Teekay to Increase Share Repurchase Program

Teekay Shipping Corporation (NYSE: TK) announced that its Board of Directors has authorized a $150 million increase to its existing share repurchase program.

With approximately $36 million remaining under the existing share repurchase program, the increase announced today results in a total remaining share repurchase authorization of approximately $186 million. Since the end of November 2004, when Teekay announced the authorization of its initial share repurchase program, the Company has repurchased approximately $747 million, or 21.3% of its outstanding shares.

Shares are expected to be repurchased in the open market at times and prices considered appropriate by the Company. The timing of any purchases and the exact number of shares to be purchased will be dependent on market conditions.

Teekay Shipping Corporation transports more than 10 percent of the world's seaborne oil and has expanded into the liquefied natural gas shipping sector through its publicly-listed subsidiary, Teekay LNG Partners L.P. With a fleet of 140 tankers, offices in 17 countries and 5,100 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.