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<SEC-DOCUMENT>0000950123-10-063325.txt : 20100702
<SEC-HEADER>0000950123-10-063325.hdr.sgml : 20100702
<ACCEPTANCE-DATETIME>20100702060541
ACCESSION NUMBER:		0000950123-10-063325
CONFORMED SUBMISSION TYPE:	6-K
PUBLIC DOCUMENT COUNT:		2
CONFORMED PERIOD OF REPORT:	20100702
FILED AS OF DATE:		20100702
DATE AS OF CHANGE:		20100702

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			TEEKAY CORP
		CENTRAL INDEX KEY:			0000911971
		STANDARD INDUSTRIAL CLASSIFICATION:	DEEP SEA FOREIGN TRANSPORTATION OF FREIGHT [4412]
		IRS NUMBER:				000000000
		STATE OF INCORPORATION:			D0
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		6-K
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-12874
		FILM NUMBER:		10933418

	BUSINESS ADDRESS:	
		STREET 1:		4TH FLOOR, BELVEDERE BUILDING
		STREET 2:		69 PITTS BAY ROAD
		CITY:			HAMILTON
		STATE:			D0
		ZIP:			HM 08
		BUSINESS PHONE:		604-683-3529

	MAIL ADDRESS:	
		STREET 1:		SUITE 2000,  BENTALL 5
		STREET 2:		550 BURRARD STREET
		CITY:			VANCOUVER
		STATE:			A1
		ZIP:			V6C 2K2

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	TEEKAY SHIPPING CORP
		DATE OF NAME CHANGE:	19950609

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	VIKING STAR SHIPPING INC
		DATE OF NAME CHANGE:	19930914
</SEC-HEADER>
<DOCUMENT>
<TYPE>6-K
<SEQUENCE>1
<FILENAME>c03041e6vk.htm
<DESCRIPTION>FORM 6-K
<TEXT>
<HTML>
<HEAD>
<TITLE>Form 6-K</TITLE>
</HEAD>
<BODY bgcolor="#FFFFFF">
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<DIV style="font-family: 'Times New Roman',Times,serif; margin-left: .25in; width: 7.20in">

<DIV style="width: 100%; border-bottom: 2pt solid black; font-size: 1pt">&nbsp;</DIV>
<DIV style="width: 100%; border-bottom: 1pt solid black; font-size: 1pt">&nbsp;</DIV>




<DIV align="center" style="font-size: 14pt; margin-top: 10pt"><B>UNITED STATES<BR>
SECURITIES AND EXCHANGE COMMISSION</B>
</DIV>

<DIV align="center" style="font-size: 12pt"><B><FONT style="border-bottom: 1px solid #000000">WASHINGTON, D.C. 20549</font></B>
</DIV>

<DIV align="center" style="font-size: 18pt; margin-top: 10pt"><B>FORM 6-K</B>
</DIV>


<DIV align="center" style="font-size: 12pt; margin-top: 10pt"><B>Report of Foreign Private Issuer</B>
</DIV>


<DIV align="center" style="font-size: 12pt; margin-top: 10pt"><B>Pursuant to Rule&nbsp;13a-16 or 15d-16 of<BR>
the Securities Exchange Act of 1934</B>
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 10pt"><B>Date of report: July&nbsp;2, 2010</B>
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 10pt"><B>Commission file number 1-12874</B>
</DIV>

<DIV align="center" style="font-size: 24pt; margin-top: 10pt"><B>TEEKAY CORPORATION</B>
</DIV>

<DIV align="center" style="font-size: 10pt">(Exact name of Registrant as specified in its charter)</DIV>



<DIV align="center" style="font-size: 10pt; margin-top: 10pt">4<SUP style="font-size: 85%; vertical-align: text-top">th</SUP> Floor, Belvedere Building<BR>
69 Pitts Bay Road<BR>
Hamilton, HM 08 Bermuda<BR>
(Address of principal executive office)
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">Indicate by check mark whether the registrant files or will file annual reports under cover
Form 20-F or Form 40-F.
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 10pt">Form&nbsp;20-F <FONT face="Wingdings">&#254;</FONT> Form&nbsp;40- F <FONT face="Wingdings">&#111;</FONT>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by
Regulation&nbsp;S-T Rule&nbsp;101(b)(1).
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 10pt">Yes <FONT face="Wingdings">&#111;</FONT> No <FONT face="Wingdings">&#254;</FONT>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by
Regulation&nbsp;S-T Rule&nbsp;101(b)(7).
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 10pt">Yes <FONT face="Wingdings">&#111;</FONT> No <FONT face="Wingdings">&#254;</FONT>
</DIV>


