Teekay Corporation and Teekay Offshore Partners Announce Changes to Boards of Directors

HAMILTON, BERMUDA--(Marketwired - March 8, 2017) - Teekay Corporation (NYSE:TK) (Teekay or the Company), and Teekay Offshore Partners L.P. (NYSE:TOO) (Teekay Offshore or the Partnership) today announced the following changes to their respective Boards of Directors:

• C. Sean Day will be stepping down from his role as Chairman of both Teekay and Teekay Offshore effective June 15, 2017. Mr. Day will remain as a Board member of both Teekay and Teekay Offshore.
• Current Teekay director, William P. Utt, will replace Mr. Day as Teekay's Chairman.
• Mr. Utt will also join and serve as Chairman of the Teekay Offshore Board of Directors, effective June 15, 2017.

"I am very pleased that Bill Utt will be taking over the Chairmanship of both the Teekay and Teekay Offshore Boards of Directors," commented Mr. Day. "After 18 years chairing the Teekay Corporation Board, and 11 years chairing the Teekay Offshore Board, I believe now is the right time for me to pass on the Board leadership to Bill, who has extensive experience in the energy industry and an appreciation of Teekay's culture." Mr. Day continued, "Since joining the Teekay Board in 2015, Bill has brought his deep project management knowledge to bear on Board deliberations and I have no doubt he will lead with enthusiasm and skill in his new role. I remain committed to both Teekay and Teekay Offshore and am pleased to continue serving as a Board member of each entity and offer my support to Bill, Teekay CEO Kenneth Hvid, and the rest of the Teekay team."

Mr. Utt responded "I am honored to succeed Sean as Chair of both the Teekay Corporation Board and the Teekay Offshore Board. Sean has done an excellent job of leading the Board and I am delighted that he will continue to serve on the Board as I take on this important leadership role."

Mr. Axel Karlshoej, Chairman Emeritus of the Teekay Corporation Board and brother of the founder, Torben Karlshoej, said, "I want to thank Sean for his extraordinary leadership over the past 18 years. During his tenure, he has overseen enormous growth in the Teekay Group, including the establishment Teekay LNG Partners L.P., Teekay Offshore Partners L.P. and Teekay Tankers Ltd. In each case, he has been instrumental in establishing strong, cohesive boards with a focus on corporate governance best practices. I am pleased that Bill Utt has agreed to take on the Chairmanship of both the Teekay Corporation and Teekay Offshore Boards. Bill has been a strong contributor to the Teekay Board since he joined in December 2015 and I am confident that his expertise and strong leadership skills make him an excellent successor to Sean Day."

Mr. Utt has been a Teekay Board member since December 2015, and has over 30 years of engineering and energy industry experience. Until his retirement in 2014, he served as Chairman, President and Chief Executive Officer of KBR Inc., a global engineering, construction and services company. Before that, Mr. Utt served as the President and CEO of SUEZ Energy North America and President and CEO of Tractebel's North American energy businesses. Mr. Utt also currently serves as Chairman on the Board of Directors at Cobalt International Energy, a position he has held since June 2016, and is a member of the Board of Directors for Brand Energy & Infrastructure Services, a Clayton, Dubilier & Rice, LLC portfolio company.

About Teekay

Teekay Corporation operates in the marine midstream space through its ownership of the general partners and a portion of the outstanding limited partner interests in Teekay LNG Partners L.P. (NYSE:TGP) and Teekay Offshore Partners L.P. (NYSE:TOO). The general partners own all of the outstanding incentive distribution rights of these entities. In addition, Teekay has a controlling ownership interest in Teekay Tankers Ltd. (NYSE:TNK) and directly owns a fleet of vessels. The combined Teekay entities manage and operate consolidated assets of approximately $13 billion, comprised of approximately 220 liquefied gas, offshore, and conventional tanker assets. With offices in 14 countries and approximately 7,900 seagoing and shore-based employees, Teekay provides a comprehensive set of marine services to the world's leading oil and gas companies.

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

About Teekay Offshore

Teekay Offshore Partners L.P. is an international provider of marine transportation, oil production, storage, long-distance towing and offshore installation and maintenance and safety services to the oil industry, primarily focusing on oil production-related activities of its customers and operating in offshore oil regions of the North Sea, Brazil and the East Coast of Canada. Teekay Offshore is structured as a publicly-traded master limited partnership (MLP) with consolidated assets of approximately $5.7 billion, comprised of 62 offshore assets, including floating production, storage and offloading (FPSO) units, shuttle tankers, floating storage and offtake (FSO) units, units for maintenance and safety (UMS), long-distance towing and offshore installation vessels and conventional tankers. The majority of Teekay Offshore's fleet is employed on medium-term, stable contracts.

Teekay Offshore Partners' common units and Series A and B preferred units trade on the New York Stock Exchange under the symbol "TOO", "TOO PR A" and "TOO PR B", respectively.