President and CEO Peter Evensen Announces Retirement; Kenneth Hvid Appointed Teekay's New President and CEO, Effective January 31, 2017 - Seite 2

Sean Day, Teekay's Chairman said, "In Peter's many leadership positions at Teekay, he has brought dynamism and strategic thinking that has enabled Teekay to expand and grow into the company that it is today. He was the architect of our innovative daughter company structure that provided a low-cost source of capital, which enabled us to build our market-leading businesses, and, with a solid team in place, Teekay is well-positioned to take the Company into the next phase of its strategy." Mr. Day continued, "Kenneth Hvid is the natural successor to Peter Evensen as CEO of Teekay at this time. He has had multiple roles in his 16 years at Teekay, including leadership positions in offshore, LNG, tankers, strategy, and operations, as well as having worked extensively in Vancouver and Norway. I am confident Kenneth's strategic mindset, his passion for the business and his strong leadership focus will ensure a seamless transition and renewed energy on the strategic opportunities ahead of us." Mr. Day continued, "By placing a high priority on talent management and succession planning over many years, the Teekay Board has ensured that Teekay has strong leadership across the organization and, as a result, Kenneth will be supported by a talented and experienced team that will ensure continuity of Teekay's vision and values going forward."

"I am excited and honored to take on this role," commented Mr. Hvid. "I look forward to leading our talented and dedicated team as we enter the next phase of Teekay's strategy that takes into account the current industry challenges and opportunities as well as building upon our past accomplishments. I would like to thank the Board of Directors for their confidence in entrusting the leadership of Teekay to me following Peter's retirement. I look forward to working with the Board of Directors, the executive team and our 7,900 employees onshore and offshore as we build on our reputation of delivering high quality marine services to the oil and gas industry while upholding the standards of safety and excellence. Like Peter, I remain committed to creating value for our customers, shareholders, business partners and employees."