September 1, 2010HAMILTON, BERMUDA–(Marketwire – Aug. 31, 2010) – Teekay Corporation (NYSE:TK) – Highlights /T/ — Signed master agreement with Statoil ASA that replaces an existing volume-dependent, life-of-field contract of affreightment, and covers fixed-rate, life-of-field time-charter contracts for seven shuttle tankers. — Signed new time-charter contracts for two shuttle tankers with Petroleo Brasileiro SA. — Renewed contracts for two shuttle tankers serving the Heidrun field in the North Sea. — The Company’s consolidated cash flow from vessel operations is expected to increase by approximately $50 million in 2011 as a result of new and renewed contracts. — Teekay Corporation offered to sell the Cidade de Rio das Ostras FPSO unit and three newbuilding shuttle tankers to Teekay Offshore Partners. /T/ Teekay Corporation (Teekay or the Company) today announced that its subsidiary, Teekay Offshore Operating L.P. (OPCO), signed a master agreement with Statoil ASA (Statoil) that replaces an existing volume-dependent, life-of-field contract of affreightment (CoA), and covers fixed-rate, life-of-field time-charter contracts for seven dedicated shuttle tankers. This new master agreement is effective September 1, 2010. Under the terms of the master agreement: /T/ — the vessels will be chartered under individual fixed-rate, life-of-field time-charter contracts to service Tampen and Haltenbanken fields on the Norwegian Continental Shelf; — the number of shuttle tankers covered by the master agreement may be adjusted annually, mirroring the adjustments in tonnage under the existing CoA; — the fixed-rate nature of time-charter contracts is expected to provide OPCO with more seasonally stable and predictable cash flows compared to the CoA arrangement; and — the vessels chartered under this agreement would include the three newbuilding shuttle tankers that Teekay Corporation has recently offered to OPCO. /T/ In addition, OPCO recently signed new time-charter contracts with Petroleo Brasileiro SA (Petrobras) for two shuttle tankers for periods of five years and two years, bringing the total number of Teekay Offshore shuttle tankers operating in Brazil to 13. OPCO also renewed a contract for two shuttle tankers serving the Statoil-operated Heidrun field in the North Sea for an additional four years at a higher charter rate. The new master agreement with Statoil (including the contribution from the three newbuilding shuttle tankers), the two new shuttle tankers redeployed in Brazil to Petrobras, and the renewed Heidrun contract, in aggregate, are expected to increase the Company’s consolidated cash flow from vessel operations(1) by approximately $50 million in 2011, of which approximately $32.5 million is attributable to Teekay based on its 65 percent effective ownership(2) in OPCO. (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. (2) Based on the Company’s 31.7 percent ownership in Teekay Offshore (which owns 51 percent of OPCO) and its 49 percent direct ownership in OPCO. The Company today also announced that it has offered to sell: /T/ — to Teekay Offshore Partners LP (Teekay Offshore or the Partnership), the Cidade de Rio das Ostras (Rio das Ostras) floating production storage and offloading (FPSO) unit, which is on a long-term charter to Petrobras, at fair market value; and — to OPCO, three newbuilding shuttle tankers at fully built-up cost, which would be used to service the new master agreement with Statoil. /T/ If Teekay’s offer for the three newbuilding shuttle tankers is accepted by Teekay Offshore, the purchases of the Amundsen Spirit, the Nansen Spirit and the Peary Spirit are expected to coincide with the commencement of their time-charter contracts under the Statoil master agreement in October 2010, January 2011 and July 2011, respectively. If Teekay Corporation’s offer of the Rio das Ostras FPSO is accepted by the Partnership, the acquisition of this unit is expected to take place the fourth quarter of 2010. These offers are currently being reviewed by the Board of Directors of the Partnership’s general partner and its conflicts committee. About Teekay 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. (NYSE:TGP), is further growing its operations in the offshore oil production, storage and transportation sector through its publicly-listed subsidiary, Teekay Offshore Partners L.P. (NYSE:TOO), and continues to expand its conventional tanker business through its publicly-listed subsidiary, Teekay Tankers Ltd. (NYSE:TNK). With a fleet of over 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”. 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: the effects of the new master agreement with Statoil, the new time-charter contracts with Petrobras and renewed contracts with Statoil for the two shuttle tankers serving the Statoil-operated Heidrun fields on the amount and stability of the Company’s cash flow from vessel operations, including during the fiscal year ended December 31, 2011; the potential for the three newbuild shuttle tankers to service the new master agreement with Statoil; scheduled vessel delivery dates; and the timing and certainty of the completion of the sale of vessels offered by the Company to Teekay Offshore, including the Rio das Ostras FPSO and three newbuilding shuttle tankers. 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: greater or less than anticipated levels of shuttle tanker newbuilding orders or greater or less than anticipated rates of shuttle tanker scrapping; changes in trading patterns significantly affecting overall vessel tonnage requirements in the North Sea and Brazil offshore regions; 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; 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; shipyard production delays; changes in the Company’s expenses; the Company’s future capital expenditure requirements; the inability of the Company to complete vessel sale transactions to its public company subsidiaries, including Teekay Offshore and OPCO; 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, 2009. 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.