Teekay Offshore Partners L.P.

Teekay Offshore Partners L.P.

April 12, 2012 16:00 ET

Teekay Offshore Partners L.P. Announces 2.5 Percent Increase to Cash Distribution

HAMILTON, BERMUDA--(Marketwire - April 12, 2012) - Teekay Offshore GP LLC, the general partner of Teekay Offshore Partners L.P. (Teekay Offshore) (NYSE:TOO), has declared a cash distribution of $0.5125 per unit for the quarter ended December 31, 2011, an increase of $0.0125 per unit, or 2.5 percent, from the previous quarter. The cash distribution is payable on May 14, 2012 to all unitholders of record on April 23, 2012.

"Today's distribution increase reflects the additional cash flows resulting from the Partnership's November 2011 acquisition of the Piranema Spirit FPSO which is operating under a long-term fixed-rate contract to Petrobras in Brazil," commented Peter Evensen, Chief Executive Officer of Teekay GP LLC. "Given our expanded FPSO footprint, the attractive near- and long-term fundamentals in our core North Sea and Brazil markets and visible growth opportunities available from our sponsor, Teekay Corporation, we believe the Partnership remains well positioned for future distributable cash flow growth."

About Teekay Offshore Partners L.P.

Teekay Offshore Partners L.P. is an international provider of marine transportation, oil production and storage services to the offshore oil industry focusing on the fast-growing, deepwater offshore oil regions of the North Sea and Brazil. Teekay Offshore owns interests in 40 shuttle tankers (including four chartered-in vessels and four committed newbuildings), three floating production, storage and offloading (FPSO) units, five floating storage and offtake (FSO) units and ten conventional oil tankers. In addition, Teekay Offshore has rights to participate in certain other FPSO and shuttle tanker opportunities provided by Teekay Corporation (NYSE:TK) and Sevan Marine ASA (Oslo Bors:SEVAN). The majority of Teekay Offshore's fleet trades on long-term, stable contracts and it is structured as a publicly-traded master limited partnership (MLP).

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

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