<DIV style="width: 100%; border-bottom: 1pt solid black; margin-top: 10pt; font-size: 1pt">&nbsp;</DIV>
<DIV style="width: 100%; border-bottom: 2pt solid black; font-size: 1pt">&nbsp;</DIV>





<P align="center" style="font-size: 10pt">&nbsp;

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</DIV>

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<DIV align="left" style="font-size: 10pt; margin-top: 10pt"><B>Item&nbsp;1
&#151; Information Contained in this Form&nbsp;6-K Report</B>.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 10pt">On September&nbsp;8, 2000, the Board of Directors of Teekay Corporation (then named Teekay Shipping
Corporation) (the &#147;<U>Company</U>&#148;) declared a dividend of one common share purchase right (a
&#147;<U>Right</U>&#148;) for each outstanding share of common stock (the &#147;<U>Common Stock</U>&#148;) of the
Company. The dividend was paid on September&nbsp;20, 2000 (the &#147;<U>Record Date</U>&#148;) to the
shareholders of record on that date. Each Right, as of the date of the Rights Agreement (as
defined below), entitles the registered holder to purchase from the Company one share of the
Company&#146;s Common Stock at a price of $200.00 per share (the &#147;<U>Purchase Price</U>&#148;), subject to
adjustment and the terms of the Rights Agreement. The description and terms of the Rights were
initially set forth in that certain Rights Agreement, dated as of September&nbsp;8, 2000 (the
&#147;<U>Initial Agreement</U>&#148;), by and between the Company and The Bank of New York Mellon, as Rights
Agent (the &#147;<U>Rights Agent</U>&#148;), and the description and terms of the Rights are now set forth
in that certain Amended and Restated Rights Agreement, dated as of July&nbsp;2, 2010 (the &#147;<U>Rights
Agreement</U>&#148;), by and between the Company and the Rights Agent.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt">Until the earlier to occur of: (a)&nbsp;10&nbsp;days following a public announcement that (i)&nbsp;a person or
group of affiliated or associated persons, who or which on the date of the Rights Agreement did not
beneficially own 15% or more of the then outstanding Common Stock, has acquired beneficial
ownership of 20% or more of the outstanding Common Stock, or (ii)&nbsp;a person or group of affiliated
or associated persons, who or which on the date of the Rights Agreement did beneficially own 15% or
more of the then outstanding Common Stock (each an &#147;<U>Excepted Person</U>&#148;), has acquired
beneficial ownership of an additional 5% or more of the then outstanding Common Stock from a
threshold relating to shares beneficially owned by such Excepted Person or certain predecessors in
interest as of the date of the Initial Agreement (each such person or group, an &#147;<U>Acquiring
Person</U>&#148;); or (b)&nbsp;10 business days (or such later date as may be determined by action of the
Board of Directors prior to such time as any person or group of affiliated persons becomes an
Acquiring Person) following the commencement of, or announcement of an intention to make, a tender
offer or exchange offer the consummation of which would result in a person or group becoming an
Acquiring Person (the earlier of such dates being called the &#147;<U>Distribution Date</U>&#148;), the
Rights will be evidenced, with respect to any of the Common Stock certificates outstanding as of
the Record Date, by such Common Stock certificates with a copy of this Summary of Rights attached
thereto.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt">The Rights Agreement provides that, until the Distribution Date (or earlier redemption or
expiration of the Rights), the Rights will be transferred with and only with the Common Stock.
Until the Distribution Date (or earlier redemption or expiration of the Rights), new Common Stock
certificates issued after the date of the Rights Agreement upon transfer or new issuance of Common
Stock will contain a notation incorporating the Rights Agreement by reference. Until the
Distribution Date (or earlier redemption or expiration of the Rights), the surrender for transfer
of any certificates for Common Stock outstanding as of the date of the Rights Agreement, even
without such notation or a copy of this Summary of Rights being attached thereto, will also
constitute the transfer of the Rights associated with the shares of Common Stock represented by
such certificate. As soon as practicable following the Distribution Date (unless the effect of
such Distribution Date is waived by the Board of Directors), separate certificates evidencing the
Rights (&#147;<U>Right Certificates</U>&#148;) will be mailed to holders of record of the Common Stock as of
the close of business on the Distribution Date and such separate Right Certificates alone will
evidence the Rights.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt">The Rights are not exercisable until the Distribution Date (unless the effect of such Distribution
Date is waived by the Board of Directors). The Rights will expire on July&nbsp;1, 2020 (the &#147;<U>Final
Expiration Date</U>&#148;), unless the Final Expiration Date is extended or unless the Rights are
earlier redeemed or exchanged by the Company, in each case, as described below.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt">The Purchase Price payable, and the number of shares of Common Stock or other securities or
property issuable, upon exercise of the Rights are subject to adjustment from time to time to
prevent dilution (i)&nbsp;in the event of a stock dividend on, or a subdivision, combination or
reclassification of, the shares of Common Stock, (ii)&nbsp;upon the grant to holders of the shares of
Common Stock of certain rights or warrants to subscribe for or purchase shares of Common Stock at a
price, or securities convertible into shares of Common Stock with a conversion price, less than 90%
of the then-Current Per Share Market Price (as defined in the Rights Agreement) of the Common Stock
or (iii)&nbsp;upon the distribution to holders of the shares of Common Stock of evidences of
indebtedness or assets (excluding regular
periodic cash dividends paid out of earnings or retained earnings or dividends payable in Common
Stock) or of subscription rights or warrants (other than those referred to above).
</DIV>
<P align="center" style="font-size: 10pt">&nbsp;

