Teekay Corporation Announces Changes to Its Board of Directors

HAMILTON, BERMUDA–(Marketwired – Dec. 9, 2015) – Teekay Corporation (Teekay or the Company) (NYSE:TK) announced today that Mr. Alan Semple and Mr. Bill Utt have each accepted an invitation to join Teekay’s Board of Directors, effective immediately. Mr. Semple and Mr. Utt will replace Mr. William B Berry and Dr. Ian Blackburne who have announced their retirement from the Teekay Board after serving as Directors since 2011 and 2000, respectively. Mr. Semple brings over 29 years of finance and energy industry experience to the Teekay Board. He was formerly Director and Chief Financial Officer at John Wood Group PLC (Wood Group), a provider of engineering, production support and maintenance management services to the oil and gas and power generation industries, a role he held from 2000 until his retirement in May 2015. Prior to this, he held a number of senior finance roles in the Wood Group from 1996. Mr. Semple currently serves on the Board of Cobham PLC, where he is the Chairman of the Audit Committee. Mr. Utt brings over 31 years of engineering and energy industry experience to the Teekay Board. From 2006 until his retirement in 2014, he served as Chairman, President and Chief Executive Officer of KBR Inc., a global engineering, construction and services company. From 1995 to 2006, Mr. Utt served as the President and CEO of SUEZ Energy North America and President and CEO of Tractebel’s North American energy businesses. Prior to 1995, he held senior management positions with CRSS, Inc., which was a developer and operator of independent power and industrial energy facilities prior to its merger with Tractebel in 1995. Mr. Utt also currently serves as Lead Director on the Board of Directors at Cobalt International Energy and is a member of the Board of Directors for Brand Energy & Infrastructure Services, a Clayton, Dubilier & Rice, LLC portfolio company. “Both Alan and Bill’s extensive experience in the energy industry in finance and engineering will make them invaluable members of Teekay’s Board of Directors as Teekay continues to diversify and grow its businesses,” commented Mr. C. Sean Day, Chairman of Teekay Corporation’s Board of Directors. “We are very pleased to have individuals of Alan’s and Bill’s caliber join our Board and we look forward to working with them both.” Mr. Day added, “On behalf of the entire Teekay Board, I also wish to recognize Bill Berry and Ian Blackburne for their exemplary service as Teekay Directors over the years and thank them for the significant contributions they have made to Teekay during their tenure.” About Teekay Corporation Teekay Corporation operates in the marine midstream space through its ownership of the general partners 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). The general partners own all of the outstanding incentive distribution rights. In addition, Teekay has a controlling ownership interest in Teekay Tankers Ltd. (NYSE:TNK) and directly owns a fleet of vessels. The combined Teekay entities manage and operate consolidated assets of over $13 billion, comprised of over 215 liquefied gas, offshore, and conventional tanker assets. With offices in 15 countries and approximately 7,100 seagoing and shore-based employees, Teekay provides a comprehensive set of marine services to the world’s leading oil and gas companies. Teekay’s common stock is listed on the New York Stock Exchange, where it trades under the symbol “TK”.