<SEC-DOCUMENT>0001628280-22-014012.txt : 20220512
<SEC-HEADER>0001628280-22-014012.hdr.sgml : 20220512
<ACCEPTANCE-DATETIME>20220512135618
ACCESSION NUMBER:		0001628280-22-014012
CONFORMED SUBMISSION TYPE:	6-K
PUBLIC DOCUMENT COUNT:		3
CONFORMED PERIOD OF REPORT:	20220331
FILED AS OF DATE:		20220512
DATE AS OF CHANGE:		20220512

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:		22917106

	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>tkq1-22erdocument.htm
<DESCRIPTION>6-K
<TEXT>
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<title>Document</title></head><body><div id="i14fa50b9ada6407789c0cdad3213fad3_1"></div><div style="min-height:45pt;width:100%"><div><font><br></font></div></div><div style="text-align:center"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:512.25pt"><tr><td style="width:1.0pt"></td><td style="width:510.25pt"></td><td style="width:1.0pt"></td></tr><tr style="height:3pt"><td colspan="3" style="border-bottom:1pt solid #000000;border-top:1pt solid #000000;padding:0 1pt"></td></tr></table></div><div><font style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">  </font></div><div style="text-align:center"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:18pt;font-weight:700;line-height:120%">UNITED STATES </font></div><div style="text-align:center"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:18pt;font-weight:700;line-height:120%">SECURITIES AND EXCHANGE COMMISSION </font></div><div style="text-align:center"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:12pt;font-weight:700;line-height:120%">WASHINGTON, D.C. 20549 </font></div><div style="text-align:center"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%">_________________________</font></div><div style="text-align:center"><font><br></font></div><div style="text-align:center"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:18pt;font-weight:700;line-height:120%">FORM 6-K </font></div><div style="text-align:center"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%">_________________________</font></div><div style="text-align:center"><font><br></font></div><div style="text-align:center"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:12pt;font-weight:700;line-height:120%">Report of Foreign Private Issuer </font></div><div style="text-align:center"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:12pt;font-weight:700;line-height:120%">Pursuant to Rule 13a-16 or 15d-16 of </font></div><div style="text-align:center"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:12pt;font-weight:700;line-height:120%">the Securities Exchange Act of 1934 </font></div><div style="text-align:center"><font><br></font></div><div style="text-align:center"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%">Date of Report&#58; May 12, 2022 </font></div><div style="text-align:center"><font><br></font></div><div style="text-align:center"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%">Commission file number 1- 12874 </font></div><div style="text-align:center"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%">_________________________</font></div><div style="text-align:center"><font><br></font></div><div style="text-align:center"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:24pt;font-weight:700;line-height:120%">TEEKAY CORPORATION </font></div><div style="text-align:center"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:8.5pt;font-weight:700;line-height:120%">(Exact name of Registrant as specified in its charter) </font></div><div style="text-align:center"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%">_________________________</font></div><div style="text-align:center"><font><br></font></div><div style="text-align:center"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:115%">4th Floor, Belvedere Building </font></div><div style="text-align:center"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%">69 Pitts Bay Road </font></div><div style="text-align:center"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%">Hamilton, HM 08 Bermuda</font></div><div style="text-align:center"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:8.5pt;font-weight:700;line-height:120%">(Address of principal executive offices)</font></div><div style="text-align:center"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%">_________________________</font></div><div style="text-align:center"><font><br></font></div><div style="text-align:center"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:512.25pt"><tr><td style="width:1.0pt"></td><td style="width:510.25pt"></td><td style="width:1.0pt"></td></tr><tr style="height:14pt"><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:100%">Indicate by check mark whether the registrant files or will file annual reports under cover Form 20-F or Form 40-F.</font></td></tr><tr style="height:14pt"><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><div style="text-align:center"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:100%">Form 20-F </font><font style="color:#000000;font-family:'Wingdings',sans-serif;font-size:9pt;font-weight:400;line-height:100%">&#253;</font><font style="color:#000000;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:100%">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;Form 40- F </font><font style="color:#000000;font-family:'Wingdings',sans-serif;font-size:9pt;font-weight:400;line-height:100%">&#168;</font></div></td></tr><tr style="height:14pt"><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:100%">&#160;Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(1).</font></td></tr><tr style="height:14pt"><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><div style="text-align:center"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:100%">&#160;Yes </font><font style="color:#000000;font-family:'Wingdings',sans-serif;font-size:9pt;font-weight:400;line-height:100%">&#168;</font><font style="color:#000000;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:100%">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;No </font><font style="color:#000000;font-family:'Wingdings',sans-serif;font-size:9pt;font-weight:400;line-height:100%">&#253;</font></div></td></tr><tr style="height:14pt"><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:100%">Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(7).</font></td></tr><tr style="height:14pt"><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><div style="text-align:center"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:100%">Yes </font><font style="color:#000000;font-family:'Wingdings',sans-serif;font-size:9pt;font-weight:400;line-height:100%">&#168;</font><font style="color:#000000;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:100%">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;No </font><font style="color:#000000;font-family:'Wingdings',sans-serif;font-size:9pt;font-weight:400;line-height:100%">&#253;</font></div></td></tr></table></div><div style="text-align:center"><font><br></font></div><div style="text-align:center"><font><br></font></div><div style="text-align:center"><font><br></font></div><div style="text-align:center"><font><br></font></div><div style="text-align:center"><font><br></font></div><div style="text-align:center"><font><br></font></div><div style="text-align:center"><font><br></font></div><div style="text-align:center"><font><br></font></div><div style="text-align:center"><font><br></font></div><div style="text-align:center"><font><br></font></div><div style="text-align:center"><font><br></font></div><div style="text-align:center"><font><br></font></div><div style="text-align:center"><font><br></font></div><div style="text-align:center"><font><br></font></div><div style="text-align:center"><font><br></font></div><div style="text-align:center"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:512.25pt"><tr><td style="width:1.0pt"></td><td style="width:510.25pt"></td><td style="width:1.0pt"></td></tr><tr style="height:3pt"><td colspan="3" style="border-bottom:1pt solid #000000;border-top:1pt solid #000000;padding:0 1pt"></td></tr></table></div><div style="height:45pt;position:relative;width:100%"><div style="bottom:0;position:absolute;width:100%"><div style="text-align:center"><font><br></font></div><div style="text-align:center"><font><br></font></div><div style="text-align:center"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:7pt;font-weight:700;line-height:120%">Teekay Corporation</font><font style="color:#000000;font-family:'Arial',sans-serif;font-size:7pt;font-weight:400;line-height:120%">    Investor Relations Tel&#58; +1 604 609 2963    www.teekay.com</font></div><div style="text-align:center"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:7pt;font-weight:400;line-height:120%">4</font><font style="color:#000000;font-family:'Arial',sans-serif;font-size:4.55pt;font-weight:400;line-height:120%;position:relative;top:-2.44pt;vertical-align:baseline">th</font><font style="color:#000000;font-family:'Arial',sans-serif;font-size:7pt;font-weight:400;line-height:120%"> Floor, Belvedere Building, 69 Pitts Bay Road, Hamilton, HM 08, Bermuda</font></div></div></div><div id="i14fa50b9ada6407789c0cdad3213fad3_4"></div><hr style="page-break-after:always"><div style="min-height:45pt;width:100%"><div><font><br></font></div></div><div><font style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%">Item 1 &#8212; Information Contained in this Form 6-K Report</font><font style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%"> </font></div><div><font><br></font></div><div><font style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Attached as Exhibit 1 is a copy of an announcement of Teekay Corporation dated May&#160;12, 2022. </font></div><div><font><br></font></div><div style="text-align:center"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%">SIGNATURES </font></div><div><font><br></font></div><div><font style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">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. </font></div><div><font><br></font></div><div style="text-align:center"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:511.50pt"><tr><td style="width:1.0pt"></td><td style="width:226.00pt"></td><td style="width:1.0pt"></td><td style="width:1.0pt"></td><td style="width:25.75pt"></td><td style="width:1.0pt"></td><td style="width:1.0pt"></td><td style="width:10.00pt"></td><td style="width:1.0pt"></td><td style="width:1.0pt"></td><td style="width:241.75pt"></td><td style="width:1.0pt"></td></tr><tr style="height:15pt"><td colspan="3" style="padding:0 1pt"></td><td colspan="9" style="padding:2px 1pt;text-align:justify;vertical-align:bottom"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">TEEKAY CORPORATION</font></td></tr><tr style="height:15pt"><td colspan="3" style="padding:0 1pt"></td><td colspan="9" style="padding:0 1pt"></td></tr><tr style="height:15pt"><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">Date&#58; May 12, 2022</font></td><td colspan="3" style="padding:2px 1pt;text-align:justify;vertical-align:bottom"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">By&#58;</font></td><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">&#160;</font></td><td colspan="3" style="padding:2px 1pt;text-align:justify;vertical-align:bottom"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">&#47;s&#47; Vincent Lok</font></td></tr><tr style="height:42pt"><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="border-top:1pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:bottom"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">&#160;</font></td><td colspan="3" style="border-top:1pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:bottom"><div><font style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">Vincent Lok </font></div><div><font style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">Executive Vice President and Chief Financial Officer (Principal Financial and Accounting Officer)</font></div></td></tr></table></div><div><font><br></font></div><div style="height:45pt;position:relative;width:100%"><div style="bottom:0;position:absolute;width:100%"><div style="text-align:center"><font><br></font></div><div style="text-align:center"><font><br></font></div><div style="text-align:center"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:7pt;font-weight:700;line-height:120%">Teekay Corporation</font><font style="color:#000000;font-family:'Arial',sans-serif;font-size:7pt;font-weight:400;line-height:120%">    Investor Relations Tel&#58; +1 604 609 2963    www.teekay.com</font></div><div style="text-align:center"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:7pt;font-weight:400;line-height:120%">4</font><font style="color:#000000;font-family:'Arial',sans-serif;font-size:4.55pt;font-weight:400;line-height:120%;position:relative;top:-2.44pt;vertical-align:baseline">th</font><font style="color:#000000;font-family:'Arial',sans-serif;font-size:7pt;font-weight:400;line-height:120%"> Floor, Belvedere Building, 69 Pitts Bay Road, Hamilton, HM 08, Bermuda</font></div></div></div><div id="i14fa50b9ada6407789c0cdad3213fad3_7"></div><hr style="page-break-after:always"><div style="min-height:72pt;width:100%"><div style="text-align:center"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:100.000%"><tr><td style="width:1.0%"></td><td style="width:48.175%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:49.625%"></td><td style="width:0.1%"></td></tr><tr style="height:42pt"><td colspan="3" style="padding:0 1pt"><div><img alt="image2a.jpg" src="image2a.jpg" style="height:45px;margin-bottom:5pt;vertical-align:text-bottom;width:136px"></div></td><td colspan="3" style="padding:0 1pt"><div style="text-align:right"><img alt="newsreleasea11a.jpg" src="newsreleasea11a.jpg" style="height:49px;margin-bottom:5pt;vertical-align:text-bottom;width:229px"></div></td></tr></table></div><div style="text-align:center"><font><br></font></div></div><div><font style="color:#003698;font-family:'Arial',sans-serif;font-size:19pt;font-weight:700;line-height:120%">TEEKAY CORPORATION REPORTS</font></div><div style="padding-right:31.5pt"><font style="color:#003698;font-family:'Arial',sans-serif;font-size:19pt;font-weight:700;line-height:120%">FIRST QUARTER 2022 RESULTS</font></div><div style="margin-bottom:6pt;margin-top:7pt"><font style="color:#13b3f2;font-family:'Arial',sans-serif;font-size:15pt;font-weight:400;line-height:120%">Highlights</font></div><div style="padding-left:22.5pt;text-align:justify;text-indent:-22.5pt"><font style="color:#242424;font-family:'Arial',sans-serif;font-size:9.5pt;font-weight:400;line-height:120%">&#8226;</font><font style="color:#242424;font-family:'Arial',sans-serif;font-size:9.5pt;font-weight:400;line-height:120%;padding-left:19.18pt">GAAP net income attributable to shareholders of Teekay of $0.9 million, or $0.01 per share, and adjusted net loss attributable to shareholders of Teekay</font><font style="color:#242424;font-family:'Arial',sans-serif;font-size:6.17pt;font-weight:400;line-height:120%;position:relative;top:-3.32pt;vertical-align:baseline">(2)</font><font style="color:#242424;font-family:'Arial',sans-serif;font-size:9.5pt;font-weight:400;line-height:120%"> of $0.5 million, or $0.01 per share, in the first quarter of 2022 (excluding items listed in </font><font style="color:#242424;font-family:'Arial',sans-serif;font-size:9.5pt;font-style:italic;font-weight:400;line-height:120%">Appendix A</font><font style="color:#242424;font-family:'Arial',sans-serif;font-size:9.5pt;font-weight:400;line-height:120%"> to this release).</font></div><div style="margin-top:3pt;padding-left:22.5pt;text-align:justify;text-indent:-22.5pt"><font style="color:#242424;font-family:'Arial',sans-serif;font-size:9.5pt;font-weight:400;line-height:120%">&#8226;</font><font style="color:#242424;font-family:'Arial',sans-serif;font-size:9.5pt;font-weight:400;line-height:120%;padding-left:19.18pt">Total adjusted EBITDA</font><font style="color:#242424;font-family:'Arial',sans-serif;font-size:6.17pt;font-weight:400;line-height:120%;position:relative;top:-3.32pt;vertical-align:baseline">(2) </font><font style="color:#242424;font-family:'Arial',sans-serif;font-size:9.5pt;font-weight:400;line-height:120%">of $41.8 million in the first quarter of 2022.</font></div><div style="margin-top:3pt;padding-left:22.5pt;text-align:justify;text-indent:-22.5pt"><font style="color:#242424;font-family:'Arial',sans-serif;font-size:9.5pt;font-weight:400;line-height:120%">&#8226;</font><font style="color:#242424;font-family:'Arial',sans-serif;font-size:9.5pt;font-weight:400;line-height:120%;padding-left:19.18pt">Teekay Parent entered into an agreement to sell the </font><font style="color:#242424;font-family:'Arial',sans-serif;font-size:9.5pt;font-style:italic;font-weight:400;line-height:120%">Sevan Hummingbird </font><font style="color:#242424;font-family:'Arial',sans-serif;font-size:9.5pt;font-weight:400;line-height:120%">FPSO unit to a third party, which is expected to close in the second quarter of 2022 and to largely offset the remaining decommissioning costs on the unit. </font></div><div style="margin-top:3pt;padding-left:22.5pt;text-align:justify;text-indent:-22.5pt"><font style="color:#242424;font-family:'Arial',sans-serif;font-size:9.5pt;font-weight:400;line-height:120%">&#8226;</font><font style="color:#242424;font-family:'Arial',sans-serif;font-size:9.5pt;font-weight:400;line-height:120%;padding-left:19.18pt">In January 2022, Stonepeak completed its acquisition of Teekay LNG, resulting in Teekay Parent receiving gross proceeds of approximately $641 million as consideration for all of its interests in Teekay LNG&#59; Teekay Parent subsequently repaid approximately $330 million of mostly high-cost debt and is now largely debt free.</font></div><div style="margin-top:3pt;padding-left:22.5pt;text-align:justify;text-indent:-22.5pt"><font style="color:#2e3337;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">&#8226;</font><font style="color:#242424;font-family:'Arial',sans-serif;font-size:9.5pt;font-weight:400;line-height:120%;padding-left:19pt">Teekay Tankers </font><font style="color:#2e3337;font-family:'Arial',sans-serif;font-size:9.5pt;font-weight:400;line-height:120%">secured strong second quarter-to-d</font><font style="color:#242424;font-family:'Arial',sans-serif;font-size:9.5pt;font-weight:400;line-height:120%">ate spot tanker rates of $27,400 per day for its Suezmax fleet, $30,900 per day for its  Aframax fleet, and $30,400 per day for its LR2 fleet, which are close to double the average rates in the first quarter of 2022.</font></div><div style="margin-top:12pt;text-align:justify"><font style="color:#242424;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%">Hamilton, Bermuda</font><font style="color:#242424;font-family:'Arial',sans-serif;font-size:9.5pt;font-weight:700;line-height:120%">, May&#160;12, 2022</font><font style="color:#242424;font-family:'Arial',sans-serif;font-size:9.5pt;font-weight:400;line-height:120%"> - Teekay Corporation (</font><font style="color:#242424;font-family:'Arial',sans-serif;font-size:9.5pt;font-style:italic;font-weight:400;line-height:120%">Teekay</font><font style="color:#242424;font-family:'Arial',sans-serif;font-size:9.5pt;font-weight:400;line-height:120%"> or </font><font style="color:#242424;font-family:'Arial',sans-serif;font-size:9.5pt;font-style:italic;font-weight:400;line-height:120%">the Company</font><font style="color:#242424;font-family:'Arial',sans-serif;font-size:9.5pt;font-weight:400;line-height:120%">) (NYSE&#58;TK) today reported results for the three months ended March 31, 2022. These results include the Company&#8217;s publicly listed consolidated subsidiary, Teekay Tankers Ltd. (</font><font style="color:#242424;font-family:'Arial',sans-serif;font-size:9.5pt;font-style:italic;font-weight:400;line-height:120%">Teekay Tankers</font><font style="color:#242424;font-family:'Arial',sans-serif;font-size:9.5pt;font-weight:400;line-height:120%">) (NYSE&#58;TNK), and all remaining subsidiaries and equity-accounted investments. As a result of Stonepeak's acquisition of Teekay LNG Partners L.P. (</font><font style="color:#242424;font-family:'Arial',sans-serif;font-size:9.5pt;font-style:italic;font-weight:400;line-height:120%">Teekay LNG</font><font style="color:#242424;font-family:'Arial',sans-serif;font-size:9.5pt;font-weight:400;line-height:120%">) (now known as Seapeak LLC) in January 2022, certain</font><font style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:120%"> </font><font style="color:#242424;font-family:'Arial',sans-serif;font-size:9.5pt;font-weight:400;line-height:120%">information in this release presents Teekay LNG and various subsidiaries that provided the shore-based operations for Teekay LNG and certain of Teekay LNG&#8217;s joint ventures under management services contracts (collectively,</font><font style="color:#242424;font-family:'Arial',sans-serif;font-size:9.5pt;font-style:italic;font-weight:400;line-height:120%"> the Teekay Gas Business</font><font style="color:#242424;font-family:'Arial',sans-serif;font-size:9.5pt;font-weight:400;line-height:120%">) as a discontinued operation.  Teekay, together with its subsidiaries other than Teekay Tankers, is referred to in this release as </font><font style="color:#242424;font-family:'Arial',sans-serif;font-size:9.5pt;font-style:italic;font-weight:400;line-height:120%">Teekay Parent</font><font style="color:#242424;font-family:'Arial',sans-serif;font-size:9.5pt;font-weight:400;line-height:120%">. Please refer to the first quarter of 2022 earnings release of Teekay Tankers, which is available on Teekay's website at</font><font style="color:#2e3337;font-family:'Arial',sans-serif;font-size:9.5pt;font-weight:400;line-height:120%"> </font><font style="color:#40b4e5;font-family:'Arial',sans-serif;font-size:9.5pt;font-weight:400;line-height:120%;text-decoration:underline">www.teekay.com</font><font style="color:#0000ff;font-family:'Arial',sans-serif;font-size:9.5pt;font-weight:400;line-height:120%">,</font><font style="color:#000000;font-family:'Arial',sans-serif;font-size:9.5pt;font-weight:400;line-height:120%"> </font><font style="color:#242424;font-family:'Arial',sans-serif;font-size:9.5pt;font-weight:400;line-height:120%">for additional information on Teekay Tankers' results.</font></div><div style="text-align:justify"><font><br></font></div><div style="margin-top:6pt;text-align:justify"><font style="color:#40b4e5;font-family:'Arial',sans-serif;font-size:15pt;font-weight:400;line-height:120%">Financial Summary</font></div><div style="margin-top:5pt"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:513.00pt"><tr><td style="width:1.0pt"></td><td style="width:4.75pt"></td><td style="width:1.0pt"></td><td style="width:1.0pt"></td><td style="width:286.00pt"></td><td style="width:1.0pt"></td><td style="width:1.0pt"></td><td style="width:70.75pt"></td><td style="width:1.0pt"></td><td style="width:1.0pt"></td><td style="width:70.75pt"></td><td style="width:1.0pt"></td><td style="width:1.0pt"></td><td style="width:70.75pt"></td><td style="width:1.0pt"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr style="height:9pt"><td colspan="3" style="background-color:#2ea2c8;padding:0 1pt"></td><td colspan="3" style="background-color:#2ea2c8;padding:0 1pt"></td><td colspan="9" style="background-color:#2ea2c8;padding:2px 1pt;text-align:center;vertical-align:middle"><font style="color:#ffffff;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Three Months Ended</font></td><td colspan="3" style="display:none"></td></tr><tr style="height:12pt"><td colspan="6" style="background-color:#2ea2c8;padding:2px 1pt;text-align:left;vertical-align:middle"><font style="color:#ffffff;font-family:'Arial',sans-serif;font-size:8pt;font-style:italic;font-weight:700;line-height:100%">&#160;</font></td><td colspan="3" style="background-color:#2ea2c8;padding:2px 1pt;text-align:center;vertical-align:middle"><font style="color:#ffffff;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">March 31,</font></td><td colspan="3" style="background-color:#2ea2c8;padding:2px 1pt;text-align:center;vertical-align:middle"><font style="color:#ffffff;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">December 31,</font></td><td colspan="3" style="background-color:#2ea2c8;padding:2px 1pt;text-align:center;vertical-align:middle"><font style="color:#ffffff;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">March 31,</font></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr style="height:12pt"><td colspan="6" rowspan="2" style="background-color:#2ea2c8;padding:2px 1pt;text-align:left;vertical-align:middle"><font style="color:#ffffff;font-family:'Arial',sans-serif;font-size:8pt;font-style:italic;font-weight:700;line-height:100%">&#160;(in thousands of U.S. dollars, except per share amounts) </font></td><td colspan="3" style="background-color:#2ea2c8;padding:2px 1pt;text-align:center;vertical-align:middle"><font style="color:#ffffff;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">2022</font></td><td colspan="3" style="background-color:#2ea2c8;padding:2px 1pt;text-align:left;vertical-align:middle"><div style="text-align:center"><font style="color:#ffffff;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">2021</font><font style="color:#ffffff;font-family:'Arial',sans-serif;font-size:5.2pt;font-weight:700;line-height:100%;position:relative;top:-2.8pt;vertical-align:baseline"> (1)</font><font style="color:#ffffff;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%"> </font></div></td><td colspan="3" style="background-color:#2ea2c8;padding:2px 1pt;text-align:left;vertical-align:middle"><div style="text-align:center"><font style="color:#ffffff;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">2021 </font><font style="color:#ffffff;font-family:'Arial',sans-serif;font-size:5.2pt;font-weight:700;line-height:100%;position:relative;top:-2.8pt;vertical-align:baseline">(1)</font></div></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr style="height:12pt"><td colspan="3" style="background-color:#2ea2c8;padding:2px 1pt;text-align:center;vertical-align:middle"><font style="color:#ffffff;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">(unaudited)</font></td><td colspan="3" style="background-color:#2ea2c8;padding:2px 1pt;text-align:center;vertical-align:middle"><font style="color:#ffffff;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">(unaudited)</font></td><td colspan="3" style="background-color:#2ea2c8;padding:2px 1pt;text-align:center;vertical-align:middle"><font style="color:#ffffff;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">(unaudited)</font></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr style="height:11pt"><td colspan="9" style="background-color:#cceeff;padding:2px 1pt;text-align:left;vertical-align:middle"><font style="color:#2f3337;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">TEEKAY CORPORATION CONSOLIDATED </font></td><td colspan="3" style="background-color:#cceeff;padding:2px 1pt;text-align:left;vertical-align:middle"><div style="text-align:right"><font style="color:#2f3337;font-family:'Arial',sans-serif;font-size:5.2pt;font-weight:400;line-height:100%;position:relative;top:-2.8pt;vertical-align:baseline">&#160;</font></div></td><td colspan="3" style="background-color:#cceeff;padding:2px 1pt;text-align:left;vertical-align:middle"><div style="text-align:right"><font style="color:#2f3337;font-family:'Arial',sans-serif;font-size:5.2pt;font-weight:400;line-height:100%;position:relative;top:-2.8pt;vertical-align:baseline">&#160;</font></div></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr style="height:11pt"><td colspan="6" style="background-color:#dffffa;padding:2px 1pt;text-align:left;vertical-align:middle"><font style="color:#2f3337;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">GAAP FINANCIAL COMPARISON</font></td><td colspan="3" style="background-color:#dffffa;padding:0 1pt"><div style="text-align:right"><font><br></font></div></td><td colspan="3" style="background-color:#dffffa;padding:0 1pt"><div style="text-align:right"><font><br></font></div></td><td colspan="3" style="background-color:#dffffa;padding:0 1pt"><div style="text-align:right"><font><br></font></div></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr style="height:11pt"><td colspan="6" style="background-color:#eef8fc;padding:2px 1pt;text-align:left;vertical-align:bottom"><font style="color:#2f3337;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Revenues </font></td><td colspan="3" style="background-color:#eef8fc;padding:2px 13pt 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#2f3337;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">212,720</font></td><td colspan="3" style="background-color:#eef8fc;padding:2px 13pt 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#2f3337;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">196,493</font></td><td colspan="3" style="background-color:#eef8fc;padding:2px 13pt 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#2f3337;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">184,483</font></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr style="height:12pt"><td colspan="6" style="background-color:#eef8fc;padding:2px 1pt;text-align:left;vertical-align:middle"><font style="color:#2f3337;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Loss from vessel operations</font></td><td colspan="3" style="background-color:#eef8fc;padding:2px 13pt 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#2f3337;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(12,574)</font></td><td colspan="3" style="background-color:#eef8fc;padding:2px 13pt 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#2f3337;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(27,090)</font></td><td colspan="3" style="background-color:#eef8fc;padding:2px 13pt 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#2f3337;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(15,076)</font></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr style="height:11pt"><td colspan="6" style="background-color:#eef8fc;padding:2px 1pt;text-align:left;vertical-align:middle"><font style="color:#2f3337;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Net income (loss) attributable to the shareholders of Teekay</font></td><td colspan="3" style="background-color:#eef8fc;padding:2px 13pt 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#2f3337;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">888</font></td><td colspan="3" style="background-color:#eef8fc;padding:2px 13pt 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#2f3337;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(17,387)</font></td><td colspan="3" style="background-color:#eef8fc;padding:2px 13pt 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#2f3337;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">29,951</font></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr style="height:11pt"><td colspan="6" style="background-color:#eef8fc;padding:2px 1pt;text-align:left;vertical-align:middle"><font style="color:#2f3337;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Earnings (loss) per common share of Teekay</font></td><td colspan="3" style="background-color:#eef8fc;padding:2px 13pt 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#2f3337;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">0.01</font></td><td colspan="3" style="background-color:#eef8fc;padding:2px 13pt 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#2f3337;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(0.17)</font></td><td colspan="3" style="background-color:#eef8fc;padding:2px 13pt 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#2f3337;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">0.30</font></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr style="height:11pt"><td colspan="6" style="background-color:#dffffa;padding:2px 1pt;text-align:left;vertical-align:middle"><font style="color:#2f3337;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">NON-GAAP FINANCIAL COMPARISON</font></td><td colspan="3" style="background-color:#dffffa;padding:0 1pt"><div style="padding-left:12pt;text-align:right"><font><br></font></div></td><td colspan="3" style="background-color:#dffffa;padding:0 1pt"><div style="padding-left:12pt;text-align:right"><font><br></font></div></td><td colspan="3" style="background-color:#dffffa;padding:0 1pt"><div style="padding-left:12pt;text-align:right"><font><br></font></div></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr style="height:11pt"><td colspan="6" style="background-color:#eef8fc;padding:2px 1pt;text-align:left;vertical-align:middle"><div><font style="color:#2f3337;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Total adjusted EBITDA </font><font style="color:#2f3337;font-family:'Arial',sans-serif;font-size:5.2pt;font-weight:400;line-height:100%;position:relative;top:-2.8pt;vertical-align:baseline">(2)</font></div></td><td colspan="3" style="background-color:#eef8fc;padding:2px 13pt 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#2f3337;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">41,767</font></td><td colspan="3" style="background-color:#eef8fc;padding:2px 13pt 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#2f3337;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">181,714</font></td><td colspan="3" style="background-color:#eef8fc;padding:2px 13pt 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#2f3337;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">202,429</font></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr style="height:11pt"><td colspan="6" style="background-color:#eef8fc;padding:2px 1pt;text-align:left;vertical-align:middle"><div><font style="color:#2f3337;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Adjusted net (loss) income attributable to shareholders of Teekay </font><font style="color:#2f3337;font-family:'Arial',sans-serif;font-size:5.2pt;font-weight:400;line-height:100%;position:relative;top:-2.8pt;vertical-align:baseline">(2)</font></div></td><td colspan="3" style="background-color:#eef8fc;padding:2px 13pt 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#2f3337;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(528)</font></td><td colspan="3" style="background-color:#eef8fc;padding:2px 13pt 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#2f3337;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">8,354</font></td><td colspan="3" style="background-color:#eef8fc;padding:2px 13pt 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#2f3337;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">11,320</font></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr style="height:12pt"><td colspan="6" style="background-color:#eef8fc;padding:2px 1pt;text-align:left;vertical-align:middle"><div><font style="color:#2f3337;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Adjusted net (loss) earnings per share attributable to shareholders of Teekay </font><font style="color:#2f3337;font-family:'Arial',sans-serif;font-size:5.2pt;font-weight:400;line-height:100%;position:relative;top:-2.8pt;vertical-align:baseline">(2)</font></div></td><td colspan="3" style="background-color:#eef8fc;padding:2px 13pt 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#2f3337;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(0.01)</font></td><td colspan="3" style="background-color:#eef8fc;padding:2px 13pt 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#2f3337;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">0.08</font></td><td colspan="3" style="background-color:#eef8fc;padding:2px 13pt 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#2f3337;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">0.11</font></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr></table></div><div style="margin-top:5pt;padding-left:18pt;text-align:justify;text-indent:-18pt"><font style="color:#242424;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:120%">(1)</font><font style="color:#242424;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:120%;padding-left:8.24pt">On October 4, 2021, Teekay entered into an agreement to sell its general partner interest in Teekay LNG, all of its common units in Teekay LNG and various subsidiaries that provided the shore-based operations for Teekay LNG and certain of Teekay LNG&#8217;s joint ventures under existing management service contracts (collectively, </font><font style="color:#242424;font-family:'Arial',sans-serif;font-size:8pt;font-style:italic;font-weight:400;line-height:120%">the Teekay Gas Business</font><font style="color:#242424;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:120%">). Prior to the transaction closing on January 13, 2022, Teekay maintained control of Teekay LNG by virtue of its 100% ownership interest in the general partner of Teekay LNG, which was a master limited partnership. The presentation of certain information in these consolidated financial statements reflects the Teekay Gas Business as a discontinued operation of the Company, including in the historical comparative periods presented.