Teekay Tankers Announces Management Change

December 7, 2017

HAMILTON, Bermuda, Dec. 07, 2017 (GLOBE NEWSWIRE) — Teekay Tankers Ltd. (Teekay Tankers) (NYSE:TNK) announced today that Stewart Andrade has been appointed Chief Financial Officer of Teekay Tankers, succeeding Vince Lok who will remain Teekay Corporation’s (Teekay) Executive Vice President and Chief Financial Officer.

Mr. Andrade joined Teekay in 2002 and has worked in a variety of increasingly senior roles across the organization.  He has been responsible for executing a number of strategic transactions, including acquisitions and the establishment of joint ventures, to grow Teekay Tankers into one of the world’s leading tanker companies.  His most recent role was Vice President, Strategy and Business Development for Teekay’s tanker business, a position he has held since December 2015.  Prior to joining Teekay, Mr. Andrade worked in Ernst and Young’s consulting practice providing advisory services to a variety of Canadian and international organizations.  Mr. Andrade is a Canadian Chartered Professional Accountant.

“Stewart has been a senior leader in the Teekay Tankers management team for a number of years. His strategic and business insights and financial acumen have contributed to the success of Teekay Tankers and his appointment as Chief Financial Officer is a natural progression as Teekay Tankers continues to develop its world-leading tanker franchise,” commented Arthur Bensler, Teekay Tankers’ Chairman.

“I would like thank Vince for his leadership in Teekay Tankers ever since its initial public offering in 2007,” continued Mr. Bensler.  “Vince will continue in his other various leadership and oversight roles across the Teekay group, including Executive Vice President and Chief Financial Officer of Teekay Corporation.”

Teekay Tankers currently owns a fleet of 53 double-hull tankers, including 26 Suezmax tankers, 18 Aframax tankers, and nine Long Range 2 (LR2) product tankers, and has four capital leased Suezmax tankers and one contracted time charter-in vessel. Teekay Tankers’ vessels are employed through a mix of short- or medium-term fixed rate time charter contracts and spot tanker market trading. Teekay Tankers also owns a Very Large Crude Carrier (VLCC) through a 50 percent-owned joint venture. In addition, Teekay Tankers owns a ship-to-ship transfer business. Teekay Tankers was formed in December 2007 by Teekay Corporation as part of its strategy to expand its conventional oil tanker business.

Teekay Tankers’ common stock trades on the New York Stock Exchange under the symbol “TNK”.