President and CEO Peter Evensen Announces Retirement; Kenneth Hvid Appointed Teekay's New President and CEO, Effective January 31, 2017

HAMILTON, BERMUDA--(Marketwired - Oct. 27, 2016) - Teekay Corporation (NYSE:TK) (Teekay or the Company) today announced that its President and Chief Executive Officer, Peter Evensen, has informed the Company that he plans to retire effective January 31, 2017 after more than 13 years of service with Teekay. Concurrently, the Board of Directors has appointed Kenneth Hvid, who is currently serving as the President and CEO of Teekay Offshore Group Ltd., as CEO-elect to succeed Mr. Evensen. Mr. Evensen will also retire from his positions as CEO and CFO of Teekay LNG Partners L.P. (NYSE:TGP) (Teekay LNG) and Teekay Offshore Partners L.P. (NYSE:TOO) (Teekay Offshore) and his board positions at Teekay, Teekay LNG, Teekay Offshore, and Teekay Tankers Ltd. (NYSE:TNK) (Teekay Tankers). In connection with Mr. Evensen's retirement from Teekay Offshore and Teekay LNG, Ingvild Sæther will be appointed President and CEO of Teekay Offshore Group Ltd. in place of Mr. Hvid; and Mark Kremin will be appointed President and CEO of Teekay Gas Group Ltd. As part of the transition process, Mr. Evensen will be retained as an advisor following his retirement as President and CEO.

Since Mr. Evensen became CEO in 2011, he has continued Teekay's growth by building on its daughter company structure and partnering model to expand Teekay's broad service offerings to its customers in the oil and gas industry. Today, the Company is one of the world's largest independent operators of liquefied natural gas (LNG) carriers; the world's largest operator of shuttle tankers; a leader in floating production, storage and offloading (FPSO) units; and the largest operator of medium-sized crude oil tankers. The combined Teekay entities currently manage and operate consolidated assets of approximately $13 billion, comprised of approximately 220 liquefied gas, offshore, and conventional tanker assets, and have forward fee-based contracted revenue totaling over $20 billion.

"It has been an honor and privilege to lead this company, and I am very confident that Kenneth Hvid is the right person to be my successor to lead Teekay into the next phase of its strategy," commented Mr. Evensen. "Teekay's success is largely about how we work together as a team not only within the company but also with our customers and business partners. The decline in the oil price has significantly affected our energy customers. Faced with these challenges, the Teekay team has responded with resilience, adapting to the new environment in many ways, including implementing cost reduction programs while maintaining our high safety standards, increasing focus on efficient operations, and systematically completing the financing of our existing growth projects which, once delivered, are expected to increase Teekay's future consolidated cash flows."