</font></div><div style="margin-top:5pt;padding-left:18pt;text-align:justify;text-indent:-18pt"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:120%">(2)</font><font style="color:#242424;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:120%;padding-left:8.24pt">These are non-GAAP financial measures. Please refer to &#8220;Definitions and Non-GAAP Financial Measures&#8221; and the Appendices to this release for definitions of these terms and reconciliations of these non-GAAP financial measures as used in this release to the most directly </font></div><div style="height:72pt;position:relative;width:100%"><div style="bottom:0;position:absolute;width:100%"><div style="text-align:center"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:7pt;font-weight:700;line-height:120%">1</font></div><div style="text-align:center"><font><br></font></div><div style="text-align:center"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:7pt;font-weight:700;line-height:120%">Teekay Corporation</font><font style="color:#000000;font-family:'Arial',sans-serif;font-size:7pt;font-weight:400;line-height:120%">    Investor Relations Tel&#58; +1 604 609 2963    www.teekay.com</font></div><div style="text-align:center"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:7pt;font-weight:400;line-height:120%">4</font><font style="color:#000000;font-family:'Arial',sans-serif;font-size:4.55pt;font-weight:400;line-height:120%;position:relative;top:-2.44pt;vertical-align:baseline">th</font><font style="color:#000000;font-family:'Arial',sans-serif;font-size:7pt;font-weight:400;line-height:120%"> Floor, Belvedere Building, 69 Pitts Bay Road, Hamilton, HM 08, Bermuda</font></div></div></div><hr style="page-break-after:always"><div style="min-height:72pt;width:100%"><div style="text-align:center"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:99.415%"><tr><td style="width:1.0%"></td><td style="width:48.900%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:48.900%"></td><td style="width:0.1%"></td></tr><tr style="height:42pt"><td colspan="3" style="padding:0 1pt"><div><img alt="image2a.jpg" src="image2a.jpg" style="height:45px;margin-bottom:5pt;vertical-align:text-bottom;width:136px"></div></td><td colspan="3" style="padding:0 1pt"></td></tr></table></div><div><font><br></font></div></div><div style="margin-top:5pt;padding-left:18pt;text-align:justify"><font style="color:#242424;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:120%">comparable financial measures under United States generally accepted accounting principles (</font><font style="color:#242424;font-family:'Arial',sans-serif;font-size:8pt;font-style:italic;font-weight:400;line-height:120%">GAAP</font><font style="color:#242424;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:120%">). These measures include results from both continuing and discontinued operations. </font></div><div style="text-align:justify"><font><br></font></div><div style="margin-bottom:8pt;margin-top:7pt"><font style="color:#13b3f2;font-family:'Arial',sans-serif;font-size:15pt;font-weight:400;line-height:120%">CEO Commentary</font></div><div style="margin-bottom:8pt;margin-top:7pt;text-align:justify"><font style="color:#242424;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">&#8220;Our financial results for the first quarter of 2022 were lower compared to the prior quarter, primarily reflecting the sale and the resulting deconsolidation of Teekay LNG in mid-January 2022, including certain transaction and restructuring costs, partially offset by higher spot tanker rates and the extinguishment of substantially all of Teekay Parent&#8217;s debt,&#8221; commented Kenneth Hvid, Teekay&#8217;s President and CEO. </font></div><div style="margin-bottom:8pt;margin-top:7pt;text-align:justify"><font style="color:#242424;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">&#8220;We have continued to make good progress on winding down our FPSO business, which we expect to be largely completed by the end of 2022.  As expected, the </font><font style="color:#242424;font-family:'Arial',sans-serif;font-size:10pt;font-style:italic;font-weight:400;line-height:120%">Hummingbird</font><font style="color:#242424;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%"> FPSO ceased production on the Chestnut oil field at the end of March 2022, and we recently entered into an agreement to sell the FPSO unit to a third party. Through this sale, Teekay will not only avoid incurring costs related to recycling the unit, but we also currently expect that the sales proceeds will be sufficient to largely cover the </font><font style="color:#242424;font-family:'Arial',sans-serif;font-size:10pt;font-style:italic;font-weight:400;line-height:120%">Hummingbird</font><font style="color:#242424;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%"> FPSO&#8217;s remaining decommissioning costs. Lastly, we continue to plan for the decommissioning and green recycling of the </font><font style="color:#242424;font-family:'Arial',sans-serif;font-size:10pt;font-style:italic;font-weight:400;line-height:120%">Foinaven</font><font style="color:#242424;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%"> FPSO, with the majority of the costs expected to be covered by a contractual lump-sum payment from the customer.&#8221; </font></div><div style="margin-bottom:8pt;margin-top:7pt;text-align:justify"><font style="color:#242424;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">&#8220;Following a weaker start to the year, the tanker market significantly strengthened in March 2022 following Russia&#8217;s invasion of Ukraine. The market for mid-size tankers, in which Teekay Tankers has a market-leading position, has strengthened materially in the second quarter to-date, as Europe is increasingly replacing short-haul Baltic and Black Sea barrels with crude from the U.S. Gulf, West Africa, and elsewhere, carried disproportionately on mid-size tankers. Similarly, Russian crude exports forced out of Europe are travelling significantly farther to India and other distant markets that are absorbing the displaced barrels. We expect that the tanker market will remain volatile in the near-term and in the longer-term, we are encouraged by the small tanker orderbook, continued low ordering activity for crude oil tankers, and minimal shipyard capacity through the middle of this decade.&#8221;</font></div><div style="margin-bottom:8pt;margin-top:7pt;text-align:justify"><font style="color:#242424;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">&#8220;During the past several years, we have significantly strengthened our balance sheet through various strategic divestments, which has created the financial flexibility and optionality that we now have that is particularly valuable during times of extreme volatility and global economic uncertainty. We believe our strong balance sheet, with a net cash position of approximately $300 million, positions us well to pursue future investments patiently and selectively where we can leverage our operating franchise and the proven capabilities of the Teekay platform to create long-term shareholder value.&#8221;</font></div><div style="margin-top:57pt;text-align:justify"><font><br></font></div><div style="text-align:justify"><font><br></font></div><div><font><br></font></div><div><font><br></font></div><div style="text-align:justify"><font><br></font></div><div style="text-align:justify"><font><br></font></div><div style="text-align:justify"><font><br></font></div><div style="text-align:justify"><font><br></font></div><div style="text-align:justify"><font><br></font></div><div style="text-align:justify"><font><br></font></div><div style="text-align:justify"><font><br></font></div><div style="text-align:justify"><font><br></font></div><div style="text-align:justify"><font><br></font></div><div style="text-align:justify"><font><br></font></div><div style="text-align:justify"><font><br></font></div><div style="height:72pt;position:relative;width:100%"><div style="bottom:0;position:absolute;width:100%"><div style="text-align:center"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:7pt;font-weight:700;line-height:120%">2</font></div><div style="text-align:center"><font><br></font></div><div style="text-align:center"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:7pt;font-weight:700;line-height:120%">Teekay Corporation</font><font style="color:#000000;font-family:'Arial',sans-serif;font-size:7pt;font-weight:400;line-height:120%">    Investor Relations Tel&#58; +1 604 609 2963    www.teekay.com</font></div><div style="text-align:center"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:7pt;font-weight:400;line-height:120%">4</font><font style="color:#000000;font-family:'Arial',sans-serif;font-size:4.55pt;font-weight:400;line-height:120%;position:relative;top:-2.44pt;vertical-align:baseline">th</font><font style="color:#000000;font-family:'Arial',sans-serif;font-size:7pt;font-weight:400;line-height:120%"> Floor, Belvedere Building, 69 Pitts Bay Road, Hamilton, HM 08, Bermuda</font></div></div></div><div id="i14fa50b9ada6407789c0cdad3213fad3_10"></div><hr style="page-break-after:always"><div style="min-height:72pt;width:100%"><div style="text-align:center"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:99.415%"><tr><td style="width:1.0%"></td><td style="width:48.900%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:48.900%"></td><td style="width:0.1%"></td></tr><tr style="height:42pt"><td colspan="3" style="padding:0 1pt"><div><img alt="image2a.jpg" src="image2a.jpg" style="height:45px;margin-bottom:5pt;vertical-align:text-bottom;width:136px"></div></td><td colspan="3" style="padding:0 1pt"></td></tr></table></div><div><font><br></font></div></div><div style="margin-bottom:8pt"><font style="color:#40b4e5;font-family:'Arial',sans-serif;font-size:15pt;font-weight:400;line-height:120%">Summary of Results </font></div><div><font style="color:#242424;font-family:'Arial',sans-serif;font-size:11pt;font-weight:700;line-height:120%">Teekay Corporation Consolidated</font></div><div><font><br></font></div><div style="text-align:justify"><font style="color:#242424;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The Company's adjusted net income attributable to shareholders of Teekay</font><font style="color:#242424;font-family:'Arial',sans-serif;font-size:6.5pt;font-weight:400;line-height:120%;position:relative;top:-3.5pt;vertical-align:baseline">(1)</font><font style="color:#242424;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%"> for the first quarter of 2022 decreased compared to the same quarter of the prior year, primarily due to the sale of the Teekay Gas Business in January 2022, which was partially offset by higher earnings from Teekay Tankers as a result of higher spot tanker rates and lower vessel operating expenses in the first quarter of 2022, compared to the first quarter of 2021, and lower interest expense in Teekay Parent due to bond repurchases completed during the first quarter of 2022. </font></div><div style="text-align:justify"><font><br></font></div><div style="text-align:justify"><font style="color:#242424;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">As the sale of the Teekay Gas Business closed on January 13, 2022, the Company's consolidated financial results for the first quarter of 2022 included 13 days of financial results from the Teekay Gas Business, which is included as part of (Loss) income from discontinued operations on the </font><font style="color:#242424;font-family:'Arial',sans-serif;font-size:10pt;font-style:italic;font-weight:400;line-height:120%">Summary Consolidated Statements of (Loss) Income</font><font style="color:#242424;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%"> for the three months ended March 31, 2022. </font></div><div style="text-align:justify"><font><br></font></div><div style="text-align:justify"><font style="color:#242424;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">In addition, consolidated GAAP net income attributable to shareholders of Teekay decreased during the first quarter of 2022, compared to the same quarter of the prior year, mainly due to a deferred loss of $17.4 million in non-controlling interest relating to the sale of a vessel by Teekay Tankers, and losses of $12.4 million on bond repurchases during the first quarter of 2022, partially offset by a net gain of $26.2 million related to the sale and deconsolidation of the Teekay Gas Business.</font></div><div style="text-align:justify"><font><br></font></div><div style="padding-left:18pt;text-align:justify;text-indent:-18pt"><font style="color:#2c2c2c;font-family:'Arial',sans-serif;font-size:11pt;font-weight:700;line-height:120%">Summary Results of Teekay Tankers</font></div><div style="padding-left:18pt;text-align:justify;text-indent:-18pt"><font><br></font></div><div style="text-align:justify"><font style="color:#242424;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Teekay Tankers' GAAP net loss and adjusted net los</font><font style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">s</font><font style="color:#242424;font-family:'Arial',sans-serif;font-size:6.5pt;font-weight:400;line-height:120%;position:relative;top:-3.5pt;vertical-align:baseline">(1)</font><font style="color:#242424;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%"> in the first quarter of 2022, compared to the same quarter of the prior year, were positively impacted primarily due to higher average spot tanker rates and full service lightering revenues, as well as lower vessel operating expenses in the first quarter of 2022 due to vessel sales and the timing of repair and maintenance activities, partially offset by the expiration of certain fixed-rate time charter contracts at higher rates during 2021.</font></div><div style="text-align:justify"><font><br></font></div><div style="text-align:justify"><font style="color:#2e3337;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Spot tanker rates increased significantly at the end of the first quarter of 2022, driven primarily by global oil trade disruptions resulting from Russia&#8217;s invasion of Ukraine. A reduction in European crude oil imports from Russia and the sourcing of replacement barrels from elsewhere has resulted in significantly longer voyage lengths which, coupled with the effective removal of Russian-owned tankers from many routes, has led to a much tighter tanker market. These changes have been particularly positive for mid-sized tankers that Teekay Tankers operates, given the flexibility of the tonnage and their ability to call at a much wider range of ports relative to Very Large Crude Carriers (</font><font style="color:#2e3337;font-family:'Arial',sans-serif;font-size:10pt;font-style:italic;font-weight:400;line-height:120%">VLCCs</font><font style="color:#2e3337;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">). </font></div><div style="text-align:justify"><font><br></font></div><div style="text-align:justify"><font style="color:#2e3337;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">While uncertainty remains over the near-term, including the duration and extent of the crisis in Eastern Europe and China&#8217;s latest round of COVID-19 lockdowns, tanker supply fundamentals continue to be positive over the next few years given the relatively small tanker newbuild orderbook, which is constrained by a lack of shipyard capacity through the middle part of this decade.</font></div><div style="text-align:justify"><font><br></font></div><div style="text-align:justify"><font style="color:#2e3337;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:136%">Please refer to Teekay Tankers' first quarter of 2022 earnings release for additional information on the financial results for this entity.</font></div><div style="text-align:justify"><font><br></font></div><div style="text-align:justify"><font><br></font></div><div style="text-align:justify"><font><br></font></div><div style="text-align:justify"><font><br></font></div><div style="padding-left:18pt;text-align:justify;text-indent:-18pt"><font style="color:#242424;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:120%">(1)  This is a non-GAAP financial measure. Please refer to &#34;Definitions and Non-GAAP Financial Measures&#34; and the Appendices to this release for a definition of this term and a reconciliation of this non-GAAP financial measure as used in this release to the most directly comparable financial measures under GAAP.  </font></div><div id="i14fa50b9ada6407789c0cdad3213fad3_13"></div><div style="margin-bottom:5pt"><font><br></font></div><div style="height:72pt;position:relative;width:100%"><div style="bottom:0;position:absolute;width:100%"><div style="text-align:center"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:7pt;font-weight:700;line-height:120%">3</font></div><div style="text-align:center"><font><br></font></div><div style="text-align:center"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:7pt;font-weight:700;line-height:120%">Teekay Corporation</font><font style="color:#000000;font-family:'Arial',sans-serif;font-size:7pt;font-weight:400;line-height:120%">    Investor Relations Tel&#58; +1 604 609 2963    www.teekay.com</font></div><div style="text-align:center"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:7pt;font-weight:400;line-height:120%">4</font><font style="color:#000000;font-family:'Arial',sans-serif;font-size:4.55pt;font-weight:400;line-height:120%;position:relative;top:-2.44pt;vertical-align:baseline">th</font><font style="color:#000000;font-family:'Arial',sans-serif;font-size:7pt;font-weight:400;line-height:120%"> Floor, Belvedere Building, 69 Pitts Bay Road, Hamilton, HM 08, Bermuda</font></div></div></div><hr style="page-break-after:always"><div style="min-height:72pt;width:100%"><div style="text-align:center"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:99.415%"><tr><td style="width:1.0%"></td><td style="width:48.900%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:48.900%"></td><td style="width:0.1%"></td></tr><tr style="height:42pt"><td colspan="3" style="padding:0 1pt"><div><img alt="image2a.jpg" src="image2a.jpg" style="height:45px;margin-bottom:5pt;vertical-align:text-bottom;width:136px"></div></td><td colspan="3" style="padding:0 1pt"></td></tr></table></div><div><font><br></font></div></div><div style="margin-bottom:5pt"><font style="color:#40b4e5;font-family:'Arial',sans-serif;font-size:15pt;font-weight:400;line-height:120%">Summary of Recent Events</font></div><div style="margin-bottom:6pt;margin-top:10pt;text-align:justify"><font style="color:#242424;font-family:'Arial',sans-serif;font-size:11pt;font-weight:700;line-height:120%">Teekay Parent</font></div><div style="margin-top:12pt;text-align:justify"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:112%">In March 2022, the charterer of the </font><font style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-style:italic;font-weight:400;line-height:112%">Sevan Hummingbird</font><font style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:112%"> (</font><font style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-style:italic;font-weight:400;line-height:112%">Hummingbird</font><font style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:112%">) FPSO unit ceased oil production on the Chestnut oil field, and therefore, the FPSO charter contract is expected to be terminated in mid-May 2022 upon completion of the decommissioning activities.  In April 2022, Teekay Parent entered into an agreement to sell the </font><font style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-style:italic;font-weight:400;line-height:112%">Hummingbird </font><font style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:112%">FPSO unit to a third party, which is expected to be completed in the second quarter of 2022. The sales proceeds are expected to largely cover the </font><font style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-style:italic;font-weight:400;line-height:112%">Hummingbird</font><font style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:112%"> FPSO's remaining decommissioning costs. </font></div><div style="margin-top:12pt;text-align:justify"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:115%">In April 2021, BP plc (</font><font style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-style:italic;font-weight:400;line-height:115%">BP</font><font style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:115%">) announced its decision to suspend production from the Foinaven oil fields and permanently remove the </font><font style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-style:italic;font-weight:400;line-height:115%">Petrojarl</font><font style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:115%"> </font><font style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-style:italic;font-weight:400;line-height:115%">Foinaven</font><font style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:115%"> (</font><font style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-style:italic;font-weight:400;line-height:115%">Foinaven</font><font style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:115%">) FPSO unit from the site. In February 2022, BP provided formal redelivery notice, indicating an expected redelivery date of August 3, 2022, after which Teekay Parent intends to green-recycle the unit. The majority of the green recycling costs are expected to be covered by a contract lump-sum payment from BP upon redelivery.</font></div><div style="margin-bottom:6pt;margin-top:12pt;text-align:justify"><font style="color:#242424;font-family:'Arial',sans-serif;font-size:11pt;font-weight:700;line-height:120%">Teekay Tankers</font><font style="color:#242424;font-family:'Arial',sans-serif;font-size:6pt;font-weight:700;line-height:120%"> </font></div><div style="margin-top:12pt;text-align:justify"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:115%">In February and April 2022, Teekay Tankers completed the previously announced sales of a 2004-built Suezmax tanker and a 2004-built Aframax tanker for total gross proceeds of approximately $29 million.  In addition, in March 2022, Teekay Tankers entered into an agreement to sell a 2005-built Aframax tanker for approximately $15 million, which was completed in April 2022.</font></div><div style="margin-top:12pt;text-align:justify"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:115%">During March and April 2022, Teekay Tankers completed the debt refinancing associated with 13 vessels under new sale-leaseback facilities. These refinancings increased Teekay Tankers' total liquidity position by approximately $75 million.</font></div><div style="height:72pt;position:relative;width:100%"><div style="bottom:0;position:absolute;width:100%"><div style="text-align:center"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:7pt;font-weight:700;line-height:120%">4</font></div><div style="text-align:center"><font><br></font></div><div style="text-align:center"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:7pt;font-weight:700;line-height:120%">Teekay Corporation</font><font style="color:#000000;font-family:'Arial',sans-serif;font-size:7pt;font-weight:400;line-height:120%">    Investor Relations Tel&#58; +1 604 609 2963    www.teekay.com</font></div><div style="text-align:center"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:7pt;font-weight:400;line-height:120%">4</font><font style="color:#000000;font-family:'Arial',sans-serif;font-size:4.55pt;font-weight:400;line-height:120%;position:relative;top:-2.44pt;vertical-align:baseline">th</font><font style="color:#000000;font-family:'Arial',sans-serif;font-size:7pt;font-weight:400;line-height:120%"> Floor, Belvedere Building, 69 Pitts Bay Road, Hamilton, HM 08, Bermuda</font></div></div></div><div id="i14fa50b9ada6407789c0cdad3213fad3_16"></div><hr style="page-break-after:always"><div style="min-height:72pt;width:100%"><div style="text-align:center"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:99.415%"><tr><td style="width:1.0%"></td><td style="width:48.900%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:48.900%"></td><td style="width:0.1%"></td></tr><tr style="height:42pt"><td colspan="3" style="padding:0 1pt"><div><img alt="image2a.jpg" src="image2a.jpg" style="height:45px;margin-bottom:5pt;vertical-align:text-bottom;width:136px"></div></td><td colspan="3" style="padding:0 1pt"></td></tr></table></div><div><font><br></font></div></div><div style="margin-bottom:8pt;margin-top:10pt;text-align:justify"><font style="color:#40b4e5;font-family:'Arial',sans-serif;font-size:15pt;font-weight:400;line-height:120%">Liquidity</font></div><div style="margin-bottom:9pt;text-align:justify"><font style="color:#242424;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">As at March&#160;31, 2022, Teekay Parent had total liquidity of approximately $313.2 million (consisting of cash and cash equivalents and short-term investments). On a consolidated basis, as at March 31, 2022, Teekay had consolidated total liquidity of approximately $491.4 million (consisting of $331.6 million of cash and cash equivalents and short-term investments, and $159.8 million of undrawn capacity from its credit facilities). </font><font style="color:#2e3337;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Pro forma for Teekay Tankers' refinancing of five vessels and the completion of two vessel sales in April 2022, Teekay's consolidated total liquidity would have been approximately $544.1 million as at March 31, 2022.</font></div><div style="margin-bottom:9pt;text-align:justify"><font style="color:#40b4e5;font-family:'Arial',sans-serif;font-size:15pt;font-weight:400;line-height:120%">About Teekay</font></div><div style="margin-bottom:12pt;text-align:justify"><font style="color:#242424;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Teekay is a leading provider of international crude oil and other marine transportation services. Teekay provides these services directly and through its controlling ownership interest in Teekay Tankers Ltd. (NYSE&#58; TNK), one of the world&#8217;s largest owners and operators of mid-sized crude tankers. The consolidated Teekay entities manage and operate total assets under management of approximately $2 billion, comprised of approximately 55 conventional tankers and other marine assets. With offices in 8 countries and approximately 2,500 seagoing and shore-based employees, Teekay provides a comprehensive set of marine services to the world&#8217;s leading energy companies.</font></div><div style="margin-bottom:12pt;text-align:justify"><font style="color:#242424;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Teekay&#8217;s common stock is listed on the New York Stock Exchange where it trades under the symbol &#8220;TK&#8221;. </font></div><div><font style="color:#2c2c2c;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%">For Investor Relations enquiries contact&#58;</font></div><div><font><br></font></div><div><font style="color:#2e3337;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">E-mail&#58;  investor.relations&#64;teekay.com</font></div><div><font style="color:#2e3337;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Website&#58;</font><font style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">  </font><font style="color:#40b4e5;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%;text-decoration:underline">www.teekay.com</font></div><div><font><br></font></div><div style="height:72pt;position:relative;width:100%"><div style="bottom:0;position:absolute;width:100%"><div style="text-align:center"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:7pt;font-weight:700;line-height:120%">5</font></div><div style="text-align:center"><font><br></font></div><div style="text-align:center"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:7pt;font-weight:700;line-height:120%">Teekay Corporation</font><font style="color:#000000;font-family:'Arial',sans-serif;font-size:7pt;font-weight:400;line-height:120%">    Investor Relations Tel&#58; +1 604 609 2963    www.teekay.com</font></div><div style="text-align:center"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:7pt;font-weight:400;line-height:120%">4</font><font style="color:#000000;font-family:'Arial',sans-serif;font-size:4.55pt;font-weight:400;line-height:120%;position:relative;top:-2.44pt;vertical-align:baseline">th</font><font style="color:#000000;font-family:'Arial',sans-serif;font-size:7pt;font-weight:400;line-height:120%"> Floor, Belvedere Building, 69 Pitts Bay Road, Hamilton, HM 08, Bermuda</font></div></div></div><hr style="page-break-after:always"><div style="min-height:72pt;width:100%"><div style="text-align:center"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:99.415%"><tr><td style="width:1.0%"></td><td style="width:48.900%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:48.900%"></td><td style="width:0.1%"></td></tr><tr style="height:42pt"><td colspan="3" style="padding:0 1pt"><div><img alt="image2a.jpg" src="image2a.jpg" style="height:45px;margin-bottom:5pt;vertical-align:text-bottom;width:136px"></div></td><td colspan="3" style="padding:0 1pt"></td></tr></table></div><div><font><br></font></div></div><div style="margin-bottom:6pt;text-align:justify"><font style="color:#40b4e5;font-family:'Arial',sans-serif;font-size:15pt;font-weight:400;line-height:120%">Definitions and Non-GAAP Financial Measures</font></div><div style="margin-bottom:6pt;margin-top:9pt;text-align:justify"><font style="color:#242424;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">This release includes various financial measures that are non-GAAP financial measures as defined under the rules of the Securities and Exchange Commission (</font><font style="color:#242424;font-family:'Arial',sans-serif;font-size:10pt;font-style:italic;font-weight:400;line-height:120%">SEC</font><font style="color:#242424;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">). These non-GAAP financial measures, which include Adjusted Net Income Attributable to Shareholders of Teekay, Adjusted Equity Income and Adjusted EBITDA, are intended to provide additional information and should not be considered substitutes for measures of performance prepared in accordance with GAAP. In addition, these measures do not have standardized meanings across companies, and therefore may not be comparable to similar measures presented by other companies. The Company believes that certain investors use this information to evaluate the Company&#8217;s financial performance, as does management.</font></div><div style="margin-bottom:9pt;margin-top:9pt;text-align:justify"><font style="color:#242424;font-family:'Arial',sans-serif;font-size:11pt;font-weight:700;line-height:120%">Non-GAAP Financial Measures</font></div><div style="margin-bottom:6pt;text-align:justify"><font style="color:#242424;font-family:'Arial',sans-serif;font-size:10pt;font-style:italic;font-weight:400;line-height:120%">Total Adjusted EBITDA</font><font style="color:#242424;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%"> represents net income (loss) before interest, taxes, depreciation and amortization, and is adjusted to exclude certain items whose timing or amount cannot be reasonably estimated in advance or that are not considered representative of core operating performance. Such adjustments include foreign currency exchange gains and losses, any write-downs and&#47;or gains, and&#47;or gains and losses on sale of operating assets, adjustments for direct financing and sales-type leases to a cash basis, amortization of in-process revenue contracts, unrealized gains and losses on derivative instruments, credit loss provision adjustments, loss on bond repurchases, loss on deconsolidation, write-downs related to equity-accounted investments, our share of the above items in non-consolidated joint ventures which are accounted for using the equity method of accounting, and other income or loss, for both continuing operations and discontinued operations. </font><font style="color:#242424;font-family:'Arial',sans-serif;font-size:10pt;font-style:italic;font-weight:400;line-height:120%">Total Adjusted EBITDA</font><font style="color:#242424;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%"> also excludes realized gains or losses on interest rate swaps as management, in assessing the Company's performance, views these gains or losses as an element of interest expense, and realized gains or losses on interest rate swaps resulting from amendments or terminations of the underlying instruments, for continuing and discontinued operations.</font></div><div style="margin-bottom:6pt;margin-top:9pt;text-align:justify"><font style="color:#242424;font-family:'Arial',sans-serif;font-size:10pt;font-style:italic;font-weight:400;line-height:120%">Consolidated Adjusted EBITDA</font><font style="color:#242424;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%"> represents Adjusted EBITDA from vessels that are consolidated on the Company's financial statements. </font><font style="color:#242424;font-family:'Arial',sans-serif;font-size:10pt;font-style:italic;font-weight:400;line-height:120%">Adjusted EBITDA from Equity-Accounted Joint Venture</font><font style="color:#242424;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%"> represents the Company's proportionate share of Adjusted EBITDA from its equity-accounted joint venture. The Company does not have the unilateral ability to determine whether the cash generated by its equity-accounted joint venture is retained within the entity in which the Company holds the equity-accounted joint venture or distributed to the Company and other owners. In addition, the Company does not control the timing of any such distributions to the Company and other owners. </font><font style="color:#242424;font-family:'Arial',sans-serif;font-size:10pt;font-style:italic;font-weight:400;line-height:120%">Total Adjusted EBITDA </font><font style="color:#242424;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">represents Consolidated Adjusted EBITDA plus Adjusted EBITDA from Equity-Accounted Joint Venture</font><font style="color:#242424;font-family:'Arial',sans-serif;font-size:10pt;font-style:italic;font-weight:400;line-height:120%">.</font><font style="color:#242424;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%"> Adjusted EBITDA is a non-GAAP financial measure used by certain investors and management to measure the operational performance of companies. Please refer to </font><font style="color:#242424;font-family:'Arial',sans-serif;font-size:10pt;font-style:italic;font-weight:400;line-height:120%">Appendix C</font><font style="color:#242424;font-family:'Times New Roman',sans-serif;font-size:10pt;font-style:italic;font-weight:400;line-height:120%"> </font><font style="color:#242424;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">of this release for reconciliations of Adjusted EBITDA to net (loss) income and equity loss, respectively, from continuing and discontinued operations, which are the most directly comparable GAAP measures reflected in the Company&#8217;s consolidated financial statements.