Teekay Corporation Declares Dividend; Dividend to Increase Following Sale of Knarr FPSO

HAMILTON, BERMUDA–(Marketwired – Jan. 2, 2015) – Teekay Corporation (Teekay or the Company) (NYSE:TK) announced that its Board of Directors has declared a cash dividend on its common stock of $0.31625 per share for the quarter ended December 31, 2014. The cash dividend is payable on January 30, 2015 to all shareholders of record as at January 20, 2015. “Consistent with the new Teekay dividend policy announced in late-September 2014, we intend to increase Teekay’s cash dividend following the completion of the sale of the Petrojarl Knarr FPSO to Teekay Offshore Partners, which is subject to the FPSO unit achieving first oil” commented Peter Evensen, Teekay’s President and Chief Executive Officer. “The offshore installation and testing of the Petrojarl Knarr on its North Sea field is progressing well. Depending on weather conditions and other factors, the Company currently expects to complete the sale of the Petrojarl Knarr FPSO following commencement of its charter contract with BG Group during the first quarter of 2015.” About Teekay Corporation Teekay Corporation is a portfolio manager and project developer in the marine midstream space that owns a 2 percent general partner interest, all of the outstanding incentive distributions rights and a portion of the outstanding limited partner interests in Teekay LNG Partners L.P. (NYSE:TGP) and Teekay Offshore Partners L.P. (NYSE:TOO). In addition, Teekay has a controlling ownership interest in Teekay Tankers Ltd. (NYSE:TNK) and a fleet of directly-owned vessels. The combined Teekay entities manage and operate consolidated assets of over $12 billion, comprised of approximately 200 liquefied gas, offshore, and conventional tanker assets. With offices in 15 countries and approximately 6,700 seagoing and shore-based employees, Teekay provides a comprehensive set of marine services to the world’s leading oil and gas companies, and its 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 timing for implementation of the Company’s new dividend policy; and the sale of the Petrojarl Knarr FPSO to Teekay Offshore, including the timing of achieving first oil and charter contract start-up. 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: potential delays in the commencement of operations of the Petrojarl Knarr FPSO unit, including delays caused by weather conditions in the North Sea and the timing of completion of the remaining offshore installation and testing of the FPSO unit; 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, 2013. 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.