Teekay Acquires 50.3% of Petrojarl

Teekay Shipping

Teekay Shipping Corporation has acquired, through its wholly owned subsidiary TPO Investments AS, 50.3% of the shares of Petrojarl ASA, pursuant to its mandatory bid announced on September 18, 2006. The mandatory bid to purchase the remaining Petrojarl shares for NOK 70 per share expires at 10:30 a.m. EDT on October 18, 2006.