</font></div><div style="margin-bottom:6pt;margin-top:9pt;text-align:justify"><font style="color:#242424;font-family:'Arial',sans-serif;font-size:10pt;font-style:italic;font-weight:400;line-height:120%">Adjusted Net Income Attributable to Shareholders of Teekay </font><font style="color:#242424;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">excludes items of income or loss from GAAP net (loss) income that are typically excluded by securities analysts in their published estimates of the Company&#8217;s financial results. The Company believes that certain investors use this information to evaluate the Company&#8217;s financial performance, as does management. Please refer to </font><font style="color:#242424;font-family:'Arial',sans-serif;font-size:10pt;font-style:italic;font-weight:400;line-height:120%">Appendix A</font><font style="color:#242424;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%"> of this release for a reconciliation of this non-GAAP financial measure to net income (loss), and refer to footnote (4) of the statements of (loss) income for a reconciliation of adjusted equity income to equity income, the most directly comparable GAAP measure reflected in the Company&#8217;s consolidated financial statements. </font></div><div style="margin-bottom:6pt;margin-top:9pt;text-align:justify"><font><br></font></div><div style="margin-bottom:6pt;margin-top:9pt;text-align:justify"><font><br></font></div><div style="margin-bottom:6pt;margin-top:9pt;text-align:justify"><font><br></font></div><div style="margin-bottom:6pt;margin-top:9pt;text-align:justify"><font><br></font></div><div style="margin-bottom:6pt;margin-top:9pt;text-align:justify"><font><br></font></div><div style="height:72pt;position:relative;width:100%"><div style="bottom:0;position:absolute;width:100%"><div style="text-align:center"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:7pt;font-weight:700;line-height:120%">6</font></div><div style="text-align:center"><font><br></font></div><div style="text-align:center"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:7pt;font-weight:700;line-height:120%">Teekay Corporation</font><font style="color:#000000;font-family:'Arial',sans-serif;font-size:7pt;font-weight:400;line-height:120%">    Investor Relations Tel&#58; +1 604 609 2963    www.teekay.com</font></div><div style="text-align:center"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:7pt;font-weight:400;line-height:120%">4</font><font style="color:#000000;font-family:'Arial',sans-serif;font-size:4.55pt;font-weight:400;line-height:120%;position:relative;top:-2.44pt;vertical-align:baseline">th</font><font style="color:#000000;font-family:'Arial',sans-serif;font-size:7pt;font-weight:400;line-height:120%"> Floor, Belvedere Building, 69 Pitts Bay Road, Hamilton, HM 08, Bermuda</font></div></div></div><hr style="page-break-after:always"><div style="min-height:72pt;width:100%"><div style="text-align:center"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:99.415%"><tr><td style="width:1.0%"></td><td style="width:48.900%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:48.900%"></td><td style="width:0.1%"></td></tr><tr style="height:42pt"><td colspan="3" style="padding:0 1pt"><div><img alt="image2a.jpg" src="image2a.jpg" style="height:45px;margin-bottom:5pt;vertical-align:text-bottom;width:136px"></div></td><td colspan="3" style="padding:0 1pt"></td></tr></table></div><div><font><br></font></div></div><div style="margin-bottom:6pt;margin-top:9pt;text-align:justify"><font><br></font></div><div style="margin-bottom:6pt;margin-top:9pt;text-align:justify"><font style="color:#40b4e5;font-family:'Arial',sans-serif;font-size:15pt;font-weight:400;line-height:120%">Important Notice to Reader   </font><font style="color:#ee2724;font-family:'Arial',sans-serif;font-size:15pt;font-weight:400;line-height:120%"> </font></div><div style="margin-bottom:6pt;margin-top:9pt;text-align:justify"><font style="color:#242424;font-family:'Arial',sans-serif;font-size:11pt;font-weight:700;line-height:120%">Sale of Teekay Gas Business </font></div><div style="margin-bottom:6pt;margin-top:9pt;text-align:justify"><font style="color:#242424;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">On October 4, 2021, Teekay entered into an agreement to sell to affiliates of Stonepeak (a) its general partner interest in Teekay LNG, (b) all of its common units in Teekay LNG</font><font style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%"> (now known as Seapeak LLC (or </font><font style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-style:italic;font-weight:400;line-height:120%">Seapeak</font><font style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">)</font><font style="color:#242424;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">, and (c) various subsidiaries that provided the shore-based operations for Teekay LNG and certain of Teekay LNG&#8217;s joint ventures under existing management services contracts (collectively, the </font><font style="color:#242424;font-family:'Arial',sans-serif;font-size:10pt;font-style:italic;font-weight:400;line-height:120%">Teekay Gas Business</font><font style="color:#242424;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">). Prior to the transaction closing on January 13, 2022, Teekay maintained control of Teekay LNG by virtue of its 100% ownership interest in the general partner of Teekay LNG, which was a master limited partnership. </font></div><div style="margin-bottom:6pt;margin-top:9pt;text-align:justify"><font style="color:#242424;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The presentation of certain information in these consolidated financial statements reflects that the Teekay Gas Business is a discontinued operation of the Company, and historical comparative periods presented have been recast as a result.</font></div><div style="text-align:justify"><font style="color:#242424;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:112%">In accordance with GAAP, the results for the Teekay Gas Business discontinued operations were prepared on the following basis&#58;</font></div><div><font><br></font></div><div style="padding-left:36pt;text-align:justify;text-indent:-18pt"><font style="color:#242424;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:112%">&#8226;</font><font style="color:#242424;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:112%;padding-left:14.5pt">All revenues, expenses, assets and liabilities that were solely and directly related to the Teekay Gas Business are included. However, assets that were shared amongst the Teekay group and costs that were allocated amongst the Teekay group (i.e., shared services costs) were not included. For example, general and administrative expenses for the Teekay Gas Business discontinued operations did not include allocations of costs from shared corporate units. As a result, the general and administrative expenses of the Teekay Gas Business discontinued operations do not represent a fully-built-up cost, but rather only the direct costs incurred by Teekay LNG and the costs associated with functions that were fully-dedicated to providing services to Teekay LNG and certain of its joint ventures. As such, Teekay LNG&#8217;s share of the costs incurred by the corporate units in Teekay is not included in the discontinued operations results. For the three months ended December 31, 2021 and March 31, 2021, such excluded corporate unit cost allocation amounts are estimated to be $3.4 million and $3.8 million, respectively. Reallocating such amounts from continuing operations to the Teekay Gas Business discontinued operations may not result in historical financial results for Teekay's continuing operations, as adjusted, that are indicative of future costs of Teekay's continuing operations.</font></div><div><font><br></font></div><div style="padding-left:36pt;text-align:justify;text-indent:-18pt"><font style="color:#242424;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:112%">&#8226;</font><font style="color:#242424;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:112%;padding-left:14.5pt">Debt and associated interest expense of credit facilities that were assumed by Stonepeak as part of its purchase of Teekay LNG and the credit facility required to be repaid by Teekay Parent due to the transaction (i.e., Teekay Parent&#8217;s equity margin revolving credit facility) were included in the Teekay Gas Business discontinued operations. For the three months ended December 31, 2021 and March 31, 2021, such included amounts were $1.3 million and $0.9 million, respectively. Conversely, debt and associated interest expense of credit facilities or debt instruments that the Company may elect to repay as a result of the transaction (i.e., Teekay Parent&#8217;s 9.25% Senior Secured Notes due in November 2022 (or the </font><font style="color:#242424;font-family:'Arial',sans-serif;font-size:10pt;font-style:italic;font-weight:400;line-height:112%">2022 Notes</font><font style="color:#242424;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:112%">) and Teekay Parent's 5% Convertible Senior Notes due in January 2023 (or the </font><font style="color:#242424;font-family:'Arial',sans-serif;font-size:10pt;font-style:italic;font-weight:400;line-height:112%">Convertible Notes</font><font style="color:#242424;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:112%">)) were excluded from the Teekay Gas Business discontinued operations. </font></div><div style="height:72pt;position:relative;width:100%"><div style="bottom:0;position:absolute;width:100%"><div style="text-align:center"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:7pt;font-weight:700;line-height:120%">7</font></div><div style="text-align:center"><font><br></font></div><div style="text-align:center"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:7pt;font-weight:700;line-height:120%">Teekay Corporation</font><font style="color:#000000;font-family:'Arial',sans-serif;font-size:7pt;font-weight:400;line-height:120%">    Investor Relations Tel&#58; +1 604 609 2963    www.teekay.com</font></div><div style="text-align:center"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:7pt;font-weight:400;line-height:120%">4</font><font style="color:#000000;font-family:'Arial',sans-serif;font-size:4.55pt;font-weight:400;line-height:120%;position:relative;top:-2.44pt;vertical-align:baseline">th</font><font style="color:#000000;font-family:'Arial',sans-serif;font-size:7pt;font-weight:400;line-height:120%"> Floor, Belvedere Building, 69 Pitts Bay Road, Hamilton, HM 08, Bermuda</font></div></div></div><div id="i14fa50b9ada6407789c0cdad3213fad3_19"></div><hr style="page-break-after:always"><div style="min-height:72pt;width:100%"><div style="text-align:center"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:99.415%"><tr><td style="width:1.0%"></td><td style="width:48.900%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:48.900%"></td><td style="width:0.1%"></td></tr><tr style="height:42pt"><td colspan="3" style="padding:0 1pt"><div><img alt="image2a.jpg" src="image2a.jpg" style="height:45px;margin-bottom:5pt;vertical-align:text-bottom;width:136px"></div></td><td colspan="3" style="padding:0 1pt"></td></tr></table></div><div><font><br></font></div></div><div><font style="color:#40b4e5;font-family:'Arial',sans-serif;font-size:15pt;font-weight:400;line-height:120%">Teekay Corporation </font></div><div><font style="color:#40b4e5;font-family:'Arial',sans-serif;font-size:15pt;font-weight:400;line-height:110%">Summary Consolidated Statements of (Loss) Income</font></div><div><font><br></font></div><div><font style="color:#2e3337;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:120%">(in thousands of U.S. dollars, except share and per share data)</font></div><div><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:513.00pt"><tr><td style="width:1.0pt"></td><td style="width:333.25pt"></td><td style="width:1.0pt"></td><td style="width:1.0pt"></td><td style="width:57.25pt"></td><td style="width:1.0pt"></td><td style="width:1.0pt"></td><td style="width:57.25pt"></td><td style="width:1.0pt"></td><td style="width:1.0pt"></td><td style="width:57.25pt"></td><td style="width:1.0pt"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr style="height:11pt"><td colspan="3" style="background-color:#2ea2c8;padding:0 1pt"></td><td colspan="9" style="background-color:#2ea2c8;padding:2px 1pt;text-align:center;vertical-align:bottom"><font style="color:#ffffff;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Three Months Ended</font></td><td colspan="3" style="display:none"></td></tr><tr style="height:11pt"><td colspan="3" style="background-color:#2ea2c8;padding:0 1pt"></td><td colspan="3" style="background-color:#2ea2c8;padding:2px 1pt;text-align:center;vertical-align:bottom"><font style="color:#ffffff;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">March 31,</font></td><td colspan="3" style="background-color:#2ea2c8;padding:2px 1pt;text-align:center;vertical-align:bottom"><font style="color:#ffffff;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">December 31,</font></td><td colspan="3" style="background-color:#2ea2c8;padding:2px 1pt;text-align:center;vertical-align:bottom"><font style="color:#ffffff;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">March 31,</font></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr style="height:11pt"><td colspan="3" style="background-color:#2ea2c8;padding:0 1pt"></td><td colspan="3" style="background-color:#2ea2c8;padding:2px 1pt;text-align:center;vertical-align:bottom"><font style="color:#ffffff;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">2022</font></td><td colspan="3" style="background-color:#2ea2c8;padding:2px 1pt;text-align:left;vertical-align:bottom"><div style="text-align:center"><font style="color:#ffffff;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">2021 </font><font style="color:#ffffff;font-family:'Arial',sans-serif;font-size:5.2pt;font-weight:700;line-height:100%;position:relative;top:-2.8pt;vertical-align:baseline">(1)</font></div></td><td colspan="3" style="background-color:#2ea2c8;padding:2px 1pt;text-align:left;vertical-align:bottom"><div style="text-align:center"><font style="color:#ffffff;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">2021 </font><font style="color:#ffffff;font-family:'Arial',sans-serif;font-size:5.2pt;font-weight:700;line-height:100%;position:relative;top:-2.8pt;vertical-align:baseline">(1)</font></div></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr style="height:11pt"><td colspan="3" style="background-color:#2ea2c8;padding:0 1pt"></td><td colspan="3" style="background-color:#2ea2c8;padding:2px 1pt;text-align:center;vertical-align:bottom"><font style="color:#ffffff;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">(unaudited)</font></td><td colspan="3" style="background-color:#2ea2c8;padding:2px 1pt;text-align:center;vertical-align:bottom"><font style="color:#ffffff;font-family:'Arial',sans-serif;font-size:9pt;font-weight:700;line-height:100%">(unaudited)</font></td><td colspan="3" style="background-color:#2ea2c8;padding:2px 1pt;text-align:center;vertical-align:bottom"><font style="color:#ffffff;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">(unaudited)</font></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr style="height:3pt"><td colspan="3" style="background-color:#f4faff;padding:0 1pt"></td><td colspan="3" style="background-color:#f4faff;padding:0 1pt"></td><td colspan="3" style="background-color:#f4faff;padding:0 1pt"></td><td colspan="3" style="background-color:#f4faff;padding:0 1pt"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr style="height:12pt"><td colspan="3" style="background-color:#f4faff;padding:2px 1pt;text-align:left;vertical-align:bottom"><font style="color:#2c2c2c;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Revenues</font></td><td colspan="3" style="background-color:#f4faff;padding:2px 7pt 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#2c2c2c;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">212,720</font></td><td colspan="3" style="background-color:#f4faff;padding:2px 7pt 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#2c2c2c;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">196,493</font></td><td colspan="3" style="background-color:#f4faff;padding:2px 7pt 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#2c2c2c;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">184,483</font></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr style="height:5pt"><td colspan="3" style="background-color:#f4faff;padding:0 1pt"></td><td colspan="3" style="background-color:#f4faff;padding:0 1pt"></td><td colspan="3" style="background-color:#f4faff;padding:0 1pt"></td><td colspan="3" style="background-color:#f4faff;padding:0 1pt"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr style="height:12pt"><td colspan="3" style="background-color:#f4faff;padding:2px 1pt;text-align:left;vertical-align:bottom"><font style="color:#2c2c2c;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Voyage expenses</font></td><td colspan="3" style="background-color:#f4faff;padding:2px 7pt 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#2c2c2c;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(101,622)</font></td><td colspan="3" style="background-color:#f4faff;padding:2px 7pt 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#2c2c2c;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(95,968)</font></td><td colspan="3" style="background-color:#f4faff;padding:2px 7pt 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#2c2c2c;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(69,042)</font></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr style="height:12pt"><td colspan="3" style="background-color:#f4faff;padding:2px 1pt;text-align:left;vertical-align:bottom"><font style="color:#2c2c2c;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Vessel operating expenses </font></td><td colspan="3" style="background-color:#f4faff;padding:2px 7pt 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#2c2c2c;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(71,941)</font></td><td colspan="3" style="background-color:#f4faff;padding:2px 7pt 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#2c2c2c;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(72,981)</font></td><td colspan="3" style="background-color:#f4faff;padding:2px 7pt 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#2c2c2c;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(78,536)</font></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr style="height:12pt"><td colspan="3" style="background-color:#f4faff;padding:2px 1pt;text-align:left;vertical-align:bottom"><font style="color:#2c2c2c;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Time-charter hire expenses</font></td><td colspan="3" style="background-color:#f4faff;padding:2px 7pt 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#2c2c2c;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(5,550)</font></td><td colspan="3" style="background-color:#f4faff;padding:2px 7pt 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#2c2c2c;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(5,161)</font></td><td colspan="3" style="background-color:#f4faff;padding:2px 7pt 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#2c2c2c;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(5,271)</font></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr style="height:12pt"><td colspan="3" style="background-color:#f4faff;padding:2px 1pt;text-align:left;vertical-align:bottom"><font style="color:#2c2c2c;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Depreciation and amortization </font></td><td colspan="3" style="background-color:#f4faff;padding:2px 7pt 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#2c2c2c;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(25,080)</font></td><td colspan="3" style="background-color:#f4faff;padding:2px 7pt 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#2c2c2c;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(26,668)</font></td><td colspan="3" style="background-color:#f4faff;padding:2px 7pt 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#2c2c2c;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(26,684)</font></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr style="height:12pt"><td colspan="3" style="background-color:#f4faff;padding:2px 1pt;text-align:left;vertical-align:bottom"><font style="color:#2c2c2c;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">General and administrative expenses</font></td><td colspan="3" style="background-color:#f4faff;padding:2px 7pt 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#2c2c2c;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(16,083)</font></td><td colspan="3" style="background-color:#f4faff;padding:2px 7pt 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#2c2c2c;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(17,018)</font></td><td colspan="3" style="background-color:#f4faff;padding:2px 7pt 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#2c2c2c;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(19,008)</font></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr style="height:12pt"><td colspan="3" style="background-color:#f4faff;padding:2px 1pt;text-align:left;vertical-align:bottom"><font style="color:#2c2c2c;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Write-down of assets</font></td><td colspan="3" style="background-color:#f4faff;padding:2px 7pt 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#2c2c2c;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(421)</font></td><td colspan="3" style="background-color:#f4faff;padding:2px 7pt 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#2c2c2c;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(4,270)</font></td><td colspan="3" style="background-color:#f4faff;padding:2px 7pt 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#2c2c2c;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(715)</font></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr style="height:12pt"><td colspan="3" style="background-color:#f4faff;padding:2px 1pt;text-align:left;vertical-align:bottom"><div><font style="color:#2c2c2c;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Restructuring charges </font><font style="color:#2c2c2c;font-family:'Arial',sans-serif;font-size:5.2pt;font-weight:400;line-height:100%;position:relative;top:-2.8pt;vertical-align:baseline">(2)</font></div></td><td colspan="3" style="background-color:#f4faff;padding:2px 7pt 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#2c2c2c;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(4,597)</font></td><td colspan="3" style="background-color:#f4faff;padding:2px 7pt 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#2c2c2c;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(1,517)</font></td><td colspan="3" style="background-color:#f4faff;padding:2px 7pt 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#2c2c2c;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(303)</font></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr style="height:15pt"><td colspan="3" style="background-color:#f4faff;border-top:0.5pt solid #279fc7;padding:2px 1pt;text-align:left;vertical-align:bottom"><font style="color:#2c2c2c;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Loss from vessel operations</font></td><td colspan="3" style="background-color:#f4faff;border-top:0.5pt solid #279fc7;padding:2px 7pt 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#2c2c2c;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">(12,574)</font></td><td colspan="3" style="background-color:#f4faff;border-top:0.5pt solid #279fc7;padding:2px 7pt 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#2c2c2c;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">(27,090)</font></td><td colspan="3" style="background-color:#f4faff;border-top:0.5pt solid #279fc7;padding:2px 7pt 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#2c2c2c;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">(15,076)</font></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr style="height:5pt"><td colspan="3" style="background-color:#f4faff;padding:0 1pt"></td><td colspan="3" style="background-color:#f4faff;padding:0 1pt"></td><td colspan="3" style="background-color:#f4faff;padding:0 1pt"></td><td colspan="3" style="background-color:#f4faff;padding:0 1pt"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr style="height:12pt"><td colspan="3" style="background-color:#f4faff;padding:2px 1pt;text-align:left;vertical-align:bottom"><font style="color:#2c2c2c;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Interest expense</font></td><td colspan="3" style="background-color:#f4faff;padding:2px 7pt 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#2c2c2c;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(10,002)</font></td><td colspan="3" style="background-color:#f4faff;padding:2px 7pt 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#2c2c2c;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(15,406)</font></td><td colspan="3" style="background-color:#f4faff;padding:2px 7pt 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#2c2c2c;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(18,417)</font></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr style="height:12pt"><td colspan="3" style="background-color:#f4faff;padding:2px 1pt;text-align:left;vertical-align:bottom"><font style="color:#2c2c2c;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Interest income</font></td><td colspan="3" style="background-color:#f4faff;padding:2px 7pt 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#2c2c2c;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">297</font></td><td colspan="3" style="background-color:#f4faff;padding:2px 7pt 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#2c2c2c;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">56</font></td><td colspan="3" style="background-color:#f4faff;padding:2px 7pt 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#2c2c2c;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">39</font></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr style="height:12pt"><td colspan="3" style="background-color:#f4faff;padding:2px 1pt;text-align:left;vertical-align:bottom"><div><font style="color:#2c2c2c;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Realized and unrealized gains on non-designated derivative instruments </font><font style="color:#2c2c2c;font-family:'Arial',sans-serif;font-size:5.2pt;font-weight:400;line-height:100%;position:relative;top:-2.8pt;vertical-align:baseline">(3)</font></div></td><td colspan="3" style="background-color:#f4faff;padding:2px 7pt 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#2c2c2c;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">1,967</font></td><td colspan="3" style="background-color:#f4faff;padding:2px 7pt 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#2c2c2c;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">565</font></td><td colspan="3" style="background-color:#f4faff;padding:2px 7pt 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#2c2c2c;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">703</font></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr style="height:12pt"><td colspan="3" style="background-color:#f4faff;padding:2px 1pt;text-align:left;vertical-align:bottom"><div><font style="color:#2c2c2c;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Equity loss </font><font style="color:#2c2c2c;font-family:'Arial',sans-serif;font-size:5.2pt;font-weight:400;line-height:100%;position:relative;top:-2.8pt;vertical-align:baseline">(4)</font></div></td><td colspan="3" style="background-color:#f4faff;padding:2px 7pt 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#2c2c2c;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(754)</font></td><td colspan="3" style="background-color:#f4faff;padding:2px 7pt 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#2c2c2c;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(12,046)</font></td><td colspan="3" style="background-color:#f4faff;padding:2px 7pt 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#2c2c2c;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(359)</font></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr style="height:12pt"><td colspan="3" style="background-color:#f4faff;padding:2px 1pt;text-align:left;vertical-align:bottom"><font style="color:#2c2c2c;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Income tax recovery</font></td><td colspan="3" style="background-color:#f4faff;padding:2px 7pt 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#2c2c2c;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">636</font></td><td colspan="3" style="background-color:#f4faff;padding:2px 7pt 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#2c2c2c;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">1,560</font></td><td colspan="3" style="background-color:#f4faff;padding:2px 7pt 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#2c2c2c;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">608</font></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr style="height:12pt"><td colspan="3" style="background-color:#f4faff;padding:2px 1pt;text-align:left;vertical-align:bottom"><div><font style="color:#2c2c2c;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Loss on bond repurchases </font><font style="color:#2c2c2c;font-family:'Arial',sans-serif;font-size:5.2pt;font-weight:400;line-height:100%;position:relative;top:-2.8pt;vertical-align:baseline">(5)</font></div></td><td colspan="3" style="background-color:#f4faff;padding:2px 7pt 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#2c2c2c;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(12,410)</font></td><td colspan="3" style="background-color:#f4faff;padding:2px 7pt 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#2c2c2c;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;</font></td><td colspan="3" style="background-color:#f4faff;padding:2px 7pt 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#2c2c2c;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;</font></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr style="height:12pt"><td colspan="3" style="background-color:#f4faff;padding:2px 1pt;text-align:left;vertical-align:bottom"><font style="color:#2c2c2c;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Other &#8211; net </font></td><td colspan="3" style="background-color:#f4faff;padding:2px 7pt 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#2c2c2c;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(283)</font></td><td colspan="3" style="background-color:#f4faff;padding:2px 7pt 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#2c2c2c;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(5,936)</font></td><td colspan="3" style="background-color:#f4faff;padding:2px 7pt 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#2c2c2c;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(951)</font></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr style="height:12pt"><td colspan="3" style="background-color:#f4faff;border-top:0.5pt solid #279fc7;padding:2px 1pt;text-align:left;vertical-align:bottom"><font style="color:#2c2c2c;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Net loss from continuing operations</font></td><td colspan="3" style="background-color:#f4faff;border-top:0.5pt solid #279fc7;padding:2px 7pt 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#2c2c2c;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">(33,123)</font></td><td colspan="3" style="background-color:#f4faff;border-top:0.5pt solid #279fc7;padding:2px 7pt 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#2c2c2c;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">(58,297)</font></td><td colspan="3" style="background-color:#f4faff;border-top:0.5pt solid #279fc7;padding:2px 7pt 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#2c2c2c;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">(33,453)</font></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr style="height:12pt"><td colspan="3" style="background-color:#f4faff;padding:2px 1pt;text-align:left;vertical-align:bottom"><div><font style="color:#2c2c2c;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(Loss) income from discontinued operations </font><font style="color:#2c2c2c;font-family:'Arial',sans-serif;font-size:5.2pt;font-weight:400;line-height:100%;position:relative;top:-2.8pt;vertical-align:baseline">(6)</font></div></td><td colspan="3" style="background-color:#f4faff;padding:2px 7pt 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#2c2c2c;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(20,276)</font></td><td colspan="3" style="background-color:#f4faff;padding:2px 7pt 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#2c2c2c;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">41,450</font></td><td colspan="3" style="background-color:#f4faff;padding:2px 7pt 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#2c2c2c;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">94,957</font></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr style="height:12pt"><td colspan="3" style="background-color:#f4faff;border-top:0.5pt solid #279fc7;padding:2px 1pt;text-align:left;vertical-align:bottom"><font style="color:#2c2c2c;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Net (loss) income</font></td><td colspan="3" style="background-color:#f4faff;border-top:0.5pt solid #279fc7;padding:2px 7pt 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#2c2c2c;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">(53,399)</font></td><td colspan="3" style="background-color:#f4faff;border-top:0.5pt solid #279fc7;padding:2px 7pt 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#2c2c2c;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">(16,847)</font></td><td colspan="3" style="background-color:#f4faff;border-top:0.5pt solid #279fc7;padding:2px 7pt 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#2c2c2c;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">61,504</font></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr style="height:12pt"><td colspan="3" style="background-color:#f4faff;padding:2px 1pt;text-align:left;vertical-align:top"><div><font style="color:#2c2c2c;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Net loss (income) attributable to non-controlling interests </font><font style="color:#2c2c2c;font-family:'Arial',sans-serif;font-size:5.2pt;font-weight:400;line-height:100%;position:relative;top:-2.8pt;vertical-align:baseline">(6)</font></div></td><td colspan="3" style="background-color:#f4faff;padding:2px 7pt 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#2c2c2c;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">54,287</font></td><td colspan="3" style="background-color:#f4faff;padding:2px 7pt 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#2c2c2c;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(540)</font></td><td colspan="3" style="background-color:#f4faff;padding:2px 7pt 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#2c2c2c;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(31,553)</font></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr style="height:12pt"><td colspan="3" style="background-color:#f4faff;border-top:0.5pt solid #279fc7;padding:2px 1pt;text-align:left;vertical-align:bottom"><font style="color:#2c2c2c;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Net income (loss)  attributable to the shareholders of Teekay Corporation</font></td><td colspan="3" style="background-color:#f4faff;border-top:0.5pt solid #279fc7;padding:2px 7pt 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#2c2c2c;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">888</font></td><td colspan="3" style="background-color:#f4faff;border-top:0.5pt solid #279fc7;padding:2px 7pt 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#2c2c2c;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">(17,387)</font></td><td colspan="3" style="background-color:#f4faff;border-top:0.5pt solid #279fc7;padding:2px 7pt 