Teekay Group Completes Management Transition and Announces Changes to Boards of Directors

HAMILTON, BERMUDA--(Marketwire - April 1, 2011) - Teekay Corporation (NYSE:TK), Teekay LNG Partners L.P. (NYSE:TGP), Teekay Offshore Partners L.P. (NYSE:TOO), Teekay Tankers Ltd. (NYSE:TNK) -

Highlights

• Peter Evensen succeeds Bjorn Moller as Teekay Corporation's President and Chief Executive Officer and joins Teekay Corporation's Board of Directors

• Bruce Chan succeeds Bjorn Moller as Teekay Tankers' Chief Executive Officer

• Bjorn Moller resigns from the Teekay LNG and Teekay Offshore Boards of Directors

• Kenneth Hvid succeeds Peter Evensen as Teekay Corporation's Chief Strategy Officer and succeeds Bjorn Moller on the Board of Directors of both Teekay LNG and Teekay Offshore

• Ingvild Saether succeeds Kenneth Hvid as President of Teekay Navion Shuttle Tanker and Offshore business unit

Teekay Corporation (Teekay) (NYSE:TK) announced today that it has completed its management transition following the previously announced retirement of Bjorn Moller. Effective today, Peter Evensen, Teekay Corporation's former Executive Vice President and Chief Strategy Officer, succeeds Mr. Moller as Teekay Corporation's President and Chief Executive Officer (CEO). Effective today, Mr. Evensen also joins Teekay Corporation's Board of Directors.

"It is both an honor and a privilege to take on the role of President and CEO of Teekay Corporation," commented Teekay's new President and CEO, Peter Evensen. "I am excited about the significant opportunities that exist in each of our core businesses - offshore, liquefied gas and conventional tankers - and firmly believe the strong management team in place across the Teekay Group of companies will ensure a seamless transition and continuity of each company's business strategy."

In addition, as previously announced, Bruce Chan succeeds Bjorn Moller as CEO of Teekay Tankers Ltd. (Teekay Tankers) (NYSE:TNK), effective today.

Concurrent with Mr. Moller's retirement, Teekay LNG Partners L.P. (Teekay LNG) (NYSE:TGP) Teekay Offshore Partners L.P. (Teekay Offshore) (NYSE: TOO) announced that Bjorn Moller has resigned from the respective Boards of Directors, to be replaced by Kenneth Hvid, who, effective today, succeeds Peter Evensen as Teekay Corporation's Executive Vice President and Chief Strategy Officer. Mr. Moller will retain his positions on the Board of Directors of both Teekay Corporation and Teekay Tankers.

Also effective today, and as previously announced, Ingvild Saether succeeds Mr. Hvid as President of Teekay Corporation's Teekay Navion Shuttle Tanker and Offshore business unit.

About Teekay Corporation

Teekay Corporation transports more than 10 percent of the world's seaborne oil, has built a significant presence in the liquefied natural gas shipping sector through its publicly-listed subsidiary, Teekay LNG Partners L.P., is further growing its operations in the offshore oil production, storage and transportation sector through its publicly-listed subsidiary, Teekay Offshore Partners L.P., and continues to expand its conventional tanker business through its publicly-listed subsidiary, Teekay Tankers Ltd. With a fleet of approximately 150 vessels, offices in 16 countries and over 6,100 seagoing and shore-based employees, Teekay provides a comprehensive set of marine services to the world's leading oil and gas companies, helping them seamlessly link their upstream energy production to their downstream processing operations. Teekay's reputation for safety, quality and innovation has earned it a position with its customers as The Marine Midstream Company.

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

About Teekay LNG Partners L.P.

Teekay LNG Partners L.P. is a publicly-traded master limited partnership formed by Teekay Corporation as part of its strategy to expand its operations in the LNG and LPG shipping sectors. Teekay LNG Partners L.P. provides LNG, LPG and crude oil marine transportation services under long-term, fixed-rate charter contracts with major energy and utility companies through its fleet of 17 LNG carriers, which includes a 50 percent ownership interest in one LNG regasification unit, five LPG/Multigas carriers and 11 conventional oil tankers. Three of the five LPG/Multigas carriers are newbuildings scheduled for delivery in 2011.

Teekay LNG Partners' common units trade on the New York Stock Exchange under the symbol "TGP".

About Teekay Offshore Partners L.P.

Teekay Offshore Partners L.P., a publicly-traded master limited partnership formed by Teekay Corporation, is an international provider of marine transportation, production and storage services to the offshore oil industry through its a fleet of 35 shuttle tankers (including five chartered-in vessels), six Floating Storage and Offtake (FSO) units, two floating production storage and offloading (FPSO) units, nine double-hull conventional tankers and two lightering vessels. Teekay Offshore has also agreed to acquire one newbuilding shuttle tanker from Teekay Corporation upon the commencement of its time-charter contract in 2011. One of the two FPSO units is currently under conversion and scheduled for delivery in April 2012. Teekay Offshore also has rights to participate in certain other FPSO and FSO opportunities of Teekay Corporation.

Teekay Offshore Partners' common units trade on the New York Stock Exchange under the symbol "TOO".

About Teekay Tankers

Teekay Tankers Ltd. was formed in December 2007 by Teekay Corporation as part of its strategy to expand its conventional oil tanker business. Teekay Tankers owns a fleet of nine double-hull Aframax tankers and six double-hull Suezmax tankers, which an affiliate of Teekay Corporation manages through a mix of short- or medium-term fixed-rate time-charter contracts and spot tanker market trading. In addition, Teekay Tankers owns a VLCC newbuilding, scheduled to deliver in April 2013, through a 50 percent joint venture. Teekay Tankers intends to distribute on a quarterly basis all of its Cash Available for Distribution, subject to any reserves established by its board of directors.

Teekay Tankers' common stock trades on the New York Stock Exchange under the symbol "TNK".