEKAY CORPORATION                                                          
APPENDIX D - SUPPLEMENTAL FINANCIAL INFORMATION                             
TEEKAY PARENT FREE CASH FLOW                                                
(in thousands of U.S. dollars, except for per share/unit amount)            
(unaudited)                                                                 

Set forth below is an unaudited calculation of Teekay Parent free cash flow for the three months ended June 30, 2011, March 31, 2011, December 31, 2010, September 30, 2010, and June 30, 2010. The Company defines free cash flow, a non-GAAP financial measure, as cash flow from vessel operations attributed to its directly-owned and in-chartered assets, distributions received as a result of ownership interests in its publicly-traded subsidiaries (Teekay LNG, Teekay Offshore, and Teekay Tankers), and its 49 percent ownership interest in Teekay Offshore Operating L.P., through March 8, 2011 when it sold this remaining interest to Teekay Offshore, net of interest expense and drydock expenditures in the respective period. For a reconciliation of Teekay Parent cash flow from vessel operations for the three months ended June 30, 2011 to the most directly comparable financial measure under GAAP please refer to Appendix B or Appendix C to this release. For a reconciliation of Teekay Parent cash flow from vessel operations to the most directly comparable GAAP financial measure for the three months ended March 31, 2011, December 31, 2010, September 30, 2010, and June 30, 2010, please see the Company's website at www.teekay.com. Teekay Parent free cash flow, as provided below, is intended to provide additional information and should not be considered a substitute for measures of performance prepared in accordance with GAAP.


----------------------------------------------------------------------------
                                               Three Months Ended         
                                           March December   Septem-       
                                June 30,      31,      31,  ber 30, June 30,
                                   2011     2011     2010     2010     2010 
                               ---------------------------------------------
Teekay Parent cash flow from                                                
 vessel operations              (27,425) (41,532) (21,674) (29,394)  21,521 

Daughter company distributions                                              
 to Teekay Parent (1) Common                                                
 shares/units (2)                                                           
  Teekay LNG Partners            15,881   15,881   15,881   15,125   15,125 
  Teekay Offshore Partners       11,181   11,181    7,030    7,030    7,030 
  Teekay Offshore Operating                                                 
   L.P. (OPCO) (3)                    -        -   15,000   15,000   16,000 
  Teekay Tankers (4)              3,384    4,028    3,545    4,995    5,478 
                               ---------------------------------------------
  Total                          30,446   31,090   41,456   42,150   43,633 
General partner interest                                                    
  Teekay LNG Partners             3,176    3,176    2,949    2,352    2,352 
  Teekay Offshore Partners        2,237    2,212    1,485    1,312    1,150 
                               ---------------------------------------------
  Total                           5,413    5,388    4,434    3,664    3,502 
Total Teekay Parent cash flow                                               
 before interest and drydock                                                
 expenditures                     8,434   (5,054)  24,216   16,420   68,656 
Less:                                                                       
  Net interest expense (5)      (18,012) (19,214) (25,855) (27,224) (30,602)
  Drydock expenditures           (3,040)    (287)  (7,474)  (4,174)  (1,949)
                               ---------------------------------------------
TOTAL TEEKAY PARENT FREE CASH                                               
 FLOW                           (12,618) (24,555)  (9,113) (14,978)  36,105 
----------------------------------------------------------------------------
----------------------------------------------------------------------------

1.  Cash dividend and distribution cash flows are shown on an accrual basis
    for dividends and distributions declared for the respective period. 
2.  Common share/unit dividend and distribution cash flows to Teekay Parent
    are based on Teekay Parent's ownership on the ex-dividend date for the
    respective company and period as follows: 

                                    Three Months Ended                      
                                                         Septem-
                 June 30,    March 31, December 31,      ber 30,    June 30,
                    2011         2011         2010         2010         2010
           -----------------------------------------------------------------
Teekay LNG                                                                  
 Partners                                                                   
  Distribu-                                                                 
  tion per                                                                  
   common                                                                   
   unit     $       0.63 $       0.63 $       0.63 $       0.60 $       0.60
  Common                                                                    
   units                                                                    
   owned by                                                                 
   Teekay                                                                   
   Parent     25,208,274   25,208,274   25,208,274   25,208,274   25,208,274
           -----------------------------------------------------------------
  Total                                                                     
   distri-                                                                 
   bution   $ 15,881,213 $ 15,881,213 $ 15,881,213 $ 15,124,964 $ 15,124,964
Teekay                                                                      
 Offshore                                                                   
 Partners                                                                   
  Distribu-                                                                 
  tion per                                                                  
   common                                                                   
   unit     $       0.50 $       0.50 $      0.475 $      0.475 $      0.475
  Common                                                                    
   units                                                                    
   owned by                                                                 
   Teekay                                                                   
   Parent     22,362,814   22,362,814   14,800,000   14,800,000   14,800,000
           -----------------------------------------------------------------
  Total                                                                     
   distri-                                                                 
 bution     $ 11,181,407 $ 11,181,407 $  7,030,000 $  7,030,000 $  7,030,000
Teekay                                                                      
 Tankers                                                                    
  Dividend                                                                  
   per                                                                      
   share    $       0.21 $       0.25 $       0.22 $       0.31 $       0.34
  Shares                                                                    
   owned by                                                                 
   Teekay                                                                   
   Parent(4)  16,112,244   16,112,244   16,112,244   16,112,244   16,112,244
           -----------------------------------------------------------------
  Total                                                                     
   dividend $  3,383,571 $  4,028,061 $  3,544,694 $  4,994,796 $  5,478,163

3.  Based on 49 percent interest owned directly by Teekay Parent. In March
    2011, Teekay sold its remaining 49 percent interest in Teekay Offshore
    Operating L.P. to Teekay Offshore. 
4.  Includes Class A and Class B shareholdings. 
5.  Net interest expense includes realized gains and losses on interest rate
    swaps. Excludes upfront payment of $92.7 million related to interest
    rate swap resets for the three months ended March 31, 2011. 

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: tanker market fundamentals, including the balance of supply and demand in the tanker market and the impact of seasonal factors on spot tanker charter rates; the future benefits of the Company's diversified business model; the effect of new offshore contracts on the Company's future fixed-rate revenues, cash flows and profitability; the expected timing of newbuilding deliveries and in-chartered vessel redeliveries; the Company's future capital expenditure commitments and the debt financings that the Company expects to obtain for its remaining unfinanced capital expenditure commitments; and the intention of the Company to continue repurchasing shares under the Company's existing $200 million repurchase authorization.

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, LNG and LPG, 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; changes in the offshore production of oil or demand for shuttle tankers, FSOs and FPSOs; decreases in oil production by or increased operating expenses for FPSO units; trends in prevailing charter rates for shuttle tanker and FPSO contract renewals; the potential for early termination of long-term contracts and inability of the Company to renew or replace long-term contracts or complete existing contract negotiations; changes affecting the offshore tanker market; shipyard production delays and cost overruns; changes in the Company's expenses; the Company's future capital expenditure requirements and the inability to secure financing for such requirements; the inability of the Company to complete vessel sale transactions to its public company subsidiaries or to third parties; conditions in the United States capital markets; 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.

Contact Information

  • Teekay Corporation
    Kent Alekson
    Investor Relations Enquiries
    +1 (604) 844-6654
    www.teekay.com