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#2c2c2c;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">29,951</font></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr style="height:14pt"><td colspan="3" style="background-color:#f4faff;border-top:2pt solid #279fc7;padding:2px 1pt;text-align:left;vertical-align:bottom"><font style="color:#2c2c2c;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Amounts attributable to the shareholders of Teekay Corporation</font></td><td colspan="3" style="background-color:#f4faff;border-top:2pt solid #279fc7;padding:0 1pt"></td><td colspan="3" style="background-color:#f4faff;border-top:2pt solid #279fc7;padding:0 1pt"></td><td colspan="3" style="background-color:#f4faff;border-top:2pt solid #279fc7;padding:0 1pt"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr style="height:14pt"><td colspan="3" style="background-color:#f4faff;padding:2px 1pt;text-align:left;vertical-align:bottom"><font style="color:#2c2c2c;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Loss from continuing operations</font></td><td colspan="3" style="background-color:#f4faff;padding:2px 7pt 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#2c2c2c;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(33,123)</font></td><td colspan="3" style="background-color:#f4faff;padding:2px 7pt 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#2c2c2c;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(58,297)</font></td><td colspan="3" style="background-color:#f4faff;padding:2px 7pt 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#2c2c2c;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(33,453)</font></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr style="height:14pt"><td colspan="3" style="background-color:#f4faff;padding:2px 1pt;text-align:left;vertical-align:bottom"><font style="color:#2c2c2c;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Net (income) loss attributable to non-controlling interests, continuing operations </font></td><td colspan="3" style="background-color:#f4faff;padding:2px 7pt 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#2c2c2c;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(7,641)</font></td><td colspan="3" style="background-color:#f4faff;padding:2px 7pt 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#2c2c2c;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">25,323</font></td><td colspan="3" style="background-color:#f4faff;padding:2px 7pt 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#2c2c2c;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">25,113</font></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr style="height:14pt"><td colspan="3" style="background-color:#f4faff;border-top:0.5pt solid #279fc7;padding:2px 1pt;text-align:left;vertical-align:bottom"><font style="color:#2c2c2c;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Net loss attributable to the shareholders of Teekay Corporation, continuing operations</font></td><td colspan="3" style="background-color:#f4faff;border-top:0.5pt solid #279fc7;padding:2px 7pt 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#2c2c2c;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">(40,764)</font></td><td colspan="3" style="background-color:#f4faff;border-top:0.5pt solid #279fc7;padding:2px 7pt 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#2c2c2c;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">(32,974)</font></td><td colspan="3" style="background-color:#f4faff;border-top:0.5pt solid #279fc7;padding:2px 7pt 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#2c2c2c;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">(8,340)</font></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr style="height:14pt"><td colspan="3" style="background-color:#f4faff;border-top:2pt solid #279fc7;padding:2px 1pt;text-align:left;vertical-align:bottom"><font style="color:#2c2c2c;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(Loss) income from discontinued operations </font></td><td colspan="3" style="background-color:#f4faff;border-top:2pt solid #279fc7;padding:2px 7pt 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#2c2c2c;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(20,276)</font></td><td colspan="3" style="background-color:#f4faff;border-top:2pt solid #279fc7;padding:2px 7pt 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#2c2c2c;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">41,450</font></td><td colspan="3" style="background-color:#f4faff;border-top:2pt solid #279fc7;padding:2px 7pt 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#2c2c2c;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">94,957</font></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr style="height:14pt"><td colspan="3" style="background-color:#f4faff;padding:2px 1pt;text-align:left;vertical-align:bottom"><div><font style="color:#2c2c2c;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Net loss (income) attributable to non-controlling interests, discontinued operations </font><font style="color:#2c2c2c;font-family:'Arial',sans-serif;font-size:5.2pt;font-weight:400;line-height:100%;position:relative;top:-2.8pt;vertical-align:baseline">(6)</font></div></td><td colspan="3" style="background-color:#f4faff;padding:2px 7pt 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#2c2c2c;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">61,928</font></td><td colspan="3" style="background-color:#f4faff;padding:2px 7pt 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#2c2c2c;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(25,863)</font></td><td colspan="3" style="background-color:#f4faff;padding:2px 7pt 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#2c2c2c;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(56,666)</font></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr style="height:14pt"><td colspan="3" style="background-color:#f4faff;border-top:0.5pt solid #279fc7;padding:2px 1pt;text-align:left;vertical-align:bottom"><font style="color:#2c2c2c;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Net income attributable to the shareholders of </font></td><td colspan="3" style="background-color:#f4faff;border-top:0.5pt solid #279fc7;padding:0 1pt"></td><td colspan="3" style="background-color:#f4faff;border-top:0.5pt solid #279fc7;padding:0 1pt"></td><td colspan="3" style="background-color:#f4faff;border-top:0.5pt solid #279fc7;padding:0 1pt"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr style="height:15pt"><td colspan="3" style="background-color:#f4faff;padding:2px 1pt 2px 4pt;text-align:left;vertical-align:bottom"><font style="color:#2c2c2c;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Teekay Corporation, discontinued operations</font></td><td colspan="3" style="background-color:#f4faff;padding:2px 7pt 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#2c2c2c;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">41,652</font></td><td colspan="3" style="background-color:#f4faff;padding:2px 7pt 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#2c2c2c;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">15,587</font></td><td colspan="3" style="background-color:#f4faff;padding:2px 7pt 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#2c2c2c;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">38,291</font></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr style="height:14pt"><td colspan="3" style="background-color:#f4faff;border-top:2pt solid #279fc7;padding:2px 1pt 2px 1.75pt;text-align:left;vertical-align:bottom"><font style="color:#2c2c2c;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Net income (loss) attributable to the shareholders of Teekay Corporation</font></td><td colspan="3" style="background-color:#f4faff;border-top:2pt solid #279fc7;padding:2px 7pt 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#2c2c2c;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">888</font></td><td colspan="3" style="background-color:#f4faff;border-top:2pt solid #279fc7;padding:2px 7pt 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#2c2c2c;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">(17,387)</font></td><td colspan="3" style="background-color:#f4faff;border-top:2pt solid #279fc7;padding:2px 7pt 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#2c2c2c;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">29,951</font></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr style="height:14pt"><td colspan="3" style="background-color:#f4faff;border-top:2pt solid #279fc7;padding:2px 1pt;text-align:left;vertical-align:bottom"><font style="color:#2c2c2c;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Loss per common share of Teekay Corporation, continuing operations</font></td><td colspan="3" style="background-color:#f4faff;border-top:2pt solid #279fc7;padding:0 1pt"></td><td colspan="3" style="background-color:#f4faff;border-top:2pt solid #279fc7;padding:0 1pt"></td><td colspan="3" style="background-color:#f4faff;border-top:2pt solid #279fc7;padding:0 1pt"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr style="height:14pt"><td colspan="3" style="background-color:#f4faff;padding:2px 1pt;text-align:left;vertical-align:bottom"><div style="padding-left:12pt"><font style="color:#2c2c2c;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;-  Basic and diluted</font></div></td><td colspan="3" style="background-color:#f4faff;padding:2px 7pt 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#2c2c2c;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(0.40)</font></td><td colspan="3" style="background-color:#f4faff;padding:2px 7pt 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#2c2c2c;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(0.32)</font></td><td colspan="3" style="background-color:#f4faff;padding:2px 7pt 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#2c2c2c;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(0.08)</font></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr style="height:14pt"><td colspan="3" style="background-color:#f4faff;border-top:0.5pt solid #279fc7;padding:2px 1pt;text-align:left;vertical-align:bottom"><font style="color:#2c2c2c;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Earnings per common share of Teekay Corporation, discontinued operations</font></td><td colspan="3" style="background-color:#f4faff;border-top:0.5pt solid #279fc7;padding:0 1pt"></td><td colspan="3" style="background-color:#f4faff;border-top:0.5pt solid #279fc7;padding:0 1pt"></td><td colspan="3" style="background-color:#f4faff;border-top:0.5pt solid #279fc7;padding:0 1pt"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr style="height:14pt"><td colspan="3" style="background-color:#f4faff;padding:2px 1pt;text-align:left;vertical-align:bottom"><div style="padding-left:12pt"><font style="color:#2c2c2c;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;-  Basic and diluted</font></div></td><td style="background-color:#f4faff;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><font style="color:#2c2c2c;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">$</font></td><td colspan="2" style="background-color:#f4faff;padding:2px 7pt 2px 0;text-align:right;vertical-align:bottom"><font style="color:#2c2c2c;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">0.41</font></td><td style="background-color:#f4faff;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><font style="color:#2c2c2c;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">$</font></td><td colspan="2" style="background-color:#f4faff;padding:2px 7pt 2px 0;text-align:right;vertical-align:bottom"><font style="color:#2c2c2c;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">0.15</font></td><td style="background-color:#f4faff;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><font style="color:#2c2c2c;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">$</font></td><td colspan="2" style="background-color:#f4faff;padding:2px 7pt 2px 0;text-align:right;vertical-align:bottom"><font style="color:#2c2c2c;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">0.38</font></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr style="height:12pt"><td colspan="3" style="background-color:#f4faff;border-top:2pt solid #279fc7;padding:2px 1pt;text-align:left;vertical-align:bottom"><div style="padding-left:0.75pt"><font style="color:#2c2c2c;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Earnings (loss) per common share of Teekay Corporation -  Basic and diluted</font></div></td><td colspan="3" style="background-color:#f4faff;border-top:2pt solid #279fc7;padding:2px 7pt 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#2c2c2c;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">0.01</font></td><td colspan="3" style="background-color:#f4faff;border-top:2pt solid #279fc7;padding:2px 7pt 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#2c2c2c;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(0.17)</font></td><td colspan="3" style="background-color:#f4faff;border-top:2pt solid #279fc7;padding:2px 7pt 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#2c2c2c;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">0.30</font></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr style="height:14pt"><td colspan="3" style="background-color:#f4faff;border-top:2pt solid #279fc7;padding:2px 1pt;text-align:left;vertical-align:bottom"><font style="color:#2c2c2c;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Weighted-average number of common shares outstanding</font></td><td colspan="3" style="background-color:#f4faff;border-top:2pt solid #279fc7;padding:0 1pt"></td><td colspan="3" style="background-color:#f4faff;border-top:2pt solid #279fc7;padding:0 1pt"></td><td colspan="3" style="background-color:#f4faff;border-top:2pt solid #279fc7;padding:0 1pt"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr style="height:12pt"><td colspan="3" style="background-color:#f4faff;padding:2px 1pt;text-align:left;vertical-align:bottom"><div style="padding-left:12pt"><font style="color:#2c2c2c;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;-  Basic </font><font style="color:#2c2c2c;font-family:'Arial',sans-serif;font-size:5.2pt;font-weight:400;line-height:100%;position:relative;top:-2.8pt;vertical-align:baseline">(7)</font><font style="color:#2c2c2c;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"> and diluted</font></div></td><td colspan="3" style="background-color:#f4faff;padding:2px 7pt 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#2c2c2c;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">102,347,141</font></td><td colspan="3" style="background-color:#f4faff;padding:2px 7pt 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#2c2c2c;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">102,319,870</font></td><td colspan="3" style="background-color:#f4faff;padding:2px 7pt 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#2c2c2c;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">101,165,928</font></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr style="height:12pt"><td colspan="3" style="background-color:#f4faff;border-bottom:1.5pt solid #279fc7;border-top:0.5pt solid #279fc7;padding:2px 1pt;text-align:left;vertical-align:bottom"><font style="color:#2c2c2c;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Number of outstanding shares of common stock at the end of the period</font></td><td colspan="3" style="background-color:#f4faff;border-bottom:1.5pt solid #279fc7;border-top:0.5pt solid #279fc7;padding:2px 7pt 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#2c2c2c;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">101,693,253</font></td><td colspan="3" style="background-color:#f4faff;border-bottom:1.5pt solid #279fc7;border-top:0.5pt solid #279fc7;padding:2px 7pt 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#2c2c2c;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">101,571,141</font></td><td colspan="3" style="background-color:#f4faff;border-bottom:1.5pt solid #279fc7;border-top:0.5pt solid #279fc7;padding:2px 7pt 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#2c2c2c;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">101,285,915</font></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr></table></div><div style="height:72pt;position:relative;width:100%"><div style="bottom:0;position:absolute;width:100%"><div style="text-align:center"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:7pt;font-weight:700;line-height:120%">8</font></div><div style="text-align:center"><font><br></font></div><div style="text-align:center"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:7pt;font-weight:700;line-height:120%">Teekay Corporation</font><font style="color:#000000;font-family:'Arial',sans-serif;font-size:7pt;font-weight:400;line-height:120%">    Investor Relations Tel&#58; +1 604 609 2963    www.teekay.com</font></div><div style="text-align:center"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:7pt;font-weight:400;line-height:120%">4</font><font style="color:#000000;font-family:'Arial',sans-serif;font-size:4.55pt;font-weight:400;line-height:120%;position:relative;top:-2.44pt;vertical-align:baseline">th</font><font style="color:#000000;font-family:'Arial',sans-serif;font-size:7pt;font-weight:400;line-height:120%"> Floor, Belvedere Building, 69 Pitts Bay Road, Hamilton, HM 08, Bermuda</font></div></div></div><hr style="page-break-after:always"><div style="min-height:72pt;width:100%"><div style="text-align:center"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:99.415%"><tr><td style="width:1.0%"></td><td style="width:48.900%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:48.900%"></td><td style="width:0.1%"></td></tr><tr style="height:42pt"><td colspan="3" style="padding:0 1pt"><div><img alt="image2a.jpg" src="image2a.jpg" style="height:45px;margin-bottom:5pt;vertical-align:text-bottom;width:136px"></div></td><td colspan="3" style="padding:0 1pt"></td></tr></table></div><div><font><br></font></div></div><div style="padding-left:18pt;text-align:justify;text-indent:-18pt"><font style="color:#242424;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:120%">(1)</font><font style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:120%;padding-left:8.24pt">The presentation of certain information in these consolidated financial statements reflect the Teekay Gas Business as a discontinued operation of the Company, and historical comparative periods presented have been recast as a result</font><font style="color:#242424;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">.</font><font style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:120%"> Refer to the </font><font style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-style:italic;font-weight:400;line-height:120%">Important Notice to Reader</font><font style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:120%"> section above for further information.</font></div><div style="text-align:justify"><font><br></font></div><div style="padding-left:18pt;text-align:justify;text-indent:-18pt"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:120%">(2)</font><font style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:120%;padding-left:8.24pt">The three months ended March 31, 2022 includes restructuring charges of $3.8 million related to the reorganization and realignment of the Company's shared service functions following the sale of the Teekay Gas Business, of which $2.4 million was recovered from Seapeak and was recorded as part of revenues on the consolidated statements of (loss) income. </font></div><div style="text-align:justify"><font><br></font></div><div style="padding-left:18pt;text-align:justify;text-indent:-18pt"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:120%">(3)</font><font style="color:#2c2c2c;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:120%;padding-left:8.24pt">Realized and unrealized gains (losses) related to derivative instruments that are not designated in qualifying hedg</font><font style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:120%">ing relationships for a</font><font style="color:#2c2c2c;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:120%">ccounting purposes are included as a separate line item in the consolidated statements of (loss) income. The realized (losses) gains relate to the amounts the Company actually paid to settle such derivative instruments and the unrealized gains (losses) relate to the change in fair value of such derivative instruments, are detailed in the table below and exclude amounts relating to the Teekay Gas Business&#58;</font></div><div style="margin-top:5pt;padding-left:18pt;text-align:justify"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:511.50pt"><tr><td style="width:1.0pt"></td><td style="width:6.25pt"></td><td style="width:1.0pt"></td><td style="width:1.0pt"></td><td style="width:280.75pt"></td><td style="width:1.0pt"></td><td style="width:1.0pt"></td><td style="width:71.50pt"></td><td style="width:1.0pt"></td><td style="width:1.0pt"></td><td style="width:71.50pt"></td><td style="width:1.0pt"></td><td style="width:1.0pt"></td><td style="width:71.50pt"></td><td style="width:1.0pt"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr style="height:18pt"><td colspan="3" style="background-color:#279fc7;padding:0 1pt"></td><td colspan="3" style="background-color:#279fc7;padding:2px 1pt;text-align:center;vertical-align:middle"><font style="color:#ffffff;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</font></td><td colspan="9" style="background-color:#279fc7;padding:2px 1pt;text-align:center;vertical-align:middle"><font style="color:#ffffff;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Three Months Ended</font></td><td colspan="3" style="display:none"></td></tr><tr style="height:11pt"><td colspan="3" style="background-color:#279fc7;padding:2px 1pt;text-align:left;vertical-align:bottom"><font style="color:#ffffff;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:100%">&#160;</font></td><td colspan="3" style="background-color:#279fc7;padding:2px 1pt;text-align:left;vertical-align:bottom"><font style="color:#ffffff;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</font></td><td colspan="3" style="background-color:#279fc7;padding:2px 1pt;text-align:center;vertical-align:bottom"><font style="color:#ffffff;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">March 31,</font></td><td colspan="3" style="background-color:#279fc7;padding:2px 1pt;text-align:center;vertical-align:bottom"><font style="color:#ffffff;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">December 31,</font></td><td colspan="3" style="background-color:#279fc7;padding:2px 1pt;text-align:center;vertical-align:bottom"><font style="color:#ffffff;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">March 31,</font></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr style="height:11pt"><td colspan="3" style="background-color:#279fc7;padding:2px 1pt;text-align:left;vertical-align:bottom"><font style="color:#ffffff;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:100%">&#160;</font></td><td colspan="3" style="background-color:#279fc7;padding:2px 1pt;text-align:left;vertical-align:bottom"><font style="color:#ffffff;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</font></td><td colspan="3" style="background-color:#279fc7;padding:2px 1pt;text-align:center;vertical-align:bottom"><font style="color:#ffffff;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">2022</font></td><td colspan="3" style="background-color:#279fc7;padding:2px 1pt;text-align:center;vertical-align:bottom"><font style="color:#ffffff;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">2021</font></td><td colspan="3" style="background-color:#279fc7;padding:2px 1pt;text-align:center;vertical-align:bottom"><font style="color:#ffffff;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">2021</font></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr style="height:11pt"><td colspan="3" style="background-color:#279fc7;padding:2px 1pt;text-align:left;vertical-align:bottom"><font style="color:#ffffff;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:100%">&#160;</font></td><td colspan="3" style="background-color:#279fc7;padding:2px 1pt;text-align:left;vertical-align:bottom"><font style="color:#ffffff;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</font></td><td colspan="3" style="background-color:#279fc7;padding:2px 1pt;text-align:center;vertical-align:bottom"><font style="color:#ffffff;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">(unaudited)</font></td><td colspan="3" style="background-color:#279fc7;padding:2px 1pt;text-align:center;vertical-align:bottom"><font style="color:#ffffff;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">(unaudited)</font></td><td colspan="3" style="background-color:#279fc7;padding:2px 1pt;text-align:center;vertical-align:bottom"><font style="color:#ffffff;font-family:'Arial',sans-serif;font-size:9pt;font-weight:700;line-height:100%">(unaudited)</font></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr style="height:12pt"><td colspan="6" style="background-color:#eef8fc;padding:2px 1pt;text-align:left;vertical-align:bottom"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:100%">Realized (losses) gains relating to</font></td><td colspan="3" style="background-color:#eef8fc;padding:0 1pt"></td><td colspan="3" style="background-color:#eef8fc;padding:0 1pt"></td><td colspan="3" style="background-color:#eef8fc;padding:0 1pt"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr style="height:12pt"><td colspan="3" style="background-color:#eef8fc;padding:2px 1pt;text-align:left;vertical-align:bottom"><font style="color:#242424;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:100%">&#160;</font></td><td colspan="3" style="background-color:#eef8fc;padding:2px 1pt;text-align:left;vertical-align:bottom"><font style="color:#242424;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:100%">Interest rate swap agreements</font></td><td colspan="3" style="background-color:#eef8fc;padding:2px 13pt 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:100%">(67)</font></td><td colspan="3" style="background-color:#eef8fc;padding:2px 13pt 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#242424;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:100%">(82)</font></td><td colspan="3" style="background-color:#eef8fc;padding:2px 13pt 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#242424;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:100%">(445)</font></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr style="height:12pt"><td colspan="3" style="background-color:#eef8fc;padding:0 1pt"></td><td colspan="3" style="background-color:#eef8fc;padding:2px 1pt;text-align:left;vertical-align:bottom"><font style="color:#242424;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:100%">Foreign currency forward contracts</font></td><td colspan="3" style="background-color:#eef8fc;padding:2px 13pt 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:100%">(83)</font></td><td colspan="3" style="background-color:#eef8fc;padding:2px 13pt 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#242424;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:100%">(31)</font></td><td colspan="3" style="background-color:#eef8fc;padding:2px 13pt 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#242424;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:100%">&#8212;</font></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr style="height:12pt"><td colspan="3" style="background-color:#eef8fc;padding:0 1pt"></td><td colspan="3" style="background-color:#eef8fc;padding:2px 1pt;text-align:left;vertical-align:bottom"><font style="color:#242424;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:100%">Forward freight agreements</font></td><td colspan="3" style="background-color:#eef8fc;padding:2px 13pt 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:100%">(23)</font></td><td colspan="3" style="background-color:#eef8fc;padding:2px 13pt 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#242424;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:100%">(153)</font></td><td colspan="3" style="background-color:#eef8fc;padding:2px 13pt 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#242424;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:100%">28</font></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr style="height:12pt"><td colspan="3" style="background-color:#eef8fc;border-top:1pt solid #279fc7;padding:2px 1pt;text-align:left;vertical-align:bottom"><font style="color:#242424;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:100%">&#160;</font></td><td colspan="3" style="background-color:#eef8fc;border-bottom:1pt solid #279fc7;border-top:1pt solid #279fc7;padding:2px 1pt;text-align:left;vertical-align:bottom"><font style="color:#242424;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:100%">&#160;</font></td><td colspan="3" style="background-color:#eef8fc;border-top:1pt solid #279fc7;padding:2px 13pt 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:100%">(173)</font></td><td colspan="3" style="background-color:#eef8fc;border-top:1pt solid #279fc7;padding:2px 13pt 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#242424;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:100%">(266)</font></td><td colspan="3" style="background-color:#eef8fc;border-top:1pt solid #279fc7;padding:2px 13pt 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#242424;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:100%">(417)</font></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr style="height:12pt"><td colspan="6" style="background-color:#eef8fc;border-top:1pt solid #279fc7;padding:2px 1pt;text-align:left;vertical-align:bottom"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:100%">Unrealized gains (losses) relating to</font></td><td colspan="3" style="background-color:#eef8fc;border-top:1pt solid #279fc7;padding:0 1pt"></td><td colspan="3" style="background-color:#eef8fc;border-top:1pt solid #279fc7;padding:0 1pt"></td><td colspan="3" style="background-color:#eef8fc;border-top:1pt solid #279fc7;padding:0 1pt"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr style="height:14pt"><td colspan="3" style="background-color:#eef8fc;padding:2px 1pt;text-align:left;vertical-align:bottom"><font style="color:#242424;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:100%">&#160;</font></td><td colspan="3" style="background-color:#eef8fc;padding:2px 1pt;text-align:left;vertical-align:bottom"><font style="color:#242424;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:100%">Interest rate swap agreements</font></td><td colspan="3" style="background-color:#eef8fc;padding:2px 13pt 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:100%">1,889</font></td><td colspan="3" style="background-color:#eef8fc;padding:2px 13pt 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#242424;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:100%">670</font></td><td colspan="3" style="background-color:#eef8fc;padding:2px 13pt 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#242424;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:100%">1,153</font></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr style="height:12pt"><td colspan="3" style="background-color:#eef8fc;padding:2px 1pt;text-align:left;vertical-align:bottom"><font style="color:#242424;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:100%">&#160;</font></td><td colspan="3" style="background-color:#eef8fc;padding:2px 1pt;text-align:left;vertical-align:bottom"><font style="color:#242424;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:100%">Foreign currency forward contracts</font></td><td colspan="3" style="background-color:#eef8fc;padding:2px 13pt 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:100%">22</font></td><td colspan="3" style="background-color:#eef8fc;padding:2px 13pt 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#242424;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:100%">(2)</font></td><td colspan="3" style="background-color:#eef8fc;padding:2px 13pt 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#242424;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:100%">&#8212;</font></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr style="height:12pt"><td colspan="3" style="background-color:#eef8fc;padding:0 1pt"></td><td colspan="3" style="background-color:#eef8fc;padding:2px 1pt;text-align:left;vertical-align:bottom"><font style="color:#242424;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:100%">Forward freight agreements</font></td><td colspan="3" style="background-color:#eef8fc;padding:2px 13pt 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:100%">229</font></td><td colspan="3" style="background-color:#eef8fc;padding:2px 13pt 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#242424;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:100%">163</font></td><td colspan="3" style="background-color:#eef8fc;padding:2px 13pt 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#242424;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:100%">(33)</font></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr style="height:12pt"><td colspan="3" style="background-color:#eef8fc;border-top:1pt solid #279fc7;padding:0 1pt"></td><td colspan="3" style="background-color:#eef8fc;border-bottom:1pt solid #279fc7;border-top:1pt solid #279fc7;padding:0 1pt"></td><td colspan="3" style="background-color:#eef8fc;border-top:1pt solid #279fc7;padding:2px 13pt 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:100%">2,140</font></td><td colspan="3" style="background-color:#eef8fc;border-top:1pt solid #279fc7;padding:2px 13pt 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#242424;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:100%">831</font></td><td colspan="3" style="background-color:#eef8fc;border-top:1pt solid #279fc7;padding:2px 13pt 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#242424;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:100%">1,120</font></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr style="height:21pt"><td colspan="6" style="background-color:#eef8fc;border-bottom:2pt solid #279fc7;border-top:1pt solid #279fc7;padding:2px 1pt;text-align:left;vertical-align:bottom"><div><font style="color:#000000;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:100%">Total realized and unrealized gains on</font></div><div style="text-indent:4.5pt"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:100%">&#160;derivative instruments</font></div></td><td colspan="3" style="background-color:#eef8fc;border-bottom:2pt solid #279fc7;border-top:1pt solid #279fc7;padding:2px 13pt 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:100%">1,967</font></td><td colspan="3" style="background-color:#eef8fc;border-bottom:2pt solid #279fc7;border-top:1pt solid #279fc7;padding:2px 13pt 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#242424;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:100%">565</font></td><td colspan="3" style="background-color:#eef8fc;border-bottom:2pt solid #279fc7;border-top:1pt solid #279fc7;padding:2px 13pt 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#242424;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:100%">703</font></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr></table></div><div style="padding-left:31.5pt;text-indent:-13.5pt"><font><br></font></div><div style="padding-left:18pt;text-align:justify;text-indent:-18pt"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:120%">(4)</font><font style="color:#2c2c2c;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:120%;padding-left:8.24pt">T</font><font style="color:#242424;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:120%">he Company&#8217;s proportionate share of items within equity loss from continuing operations, as identified in Appendix A of this release, is detailed in the table below. By excluding these items from equity loss as reflected in the consolidated statements o</font><font style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:120%">f (loss) income</font><font style="color:#242424;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:120%">, the Company believes the resulting adjusted equity loss is a normalized amount that can be used to evaluate the financial performance of the Company&#8217;s equity-accounted investment. Adjusted equity loss is a non-GAAP financial measure.