<P align="center" style="font-size: 10pt"><!-- Folio -->-2-<!-- /Folio -->
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif; margin-left: .25in; width: 7.20in">

<DIV align="left" style="font-size: 10pt; margin-top: 10pt">The number of outstanding Rights and the number of shares of Common Stock issuable upon exercise of
each Right are also subject to adjustment in the event of a stock split of the Common Stock or a
stock dividend on the Common Stock payable in Common Stock or subdivisions, consolidations or
combinations of the Common Stock occurring, in any such case, prior to the Distribution Date.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt">If the Company is acquired in a merger or other business combination transaction or 50% or more of
its consolidated assets or earning power are sold after a person or group has become an Acquiring
Person (a &#147;<U>Flip-Over Event</U>&#148;), proper provision will be made so that each holder of a Right
will thereafter have the right to receive, upon the exercise thereof at the then current exercise
price of the Right, that number of shares of common stock of the acquiring company (or certain
affiliates thereof) which at the time of such transaction will have a market value of twice the
exercise price of the Right. If any person or group of affiliated or associated persons becomes an
Acquiring Person, proper provision shall be made so that each holder of a Right, other than Rights
beneficially owned by the Acquiring Person, any affiliated or associated person or any transferee
thereof (which will thereafter be null and void), will thereafter have the right to receive upon
exercise that number of shares of Common Stock having a market value of twice the exercise price of
the Right.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt">With certain exceptions, no adjustment in the Purchase Price will be required until cumulative
changes require an adjustment of at least 1% in such Purchase Price. No fractional shares of
Common Stock will be issued and in lieu thereof, either depositary receipts will be issued or an
adjustment in cash will be made based on the market price of the Common Stock on the last trading
day prior to the date of exercise.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt">At any time after any person or group becomes an Acquiring Person and prior to the acquisition by
such person or group of 50% or more of the outstanding shares of Common Stock, the Board of
Directors of the Company may exchange the Rights (other than Rights owned by such person or group
or transferees thereof which will have become null and void), in whole or in part, at an exchange
ratio of one share of Common Stock per Right (subject to adjustment).
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt">At any time prior to the earlier to occur of the Distribution Date or the Final Expiration Date,
the Board of Directors of the Company may redeem the Rights in whole, but not in part, at a price
of $0.0001 per Right (the &#147;<U>Redemption Price</U>&#148;). The redemption of the Rights may be made
effective at such time, on such basis and with such conditions as the Board of Directors in its
sole discretion may establish. Immediately upon any redemption of the Rights, the right to
exercise the Rights will terminate and the only right of the holders of Rights will be to receive
the Redemption Price.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt">At any time prior to the earliest to occur of the Distribution Date, a Flip-Over Event or the Final
Expiration Date, the Board of Directors may waive the occurrence of a Distribution Date and the
application of the provisions of the Rights Agreement with respect to the Distribution Date or
Flip-Over Event.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt">The terms of the Rights may be amended by the Board of Directors of the Company without the consent
of the holders of the Rights, except that from and after such time as any person or group of
affiliated or associated persons becomes an Acquiring Person no such amendment may adversely affect
the interests of the holders of the Rights.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt">Until a Right is exercised, the holder thereof, as such, will have no rights as a shareholder of
the Company, including, without limitation, the right to vote or to receive dividends.
</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 10pt"><B>Item&nbsp;2 &#151; Exhibits.</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 10pt">The following exhibits are filed as part of this Report:
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt">4.1 Amended and Restated Rights Agreement, dated July&nbsp;2, 2010, by and between the Company and The
Bank of New York Mellon, as Rights Agent (incorporated by reference to Exhibit&nbsp;1 of the Company&#146;s
Registration Statement on Form 8-A/A filed with the Securities and Exchange Commission on or about
July&nbsp;2, 2010).
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt">99.1&nbsp;&nbsp;Press release issued July&nbsp;2, 2010.
</DIV>
<P align="center" style="font-size: 10pt">&nbsp;

