Teekay Corporation Announces Update on $30 Million Share Repurchase Program and Announces New Share Repurchase Program

HAMILTON, Bermuda, June 09, 2023 (GLOBE NEWSWIRE) -- Teekay Corporation (Teekay or the Company) (NYSE:TK) today announced that the Company has repurchased 4.40 million common shares for a total of $25.0 million under its previously-announced $30 million share repurchase program, which equates to an average price of $5.67 per share. Since August 2022, Teekay has repurchased a total of 10.87 million common shares, or 10.7% of the outstanding common shares immediately prior to commencement of the initial share repurchase plan announced in August 2022, for a total cost of $55.0 million, representing an average repurchase price of $5.06 per share.

In addition, the Company’s Board of Directors has authorized a new share repurchase program for the repurchase of up to $25 million of the Company’s outstanding common shares. Under the program, repurchases can be made from time to time in the open market, through privately-negotiated transactions and by any other means permitted under the rules of the U.S. Securities and Exchange Commission, in each case at times and prices considered appropriate by the Company. The timing of any purchases and the exact number of shares to be purchased under the program will be subject to the discretion of the Company and upon market conditions and other factors. The Company intends to make all open market repurchases under the plan in accordance with Rule 10b-18 of the U.S. Securities Exchange Act of 1934, as amended.

About Teekay

Teekay is a leading provider of international crude oil marine transportation and other marine services. Teekay provides these services directly and through its controlling ownership interest in Teekay Tankers Ltd. (NYSE: TNK), one of the world’s largest owners and operators of mid-sized crude tankers. The consolidated Teekay entities manage and operate total assets under management of over $2 billion, comprised of approximately 65 conventional tankers and other marine assets, including vessels operated for the Australian government. With offices in 8 countries and approximately 2,300 seagoing and shore-based employees, Teekay provides a comprehensive set of marine services to the world’s leading energy companies.