</font></div><div style="margin-top:5pt;padding-left:18pt;text-align:justify"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:513.00pt"><tr><td style="width:1.0pt"></td><td style="width:6.25pt"></td><td style="width:1.0pt"></td><td style="width:1.0pt"></td><td style="width:280.00pt"></td><td style="width:1.0pt"></td><td style="width:1.0pt"></td><td style="width:72.25pt"></td><td style="width:1.0pt"></td><td style="width:1.0pt"></td><td style="width:72.25pt"></td><td style="width:1.0pt"></td><td style="width:1.0pt"></td><td style="width:72.25pt"></td><td style="width:1.0pt"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr style="height:20pt"><td colspan="3" style="background-color:#279fc7;padding:2px 1pt;text-align:left;vertical-align:middle"><font style="color:#ffffff;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">&#160;</font></td><td colspan="3" style="background-color:#279fc7;padding:2px 1pt;text-align:left;vertical-align:middle"><font style="color:#ffffff;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</font></td><td colspan="9" style="background-color:#279fc7;padding:2px 1pt;text-align:center;vertical-align:middle"><font style="color:#ffffff;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Three Months Ended</font></td><td colspan="3" style="display:none"></td></tr><tr style="height:11pt"><td colspan="3" style="background-color:#279fc7;padding:2px 1pt;text-align:left;vertical-align:bottom"><font style="color:#ffffff;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">&#160;</font></td><td colspan="3" style="background-color:#279fc7;padding:2px 1pt;text-align:left;vertical-align:bottom"><font style="color:#ffffff;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</font></td><td colspan="3" style="background-color:#279fc7;padding:2px 1pt;text-align:center;vertical-align:bottom"><font style="color:#ffffff;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">March 31,</font></td><td colspan="3" style="background-color:#279fc7;padding:2px 1pt;text-align:center;vertical-align:bottom"><font style="color:#ffffff;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">December 31,</font></td><td colspan="3" style="background-color:#279fc7;padding:2px 1pt;text-align:center;vertical-align:bottom"><font style="color:#ffffff;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">March 31,</font></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr style="height:11pt"><td colspan="3" style="background-color:#279fc7;padding:2px 1pt;text-align:left;vertical-align:bottom"><font style="color:#ffffff;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">&#160;</font></td><td colspan="3" style="background-color:#279fc7;padding:2px 1pt;text-align:left;vertical-align:bottom"><font style="color:#ffffff;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</font></td><td colspan="3" style="background-color:#279fc7;padding:2px 1pt;text-align:center;vertical-align:bottom"><font style="color:#ffffff;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">2022</font></td><td colspan="3" style="background-color:#279fc7;padding:2px 1pt;text-align:center;vertical-align:bottom"><font style="color:#ffffff;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">2021</font></td><td colspan="3" style="background-color:#279fc7;padding:2px 1pt;text-align:center;vertical-align:bottom"><font style="color:#ffffff;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">2021</font></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr style="height:11pt"><td colspan="3" style="background-color:#279fc7;padding:2px 1pt;text-align:left;vertical-align:bottom"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">&#160;</font></td><td colspan="3" style="background-color:#279fc7;border-bottom:1pt solid #279fc7;padding:2px 1pt;text-align:left;vertical-align:bottom"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</font></td><td colspan="3" style="background-color:#279fc7;padding:2px 1pt;text-align:center;vertical-align:bottom"><font style="color:#ffffff;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">(unaudited)</font></td><td colspan="3" style="background-color:#279fc7;padding:2px 1pt;text-align:center;vertical-align:bottom"><font style="color:#ffffff;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">(unaudited)</font></td><td colspan="3" style="background-color:#279fc7;padding:2px 1pt;text-align:center;vertical-align:bottom"><font style="color:#ffffff;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">(unaudited)</font></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr style="height:12pt"><td colspan="6" style="background-color:#eef8fc;border-top:1pt solid #279fc7;padding:2px 1pt;text-align:left;vertical-align:bottom"><font style="color:#242424;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:100%">Equity loss</font></td><td colspan="3" style="background-color:#eef8fc;border-top:1pt solid #279fc7;padding:2px 13pt 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:100%">(754)</font></td><td colspan="3" style="background-color:#eef8fc;border-top:1pt solid #279fc7;padding:2px 13pt 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#242424;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:100%">(12,046)</font></td><td colspan="3" style="background-color:#eef8fc;border-top:1pt solid #279fc7;padding:2px 13pt 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#242424;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:100%">(359)</font></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr style="height:12pt"><td colspan="6" style="background-color:#eef8fc;border-bottom:1pt solid #279fc7;padding:2px 1pt;text-align:left;vertical-align:bottom"><font style="color:#242424;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:100%">Write-down of Teekay Tankers' High Q Joint Venture</font></td><td colspan="3" style="background-color:#eef8fc;padding:2px 13pt 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#242424;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:100%">&#8212;</font></td><td colspan="3" style="background-color:#eef8fc;padding:2px 13pt 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#242424;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:100%">11,584</font></td><td colspan="3" style="background-color:#eef8fc;padding:2px 13pt 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#242424;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:100%">&#8212;</font></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr style="height:12pt"><td colspan="6" style="background-color:#eef8fc;border-bottom:2pt solid #279fc7;border-top:1pt solid #279fc7;padding:2px 1pt;text-align:left;vertical-align:bottom"><font style="color:#242424;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:100%">Equity loss adjusted for items in Appendix A </font></td><td colspan="3" style="background-color:#eef8fc;border-bottom:2pt solid #279fc7;border-top:1pt solid #279fc7;padding:2px 13pt 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#242424;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:100%">(754)</font></td><td colspan="3" style="background-color:#eef8fc;border-bottom:2pt solid #279fc7;border-top:1pt solid #279fc7;padding:2px 13pt 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#242424;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:100%">(462)</font></td><td colspan="3" style="background-color:#eef8fc;border-bottom:2pt solid #279fc7;border-top:1pt solid #279fc7;padding:2px 13pt 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#242424;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:100%">(359)</font></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr></table></div><div style="text-align:justify"><font><br></font></div><div style="padding-left:18pt;text-align:justify;text-indent:-18pt"><font style="color:#2c2c2c;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:120%">(5)</font><font style="color:#2c2c2c;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:120%;padding-left:8.24pt">Loss on bond repurchases for the three months ended March 31, 2022 includes a $9.2 million loss on repurchase of the 2022 Notes in full and a $3.2 million loss on repurchases of the Convertible Notes. Refer to footnotes (2) and (3) of the </font><font style="color:#2e3337;font-family:'Arial',sans-serif;font-size:8pt;font-style:italic;font-weight:400;line-height:120%">Summary </font><font style="color:#2c2c2c;font-family:'Arial',sans-serif;font-size:8pt;font-style:italic;font-weight:400;line-height:120%">Consolidated Balance Sheets </font><font style="color:#2c2c2c;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:120%">section for additional information.</font></div><div style="text-align:justify"><font><br></font></div><div style="padding-left:18pt;text-align:justify;text-indent:-18pt"><font style="color:#2c2c2c;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:120%">(6)</font><font style="color:#2c2c2c;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:120%;padding-left:8.24pt">(Loss) income from discontinued operations for the three months ended March 31, 2022 includes a $58.7&#160;million loss on deconsolidation of the Teekay Gas Business. Net loss (income) attributable to non-controlling interests, discontinued operations for the three months ended March 31, 2022 includes the realization of a deferred gain of $84.8 million relating to the intercompany sale of certain vessels from Teekay to the Teekay Gas Business in previous years, which is recognized upon the sale of the Teekay Gas Business. Together, these items resulted in a net gain of $26.2 million related to the deconsolidation of the Teekay Gas Business.</font></div><div style="text-align:justify"><font><br></font></div><div style="padding-left:18pt;text-align:justify;text-indent:-18pt"><font style="color:#2e3337;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:120%">(7)</font><font style="color:#2e3337;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:120%;padding-left:8.24pt">Includes common shares related to non-forfeitable stock-based compensation.</font></div><div style="height:72pt;position:relative;width:100%"><div style="bottom:0;position:absolute;width:100%"><div style="text-align:center"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:7pt;font-weight:700;line-height:120%">9</font></div><div style="text-align:center"><font><br></font></div><div style="text-align:center"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:7pt;font-weight:700;line-height:120%">Teekay Corporation</font><font style="color:#000000;font-family:'Arial',sans-serif;font-size:7pt;font-weight:400;line-height:120%">    Investor Relations Tel&#58; +1 604 609 2963    www.teekay.com</font></div><div style="text-align:center"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:7pt;font-weight:400;line-height:120%">4</font><font style="color:#000000;font-family:'Arial',sans-serif;font-size:4.55pt;font-weight:400;line-height:120%;position:relative;top:-2.44pt;vertical-align:baseline">th</font><font style="color:#000000;font-family:'Arial',sans-serif;font-size:7pt;font-weight:400;line-height:120%"> Floor, Belvedere Building, 69 Pitts Bay Road, Hamilton, HM 08, Bermuda</font></div></div></div><div id="i14fa50b9ada6407789c0cdad3213fad3_22"></div><hr style="page-break-after:always"><div style="min-height:72pt;width:100%"><div style="text-align:center"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:99.415%"><tr><td style="width:1.0%"></td><td style="width:48.900%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:48.900%"></td><td style="width:0.1%"></td></tr><tr style="height:42pt"><td colspan="3" style="padding:0 1pt"><div><img alt="image2a.jpg" src="image2a.jpg" style="height:45px;margin-bottom:5pt;vertical-align:text-bottom;width:136px"></div></td><td colspan="3" style="padding:0 1pt"></td></tr></table></div><div><font><br></font></div></div><div><font style="color:#40b4e5;font-family:'Arial',sans-serif;font-size:15pt;font-weight:400;line-height:120%">Teekay Corporation </font></div><div><font style="color:#40b4e5;font-family:'Arial',sans-serif;font-size:15pt;font-weight:400;line-height:100%">Summary Consolidated Balance Sheets </font></div><div><font style="color:#2e3337;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:120%">(in thousands of U.S. dollars)</font></div><div style="margin-top:5pt"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:513.00pt"><tr><td style="width:1.0pt"></td><td style="width:163.00pt"></td><td style="width:1.0pt"></td><td style="width:1.0pt"></td><td style="width:112.00pt"></td><td style="width:1.0pt"></td><td style="width:1.0pt"></td><td style="width:115.00pt"></td><td style="width:1.0pt"></td><td style="width:1.0pt"></td><td style="width:115.00pt"></td><td style="width:1.0pt"></td></tr><tr style="height:12pt"><td colspan="6" style="background-color:#279fc7;padding:2px 1pt;text-align:left;vertical-align:bottom"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:100%">&#160;</font></td><td colspan="3" style="background-color:#279fc7;padding:2px 1pt;text-align:center;vertical-align:bottom"><font style="color:#ffffff;font-family:'Arial',sans-serif;font-size:9pt;font-weight:700;line-height:100%">As at March 31,</font></td><td colspan="3" style="background-color:#279fc7;padding:2px 1pt;text-align:center;vertical-align:bottom"><font style="color:#ffffff;font-family:'Arial',sans-serif;font-size:9pt;font-weight:700;line-height:100%">As at December 31,</font></td></tr><tr style="height:12pt"><td colspan="6" style="background-color:#279fc7;padding:2px 1pt;text-align:left;vertical-align:bottom"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:100%">&#160;</font></td><td colspan="3" style="background-color:#279fc7;padding:2px 1pt;text-align:center;vertical-align:bottom"><font style="color:#ffffff;font-family:'Arial',sans-serif;font-size:9pt;font-weight:700;line-height:100%">2022</font></td><td colspan="3" style="background-color:#279fc7;padding:2px 1pt;text-align:center;vertical-align:bottom"><font style="color:#ffffff;font-family:'Arial',sans-serif;font-size:9pt;font-weight:700;line-height:100%">2021</font></td></tr><tr style="height:12pt"><td colspan="6" style="background-color:#279fc7;padding:2px 1pt;text-align:left;vertical-align:bottom"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:100%">&#160;</font></td><td colspan="3" style="background-color:#279fc7;padding:2px 1pt;text-align:center;vertical-align:bottom"><font style="color:#ffffff;font-family:'Arial',sans-serif;font-size:9pt;font-weight:700;line-height:100%">(unaudited)</font></td><td colspan="3" style="background-color:#279fc7;padding:2px 1pt;text-align:center;vertical-align:bottom"><font style="color:#ffffff;font-family:'Arial',sans-serif;font-size:9pt;font-weight:700;line-height:100%">(unaudited)</font></td></tr><tr style="height:12pt"><td colspan="6" style="background-color:#cfebf5;padding:2px 1pt;text-align:left;vertical-align:bottom"><font style="color:#242424;font-family:'Arial',sans-serif;font-size:9pt;font-weight:700;line-height:100%">ASSETS</font></td><td colspan="3" style="background-color:#cfebf5;padding:0 1pt"></td><td colspan="3" style="background-color:#cfebf5;padding:0 1pt"></td></tr><tr style="height:12pt"><td colspan="6" style="background-color:#eef8fc;padding:2px 1pt;text-align:left;vertical-align:bottom"><font style="color:#242424;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:100%">Cash and cash equivalents - Teekay Parent</font></td><td colspan="3" style="background-color:#eef8fc;padding:2px 31pt 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#242424;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:100%">93,239</font></td><td colspan="3" style="background-color:#eef8fc;padding:2px 31pt 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:100%">58,405</font></td></tr><tr style="height:12pt"><td colspan="6" style="background-color:#eef8fc;padding:2px 1pt;text-align:left;vertical-align:bottom"><font style="color:#242424;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:100%">Cash and cash equivalents - Teekay Tankers</font></td><td colspan="3" style="background-color:#eef8fc;padding:2px 31pt 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#242424;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:100%">18,366</font></td><td colspan="3" style="background-color:#eef8fc;padding:2px 31pt 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:100%">50,572</font></td></tr><tr style="height:12pt"><td colspan="6" style="background-color:#eef8fc;padding:2px 1pt;text-align:left;vertical-align:bottom"><div><font style="color:#242424;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:100%">Short-term investments - Teekay Parent </font><font style="color:#242424;font-family:'Arial',sans-serif;font-size:5.85pt;font-weight:400;line-height:100%;position:relative;top:-3.15pt;vertical-align:baseline">(1)</font></div></td><td colspan="3" style="background-color:#eef8fc;padding:2px 31pt 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#242424;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:100%">220,000</font></td><td colspan="3" style="background-color:#eef8fc;padding:2px 31pt 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:100%">&#8212;</font></td></tr><tr style="height:12pt"><td colspan="6" style="background-color:#eef8fc;padding:2px 1pt;text-align:left;vertical-align:bottom"><font style="color:#242424;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:100%">Assets held for sale</font></td><td colspan="3" style="background-color:#eef8fc;padding:2px 31pt 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#242424;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:100%">28,531</font></td><td colspan="3" style="background-color:#eef8fc;padding:2px 31pt 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:100%">43,543</font></td></tr><tr style="height:12pt"><td colspan="6" style="background-color:#eef8fc;padding:2px 1pt;text-align:left;vertical-align:bottom"><font style="color:#242424;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:100%">Accounts receivable and other current assets</font></td><td colspan="3" style="background-color:#eef8fc;padding:2px 31pt 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#242424;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:100%">153,412</font></td><td colspan="3" style="background-color:#eef8fc;padding:2px 31pt 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:100%">118,474</font></td></tr><tr style="height:12pt"><td colspan="6" style="background-color:#eef8fc;padding:2px 1pt;text-align:left;vertical-align:bottom"><font style="color:#242424;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:100%">Bunker and lube oil inventory</font></td><td colspan="3" style="background-color:#eef8fc;padding:2px 31pt 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#242424;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:100%">62,731</font></td><td colspan="3" style="background-color:#eef8fc;padding:2px 31pt 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:100%">49,033</font></td></tr><tr style="height:12pt"><td colspan="6" style="background-color:#eef8fc;padding:2px 1pt;text-align:left;vertical-align:bottom"><font style="color:#242424;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:100%">Current assets - discontinued operations</font></td><td colspan="3" style="background-color:#eef8fc;padding:2px 31pt 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#242424;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:100%">&#8212;</font></td><td colspan="3" style="background-color:#eef8fc;padding:2px 31pt 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:100%">4,804,439</font></td></tr><tr style="height:12pt"><td colspan="6" style="background-color:#eef8fc;padding:2px 1pt;text-align:left;vertical-align:bottom"><font style="color:#242424;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:100%">Restricted cash - Teekay Parent</font></td><td colspan="3" style="background-color:#eef8fc;padding:2px 31pt 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#242424;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:100%">&#8212;</font></td><td colspan="3" style="background-color:#eef8fc;padding:2px 31pt 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:100%">6</font></td></tr><tr style="height:12pt"><td colspan="6" style="background-color:#eef8fc;padding:2px 1pt;text-align:left;vertical-align:bottom"><font style="color:#242424;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:100%">Restricted cash - Teekay Tankers</font></td><td colspan="3" style="background-color:#eef8fc;padding:2px 31pt 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#242424;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:100%">5,335</font></td><td colspan="3" style="background-color:#eef8fc;padding:2px 31pt 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:100%">5,356</font></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr style="height:12pt"><td colspan="6" style="background-color:#eef8fc;padding:2px 1pt;text-align:left;vertical-align:bottom"><font style="color:#242424;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:100%">Vessels and equipment </font></td><td colspan="3" style="background-color:#eef8fc;padding:2px 31pt 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#242424;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:100%">1,318,545</font></td><td colspan="3" style="background-color:#eef8fc;padding:2px 31pt 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:100%">1,336,998</font></td></tr><tr style="height:12pt"><td colspan="6" style="background-color:#eef8fc;padding:2px 1pt;text-align:left;vertical-align:bottom"><font style="color:#242424;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:100%">Operating lease right-of-use assets</font></td><td colspan="3" style="background-color:#eef8fc;padding:2px 31pt 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#242424;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:100%">10,895</font></td><td colspan="3" style="background-color:#eef8fc;padding:2px 31pt 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:100%">14,257</font></td></tr><tr style="height:12pt"><td colspan="6" style="background-color:#eef8fc;padding:2px 1pt;text-align:left;vertical-align:bottom"><div><font style="color:#333333;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:100%">Net investment in direct financing </font><font style="color:#242424;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:100%">and sales-type leases</font></div></td><td colspan="3" style="background-color:#eef8fc;padding:2px 31pt 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#242424;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:100%">12,009</font></td><td colspan="3" style="background-color:#eef8fc;padding:2px 31pt 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:100%">12,009</font></td></tr><tr style="height:12pt"><td colspan="6" style="background-color:#eef8fc;padding:2px 1pt;text-align:left;vertical-align:bottom"><font style="color:#242424;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:100%">Net investment in and loans to equity-accounted investment</font></td><td colspan="3" style="background-color:#eef8fc;padding:2px 31pt 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#242424;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:100%">12,200</font></td><td colspan="3" style="background-color:#eef8fc;padding:2px 31pt 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:100%">12,954</font></td></tr><tr style="height:12pt"><td colspan="6" style="background-color:#eef8fc;padding:2px 1pt;text-align:left;vertical-align:bottom"><font style="color:#242424;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:100%">Other non-current assets</font></td><td colspan="3" style="background-color:#eef8fc;padding:2px 31pt 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#242424;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:100%">23,374</font></td><td colspan="3" style="background-color:#eef8fc;padding:2px 31pt 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:100%">25,936</font></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr style="height:12pt"><td colspan="6" style="background-color:#eef8fc;border-bottom:2pt solid #279fc7;border-top:1pt solid #279fc7;padding:2px 1pt;text-align:left;vertical-align:bottom"><font style="color:#242424;font-family:'Arial',sans-serif;font-size:9pt;font-weight:700;line-height:100%">Total Assets</font></td><td colspan="3" style="background-color:#eef8fc;border-top:1pt solid #279fc7;padding:2px 31pt 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:9pt;font-weight:700;line-height:100%">1,958,637</font></td><td colspan="3" style="background-color:#eef8fc;border-top:1pt solid #279fc7;padding:2px 31pt 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:9pt;font-weight:700;line-height:100%">6,531,982</font></td></tr><tr style="height:14pt"><td colspan="6" style="background-color:#cfebf5;border-top:2pt solid #279fc7;padding:2px 1pt;text-align:left;vertical-align:bottom"><font style="color:#242424;font-family:'Arial',sans-serif;font-size:9pt;font-weight:700;line-height:100%">LIABILITIES AND EQUITY</font></td><td colspan="3" style="background-color:#cfebf5;border-top:2pt solid #279fc7;padding:0 1pt"></td><td colspan="3" style="background-color:#cfebf5;border-top:2pt solid #279fc7;padding:0 1pt"></td></tr><tr style="height:12pt"><td colspan="6" style="background-color:#eef8fc;padding:2px 1pt;text-align:left;vertical-align:bottom"><font style="color:#242424;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:100%">Accounts payable and other current liabilities</font></td><td colspan="3" style="background-color:#eef8fc;padding:2px 31pt 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#242424;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:100%">131,697</font></td><td colspan="3" style="background-color:#eef8fc;padding:2px 31pt 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:100%">144,144</font></td></tr><tr style="height:12pt"><td colspan="6" style="background-color:#eef8fc;padding:2px 1pt;text-align:left;vertical-align:bottom"><font style="color:#242424;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:100%">Current liabilities - discontinued operations</font></td><td colspan="3" style="background-color:#eef8fc;padding:2px 31pt 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#242424;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:100%">&#8212;</font></td><td colspan="3" style="background-color:#eef8fc;padding:2px 31pt 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:100%">2,877,629</font></td></tr><tr style="height:12pt"><td colspan="6" style="background-color:#eef8fc;padding:2px 1pt;text-align:left;vertical-align:bottom"><font style="color:#242424;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:100%">Short-term debt - Teekay Tankers</font></td><td colspan="3" style="background-color:#eef8fc;padding:2px 31pt 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#242424;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:100%">28,000</font></td><td colspan="3" style="background-color:#eef8fc;padding:2px 31pt 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:100%">25,000</font></td></tr><tr style="height:12pt"><td colspan="6" style="background-color:#eef8fc;padding:2px 1pt;text-align:left;vertical-align:bottom"><div><font style="color:#242424;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:100%">Current portion of long-term debt - Teekay Parent </font><font style="color:#242424;font-family:'Arial',sans-serif;font-size:5.85pt;font-weight:400;line-height:100%;position:relative;top:-3.15pt;vertical-align:baseline">(2)</font></div></td><td colspan="3" style="background-color:#eef8fc;padding:2px 31pt 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#242424;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:100%">23,251</font></td><td colspan="3" style="background-color:#eef8fc;padding:2px 31pt 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:100%">239,806</font></td></tr><tr style="height:12pt"><td colspan="6" style="background-color:#eef8fc;padding:2px 1pt;text-align:left;vertical-align:bottom"><font style="color:#242424;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:100%">Current portion of long-term debt - Teekay Tankers </font></td><td colspan="3" style="background-color:#eef8fc;padding:2px 31pt 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#242424;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:100%">58,708</font></td><td colspan="3" style="background-color:#eef8fc;padding:2px 31pt 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:100%">42,532</font></td></tr><tr style="height:12pt"><td colspan="6" style="background-color:#eef8fc;padding:2px 1pt;text-align:left;vertical-align:bottom"><div><font style="color:#242424;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:100%">Long-term debt - Teekay Parent </font><font style="color:#242424;font-family:'Arial',sans-serif;font-size:5.85pt;font-weight:400;line-height:100%;position:relative;top:-3.15pt;vertical-align:baseline">(3)</font></div></td><td colspan="3" style="background-color:#eef8fc;padding:2px 31pt 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#242424;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:100%">&#8212;</font></td><td colspan="3" style="background-color:#eef8fc;padding:2px 31pt 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:100%">111,383</font></td></tr><tr style="height:12pt"><td colspan="6" style="background-color:#eef8fc;padding:2px 1pt;text-align:left;vertical-align:bottom"><font style="color:#242424;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:100%">Long-term debt - Teekay Tankers</font></td><td colspan="3" style="background-color:#eef8fc;padding:2px 31pt 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#242424;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:100%">525,788</font></td><td colspan="3" style="background-color:#eef8fc;padding:2px 31pt 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:100%">572,240</font></td></tr><tr style="height:12pt"><td colspan="6" style="background-color:#eef8fc;padding:2px 1pt;text-align:left;vertical-align:bottom"><font style="color:#242424;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:100%">Operating lease liabilities </font></td><td colspan="3" style="background-color:#eef8fc;padding:2px 31pt 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#242424;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:100%">11,961</font></td><td colspan="3" style="background-color:#eef8fc;padding:2px 31pt 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:100%">14,257</font></td></tr><tr style="height:12pt"><td colspan="6" style="background-color:#eef8fc;padding:2px 1pt;text-align:left;vertical-align:bottom"><font style="color:#242424;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:100%">Other long-term liabilities </font></td><td colspan="3" style="background-color:#eef8fc;padding:2px 31pt 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#242424;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:100%">66,631</font></td><td colspan="3" style="background-color:#eef8fc;padding:2px 31pt 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:100%">72,508</font></td></tr><tr style="height:12pt"><td colspan="6" style="background-color:#eef8fc;padding:2px 1pt;text-align:left;vertical-align:bottom"><font style="color:#242424;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:100%">Equity&#58;</font></td><td colspan="3" style="background-color:#eef8fc;padding:0 1pt"></td><td colspan="3" style="background-color:#eef8fc;padding:0 1pt"></td></tr><tr style="height:12pt"><td colspan="6" style="background-color:#eef8fc;padding:2px 1pt;text-align:left;vertical-align:bottom"><font style="color:#242424;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:100%">&#160;&#160;&#160;Non-controlling interests   </font></td><td colspan="3" style="background-color:#eef8fc;padding:2px 31pt 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#242424;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:100%">554,107</font></td><td colspan="3" style="background-color:#eef8fc;padding:2px 31pt 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:100%">1,917,433</font></td></tr><tr style="height:12pt"><td colspan="6" style="background-color:#eef8fc;border-bottom:1pt solid #279fc7;padding:2px 1pt;text-align:left;vertical-align:bottom"><font style="color:#242424;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:100%">&#160;&#160;&#160;Shareholders of Teekay </font></td><td colspan="3" style="background-color:#eef8fc;padding:2px 31pt 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#242424;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:100%">558,494</font></td><td colspan="3" style="background-color:#eef8fc;padding:2px 31pt 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:100%">515,050</font></td></tr><tr style="height:12pt"><td colspan="6" style="background-color:#eef8fc;border-top:1pt solid #279fc7;padding:2px 1pt;text-align:left;vertical-align:bottom"><font style="color:#242424;font-family:'Arial',sans-serif;font-size:9pt;font-weight:700;line-height:100%">Total Liabilities and Equity</font></td><td colspan="3" style="background-color:#eef8fc;border-top:1pt solid #279fc7;padding:2px 31pt 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:9pt;font-weight:700;line-height:100%">1,958,637</font></td><td colspan="3" style="background-color:#eef8fc;border-top:1pt solid #279fc7;padding:2px 31pt 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:9pt;font-weight:700;line-height:100%">6,531,982</font></td></tr><tr style="height:3pt"><td colspan="3" style="background-color:#eef8fc;border-top:2pt solid #279fc7;padding:0 1pt"></td><td colspan="3" style="background-color:#eef8fc;border-top:2pt solid #279fc7;padding:0 1pt"></td><td colspan="3" style="background-color:#eef8fc;border-top:2pt solid #279fc7;padding:0 1pt"></td><td colspan="3" style="background-color:#eef8fc;border-top:2pt solid #279fc7;padding:0 1pt"></td></tr><tr style="height:12pt"><td colspan="6" style="background-color:#eef8fc;padding:2px 1pt;text-align:left;vertical-align:bottom"><div><font style="color:#242424;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:100%">Net (cash) debt - Teekay Parent </font><font style="color:#242424;font-family:'Arial',sans-serif;font-size:5.85pt;font-weight:400;line-height:100%;position:relative;top:-3.15pt;vertical-align:baseline">(4)</font></div></td><td colspan="3" style="background-color:#eef8fc;padding:2px 31pt 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#242424;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:100%">(289,988)</font></td><td colspan="3" style="background-color:#eef8fc;padding:2px 31pt 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:100%">292,778</font></td></tr><tr style="height:12pt"><td colspan="6" style="background-color:#eef8fc;border-bottom:2pt solid #279fc7;padding:2px 1pt;text-align:left;vertical-align:bottom"><div><font style="color:#242424;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:100%">Net debt - Teekay Tankers </font><font style="color:#242424;font-family:'Arial',sans-serif;font-size:5.85pt;font-weight:400;line-height:100%;position:relative;top:-3.15pt;vertical-align:baseline">(4)</font></div></td><td colspan="3" style="background-color:#eef8fc;border-bottom:2pt solid #279fc7;padding:2px 31pt 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#242424;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:100%">588,795</font></td><td colspan="3" style="background-color:#eef8fc;border-bottom:2pt solid #279fc7;padding:2px 31pt 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:100%">583,844</font></td></tr></table></div><div style="padding-left:18pt;text-align:justify"><font><br></font></div><div style="padding-left:18pt;text-align:justify;text-indent:-18pt"><font style="color:#2c2c2c;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:120%">(1)</font><font style="color:#2c2c2c;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:120%;padding-left:8.24pt">Short-term investments - Teekay Parent includes various bank term deposits with initial maturity dates of more than three months but less than one year, from the origination date.