<P align="center" style="font-size: 10pt"><!-- Folio -->-3-<!-- /Folio -->
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<DIV align="left" style="font-size: 10pt; margin-top: 10pt"><B>THIS REPORT ON FORM 6-K IS HEREBY INCORPORATED BY REFERENCE INTO THE FOLLOWING REGISTRATION
STATEMENTS OF THE COMPANY.</B>
</DIV>

<DIV style="margin-top: 10pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>REGISTRATION STATEMENT ON FORM F-3 (FILE NO. 33-97746) FILED WITH THE
SEC ON OCTOBER 4, 1995;</B></TD>
</TR>

<TR style="font-size: 8pt">
    <TD>&nbsp;</TD>
</TR> <TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>REGISTRATION STATEMENT ON FORM S-8 (FILE NO. 333-42434) FILED WITH THE
SEC ON JULY 28, 2000;</B></TD>
</TR>

<TR style="font-size: 8pt">
    <TD>&nbsp;</TD>
</TR> <TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>REGISTRATION STATEMENT ON FORM S-8 (FILE NO. 333-119564) FILED WITH
THE SEC ON OCTOBER 6, 2004;</B></TD>
</TR>

<TR style="font-size: 8pt">
    <TD>&nbsp;</TD>
</TR> <TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>REGISTRATION STATEMENT ON FORM S-8 (FILE NO. 333-147683) FILED WITH
THE SEC ON NOVEMBER 28, 2007; AND</B></TD>
</TR>

<TR style="font-size: 8pt">
    <TD>&nbsp;</TD>
</TR> <TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>REGISTRATION STATEMENT ON FORM S-8 (FILE NO. 333-166523) FILED WITH
THE SEC ON MAY 5, 2010.</B></TD>
</TR>

</TABLE>
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 10pt"><B>SIGNATURES</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly
caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
</DIV>

<TABLE width="100%" border="0" cellspacing="0" cellpadding="0" style="font-size: 10pt">
<TR>
    <TD width="48%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="42%">&nbsp;</TD>
    <TD width="8%">&nbsp;</TD>
</TR>
<TR>
    <TD valign="top" align="left">&nbsp;</TD>
    <TD colspan="3" align="left">TEEKAY CORPORATION<BR>
&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">Date: July 2, 2010&nbsp;</TD>
    <TD valign="top">By:&nbsp;&nbsp;</TD>
    <TD colspan="2" style="border-bottom: 1px solid #000000" align="left">/s/ Vincent Lok
&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="left">Vincent Lok&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="left">Executive Vice President and Chief Financial Officer<br>
(Principal Financial and Accounting Officer)&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>

</TABLE>

<P align="center" style="font-size: 10pt">&nbsp;

<P align="center" style="font-size: 10pt"><!-- Folio -->-4-<!-- /Folio -->
</DIV>

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<DOCUMENT>
<TYPE>EX-99.1
<SEQUENCE>2
<FILENAME>c03041exv99w1.htm
<DESCRIPTION>EXHIBIT 99.1
<TEXT>
<HTML>
<HEAD>
<TITLE>Exhibit 99.1</TITLE>
</HEAD>
<BODY bgcolor="#FFFFFF">
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<DIV style="font-family: 'Times New Roman',Times,serif; margin-left: .25in; width: 7.20in">

<TABLE width="100%" border="0" cellspacing="0" cellpadding="0" style="font-size: 10pt">
<TR>
    <TD width="48%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="35%">&nbsp;</TD>
    <TD width="15%">&nbsp;</TD>
</TR>

</TABLE>

<DIV align="right" style="font-size: 10pt; margin-top: 10pt"><B>Exhibit&nbsp;99.1</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 10pt"><B>TEEKAY CORPORATION<BR>
4th Floor, Belvedere Building, 69 Pitts Bay Road,<BR>
Hamilton, HM 08, Bermuda</B>

