December 3, 2007NASSAU, THE BAHAMAS–(Marketwire – Dec. 3, 2007) – Teekay Corporation (Teekay) (NYSE:TK) announced today that its wholly owned subsidiary, Teekay Tankers Ltd., has filed a registration statement with the U.S. Securities and Exchange Commission for an initial public offering of its Class A Common Stock. The offering currently is scheduled to include 10,000,000 shares of Class A Common Stock (11,500,000 shares if the underwriters exercise their over-allotment option in full), representing a 40% ownership interest. The Class A Common Stock has been approved for listing on The New York Stock Exchange, subject to official notice of issuance, under the symbol “TNK”. Teekay Tankers Ltd., a recently formed Marshall Islands corporation, will acquire from Teekay upon the closing of the public offering a fleet of nine double-hull Aframax-class oil tankers, which an affiliate of Teekay will manage under a mix of spot-market trading and short- or medium-term fixed-rate time-charter contracts. In addition, Teekay will offer to Teekay Tankers within 18 months of the public offering the opportunity to purchase up to four Suezmax-class oil tankers. 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. Citi and Morgan Stanley will act as joint book-running managers and as representatives of the underwriters, who will include Merrill Lynch & Co., Wachovia Securities, Deutsche Bank Securities, JPMorgan, Dahlman Rose & Company, Scotia Capital, and Johnson Rice & Company L.L.C. A written prospectus meeting the requirements of Section 10 of the Securities Act of 1933, when available, may be obtained from Citigroup Global Markets Inc., Brooklyn Army Terminal, 140 58th Street, 8th Floor, Brooklyn, New York, 11220, Attention: Prospectus Department; fax: 718-765-6734; phone: 800-831-9146; or Morgan Stanley & Co. Incorporated, 180 Varick Street, 2nd Floor, New York, New York, 10014, Attention: Prospectus Department; phone: 866-718-1649; or by emailing firstname.lastname@example.org. A registration statement relating to these securities has been filed with the Securities and Exchange Commission but has not yet become effective. The securities may not be sold, nor may offers to buy be accepted, prior to the time the registration statement becomes effective. This news release does not constitute an offer to sell or the solicitation of an offer to buy any securities issuable pursuant to the registration statement, nor will there be any sale of these securities in any state or jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction. The statements in this press release that are not historical facts may be forward-looking statements. These forward-looking statements involve risks and uncertainties that could cause the outcome to be materially different. About Teekay Teekay Corporation (NYSE:TK) 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. (NYSE:TGP), and is further growing its operations in the offshore production, storage and transportation sector through its publicly listed subsidiaries, Teekay Offshore Partners L.P. (NYSE:TOO) and Teekay Petrojarl ASA (OSE:TPO). With a fleet of over 185 vessels, offices in 17 countries and 6,300 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.