</font></div><div style="padding-left:18pt;text-align:justify;text-indent:-18pt"><font style="color:#2c2c2c;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:120%">(2)</font><font style="color:#2c2c2c;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:120%;padding-left:8.24pt">Current portion of long-term debt - Teekay Parent as at December 31, 2021 represents the 2022 Notes due in November 2022 that were redeemed in full in January 2022 for total consideration of $249.0 million using proceeds from the sale of the Teekay Gas Business, resulting in a loss of $9.2 million. </font></div><div style="padding-left:18pt;text-align:justify;text-indent:-18pt"><font style="background-color:#ffffff;color:#2c2c2c;font-family:'Arial',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">(3)</font><font style="color:#2c2c2c;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:120%;padding-left:8.85pt">Long-term debt - Teekay Parent as at December 31, 2021 represents the Company's Convertible Notes due in January 2023. A cash tender offer was completed in February 2022, with $85.0 million aggregate principal amount of the Convertible Notes, validly tendered for repurchase, which represented approximately 75.8% of the total outstanding as of December 31, 2021, using proceeds from the sale of the Teekay Gas Business. In March 2022, Teekay Parent repurchased an additional $3.8 million of the principal of the Convertible Notes. The total combined consideration for these repurchases was $90.6&#160;million, resulting in a loss of $3.2&#160;million. As at March 31, 2022, approximately $23.4 million aggregate principal amount of the Convertible Notes remained outstanding.</font></div><div style="padding-left:18pt;text-align:justify;text-indent:-18pt"><font style="color:#2c2c2c;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:120%">(4)</font><font style="color:#2c2c2c;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:120%;padding-left:8.24pt">Net (cash) debt is a non-GAAP financial measure and represents short-term debt, current portion of long-term debt and long-term debt, less cash and cash equivalents, and, if applicable, restricted cash and short-term investments. </font></div><div style="height:72pt;position:relative;width:100%"><div style="bottom:0;position:absolute;width:100%"><div style="text-align:center"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:7pt;font-weight:700;line-height:120%">10</font></div><div style="text-align:center"><font><br></font></div><div style="text-align:center"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:7pt;font-weight:700;line-height:120%">Teekay Corporation</font><font style="color:#000000;font-family:'Arial',sans-serif;font-size:7pt;font-weight:400;line-height:120%">    Investor Relations Tel&#58; +1 604 609 2963    www.teekay.com</font></div><div style="text-align:center"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:7pt;font-weight:400;line-height:120%">4</font><font style="color:#000000;font-family:'Arial',sans-serif;font-size:4.55pt;font-weight:400;line-height:120%;position:relative;top:-2.44pt;vertical-align:baseline">th</font><font style="color:#000000;font-family:'Arial',sans-serif;font-size:7pt;font-weight:400;line-height:120%"> Floor, Belvedere Building, 69 Pitts Bay Road, Hamilton, HM 08, Bermuda</font></div></div></div><div id="i14fa50b9ada6407789c0cdad3213fad3_25"></div><hr style="page-break-after:always"><div style="min-height:72pt;width:100%"><div style="text-align:center"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:99.415%"><tr><td style="width:1.0%"></td><td style="width:48.900%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:48.900%"></td><td style="width:0.1%"></td></tr><tr style="height:42pt"><td colspan="3" style="padding:0 1pt"><div><img alt="image2a.jpg" src="image2a.jpg" style="height:45px;margin-bottom:5pt;vertical-align:text-bottom;width:136px"></div></td><td colspan="3" style="padding:0 1pt"></td></tr></table></div><div><font><br></font></div></div><div><font style="color:#40b4e5;font-family:'Arial',sans-serif;font-size:14.5pt;font-weight:400;line-height:120%">Teekay Corporation </font></div><div><font style="color:#40b4e5;font-family:'Arial',sans-serif;font-size:14.5pt;font-weight:400;line-height:100%">Summary Consolidated Statements of Cash Flows </font></div><div><font style="color:#2e3337;font-family:'Arial',sans-serif;font-size:8.5pt;font-weight:400;line-height:120%">(in thousands of U.S. dollars)</font></div><div style="margin-top:5pt"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:513.00pt"><tr><td style="width:1.0pt"></td><td style="width:377.50pt"></td><td style="width:1.0pt"></td><td style="width:1.0pt"></td><td style="width:64.75pt"></td><td style="width:1.0pt"></td><td style="width:1.0pt"></td><td style="width:64.75pt"></td><td style="width:1.0pt"></td></tr><tr style="height:12pt"><td colspan="3" style="background-color:#279fc7;padding:0 1pt"></td><td colspan="6" style="background-color:#279fc7;padding:2px 1pt;text-align:center;vertical-align:bottom"><font style="color:#ffffff;font-family:'Arial',sans-serif;font-size:8.5pt;font-weight:700;line-height:100%">Three Months Ended</font></td></tr><tr style="height:12pt"><td colspan="3" style="background-color:#279fc7;padding:0 1pt"></td><td colspan="6" style="background-color:#279fc7;padding:2px 1pt;text-align:center;vertical-align:bottom"><font style="color:#ffffff;font-family:'Arial',sans-serif;font-size:8.5pt;font-weight:700;line-height:100%">March 31,</font></td></tr><tr style="height:12pt"><td colspan="3" style="background-color:#279fc7;padding:0 1pt"></td><td colspan="3" style="background-color:#279fc7;padding:2px 1pt;text-align:center;vertical-align:bottom"><font style="color:#ffffff;font-family:'Arial',sans-serif;font-size:8.5pt;font-weight:700;line-height:100%">2022</font></td><td colspan="3" style="background-color:#279fc7;padding:2px 1pt;text-align:left;vertical-align:bottom"><div style="text-align:center"><font style="color:#ffffff;font-family:'Arial',sans-serif;font-size:8.5pt;font-weight:700;line-height:100%">2021 </font><font style="color:#ffffff;font-family:'Arial',sans-serif;font-size:5.52pt;font-weight:700;line-height:100%;position:relative;top:-2.97pt;vertical-align:baseline">(1)</font></div></td></tr><tr style="height:12pt"><td colspan="3" style="background-color:#279fc7;padding:0 1pt"></td><td colspan="3" style="background-color:#279fc7;padding:2px 1pt;text-align:center;vertical-align:bottom"><font style="color:#ffffff;font-family:'Arial',sans-serif;font-size:8.5pt;font-weight:700;line-height:100%">(unaudited)</font></td><td colspan="3" style="background-color:#279fc7;padding:2px 1pt;text-align:center;vertical-align:bottom"><font style="color:#ffffff;font-family:'Arial',sans-serif;font-size:8.5pt;font-weight:700;line-height:100%">(unaudited)</font></td></tr><tr style="height:12pt"><td colspan="3" style="background-color:#eef8fc;padding:2px 1pt;text-align:left;vertical-align:bottom"><font style="color:#242424;font-family:'Arial',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">Cash, cash equivalents and restricted cash provided by (used for)</font></td><td colspan="3" style="background-color:#eef8fc;padding:0 1pt"></td><td colspan="3" style="background-color:#eef8fc;padding:0 1pt"></td></tr><tr style="height:12pt"><td colspan="3" style="background-color:#cfebf5;padding:2px 1pt;text-align:left;vertical-align:bottom"><font style="color:#242424;font-family:'Arial',sans-serif;font-size:8.5pt;font-weight:700;line-height:100%">OPERATING ACTIVITIES</font></td><td colspan="3" style="background-color:#cfebf5;padding:0 1pt"></td><td colspan="3" style="background-color:#cfebf5;padding:0 1pt"></td></tr><tr style="height:12pt"><td colspan="3" style="background-color:#eef8fc;padding:2px 1pt;text-align:left;vertical-align:bottom"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">Net (loss) income </font></td><td colspan="3" style="background-color:#eef8fc;padding:2px 13pt 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">(53,399)</font></td><td colspan="3" style="background-color:#eef8fc;padding:2px 13pt 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">61,504</font></td></tr><tr style="height:12pt"><td colspan="3" style="background-color:#eef8fc;padding:2px 1pt;text-align:left;vertical-align:bottom"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">Less&#58; loss (income) from discontinued operations</font></td><td colspan="3" style="background-color:#eef8fc;padding:2px 13pt 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">20,276</font></td><td colspan="3" style="background-color:#eef8fc;padding:2px 13pt 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">(94,957)</font></td></tr><tr style="height:12pt"><td colspan="3" style="background-color:#eef8fc;border-top:1pt solid #279fc7;padding:2px 1pt;text-align:left;vertical-align:bottom"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">Loss from continuing operations</font></td><td colspan="3" style="background-color:#eef8fc;border-top:1pt solid #279fc7;padding:2px 13pt 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">(33,123)</font></td><td colspan="3" style="background-color:#eef8fc;border-top:1pt solid #279fc7;padding:2px 13pt 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">(33,453)</font></td></tr><tr style="height:12pt"><td colspan="3" style="background-color:#eef8fc;padding:2px 1pt;text-align:left;vertical-align:bottom"><font style="color:#242424;font-family:'Arial',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">Non-cash and non-operating items&#58; </font></td><td colspan="3" style="background-color:#eef8fc;padding:0 1pt"></td><td colspan="3" style="background-color:#eef8fc;padding:0 13pt 0 1pt"></td></tr><tr style="height:12pt"><td colspan="3" style="background-color:#eef8fc;padding:2px 1pt;text-align:left;vertical-align:bottom"><font style="color:#242424;font-family:'Arial',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">&#160;&#160;&#160;Depreciation and amortization</font></td><td colspan="3" style="background-color:#eef8fc;padding:2px 13pt 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">25,080</font></td><td colspan="3" style="background-color:#eef8fc;padding:2px 13pt 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">26,684</font></td></tr><tr style="height:12pt"><td colspan="3" style="background-color:#eef8fc;padding:2px 1pt;text-align:left;vertical-align:bottom"><font style="color:#242424;font-family:'Arial',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">&#160;&#160;&#160;Unrealized gain on derivative instruments</font></td><td colspan="3" style="background-color:#eef8fc;padding:2px 13pt 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">(2,140)</font></td><td colspan="3" style="background-color:#eef8fc;padding:2px 13pt 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">(1,120)</font></td></tr><tr style="height:12pt"><td colspan="3" style="background-color:#eef8fc;padding:2px 1pt;text-align:left;vertical-align:bottom"><font style="color:#242424;font-family:'Arial',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">&#160;&#160;&#160;Write-down of assets</font></td><td colspan="3" style="background-color:#eef8fc;padding:2px 13pt 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">421</font></td><td colspan="3" style="background-color:#eef8fc;padding:2px 13pt 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">715</font></td></tr><tr style="height:12pt"><td colspan="3" style="background-color:#eef8fc;padding:2px 1pt;text-align:left;vertical-align:bottom"><font style="color:#242424;font-family:'Arial',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">&#160;&#160;&#160;Equity loss </font></td><td colspan="3" style="background-color:#eef8fc;padding:2px 13pt 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">754</font></td><td colspan="3" style="background-color:#eef8fc;padding:2px 13pt 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">359</font></td></tr><tr style="height:12pt"><td colspan="3" style="background-color:#eef8fc;padding:2px 1pt;text-align:left;vertical-align:bottom"><font style="color:#242424;font-family:'Arial',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">&#160;&#160;&#160;Other</font></td><td colspan="3" style="background-color:#eef8fc;padding:2px 13pt 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">19,473</font></td><td colspan="3" style="background-color:#eef8fc;padding:2px 13pt 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">3,677</font></td></tr><tr style="height:12pt"><td colspan="3" style="background-color:#eef8fc;padding:2px 1pt;text-align:left;vertical-align:bottom"><font style="color:#242424;font-family:'Arial',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">Change in operating assets and liabilities&#58;</font></td><td colspan="3" style="background-color:#eef8fc;padding:0 1pt"></td><td colspan="3" style="background-color:#eef8fc;padding:0 1pt"></td></tr><tr style="height:12pt"><td colspan="3" style="background-color:#eef8fc;padding:2px 1pt;text-align:left;vertical-align:bottom"><font style="color:#242424;font-family:'Arial',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">&#160;&#160;&#160;Receipts from sales-type lease</font></td><td colspan="3" style="background-color:#eef8fc;padding:2px 13pt 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">&#8212;</font></td><td colspan="3" style="background-color:#eef8fc;padding:2px 13pt 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">(293)</font></td></tr><tr style="height:12pt"><td colspan="3" style="background-color:#eef8fc;padding:2px 1pt;text-align:left;vertical-align:bottom"><font style="color:#242424;font-family:'Arial',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">&#160;&#160;&#160;Change in other operating assets and liabilities </font></td><td colspan="3" style="background-color:#eef8fc;padding:2px 13pt 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">(50,459)</font></td><td colspan="3" style="background-color:#eef8fc;padding:2px 13pt 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">(46,483)</font></td></tr><tr style="height:12pt"><td colspan="3" style="background-color:#eef8fc;padding:2px 1pt;text-align:left;vertical-align:bottom"><font style="color:#242424;font-family:'Arial',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">&#160;&#160;&#160;Asset retirement obligation expenditures</font></td><td colspan="3" style="background-color:#eef8fc;padding:2px 13pt 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">&#8212;</font></td><td colspan="3" style="background-color:#eef8fc;padding:2px 13pt 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">(920)</font></td></tr><tr style="height:12pt"><td colspan="3" style="background-color:#eef8fc;padding:2px 1pt;text-align:left;vertical-align:bottom"><font style="color:#242424;font-family:'Arial',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">&#160;&#160;&#160;Expenditures for dry docking</font></td><td colspan="3" style="background-color:#eef8fc;padding:2px 13pt 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">(2,138)</font></td><td colspan="3" style="background-color:#eef8fc;padding:2px 13pt 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">(3,045)</font></td></tr><tr style="height:12pt"><td colspan="3" style="background-color:#eef8fc;border-top:1pt solid #279fc7;padding:2px 1pt;text-align:left;vertical-align:bottom"><font style="color:#242424;font-family:'Arial',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">Net operating cash flow - continuing operations</font></td><td colspan="3" style="background-color:#eef8fc;border-top:1pt solid #279fc7;padding:2px 13pt 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">(42,132)</font></td><td colspan="3" style="background-color:#eef8fc;border-top:1pt solid #279fc7;padding:2px 13pt 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">(53,879)</font></td></tr><tr style="height:12pt"><td colspan="3" style="background-color:#eef8fc;padding:2px 1pt;text-align:left;vertical-align:bottom"><font style="color:#242424;font-family:'Arial',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">Net operating cash flow - discontinued operations</font></td><td colspan="3" style="background-color:#eef8fc;padding:2px 13pt 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">26,866</font></td><td colspan="3" style="background-color:#eef8fc;padding:2px 13pt 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">33,362</font></td></tr><tr style="height:12pt"><td colspan="3" style="background-color:#eef8fc;border-top:1pt solid #279fc7;padding:2px 1pt;text-align:left;vertical-align:bottom"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:8.5pt;font-weight:700;line-height:100%">Net operating cash flow</font></td><td colspan="3" style="background-color:#eef8fc;border-top:1pt solid #279fc7;padding:2px 13pt 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:8.5pt;font-weight:700;line-height:100%">(15,266)</font></td><td colspan="3" style="background-color:#eef8fc;border-top:1pt solid #279fc7;padding:2px 13pt 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:8.5pt;font-weight:700;line-height:100%">(20,517)</font></td></tr><tr style="height:3pt"><td colspan="3" style="background-color:#eef8fc;border-top:1pt solid #279fc7;padding:0 1pt"></td><td colspan="3" style="background-color:#eef8fc;border-top:1pt solid #279fc7;padding:0 1pt"></td><td colspan="3" style="background-color:#eef8fc;border-top:1pt solid #279fc7;padding:0 1pt"></td></tr><tr style="height:12pt"><td colspan="3" style="background-color:#cfebf5;padding:2px 1pt;text-align:left;vertical-align:bottom"><font style="color:#242424;font-family:'Arial',sans-serif;font-size:8.5pt;font-weight:700;line-height:100%">FINANCING ACTIVITIES</font></td><td colspan="3" style="background-color:#cfebf5;padding:0 1pt"></td><td colspan="3" style="background-color:#cfebf5;padding:0 1pt"></td></tr><tr style="height:12pt"><td colspan="3" style="background-color:#eef8fc;padding:2px 1pt;text-align:left;vertical-align:bottom"><font style="color:#242424;font-family:'Arial',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">Prepayments of long-term debt</font></td><td colspan="3" style="background-color:#eef8fc;padding:2px 13pt 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">(494,104)</font></td><td colspan="3" style="background-color:#eef8fc;padding:2px 13pt 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">(15,000)</font></td></tr><tr style="height:12pt"><td colspan="3" style="background-color:#eef8fc;padding:2px 1pt;text-align:left;vertical-align:bottom"><font style="color:#242424;font-family:'Arial',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">Scheduled repayments of long-term debt</font></td><td colspan="3" style="background-color:#eef8fc;padding:2px 13pt 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">(51,299)</font></td><td colspan="3" style="background-color:#eef8fc;padding:2px 13pt 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">(2,808)</font></td></tr><tr style="height:12pt"><td colspan="3" style="background-color:#eef8fc;padding:2px 1pt;text-align:left;vertical-align:bottom"><font style="color:#242424;font-family:'Arial',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">Proceeds from short-term debt</font></td><td colspan="3" style="background-color:#eef8fc;padding:2px 13pt 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">23,000</font></td><td colspan="3" style="background-color:#eef8fc;padding:2px 13pt 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">10,000</font></td></tr><tr style="height:12pt"><td colspan="3" style="background-color:#eef8fc;padding:2px 1pt;text-align:left;vertical-align:bottom"><font style="color:#242424;font-family:'Arial',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">Prepayments of short-term debt</font></td><td colspan="3" style="background-color:#eef8fc;padding:2px 13pt 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">(20,000)</font></td><td colspan="3" style="background-color:#eef8fc;padding:2px 13pt 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">&#8212;</font></td></tr><tr style="height:12pt"><td colspan="3" style="background-color:#eef8fc;padding:2px 1pt;text-align:left;vertical-align:bottom"><font style="color:#242424;font-family:'Arial',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">Proceeds from financing related to sales and leaseback of vessels, net of issuance costs</font></td><td colspan="3" style="background-color:#eef8fc;padding:2px 13pt 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">175,341</font></td><td colspan="3" style="background-color:#eef8fc;padding:2px 13pt 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">&#8212;</font></td></tr><tr style="height:12pt"><td colspan="3" style="background-color:#eef8fc;padding:2px 1pt;text-align:left;vertical-align:bottom"><font style="color:#242424;font-family:'Arial',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">Scheduled repayments of obligations related to finance leases</font></td><td colspan="3" style="background-color:#eef8fc;padding:2px 13pt 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">(6,718)</font></td><td colspan="3" style="background-color:#eef8fc;padding:2px 13pt 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">(6,082)</font></td></tr><tr style="height:12pt"><td colspan="3" style="background-color:#eef8fc;padding:2px 1pt;text-align:left;vertical-align:bottom"><font style="color:#242424;font-family:'Arial',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">Purchase of Teekay Tankers common shares</font></td><td colspan="3" style="background-color:#eef8fc;padding:2px 13pt 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">(5,269)</font></td><td colspan="3" style="background-color:#eef8fc;padding:2px 13pt 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">&#8212;</font></td></tr><tr style="height:12pt"><td colspan="3" style="background-color:#eef8fc;padding:2px 1pt;text-align:left;vertical-align:bottom"><font style="color:#242424;font-family:'Arial',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">Other financing activities</font></td><td colspan="3" style="background-color:#eef8fc;padding:2px 13pt 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">(985)</font></td><td colspan="3" style="background-color:#eef8fc;padding:2px 13pt 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">(61)</font></td></tr><tr style="height:12pt"><td colspan="3" style="background-color:#eef8fc;border-top:1pt solid #279fc7;padding:2px 1pt;text-align:left;vertical-align:bottom"><font style="color:#242424;font-family:'Arial',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">Net financing cash flow - continuing operations</font></td><td colspan="3" style="background-color:#eef8fc;border-top:1pt solid #279fc7;padding:2px 13pt 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">(380,034)</font></td><td colspan="3" style="background-color:#eef8fc;border-top:1pt solid #279fc7;padding:2px 13pt 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">(13,951)</font></td></tr><tr style="height:12pt"><td colspan="3" style="background-color:#eef8fc;padding:2px 1pt;text-align:left;vertical-align:bottom"><font style="color:#242424;font-family:'Arial',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">Net financing cash flow - discontinued operations</font></td><td colspan="3" style="background-color:#eef8fc;padding:2px 13pt 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">&#8212;</font></td><td colspan="3" style="background-color:#eef8fc;padding:2px 13pt 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">(61,237)</font></td></tr><tr style="height:12pt"><td colspan="3" style="background-color:#eef8fc;border-top:1pt solid #279fc7;padding:2px 1pt;text-align:left;vertical-align:bottom"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:8.5pt;font-weight:700;line-height:100%">Net financing cash flow </font></td><td colspan="3" style="background-color:#eef8fc;border-top:1pt solid #279fc7;padding:2px 13pt 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:8.5pt;font-weight:700;line-height:100%">(380,034)</font></td><td colspan="3" style="background-color:#eef8fc;border-top:1pt solid #279fc7;padding:2px 13pt 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:8.5pt;font-weight:700;line-height:100%">(75,188)</font></td></tr><tr style="height:3pt"><td colspan="3" style="background-color:#eef8fc;border-top:1pt solid #279fc7;padding:0 1pt"></td><td colspan="3" style="background-color:#eef8fc;border-top:1pt solid #279fc7;padding:0 1pt"></td><td colspan="3" style="background-color:#eef8fc;border-top:1pt solid #279fc7;padding:0 1pt"></td></tr><tr style="height:12pt"><td colspan="3" style="background-color:#cfebf5;padding:2px 1pt;text-align:left;vertical-align:bottom"><font style="color:#242424;font-family:'Arial',sans-serif;font-size:8.5pt;font-weight:700;line-height:100%">INVESTING ACTIVITIES</font></td><td colspan="3" style="background-color:#cfebf5;padding:0 1pt"></td><td colspan="3" style="background-color:#cfebf5;padding:0 13pt 0 1pt"></td></tr><tr style="height:12pt"><td colspan="3" style="background-color:#eef8fc;padding:2px 1pt;text-align:left;vertical-align:bottom"><font style="color:#242424;font-family:'Arial',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">Expenditures for vessels and equipment</font></td><td colspan="3" style="background-color:#eef8fc;padding:2px 13pt 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">(4,071)</font></td><td colspan="3" style="background-color:#eef8fc;padding:2px 13pt 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">(913)</font></td></tr><tr style="height:12pt"><td colspan="3" style="background-color:#eef8fc;padding:2px 1pt;text-align:left;vertical-align:bottom"><font style="color:#242424;font-family:'Arial',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">Purchase of short-term investments</font></td><td colspan="3" style="background-color:#eef8fc;padding:2px 13pt 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">(220,000)</font></td><td colspan="3" style="background-color:#eef8fc;padding:2px 13pt 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">&#8212;</font></td></tr><tr style="height:12pt"><td colspan="3" style="background-color:#eef8fc;padding:2px 1pt;text-align:left;vertical-align:bottom"><font style="color:#242424;font-family:'Arial',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">Proceeds from sale of vessels and equipment</font></td><td colspan="3" style="background-color:#eef8fc;padding:2px 13pt 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">16,002</font></td><td colspan="3" style="background-color:#eef8fc;padding:2px 13pt 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">32,687</font></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr style="height:12pt"><td colspan="3" style="background-color:#eef8fc;padding:2px 1pt;text-align:left;vertical-align:bottom"><font style="color:#242424;font-family:'Arial',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">Proceeds from the sale of the Teekay Gas Business, net of cash sold</font></td><td colspan="3" style="background-color:#eef8fc;padding:2px 13pt 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">454,789</font></td><td colspan="3" style="background-color:#eef8fc;padding:2px 13pt 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">&#8212;</font></td></tr><tr style="height:12pt"><td colspan="3" style="background-color:#eef8fc;border-top:1pt solid #279fc7;padding:2px 1pt;text-align:left;vertical-align:bottom"><font style="color:#242424;font-family:'Arial',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">Net investing cash flow - continuing operations</font></td><td colspan="3" style="background-color:#eef8fc;border-top:1pt solid #279fc7;padding:2px 13pt 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">246,720</font></td><td colspan="3" style="background-color:#eef8fc;border-top:1pt solid #279fc7;padding:2px 13pt 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">31,774</font></td></tr><tr style="height:12pt"><td colspan="3" style="background-color:#eef8fc;padding:2px 1pt;text-align:left;vertical-align:bottom"><font style="color:#242424;font-family:'Arial',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">Net investing cash flow - discontinued operations</font></td><td colspan="3" style="background-color:#eef8fc;padding:2px 13pt 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">&#8212;</font></td><td colspan="3" style="background-color:#eef8fc;padding:2px 13pt 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">(7,191)</font></td></tr><tr style="height:12pt"><td colspan="3" style="background-color:#eef8fc;border-top:1pt solid #279fc7;padding:2px 1pt;text-align:left;vertical-align:bottom"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:8.5pt;font-weight:700;line-height:100%">Net investing cash flow</font></td><td colspan="3" style="background-color:#eef8fc;border-top:1pt solid #279fc7;padding:2px 13pt 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:8.5pt;font-weight:700;line-height:100%">246,720</font></td><td colspan="3" style="background-color:#eef8fc;border-top:1pt solid #279fc7;padding:2px 13pt 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:8.5pt;font-weight:700;line-height:100%">24,583</font></td></tr><tr style="height:12pt"><td colspan="3" style="background-color:#eef8fc;border-top:1pt solid #279fc7;padding:2px 1pt;text-align:left;vertical-align:bottom"><font style="color:#242424;font-family:'Arial',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">Decrease in cash, cash equivalents and restricted cash </font></td><td colspan="3" style="background-color:#eef8fc;border-top:1pt solid #279fc7;padding:2px 13pt 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">(148,580)</font></td><td colspan="3" style="background-color:#eef8fc;border-top:1pt solid #279fc7;padding:2px 13pt 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">(71,122)</font></td></tr><tr style="height:12pt"><td colspan="3" style="background-color:#eef8fc;padding:2px 1pt;text-align:left;vertical-align:bottom"><font style="color:#242424;font-family:'Arial',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">Cash, cash equivalents and restricted cash, beginning of the period</font></td><td colspan="3" style="background-color:#eef8fc;padding:2px 13pt 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">265,520</font></td><td colspan="3" style="background-color:#eef8fc;padding:2px 13pt 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">405,890</font></td></tr><tr style="height:12pt"><td colspan="3" style="background-color:#eef8fc;border-bottom:2pt solid #279fc7;border-top:1pt solid #279fc7;padding:2px 1pt;text-align:left;vertical-align:bottom"><font style="color:#242424;font-family:'Arial',sans-serif;font-size:8.5pt;font-weight:700;line-height:100%">Cash, cash equivalents and restricted cash, end of the period</font></td><td colspan="3" style="background-color:#eef8fc;border-bottom:2pt solid #279fc7;border-top:1pt solid #279fc7;padding:2px 13pt 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:8.5pt;font-weight:700;line-height:100%">116,940</font></td><td colspan="3" style="background-color:#eef8fc;border-bottom:2pt solid #279fc7;border-top:1pt solid #279fc7;padding:2px 13pt 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:8.5pt;font-weight:700;line-height:100%">334,768</font></td></tr></table></div><div style="margin-top:5pt"><font><br></font></div><div style="margin-top:2pt;padding-left:27pt;text-align:justify;text-indent:-27pt"><font style="color:#2c2c2c;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:120%">(1)</font><font style="color:#2c2c2c;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:120%;padding-left:17.24pt">Comparative balances relating to the three months ended March 31, 2021 have been recast</font><font style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:120%">. </font><font style="color:#2c2c2c;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:120%">Refer to footnote (1) of the </font><font style="color:#2e3337;font-family:'Arial',sans-serif;font-size:8pt;font-style:italic;font-weight:400;line-height:120%">Summary </font><font style="color:#2c2c2c;font-family:'Arial',sans-serif;font-size:8pt;font-style:italic;font-weight:400;line-height:120%">Consolidated Statements of (Loss) Income </font><font style="color:#2c2c2c;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:120%">and the </font><font style="color:#2c2c2c;font-family:'Arial',sans-serif;font-size:8pt;font-style:italic;font-weight:400;line-height:120%">Important Notice to Reader </font><font style="color:#2c2c2c;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:120%">section for additional information.