Teekay Shuffles Management

Teekay has completed its management transition following the previously announced retirement of Bjorn Moller. Effective immediately, 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). 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, effective immediately.

Concurrent with Mr. Moller's retirement, Teekay LNG Partners Teekay Offshore 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 immediately, Ingvild Saether succeeds Mr. Hvid as President of Teekay Corporation's Teekay Navion Shuttle Tanker and Offshore business unit.