</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 10pt"><B>NEWS RELEASE</B>
</DIV>

<DIV align="center" style="font-size: 1pt; margin-top: 10pt"><DIV align="center"><DIV style="font-size: 1pt; margin-top: 10pt; width: 26%; border-top: 1px solid #000000">&nbsp;</DIV></DIV></DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 10pt"><B>TEEKAY CORPORATION ANNOUNCES RENEWAL OF<BR>
STOCKHOLDER RIGHTS AGREEMENT</B>
</DIV>

<DIV align="center" style="font-size: 1pt; margin-top: 10pt"><DIV align="center"><DIV style="font-size: 1pt; margin-top: 10pt; width: 26%; border-top: 1px solid #000000">&nbsp;</DIV></DIV></DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt"><B>Hamilton, Bermuda, July&nbsp;2, 2010 </B>&#151; Teekay Corporation (&#147;Teekay&#148;) (NYSE: TK) announced today that
its Board of Directors has renewed its stockholder Rights Agreement, which was originally adopted
by the Board of Directors in September&nbsp;2000. The renewed Rights Agreement will expire on July&nbsp;1,
2020.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">The renewed Rights Agreement is intended to continue to provide the Board with sufficient time and
flexibility to consider any unsolicited transaction proposals that may arise, and ensures that
stockholders will receive fair treatment in the event of any such action. The Board believes that
the Rights Agreement is fair to, and in the best interests of, all of Teekay&#146;s stockholders.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">In September&nbsp;2000, the Board of Directors declared and paid a dividend of one common share purchase
right for each outstanding share of common stock of Teekay. These rights continue to remain
outstanding and will not be exercisable and will trade with the shares of Teekay&#146;s common stock
until after such time, if any, as a person or group becomes an &#147;acquiring person&#148; as set forth in
the renewed Rights Agreement. A person or group will be deemed to be an &#147;acquiring person,&#148; and
the rights generally will become exercisable, if a person or group acquires 20% or more of Teekay&#146;s
common stock, or if a person or group commences a tender offer that could result in that person or
group owning more than 20% of the Teekay&#146;s common stock, subject to certain higher thresholds for
existing stockholders that currently own in excess of 15% of Teekay&#146;s common stock. Once
exercisable, each right held by a person other than the &#147;acquiring person&#148; would entitle the holder
to purchase, at the then-current exercise price, a number of shares of common stock of Teekay
having a value of twice the exercise price of the right. In addition, if Teekay is acquired in a
merger or other business combination transaction after any such event, each holder of a right would
then be entitled to purchase, at the then-current exercise price, shares of the acquiring company&#146;s
common stock having a value of twice the exercise price of the right.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">A copy of the Rights Agreement and more descriptive information about it are available in our
public filings with the SEC,
</DIV>
<P align="center" style="font-size: 10pt">&nbsp;

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<DIV style="font-family: 'Times New Roman',Times,serif; margin-left: .25in; width: 7.20in">

<DIV align="left" style="font-size: 10pt; margin-top: 10pt"><U>About Teekay</U>
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">Teekay Corporation transports approximately 10% of the world&#146;s seaborne oil, has built a
significant presence in the liquefied natural gas shipping sector through its publicly-listed
subsidiary Teekay LNG Partners L.P. (NYSE: TGP), is further growing its operations in the offshore
oil production, storage and transportation sector through its publicly-listed subsidiary
Teekay Offshore Partners L.P. (NYSE: TOO), and continues to expand its conventional tanker business
through its publicly-listed subsidiary Teekay Tankers Ltd. (NYSE: TNK). With a fleet of over 150
vessels, offices in 16 countries and approximately 6,300 seagoing and shore-based employees, Teekay
provides a comprehensive set of marine services to the world&#146;s leading oil and gas companies,
helping them link their upstream energy production to their downstream processing operations.
Teekay&#146;s common stock is listed on the New York Stock Exchange, where it trades under the symbol
&#147;TK.&#148;
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">The statements in this news release that are not historical facts may be forward-looking
statements. These forward-looking statements involve risks and uncertainties that could cause the
outcome to be materially different.
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 10pt"><B>For Investor Relations enquiries contact:</B><BR>
Kent Alekson<BR>
Tel: &#043;1 (604)&nbsp;844-6654<BR>
<B>For Media enquiries contact:</B><BR>
Alana Duffy<BR>
Tel: &#043;1 (604)&nbsp;844-6631
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