</font></div><div style="height:72pt;position:relative;width:100%"><div style="bottom:0;position:absolute;width:100%"><div style="text-align:center"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:7pt;font-weight:700;line-height:120%">11</font></div><div style="text-align:center"><font><br></font></div><div style="text-align:center"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:7pt;font-weight:700;line-height:120%">Teekay Corporation</font><font style="color:#000000;font-family:'Arial',sans-serif;font-size:7pt;font-weight:400;line-height:120%">    Investor Relations Tel&#58; +1 604 609 2963    www.teekay.com</font></div><div style="text-align:center"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:7pt;font-weight:400;line-height:120%">4</font><font style="color:#000000;font-family:'Arial',sans-serif;font-size:4.55pt;font-weight:400;line-height:120%;position:relative;top:-2.44pt;vertical-align:baseline">th</font><font style="color:#000000;font-family:'Arial',sans-serif;font-size:7pt;font-weight:400;line-height:120%"> Floor, Belvedere Building, 69 Pitts Bay Road, Hamilton, HM 08, Bermuda</font></div></div></div><div id="i14fa50b9ada6407789c0cdad3213fad3_28"></div><hr style="page-break-after:always"><div style="min-height:72pt;width:100%"><div style="text-align:center"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:98.550%"><tr><td style="width:1.0%"></td><td style="width:48.900%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:48.900%"></td><td style="width:0.1%"></td></tr><tr style="height:42pt"><td colspan="3" style="padding:0 1pt"><div><img alt="image2a.jpg" src="image2a.jpg" style="height:45px;margin-bottom:5pt;vertical-align:text-bottom;width:136px"></div></td><td colspan="3" style="padding:0 1pt"></td></tr></table></div><div><font><br></font></div></div><div style="padding-left:9pt"><font style="color:#40b4e5;font-family:'Arial',sans-serif;font-size:15pt;font-weight:400;line-height:120%">Teekay Corporation</font></div><div style="padding-left:9pt"><font style="color:#40b4e5;font-family:'Arial',sans-serif;font-size:15pt;font-weight:400;line-height:120%">Appendix A - Reconciliation of Non-GAAP Financial Measures</font></div><div style="padding-left:9pt"><font style="color:#40b4e5;font-family:'Arial',sans-serif;font-size:15pt;font-weight:400;line-height:100%">Adjusted Net Income Attributable to Shareholders of Teekay</font></div><div style="padding-left:9pt"><font style="color:#2c2c2c;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:120%">(in thousands of U.S. dollars, except per share data)</font></div><div style="margin-top:5pt;padding-left:9pt"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:517.50pt"><tr><td style="width:1.0pt"></td><td style="width:4.75pt"></td><td style="width:1.0pt"></td><td style="width:1.0pt"></td><td style="width:234.25pt"></td><td style="width:1.0pt"></td><td style="width:1.0pt"></td><td style="width:43.75pt"></td><td style="width:1.0pt"></td><td style="width:1.0pt"></td><td style="width:43.75pt"></td><td style="width:1.0pt"></td><td style="width:1.0pt"></td><td style="width:43.75pt"></td><td style="width:1.0pt"></td><td style="width:1.0pt"></td><td style="width:43.75pt"></td><td style="width:1.0pt"></td><td style="width:1.0pt"></td><td style="width:43.75pt"></td><td style="width:1.0pt"></td><td style="width:1.0pt"></td><td style="width:43.75pt"></td><td style="width:1.0pt"></td></tr><tr style="height:12pt"><td colspan="3" style="background-color:#279fc7;padding:0 1pt"></td><td colspan="3" style="background-color:#279fc7;padding:2px 1pt;text-align:left;vertical-align:bottom"><font style="color:#ffffff;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:100%">&#160;</font></td><td colspan="18" style="background-color:#279fc7;padding:2px 1pt;text-align:center;vertical-align:bottom"><font style="color:#ffffff;font-family:'Arial',sans-serif;font-size:9pt;font-weight:700;line-height:100%">Three Months Ended</font></td></tr><tr style="height:12pt"><td colspan="3" style="background-color:#279fc7;padding:0 1pt"></td><td colspan="3" style="background-color:#279fc7;padding:2px 1pt;text-align:left;vertical-align:bottom"><font style="color:#ffffff;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:100%">&#160;</font></td><td colspan="6" style="background-color:#279fc7;padding:2px 1pt;text-align:center;vertical-align:bottom"><font style="color:#ffffff;font-family:'Arial',sans-serif;font-size:9pt;font-weight:700;line-height:100%">March 31,</font></td><td colspan="6" style="background-color:#279fc7;padding:2px 1pt;text-align:center;vertical-align:bottom"><font style="color:#ffffff;font-family:'Arial',sans-serif;font-size:9pt;font-weight:700;line-height:100%">December 31,</font></td><td colspan="6" style="background-color:#279fc7;padding:2px 1pt;text-align:center;vertical-align:bottom"><font style="color:#ffffff;font-family:'Arial',sans-serif;font-size:9pt;font-weight:700;line-height:100%">March 31,</font></td></tr><tr style="height:12pt"><td colspan="3" style="background-color:#279fc7;padding:0 1pt"></td><td colspan="3" style="background-color:#279fc7;padding:0 1pt"></td><td colspan="6" style="background-color:#279fc7;padding:2px 1pt;text-align:center;vertical-align:bottom"><font style="color:#ffffff;font-family:'Arial',sans-serif;font-size:9pt;font-weight:700;line-height:100%">2022</font></td><td colspan="6" style="background-color:#279fc7;padding:2px 1pt;text-align:center;vertical-align:bottom"><font style="color:#ffffff;font-family:'Arial',sans-serif;font-size:9pt;font-weight:700;line-height:100%">2021</font></td><td colspan="6" style="background-color:#279fc7;padding:2px 1pt;text-align:center;vertical-align:bottom"><font style="color:#ffffff;font-family:'Arial',sans-serif;font-size:9pt;font-weight:700;line-height:100%">2021</font></td></tr><tr style="height:12pt"><td colspan="3" style="background-color:#279fc7;padding:0 1pt"></td><td colspan="3" style="background-color:#279fc7;padding:2px 1pt;text-align:left;vertical-align:bottom"><font style="color:#ffffff;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:100%">&#160;</font></td><td colspan="6" style="background-color:#279fc7;padding:2px 1pt;text-align:center;vertical-align:bottom"><font style="color:#ffffff;font-family:'Arial',sans-serif;font-size:9pt;font-weight:700;line-height:100%">(unaudited) </font></td><td colspan="6" style="background-color:#279fc7;padding:2px 1pt;text-align:center;vertical-align:bottom"><font style="color:#ffffff;font-family:'Arial',sans-serif;font-size:9pt;font-weight:700;line-height:100%">(unaudited) </font></td><td colspan="6" style="background-color:#279fc7;padding:2px 1pt;text-align:center;vertical-align:bottom"><font style="color:#ffffff;font-family:'Arial',sans-serif;font-size:9pt;font-weight:700;line-height:100%">(unaudited) </font></td></tr><tr style="height:12pt"><td colspan="3" style="background-color:#cfebf5;padding:2px 1pt;text-align:center;vertical-align:middle"><font style="color:#2f3337;font-family:'Arial',sans-serif;font-size:9pt;font-weight:700;line-height:100%">&#160;</font></td><td colspan="3" style="background-color:#cfebf5;padding:2px 1pt;text-align:center;vertical-align:middle"><font style="color:#2f3337;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:100%">&#160;</font></td><td colspan="3" style="background-color:#cfebf5;padding:2px 1pt;text-align:center;vertical-align:middle"><font style="color:#2f3337;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:100%">&#160;</font></td><td colspan="3" style="background-color:#cfebf5;padding:2px 1pt;text-align:center;vertical-align:middle"><font style="color:#2f3337;font-family:'Arial',sans-serif;font-size:9pt;font-weight:700;line-height:100%">$ Per </font></td><td colspan="3" style="background-color:#cfebf5;padding:2px 1pt;text-align:center;vertical-align:middle"><font style="color:#2f3337;font-family:'Arial',sans-serif;font-size:9pt;font-weight:700;line-height:100%">&#160;</font></td><td colspan="3" style="background-color:#cfebf5;padding:2px 1pt;text-align:center;vertical-align:middle"><font style="color:#2f3337;font-family:'Arial',sans-serif;font-size:9pt;font-weight:700;line-height:100%">$ Per </font></td><td colspan="3" style="background-color:#cfebf5;padding:0 1pt"></td><td colspan="3" style="background-color:#cfebf5;padding:2px 1pt;text-align:center;vertical-align:middle"><font style="color:#2f3337;font-family:'Arial',sans-serif;font-size:9pt;font-weight:700;line-height:100%">$ Per </font></td></tr><tr style="height:12pt"><td colspan="3" style="background-color:#cfebf5;padding:2px 1pt;text-align:left;vertical-align:middle"><font style="color:#2f3337;font-family:'Arial',sans-serif;font-size:9pt;font-weight:700;line-height:100%">&#160;</font></td><td colspan="3" style="background-color:#cfebf5;padding:2px 1pt;text-align:left;vertical-align:middle"><font style="color:#2f3337;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:100%">&#160;</font></td><td colspan="3" style="background-color:#cfebf5;padding:2px 1pt;text-align:center;vertical-align:middle"><font style="color:#2f3337;font-family:'Arial',sans-serif;font-size:9pt;font-weight:700;line-height:100%">$</font></td><td colspan="3" style="background-color:#cfebf5;padding:2px 1pt;text-align:left;vertical-align:bottom"><div style="text-align:center"><font style="color:#2f3337;font-family:'Arial',sans-serif;font-size:9pt;font-weight:700;line-height:100%">Share</font><font style="color:#2f3337;font-family:'Arial',sans-serif;font-size:5.85pt;font-weight:700;line-height:100%;position:relative;top:-3.15pt;vertical-align:baseline">(1)</font></div></td><td colspan="3" style="background-color:#cfebf5;padding:2px 1pt;text-align:center;vertical-align:middle"><font style="color:#2f3337;font-family:'Arial',sans-serif;font-size:9pt;font-weight:700;line-height:100%">$ </font></td><td colspan="3" style="background-color:#cfebf5;padding:2px 1pt;text-align:left;vertical-align:bottom"><div style="text-align:center"><font style="color:#2f3337;font-family:'Arial',sans-serif;font-size:9pt;font-weight:700;line-height:100%">Share</font><font style="color:#2f3337;font-family:'Arial',sans-serif;font-size:5.85pt;font-weight:700;line-height:100%;position:relative;top:-3.15pt;vertical-align:baseline">(1)</font></div></td><td colspan="3" style="background-color:#cfebf5;padding:2px 1pt;text-align:center;vertical-align:middle"><font style="color:#2f3337;font-family:'Arial',sans-serif;font-size:9pt;font-weight:700;line-height:100%">$ </font></td><td colspan="3" style="background-color:#cfebf5;padding:2px 1pt;text-align:left;vertical-align:bottom"><div style="text-align:center"><font style="color:#2f3337;font-family:'Arial',sans-serif;font-size:9pt;font-weight:700;line-height:100%">Share</font><font style="color:#2f3337;font-family:'Arial',sans-serif;font-size:5.85pt;font-weight:700;line-height:100%;position:relative;top:-3.15pt;vertical-align:baseline">(1)</font></div></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr style="height:12pt"><td colspan="6" style="background-color:#eef8fc;padding:2px 1pt;text-align:left;vertical-align:bottom"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:9pt;font-weight:700;line-height:100%">Net (loss) income &#8211; GAAP basis</font></td><td colspan="3" style="background-color:#eef8fc;padding:2px 7pt 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#242424;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:100%">(53,399)</font></td><td colspan="3" style="background-color:#eef8fc;padding:0 7pt 0 1pt"></td><td colspan="3" style="background-color:#eef8fc;padding:2px 7pt 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#242424;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:100%">(16,847)</font></td><td colspan="3" style="background-color:#eef8fc;padding:0 1pt"></td><td colspan="3" style="background-color:#eef8fc;padding:2px 7pt 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#242424;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:100%">61,504</font></td><td colspan="3" style="background-color:#eef8fc;padding:0 1pt"></td></tr><tr style="height:12pt"><td colspan="6" style="background-color:#eef8fc;padding:2px 1pt;text-align:left;vertical-align:bottom"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:120%">Adjust for&#58; Net loss (income) attributable to</font></td><td colspan="3" style="background-color:#eef8fc;padding:0 7pt 0 1pt"></td><td colspan="3" style="background-color:#eef8fc;padding:2px 13pt 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#ee2724;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:100%">&#160;</font></td><td colspan="3" style="background-color:#eef8fc;padding:0 7pt 0 1pt"></td><td colspan="3" style="background-color:#eef8fc;padding:0 13pt 0 1pt"></td><td colspan="3" style="background-color:#eef8fc;padding:0 1pt"></td><td colspan="3" style="background-color:#eef8fc;padding:0 1pt"></td></tr><tr style="height:12pt"><td colspan="6" style="background-color:#eef8fc;border-bottom:1pt solid #279fc7;padding:2px 1pt;text-align:left;vertical-align:bottom"><font style="color:#242424;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:120%">&#160;&#160;&#160;&#160;non-controlling interests </font></td><td colspan="3" style="background-color:#eef8fc;padding:2px 7pt 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#242424;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:100%">54,287</font></td><td colspan="3" style="background-color:#eef8fc;padding:2px 13pt 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#ee2724;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:100%">&#160;&#160;</font></td><td colspan="3" style="background-color:#eef8fc;padding:2px 7pt 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#242424;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:100%">(540)</font></td><td colspan="3" style="background-color:#eef8fc;padding:0 13pt 0 1pt"></td><td colspan="3" style="background-color:#eef8fc;padding:2px 7pt 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#242424;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:100%">(31,553)</font></td><td colspan="3" style="background-color:#eef8fc;padding:0 1pt"></td></tr><tr style="height:12pt"><td colspan="6" style="background-color:#eef8fc;border-top:1pt solid #279fc7;padding:2px 1pt;text-align:left;vertical-align:bottom"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:9pt;font-weight:700;line-height:100%">Net income (loss) attributable to</font></td><td colspan="3" style="background-color:#eef8fc;border-top:1pt solid #279fc7;padding:0 7pt 0 1pt"></td><td colspan="3" style="background-color:#eef8fc;border-top:1pt solid #279fc7;padding:0 13pt 0 1pt"></td><td colspan="3" style="background-color:#eef8fc;border-top:1pt solid #279fc7;padding:0 7pt 0 1pt"></td><td colspan="3" style="background-color:#eef8fc;border-top:1pt solid #279fc7;padding:0 13pt 0 1pt"></td><td colspan="3" style="background-color:#eef8fc;border-top:1pt solid #279fc7;padding:0 1pt"></td><td colspan="3" style="background-color:#eef8fc;border-top:1pt solid #279fc7;padding:0 1pt"></td></tr><tr style="height:12pt"><td colspan="3" style="background-color:#eef8fc;padding:0 1pt"></td><td colspan="3" style="background-color:#eef8fc;border-bottom:1pt solid #279fc7;padding:2px 1pt;text-align:left;vertical-align:bottom"><font style="color:#242424;font-family:'Arial',sans-serif;font-size:9pt;font-weight:700;line-height:120%">shareholders of Teekay </font></td><td colspan="3" style="background-color:#eef8fc;padding:2px 7pt 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#242424;font-family:'Arial',sans-serif;font-size:9pt;font-weight:700;line-height:100%">888</font></td><td colspan="3" style="background-color:#eef8fc;padding:2px 13pt 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#242424;font-family:'Arial',sans-serif;font-size:9pt;font-weight:700;line-height:100%">0.01</font></td><td colspan="3" style="background-color:#eef8fc;padding:2px 7pt 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#242424;font-family:'Arial',sans-serif;font-size:9pt;font-weight:700;line-height:100%">(17,387)</font></td><td colspan="3" style="background-color:#eef8fc;padding:2px 13pt 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#242424;font-family:'Arial',sans-serif;font-size:9pt;font-weight:700;line-height:100%">(0.17)</font></td><td colspan="3" style="background-color:#eef8fc;padding:2px 7pt 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#242424;font-family:'Arial',sans-serif;font-size:9pt;font-weight:700;line-height:100%">29,951</font></td><td colspan="3" style="background-color:#eef8fc;padding:2px 13pt 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#242424;font-family:'Arial',sans-serif;font-size:9pt;font-weight:700;line-height:100%">0.29</font></td></tr><tr style="height:24pt"><td colspan="6" style="background-color:#eef8fc;border-top:1pt solid #279fc7;padding:2px 1pt;text-align:left;vertical-align:bottom"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:9pt;font-weight:700;line-height:120%">(Subtract) add specific items affecting net income (loss)</font></td><td colspan="3" style="background-color:#eef8fc;border-top:1pt solid #279fc7;padding:0 7pt 0 1pt"></td><td colspan="3" style="background-color:#eef8fc;border-top:1pt solid #279fc7;padding:2px 13pt 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#ee2724;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:100%">&#160;</font></td><td colspan="3" style="background-color:#eef8fc;border-top:1pt solid #279fc7;padding:0 7pt 0 1pt"></td><td colspan="3" style="background-color:#eef8fc;border-top:1pt solid #279fc7;padding:0 13pt 0 1pt"></td><td colspan="3" style="background-color:#eef8fc;border-top:1pt solid #279fc7;padding:0 1pt"></td><td colspan="3" style="background-color:#eef8fc;border-top:1pt solid #279fc7;padding:2px 13pt 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#242424;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:100%">&#160;</font></td></tr><tr style="height:12pt"><td colspan="3" style="background-color:#eef8fc;padding:2px 1pt;text-align:left;vertical-align:bottom"><font style="color:#242424;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:120%">&#160;</font></td><td colspan="3" style="background-color:#eef8fc;padding:2px 1pt;text-align:left;vertical-align:bottom"><font style="color:#242424;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:100%">Unrealized gains from derivative instruments</font></td><td colspan="3" style="background-color:#eef8fc;padding:2px 7pt 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#242424;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:100%">(2,140)</font></td><td colspan="3" style="background-color:#eef8fc;padding:2px 13pt 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#242424;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:100%">(0.02)</font></td><td colspan="3" style="background-color:#eef8fc;padding:2px 7pt 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#242424;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:100%">(831)</font></td><td colspan="3" style="background-color:#eef8fc;padding:2px 13pt 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#242424;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:100%">(0.01)</font></td><td colspan="3" style="background-color:#eef8fc;padding:2px 7pt 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#242424;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:100%">(1,119)</font></td><td colspan="3" style="background-color:#eef8fc;padding:2px 13pt 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#242424;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:100%">(0.01)</font></td></tr><tr style="height:12pt"><td colspan="3" style="background-color:#eef8fc;padding:0 1pt"></td><td colspan="3" style="background-color:#eef8fc;padding:2px 1pt;text-align:left;vertical-align:bottom"><font style="color:#242424;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:100%">FPSO decommissioning costs, net of recoveries</font></td><td colspan="3" style="background-color:#eef8fc;padding:2px 7pt 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#242424;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:100%">1,612</font></td><td colspan="3" style="background-color:#eef8fc;padding:2px 13pt 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#242424;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:100%">0.02</font></td><td colspan="3" style="background-color:#eef8fc;padding:2px 7pt 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#242424;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:100%">1,249</font></td><td colspan="3" style="background-color:#eef8fc;padding:2px 13pt 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#242424;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:100%">0.01</font></td><td colspan="3" style="background-color:#eef8fc;padding:2px 7pt 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#242424;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:100%">1,430</font></td><td colspan="3" style="background-color:#eef8fc;padding:2px 13pt 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#242424;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:100%">0.01</font></td></tr><tr style="height:12pt"><td colspan="3" style="background-color:#eef8fc;padding:0 1pt"></td><td colspan="3" style="background-color:#eef8fc;padding:2px 1pt;text-align:left;vertical-align:bottom"><div><font style="color:#242424;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:100%">Write-down of assets</font><font style="color:#242424;font-family:'Arial',sans-serif;font-size:5.85pt;font-weight:400;line-height:100%;position:relative;top:-3.15pt;vertical-align:baseline">(2)</font></div></td><td colspan="3" style="background-color:#eef8fc;padding:2px 7pt 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#242424;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:100%">421</font></td><td colspan="3" style="background-color:#eef8fc;padding:2px 13pt 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#242424;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:100%">&#8212;</font></td><td colspan="3" style="background-color:#eef8fc;padding:2px 7pt 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#242424;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:100%">15,854</font></td><td colspan="3" style="background-color:#eef8fc;padding:2px 13pt 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#242424;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:100%">0.15</font></td><td colspan="3" style="background-color:#eef8fc;padding:2px 7pt 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#242424;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:100%">715</font></td><td colspan="3" style="background-color:#eef8fc;padding:2px 13pt 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#242424;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:100%">0.01</font></td></tr><tr style="height:12pt"><td colspan="3" style="background-color:#eef8fc;padding:2px 1pt;text-align:left;vertical-align:bottom"><font style="color:#242424;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:120%">&#160;</font></td><td colspan="3" style="background-color:#eef8fc;padding:2px 1pt;text-align:left;vertical-align:bottom"><font style="color:#242424;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:100%">Restructuring charges, net of recoveries </font></td><td colspan="3" style="background-color:#eef8fc;padding:2px 7pt 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#242424;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:100%">2,209</font></td><td colspan="3" style="background-color:#eef8fc;padding:2px 13pt 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#242424;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:100%">0.02</font></td><td colspan="3" style="background-color:#eef8fc;padding:2px 7pt 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#242424;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:100%">1,512</font></td><td colspan="3" style="background-color:#eef8fc;padding:2px 13pt 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#242424;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:100%">0.01</font></td><td colspan="3" style="background-color:#eef8fc;padding:2px 7pt 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#242424;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:100%">303</font></td><td colspan="3" style="background-color:#eef8fc;padding:2px 13pt 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#242424;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:100%">&#8212;</font></td></tr><tr style="height:12pt"><td colspan="3" style="background-color:#eef8fc;padding:0 1pt"></td><td colspan="3" style="background-color:#eef8fc;padding:2px 1pt;text-align:left;vertical-align:bottom"><div><font style="color:#242424;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:100%">Items relating to discontinued operations</font><font style="color:#242424;font-family:'Arial',sans-serif;font-size:5.85pt;font-weight:400;line-height:100%;position:relative;top:-3.15pt;vertical-align:baseline">(3)</font></div></td><td colspan="3" style="background-color:#eef8fc;padding:2px 7pt 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#242424;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:100%">36,594</font></td><td colspan="3" style="background-color:#eef8fc;padding:2px 13pt 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#242424;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:100%">0.36</font></td><td colspan="3" style="background-color:#eef8fc;padding:2px 7pt 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#242424;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:100%">22,362</font></td><td colspan="3" style="background-color:#eef8fc;padding:2px 13pt 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#242424;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:100%">0.22</font></td><td colspan="3" style="background-color:#eef8fc;padding:2px 7pt 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#242424;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:100%">(26,481)</font></td><td colspan="3" style="background-color:#eef8fc;padding:2px 13pt 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#242424;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:100%">(0.26)</font></td></tr><tr style="height:12pt"><td colspan="3" style="background-color:#eef8fc;padding:2px 1pt;text-align:left;vertical-align:bottom"><font style="color:#242424;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:120%">&#160;</font></td><td colspan="3" style="background-color:#eef8fc;padding:2px 1pt;text-align:left;vertical-align:bottom"><div><font style="color:#242424;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:100%">Loss on bond repurchases and other</font><font style="color:#242424;font-family:'Arial',sans-serif;font-size:5.85pt;font-weight:400;line-height:100%;position:relative;top:-3.15pt;vertical-align:baseline">(4)</font></div></td><td colspan="3" style="background-color:#eef8fc;padding:2px 7pt 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#242424;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:100%">14,319</font></td><td colspan="3" style="background-color:#eef8fc;padding:2px 13pt 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#242424;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:100%">0.14</font></td><td colspan="3" style="background-color:#eef8fc;padding:2px 7pt 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#242424;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:100%">5,729</font></td><td colspan="3" style="background-color:#eef8fc;padding:2px 13pt 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#242424;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:100%">0.06</font></td><td colspan="3" style="background-color:#eef8fc;padding:2px 7pt 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#242424;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:100%">(187)</font></td><td colspan="3" style="background-color:#eef8fc;padding:2px 13pt 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#242424;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:100%">&#8212;</font></td></tr><tr style="height:12pt"><td colspan="3" style="background-color:#eef8fc;padding:2px 1pt;text-align:left;vertical-align:bottom"><font style="color:#242424;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:120%">&#160;</font></td><td colspan="3" style="background-color:#eef8fc;border-bottom:1pt solid #279fc7;padding:2px 1pt;text-align:left;vertical-align:bottom"><div><font style="color:#242424;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:120%">Non-controlling interests&#8217; share of items above</font><font style="color:#242424;font-family:'Arial',sans-serif;font-size:5.85pt;font-weight:400;line-height:120%;position:relative;top:-3.15pt;vertical-align:baseline">(5)</font></div></td><td colspan="3" style="background-color:#eef8fc;padding:2px 7pt 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#242424;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:100%">(54,431)</font></td><td colspan="3" style="background-color:#eef8fc;padding:2px 13pt 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#242424;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:100%">(0.53)</font></td><td colspan="3" style="background-color:#eef8fc;padding:2px 7pt 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#242424;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:100%">(20,134)</font></td><td colspan="3" style="background-color:#eef8fc;padding:2px 13pt 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#242424;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:100%">(0.20)</font></td><td colspan="3" style="background-color:#eef8fc;padding:2px 7pt 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#242424;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:100%">6,708</font></td><td colspan="3" style="background-color:#eef8fc;padding:2px 13pt 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#242424;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:100%">0.07</font></td></tr><tr style="height:12pt"><td colspan="6" style="background-color:#eef8fc;border-top:1pt solid #279fc7;padding:2px 1pt;text-align:left;vertical-align:bottom"><font style="color:#242424;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:120%">Total adjustments </font></td><td colspan="3" style="background-color:#eef8fc;border-top:1pt solid #279fc7;padding:2px 7pt 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#242424;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:100%">(1,416)</font></td><td colspan="3" style="background-color:#eef8fc;border-top:1pt solid #279fc7;padding:2px 13pt 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#242424;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:100%">(0.01)</font></td><td colspan="3" style="background-color:#eef8fc;border-top:1pt solid #279fc7;padding:2px 7pt 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#242424;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:100%">25,741</font></td><td colspan="3" style="background-color:#eef8fc;border-top:1pt solid #279fc7;padding:2px 13pt 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#242424;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:100%">0.25</font></td><td colspan="3" style="background-color:#eef8fc;border-top:1pt solid #279fc7;padding:2px 7pt 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#242424;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:100%">(18,631)</font></td><td colspan="3" style="background-color:#eef8fc;border-top:1pt solid #279fc7;padding:2px 13pt 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#242424;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:100%">(0.18)</font></td></tr><tr style="height:12pt"><td colspan="6" style="background-color:#eef8fc;padding:2px 1pt;text-align:left;vertical-align:bottom"><font style="color:#242424;font-family:'Arial',sans-serif;font-size:9pt;font-weight:700;line-height:100%">Adjusted net (loss) income attributable to</font></td><td colspan="3" style="background-color:#eef8fc;padding:0 7pt 0 1pt"></td><td colspan="3" style="background-color:#eef8fc;padding:2px 13pt 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#ee2724;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:100%">&#160;</font></td><td colspan="3" style="background-color:#eef8fc;padding:0 7pt 0 1pt"></td><td colspan="3" style="background-color:#eef8fc;padding:0 13pt 0 1pt"></td><td colspan="3" style="background-color:#eef8fc;padding:0 1pt"></td><td colspan="3" style="background-color:#eef8fc;padding:0 1pt"></td></tr><tr style="height:12pt"><td colspan="3" style="background-color:#eef8fc;border-bottom:2pt solid #279fc7;padding:2px 1pt;text-align:left;vertical-align:bottom"><font style="color:#2e3337;font-family:'Arial',sans-serif;font-size:9pt;font-weight:700;line-height:120%">&#160;</font></td><td colspan="3" style="background-color:#eef8fc;border-bottom:2pt solid #279fc7;padding:2px 1pt;text-align:left;vertical-align:bottom"><font style="color:#2e3337;font-family:'Arial',sans-serif;font-size:9pt;font-weight:700;line-height:120%">shareholders of Teekay </font></td><td colspan="3" style="background-color:#eef8fc;border-bottom:2pt solid #279fc7;padding:2px 7pt 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#242424;font-family:'Arial',sans-serif;font-size:9pt;font-weight:700;line-height:100%">(528)</font></td><td colspan="3" style="background-color:#eef8fc;border-bottom:2pt solid #279fc7;padding:2px 13pt 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#242424;font-family:'Arial',sans-serif;font-size:9pt;font-weight:700;line-height:100%">(0.01)</font></td><td colspan="3" style="background-color:#eef8fc;border-bottom:2pt solid #279fc7;padding:2px 7pt 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#242424;font-family:'Arial',sans-serif;font-size:9pt;font-weight:700;line-height:100%">8,354</font></td><td colspan="3" style="background-color:#eef8fc;border-bottom:2pt solid #279fc7;padding:2px 13pt 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#242424;font-family:'Arial',sans-serif;font-size:9pt;font-weight:700;line-height:100%">0.08</font></td><td colspan="3" style="background-color:#eef8fc;border-bottom:2pt solid #279fc7;padding:2px 7pt 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#242424;font-family:'Arial',sans-serif;font-size:9pt;font-weight:700;line-height:100%">11,320</font></td><td colspan="3" style="background-color:#eef8fc;border-bottom:2pt solid #279fc7;padding:2px 13pt 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#242424;font-family:'Arial',sans-serif;font-size:9pt;font-weight:700;line-height:100%">0.11</font></td></tr></table></div><div style="margin-bottom:2pt;margin-top:2pt;padding-left:36pt;text-align:justify;text-indent:-27pt"><font style="color:#2c2c2c;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:120%">(1)</font><font style="color:#2c2c2c;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:120%;padding-left:17.24pt">Basic per share amounts.</font></div><div style="margin-top:2pt;padding-left:36pt;text-align:justify;text-indent:-27pt"><font style="color:#2c2c2c;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:120%">(2)</font><font style="color:#2c2c2c;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:120%;padding-left:17.24pt">The three months ended December 31, 2021 includes the write-down of Teekay Tankers' investment in its equity-accounted joint venture. </font></div><div style="margin-top:2pt;padding-left:36pt;text-align:justify;text-indent:-27pt"><font style="color:#2c2c2c;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:120%">(3)</font><font style="color:#2c2c2c;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:120%;padding-left:17.24pt">Primarily relates to items presented in (loss) income from discontinued operations on the consolidated statements of (loss) income, including unrealized gains on derivative instruments. Also includes the loss on deconsolidation of $58.7&#160;million in the three months ended March 31, 2022. The three months ended December 31, 2021 includes asset impairments and costs related to the merger with Stonepeak.  The three months ended March 31, 2021 includes a loss on early termination of interest rate swaps.  </font></div><div style="margin-top:2pt;padding-left:36pt;text-align:justify;text-indent:-27pt"><font style="color:#2c2c2c;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:120%">(4)</font><font style="color:#2c2c2c;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:120%;padding-left:17.24pt">The three months ended March 31, 2022 includes a loss on the repurchase of the 2022 Notes in full and a loss on repurchases of the Convertible Notes. Refer to footnote (5) of the </font><font style="color:#2e3337;font-family:'Arial',sans-serif;font-size:8pt;font-style:italic;font-weight:400;line-height:120%">Summary </font><font style="color:#2c2c2c;font-family:'Arial',sans-serif;font-size:8pt;font-style:italic;font-weight:400;line-height:120%">Consolidated Statements of (Loss) Income</font><font style="color:#2c2c2c;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:120%">, and footnotes (2) and (3) of the </font><font style="color:#2e3337;font-family:'Arial',sans-serif;font-size:8pt;font-style:italic;font-weight:400;line-height:120%">Summary </font><font style="color:#2c2c2c;font-family:'Arial',sans-serif;font-size:8pt;font-style:italic;font-weight:400;line-height:120%">Consolidated Balance Sheets </font><font style="color:#2c2c2c;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:120%">section for additional information.</font></div><div style="margin-top:2pt;padding-left:36pt;text-align:justify;text-indent:-27pt"><font style="color:#2c2c2c;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:120%">(5)</font><font style="color:#2c2c2c;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:120%;padding-left:17.24pt">Items affecting net income include items from the Company&#8217;s consolidated non-wholly-owned subsidiaries. The specific items affecting net income are analyzed to determine whether any of the amounts originated from a consolidated non-wholly-owned subsidiary. Each amount that originates from a consolidated non-wholly-owned subsidiary is multiplied by the non-controlling interests&#8217; percentage share in this subsidiary to determine the non-controlling interests&#8217; share of the amount. The amount identified as &#8220;Non-controlling interests&#8217; share of items above&#8221; in the table above is the cumulative amount of the non-controlling interests&#8217; proportionate share of items listed in the table.</font></div><div style="margin-top:2pt;text-align:justify;text-indent:-9pt"><font><br></font></div><div style="margin-top:2pt;text-align:justify;text-indent:-9pt"><font><br></font></div><div style="margin-top:2pt;text-align:justify;text-indent:-9pt"><font><br></font></div><div style="margin-top:2pt;text-align:justify;text-indent:-9pt"><font><br></font></div><div style="margin-top:2pt;text-align:justify;text-indent:-9pt"><font><br></font></div><div style="height:72pt;position:relative;width:100%"><div style="bottom:0;position:absolute;width:100%"><div style="text-align:center"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:7pt;font-weight:700;line-height:120%">12</font></div><div style="text-align:center"><font><br></font></div><div style="text-align:center"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:7pt;font-weight:700;line-height:120%">Teekay Corporation</font><font style="color:#000000;font-family:'Arial',sans-serif;font-size:7pt;font-weight:400;line-height:120%">    Investor Relations Tel&#58; +1 604 609 2963    www.teekay.com</font></div><div style="text-align:center"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:7pt;font-weight:400;line-height:120%">4</font><font style="color:#000000;font-family:'Arial',sans-serif;font-size:4.55pt;font-weight:400;line-height:120%;position:relative;top:-2.44pt;vertical-align:baseline">th</font><font style="color:#000000;font-family:'Arial',sans-serif;font-size:7pt;font-weight:400;line-height:120%"> Floor, Belvedere Building, 69 Pitts Bay Road, Hamilton, HM 08, Bermuda</font></div></div></div><div id="i14fa50b9ada6407789c0cdad3213fad3_31"></div><hr style="page-break-after:always"><div style="min-height:72pt;width:100%"><div style="text-align:center"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:98.550%"><tr><td style="width:1.0%"></td><td style="width:48.900%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:48.900%"></td><td style="width:0.1%"></td></tr><tr style="height:42pt"><td colspan="3" style="padding:0 1pt"><div><img alt="image2a.jpg" src="image2a.jpg" style="height:45px;margin-bottom:5pt;vertical-align:text-bottom;width:136px"></div></td><td colspan="3" style="padding:0 1pt"></td></tr></table></div><div><font><br></font></div></div><div><font style="color:#40b4e5;font-family:'Arial',sans-serif;font-size:15pt;font-weight:400;line-height:120%">Teekay Corporation</font></div><div><font style="color:#40b4e5;font-family:'Arial',sans-serif;font-size:15pt;font-weight:400;line-height:120%">Appendix B - Supplemental Financial Information</font></div><div><font style="color:#40b4e5;font-family:'Arial',sans-serif;font-size:15pt;font-weight:400;line-height:120%">Summary Statement of (Loss) Income for the Three Months Ended March&#160;31, 2022</font><font style="color:#40b4e5;font-family:'Arial',sans-serif;font-size:13pt;font-weight:400;line-height:120%">  </font></div><div style="margin-top:2pt"><font style="color:#2e3337;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:120%">(in thousands of U.S. dollars)</font></div><div><font style="color:#2e3337;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:120%">(unaudited)</font></div><div style="margin-top:5pt"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:516.75pt"><tr><td style="width:1.0pt"></td><td style="width:18.25pt"></td><td style="width:1.0pt"></td><td style="width:1.0pt"></td><td style="width:158.50pt"></td><td style="width:1.0pt"></td><td style="width:1.0pt"></td><td style="width:82.00pt"></td><td style="width:1.0pt"></td><td style="width:1.0pt"></td><td style="width:82.00pt"></td><td style="width:1.0pt"></td><td style="width:1.0pt"></td><td style="width:82.00pt"></td><td style="width:1.0pt"></td><td style="width:1.0pt"></td><td style="width:82.00pt"></td><td style="width:1.0pt"></td></tr><tr style="height:12pt"><td colspan="3" style="background-color:#279fc7;padding:2px 1pt;text-align:left;vertical-align:bottom"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:100%">&#160;</font></td><td colspan="3" style="background-color:#279fc7;padding:2px 1pt;text-align:left;vertical-align:bottom"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:100%">&#160;</font></td><td colspan="3" style="background-color:#279fc7;padding:2px 1pt;text-align:center;vertical-align:bottom"><font style="color:#ffffff;font-family:'Arial',sans-serif;font-size:9pt;font-weight:700;line-height:100%">Teekay </font></td><td colspan="3" style="background-color:#279fc7;padding:2px 1pt;text-align:center;vertical-align:bottom"><font style="color:#ffffff;font-family:'Arial',sans-serif;font-size:9pt;font-weight:700;line-height:100%">Teekay</font></td><td colspan="3" style="background-color:#279fc7;padding:2px 1pt;text-align:center;vertical-align:bottom"><font style="color:#ffffff;font-family:'Arial',sans-serif;font-size:9pt;font-weight:700;line-height:100%">Consolidation </font></td><td colspan="3" style="background-color:#279fc7;padding:2px 1pt;text-align:center;vertical-align:bottom"><font style="color:#ffffff;font-family:'Arial',sans-serif;font-size:9pt;font-weight:700;line-height:100%">Total</font></td></tr><tr style="height:15pt"><td colspan="3" style="background-color:#279fc7;padding:2px 1pt;text-align:left;vertical-align:bottom"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:100%">&#160;</font></td><td colspan="3" style="background-color:#279fc7;padding:2px 1pt;text-align:left;vertical-align:bottom"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:100%">&#160;</font></td><td colspan="3" style="background-color:#279fc7;padding:2px 1pt;text-align:center;vertical-align:bottom"><font style="color:#ffffff;font-family:'Arial',sans-serif;font-size:9pt;font-weight:700;line-height:100%">Tankers</font></td><td colspan="3" style="background-color:#279fc7;padding:2px 1pt;text-align:center;vertical-align:bottom"><font style="color:#ffffff;font-family:'Arial',sans-serif;font-size:9pt;font-weight:700;line-height:100%">Parent</font></td><td colspan="3" style="background-color:#279fc7;padding:2px 1pt;text-align:left;vertical-align:bottom"><div style="text-align:center"><font style="color:#ffffff;font-family:'Arial',sans-serif;font-size:9pt;font-weight:700;line-height:100%">Adjustments</font><font style="color:#ffffff;font-family:'Arial',sans-serif;font-size:5.85pt;font-weight:700;line-height:100%;position:relative;top:-3.15pt;vertical-align:baseline">(1)</font></div></td><td colspan="3" style="background-color:#279fc7;padding:0 1pt"></td></tr><tr style="height:12pt"><td colspan="3" style="background-color:#eef8fc;padding:2px 1pt;text-align:left;vertical-align:bottom"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:100%">&#160;</font></td><td colspan="3" style="background-color:#eef8fc;padding:2px 1pt;text-align:left;vertical-align:bottom"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:100%">&#160;</font></td><td colspan="3" style="background-color:#eef8fc;padding:2px 1pt;text-align:left;vertical-align:bottom"><div style="text-align:center"><font style="background-color:#eef8fc;color:#000000;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:100%">&#160;</font></div></td><td colspan="3" style="background-color:#eef8fc;padding:2px 1pt;text-align:left;vertical-align:bottom"><div style="text-align:center"><font style="background-color:#eef8fc;color:#000000;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:100%">&#160;</font></div></td><td colspan="3" style="background-color:#eef8fc;padding:2px 1pt;text-align:left;vertical-align:bottom"><div style="text-align:center"><font style="background-color:#eef8fc;color:#000000;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:100%">&#160;</font></div></td><td colspan="3" style="background-color:#eef8fc;padding:2px 1pt;text-align:left;vertical-align:bottom"><div style="text-align:center"><font style="background-color:#eef8fc;color:#000000;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:100%">&#160;</font></div></td></tr><tr style="height:12pt"><td colspan="6" style="background-color:#eef8fc;padding:2px 1pt;text-align:left;vertical-align:bottom"><div><font style="color:#2c2c2c;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:100%">Revenues </font></div></td><td colspan="3" style="background-color:#eef8fc;padding:2px 7pt 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#2c2c2c;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:100%">174,018</font></td><td colspan="3" style="background-color:#eef8fc;padding:2px 7pt 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#2c2c2c;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:100%">38,702</font></td><td colspan="3" style="background-color:#eef8fc;padding:2px 13pt 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#2c2c2c;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:100%">&#8212;</font></td><td colspan="3" style="background-color:#eef8fc;padding:2px 7pt 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#2c2c2c;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:100%">212,720</font></td></tr><tr style="height:12pt"><td colspan="3" style="background-color:#eef8fc;padding:2px 1pt;text-align:left;vertical-align:bottom"><div><font style="color:#2c2c2c;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:100%">&#160;</font></div></td><td colspan="3" style="background-color:#eef8fc;padding:2px 1pt;text-align:left;vertical-align:bottom"><div><font style="color:#2c2c2c;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:100%">&#160;</font></div></td><td colspan="3" style="background-color:#eef8fc;padding:0 1pt"></td><td colspan="3" style="background-color:#eef8fc;padding:0 1pt"></td><td colspan="3" style="background-color:#eef8fc;padding:0 13pt 0 1pt"></td><td colspan="3" style="background-color:#eef8fc;padding:0 1pt"></td></tr><tr style="height:12pt"><td colspan="6" style="background-color:#eef8fc;padding:2px 1pt;text-align:left;vertical-align:bottom"><div><font style="color:#2c2c2c;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:100%">Voyage expenses </font></div></td><td colspan="3" style="background-color:#eef8fc;padding:2px 7pt 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#2c2c2c;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:100%">(101,622)</font></td><td colspan="3" style="background-color:#eef8fc;padding:2px 7pt 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#2c2c2c;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:100%">&#8212;</font></td><td colspan="3" style="background-color:#eef8fc;padding:2px 13pt 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#2c2c2c;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:100%">&#8212;</font></td><td colspan="3" style="background-color:#eef8fc;padding:2px 7pt 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#2c2c2c;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:100%">(101,622)</font></td></tr><tr style="height:12pt"><td colspan="6" style="background-color:#eef8fc;padding:2px 1pt;text-align:left;vertical-align:bottom"><div><font style="color:#2c2c2c;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:100%">Vessel operating expenses </font></div></td><td colspan="3" style="background-color:#eef8fc;padding:2px 7pt 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#2c2c2c;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:100%">(39,001)</font></td><td colspan="3" style="background-color:#eef8fc;padding:2px 7pt 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#2c2c2c;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:100%">(32,940)</font></td><td colspan="3" style="background-color:#eef8fc;padding:2px 13pt 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#2c2c2c;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:100%">&#8212;</font></td><td colspan="3" style="background-color:#eef8fc;padding:2px 7pt 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#2c2c2c;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:100%">(71,941)</font></td></tr><tr style="height:12pt"><td colspan="6" style="background-color:#eef8fc;padding:2px 1pt;text-align:left;vertical-align:bottom"><div><font style="color:#2c2c2c;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:100%">Time-charter hire expense </font></div></td><td colspan="3" style="background-color:#eef8fc;padding:2px 7pt 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#2c2c2c;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:100%">(5,550)</font></td><td colspan="3" style="background-color:#eef8fc;padding:2px 7pt 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#2c2c2c;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:100%">&#8212;</font></td><td colspan="3" style="background-color:#eef8fc;padding:2px 13pt 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#2c2c2c;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:100%">&#8212;</font></td><td colspan="3" style="background-color:#eef8fc;padding:2px 7pt 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#2c2c2c;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:100%">(5,550)</font></td></tr><tr style="height:12pt"><td colspan="6" style="background-color:#eef8fc;padding:2px 1pt;text-align:left;vertical-align:bottom"><div><font style="color:#2c2c2c;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:100%">Depreciation and amortization </font></div></td><td colspan="3" style="background-color:#eef8fc;padding:2px 7pt 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#2c2c2c;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:100%">(25,080)</font></td><td colspan="3" style="background-color:#eef8fc;padding:2px 7pt 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#2c2c2c;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:100%">&#8212;</font></td><td colspan="3" style="background-color:#eef8fc;padding:2px 13pt 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#2c2c2c;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:100%">&#8212;</font></td><td colspan="3" style="background-color:#eef8fc;padding:2px 7pt 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#2c2c2c;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:100%">(25,080)</font></td></tr><tr style="height:14pt"><td colspan="6" style="background-color:#eef8fc;padding:2px 1pt;text-align:left;vertical-align:bottom"><div><font style="color:#2c2c2c;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:100%">General and administrative expenses </font><font style="color:#2c2c2c;font-family:'Arial',sans-serif;font-size:5.85pt;font-weight:400;line-height:100%;position:relative;top:-3.15pt;vertical-align:baseline">(2)</font></div></td><td colspan="3" style="background-color:#eef8fc;padding:2px 7pt 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#2c2c2c;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:100%">(10,120)</font></td><td colspan="3" style="background-color:#eef8fc;padding:2px 7pt 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#2c2c2c;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:100%">(5,963)</font></td><td colspan="3" style="background-color:#eef8fc;padding:2px 13pt 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#2c2c2c;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:100%">&#8212;</font></td><td colspan="3" style="background-color:#eef8fc;padding:2px 7pt 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#2c2c2c;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:100%">(16,083)</font></td></tr><tr style="height:12pt"><td colspan="6" style="background-color:#eef8fc;padding:2px 1pt;text-align:left;vertical-align:bottom"><font style="color:#2c2c2c;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:100%">Write-down of assets</font></td><td colspan="3" style="background-color:#eef8fc;padding:2px 7pt 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#2c2c2c;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:100%">(421)</font></td><td colspan="3" style="background-color:#eef8fc;padding:2px 7pt 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#2c2c2c;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:100%">&#8212;</font></td><td colspan="3" style="background-color:#eef8fc;padding:2px 13pt 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#2c2c2c;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:100%">&#8212;</font></td><td colspan="3" style="background-color:#eef8fc;padding:2px 7pt 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#2c2c2c;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:100%">(421)</font></td></tr><tr style="height:12pt"><td colspan="6" style="background-color:#eef8fc;padding:2px 1pt;text-align:left;vertical-align:bottom"><font style="color:#2c2c2c;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:100%">Restructuring charges </font></td><td colspan="3" style="background-color:#eef8fc;padding:2px 7pt 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#2c2c2c;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:100%">&#8212;</font></td><td colspan="3" style="background-color:#eef8fc;padding:2px 7pt 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#2c2c2c;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:100%">(4,597)</font></td><td colspan="3" style="background-color:#eef8fc;padding:2px 13pt 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#2c2c2c;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:100%">&#8212;</font></td><td colspan="3" style="background-color:#eef8fc;padding:2px 7pt 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#2c2c2c;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:100%">(4,597)</font></td></tr><tr style="height:5pt"><td colspan="3" style="background-color:#eef8fc;border-top:1pt solid #279fc7;padding:2px 1pt;text-align:left;vertical-align:bottom"><div><font style="color:#2c2c2c;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:100%">&#160;</font></div></td><td colspan="3" style="background-color:#eef8fc;border-top:1pt solid #279fc7;padding:2px 1pt;text-align:left;vertical-align:bottom"><div><font style="color:#2c2c2c;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:100%">&#160;</font></div></td><td colspan="3" style="background-color:#eef8fc;border-top:1pt solid #279fc7;padding:0 1pt"></td><td colspan="3" style="background-color:#eef8fc;border-top:1pt solid #279fc7;padding:0 1pt"></td><td colspan="3" style="background-color:#eef8fc;border-top:1pt solid #279fc7;padding:0 1pt"></td><td colspan="3" style="background-color:#eef8fc;border-top:1pt solid #279fc7;padding:0 1pt"></td></tr><tr style="height:12pt"><td colspan="6" style="background-color:#eef8fc;padding:2px 1pt;text-align:left;vertical-align:top"><font style="color:#2c2c2c;font-family:'Arial',sans-serif;font-size:9pt;font-weight:700;line-height:100%">Loss from vessel operations</font></td><td colspan="3" style="background-color:#eef8fc;padding:2px 7pt 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#2c2c2c;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:100%">(7,776)</font></td><td colspan="3" style="background-color:#eef8fc;padding:2px 7pt 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#2c2c2c;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:100%">(4,798)</font></td><td colspan="3" style="background-color:#eef8fc;padding:2px 13pt 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#2c2c2c;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:100%">&#8212;</font></td><td colspan="3" style="background-color:#eef8fc;padding:2px 7pt 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#2c2c2c;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:100%">(12,574)</font></td></tr><tr style="height:9pt"><td colspan="6" style="background-color:#eef8fc;padding:2px 1pt;text-align:left;vertical-align:bottom"><div><font style="color:#2c2c2c;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:100%">&#160;</font></div></td><td colspan="3" style="background-color:#eef8fc;padding:0 1pt"></td><td colspan="3" style="background-color:#eef8fc;padding:0 1pt"></td><td colspan="3" style="background-color:#eef8fc;padding:0 1pt"></td><td colspan="3" style="background-color:#eef8fc;padding:0 1pt"></td></tr><tr style="height:12pt"><td colspan="6" style="background-color:#eef8fc;padding:2px 1pt;text-align:left;vertical-align:bottom"><div><font style="color:#2c2c2c;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:100%">Interest expense </font></div></td><td colspan="3" style="background-color:#eef8fc;padding:2px 7pt 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#2c2c2c;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:100%">(8,162)</font></td><td colspan="3" style="background-color:#eef8fc;padding:2px 7pt 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#2c2c2c;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:100%">(1,887)</font></td><td colspan="3" style="background-color:#eef8fc;padding:2px 13pt 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#2c2c2c;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:100%">47</font></td><td colspan="3" style="background-color:#eef8fc;padding:2px 7pt 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#2c2c2c;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:100%">(10,002)</font></td></tr><tr style="height:12pt"><td colspan="6" style="background-color:#eef8fc;padding:2px 1pt;text-align:left;vertical-align:bottom"><div><font style="color:#2c2c2c;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:100%">Interest income </font></div></td><td colspan="3" style="background-color:#eef8fc;padding:2px 7pt 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#2c2c2c;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:100%">35</font></td><td colspan="3" style="background-color:#eef8fc;padding:2px 7pt 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#2c2c2c;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:100%">309</font></td><td colspan="3" style="background-color:#eef8fc;padding:2px 13pt 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#2c2c2c;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:100%">(47)</font></td><td colspan="3" style="background-color:#eef8fc;padding:2px 7pt 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#2c2c2c;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:100%">297</font></td></tr><tr style="height:12pt"><td colspan="6" style="background-color:#eef8fc;padding:2px 1pt;text-align:left;vertical-align:bottom"><font style="color:#2c2c2c;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:100%">Realized and unrealized gain (loss) on </font></td><td colspan="3" style="background-color:#eef8fc;padding:0 1pt"></td><td colspan="3" style="background-color:#eef8fc;padding:0 1pt"></td><td colspan="3" style="background-color:#eef8fc;padding:0 1pt"></td><td colspan="3" style="background-color:#eef8fc;padding:0 1pt"></td></tr><tr style="height:12pt"><td colspan="3" style="background-color:#eef8fc;padding:2px 1pt;text-align:left;vertical-align:bottom"><div><font style="color:#2c2c2c;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:100%">&#160;</font></div></td><td colspan="3" style="background-color:#eef8fc;padding:2px 1pt;text-align:left;vertical-align:bottom"><font style="color:#2c2c2c;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:100%">non-designated derivative instruments</font></td><td colspan="3" style="background-color:#eef8fc;padding:2px 7pt 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#2c2c2c;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:100%">2,028</font></td><td colspan="3" style="background-color:#eef8fc;padding:2px 7pt 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#2c2c2c;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:100%">(61)</font></td><td colspan="3" style="background-color:#eef8fc;padding:2px 13pt 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#2c2c2c;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:100%">&#8212;</font></td><td colspan="3" style="background-color:#eef8fc;padding:2px 7pt 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#2c2c2c;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:100%">1,967</font></td></tr><tr style="height:12pt"><td colspan="6" style="background-color:#eef8fc;padding:2px 1pt;text-align:left;vertical-align:bottom"><font style="color:#2c2c2c;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:100%">Equity loss</font></td><td colspan="3" style="background-color:#eef8fc;padding:2px 7pt 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#2c2c2c;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:100%">(754)</font></td><td colspan="3" style="background-color:#eef8fc;padding:2px 7pt 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#2c2c2c;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:100%">&#8212;</font></td><td colspan="3" style="background-color:#eef8fc;padding:2px 13pt 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#2c2c2c;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:100%">&#8212;</font></td><td colspan="3" style="background-color:#eef8fc;padding:2px 7pt 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#2c2c2c;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:100%">(754)</font></td></tr><tr style="height:12pt"><td colspan="6" style="background-color:#eef8fc;padding:2px 1pt;text-align:left;vertical-align:bottom"><div><font style="color:#2c2c2c;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:100%">Equity in income (loss) of subsidiaries </font><font style="color:#2c2c2c;font-family:'Arial',sans-serif;font-size:5.85pt;font-weight:400;line-height:100%;position:relative;top:-3.15pt;vertical-align:baseline">(3)</font></div></td><td colspan="3" style="background-color:#eef8fc;padding:2px 7pt 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#2c2c2c;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:100%">&#8212;</font></td><td colspan="3" style="background-color:#eef8fc;padding:2px 7pt 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#2c2c2c;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:100%">(4,159)</font></td><td colspan="3" style="background-color:#eef8fc;padding:2px 13pt 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#2c2c2c;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:100%">4,159</font></td><td colspan="3" style="background-color:#eef8fc;padding:2px 7pt 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#2c2c2c;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:100%">&#8212;</font></td></tr><tr style="height:12pt"><td colspan="6" style="background-color:#eef8fc;padding:2px 1pt;text-align:left;vertical-align:bottom"><font style="color:#2c2c2c;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:100%">Income tax recovery (expense)</font></td><td colspan="3" style="background-color:#eef8fc;padding:2px 7pt 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#2c2c2c;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:100%">820</font></td><td colspan="3" style="background-color:#eef8fc;padding:2px 7pt 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#2c2c2c;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:100%">(184)</font></td><td colspan="3" style="background-color:#eef8fc;padding:2px 13pt 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#2c2c2c;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:100%">&#8212;</font></td><td colspan="3" style="background-color:#eef8fc;padding:2px 7pt 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#2c2c2c;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:100%">636</font></td></tr><tr style="height:12pt"><td colspan="6" style="background-color:#eef8fc;padding:2px 1pt;text-align:left;vertical-align:bottom"><font style="color:#2c2c2c;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:100%">Loss on bond repurchases</font></td><td colspan="3" style="background-color:#eef8fc;padding:2px 7pt 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#2c2c2c;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:100%">&#8212;</font></td><td colspan="3" style="background-color:#eef8fc;padding:2px 7pt 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#2c2c2c;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:100%">(12,410)</font></td><td colspan="3" style="background-color:#eef8fc;padding:2px 13pt 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#2c2c2c;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:100%">&#8212;</font></td><td colspan="3" style="background-color:#eef8fc;padding:2px 7pt 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#2c2c2c;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:100%">(12,410)</font></td></tr><tr style="height:12pt"><td colspan="6" style="background-color:#eef8fc;border-bottom:1pt solid #279fc7;padding:2px 1pt;text-align:left;vertical-align:bottom"><font style="color:#2c2c2c;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:100%">Other - net </font></td><td colspan="3" style="background-color:#eef8fc;padding:2px 7pt 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#2c2c2c;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:100%">(133)</font></td><td colspan="3" style="background-color:#eef8fc;padding:2px 7pt 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#2c2c2c;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:100%">(150)</font></td><td colspan="3" style="background-color:#eef8fc;padding:2px 13pt 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#2c2c2c;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:100%">&#8212;</font></td><td colspan="3" style="background-color:#eef8fc;padding:2px 7pt 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#2c2c2c;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:100%">(283)</font></td></tr><tr style="height:12pt"><td colspan="6" style="background-color:#eef8fc;border-top:1pt solid #279fc7;padding:2px 1pt;text-align:left;vertical-align:bottom"><font style="color:#2c2c2c;font-family:'Arial',sans-serif;font-size:9pt;font-weight:700;line-height:100%">Net (loss) income from continuing</font></td><td colspan="3" style="background-color:#eef8fc;border-top:1pt solid #279fc7;padding:0 1pt"></td><td colspan="3" style="background-color:#eef8fc;border-top:1pt solid #279fc7;padding:0 1pt"></td><td colspan="3" style="background-color:#eef8fc;border-top:1pt solid #279fc7;padding:0 1pt"></td><td colspan="3" style="background-color:#eef8fc;border-top:1pt solid #279fc7;padding:0 1pt"></td></tr><tr style="height:12pt"><td colspan="6" style="background-color:#eef8fc;padding:2px 1pt 2px 19pt;text-align:left;vertical-align:bottom"><font style="color:#2c2c2c;font-family:'Arial',sans-serif;font-size:9pt;font-weight:700;line-height:100%">operations</font></td><td colspan="3" style="background-color:#eef8fc;padding:2px 7pt 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#2c2c2c;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:100%">(13,942)</font></td><td colspan="3" style="background-color:#eef8fc;padding:2px 7pt 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#2c2c2c;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:100%">(23,340)</font></td><td colspan="3" style="background-color:#eef8fc;padding:2px 13pt 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#2c2c2c;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:100%">4,159</font></td><td colspan="3" style="background-color:#eef8fc;padding:2px 7pt 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#2c2c2c;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:100%">(33,123)</font></td></tr><tr style="height:12pt"><td colspan="6" style="background-color:#eef8fc;padding:2px 1pt;text-align:left;vertical-align:bottom"><font style="color:#2c2c2c;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:100%">Loss from discontinued operations</font></td><td colspan="3" style="background-color:#eef8fc;padding:2px 7pt 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#2c2c2c;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:100%">&#8212;</font></td><td colspan="3" style="background-color:#eef8fc;padding:2px 7pt 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#2c2c2c;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:100%">(20,276)</font></td><td colspan="3" style="background-color:#eef8fc;padding:2px 13pt 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#2c2c2c;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:100%">&#8212;</font></td><td colspan="3" style="background-color:#eef8fc;padding:2px 7pt 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#2c2c2c;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:100%">(20,276)</font></td></tr><tr style="height:12pt"><td colspan="6" style="background-color:#eef8fc;padding:2px 1pt;text-align:left;vertical-align:bottom"><font style="color:#2c2c2c;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:100%">Net loss attributable to</font></td><td colspan="3" style="background-color:#eef8fc;padding:0 1pt"></td><td colspan="3" style="background-color:#eef8fc;padding:0 1pt"></td><td colspan="3" style="background-color:#eef8fc;padding:0 1pt"></td><td colspan="3" style="background-color:#eef8fc;padding:0 1pt"></td></tr><tr style="height:12pt"><td colspan="3" style="background-color:#eef8fc;padding:2px 1pt;text-align:left;vertical-align:bottom"><font style="color:#2c2c2c;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:100%">&#160;</font></td><td colspan="3" style="background-color:#eef8fc;border-bottom:1pt solid #279fc7;padding:2px 1pt;text-align:left;vertical-align:bottom"><div><font style="color:#2c2c2c;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:100%">non-controlling interests </font><font style="color:#2c2c2c;font-family:'Arial',sans-serif;font-size:5.85pt;font-weight:400;line-height:100%;position:relative;top:-3.15pt;vertical-align:baseline">(4)</font></div></td><td colspan="3" style="background-color:#eef8fc;padding:2px 7pt 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#2c2c2c;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:100%">&#8212;</font></td><td colspan="3" style="background-color:#eef8fc;padding:2px 7pt 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#2c2c2c;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:100%">44,504</font></td><td colspan="3" style="background-color:#eef8fc;padding:2px 13pt 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#2c2c2c;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:100%">9,783</font></td><td colspan="3" style="background-color:#eef8fc;padding:2px 7pt 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#2c2c2c;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:100%">54,287</font></td></tr><tr style="height:12pt"><td colspan="6" style="background-color:#eef8fc;border-top:1pt solid #279fc7;padding:2px 1pt;text-align:left;vertical-align:top"><font style="color:#2c2c2c;font-family:'Arial',sans-serif;font-size:9pt;font-weight:700;line-height:100%">Net (loss) income attributable</font></td><td colspan="3" style="background-color:#eef8fc;border-top:1pt solid #279fc7;padding:0 1pt"></td><td colspan="3" style="background-color:#eef8fc;border-top:1pt solid #279fc7;padding:0 1pt"></td><td colspan="3" style="background-color:#eef8fc;border-top:1pt solid #279fc7;padding:0 1pt"></td><td colspan="3" style="background-color:#eef8fc;border-top:1pt solid #279fc7;padding:0 1pt"></td></tr><tr style="height:12pt"><td colspan="3" style="background-color:#eef8fc;padding:0 1pt"></td><td colspan="3" style="background-color:#eef8fc;padding:2px 1pt;text-align:left;vertical-align:top"><font style="color:#2c2c2c;font-family:'Arial',sans-serif;font-size:9pt;font-weight:700;line-height:100%">to shareholders&#47;unitholders</font></td><td colspan="3" style="background-color:#eef8fc;padding:0 1pt"></td><td colspan="3" style="background-color:#eef8fc;padding:0 1pt"></td><td colspan="3" style="background-color:#eef8fc;padding:0 1pt"></td><td colspan="3" style="background-color:#eef8fc;padding:0 1pt"></td></tr><tr style="height:12pt"><td colspan="3" style="background-color:#eef8fc;border-bottom:2pt solid #279fc7;padding:2px 1pt;text-align:left;vertical-align:bottom"><font style="color:#2c2c2c;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:100%">&#160;</font></td><td colspan="3" style="background-color:#eef8fc;border-bottom:2pt solid #279fc7;padding:2px 1pt;text-align:left;vertical-align:bottom"><font style="color:#2c2c2c;font-family:'Arial',sans-serif;font-size:9pt;font-weight:700;line-height:100%">&#160;of publicly-listed entities</font></td><td colspan="3" style="background-color:#eef8fc;border-bottom:2pt solid #279fc7;padding:2px 7pt 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#2c2c2c;font-family:'Arial',sans-serif;font-size:9pt;font-weight:700;line-height:100%">(13,942)</font></td><td colspan="3" style="background-color:#eef8fc;border-bottom:2pt solid #279fc7;padding:2px 7pt 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#2c2c2c;font-family:'Arial',sans-serif;font-size:9pt;font-weight:700;line-height:100%">888</font></td><td colspan="3" style="background-color:#eef8fc;border-bottom:2pt solid #279fc7;padding:2px 13pt 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#2c2c2c;font-family:'Arial',sans-serif;font-size:9pt;font-weight:700;line-height:100%">13,942</font></td><td colspan="3" style="background-color:#eef8fc;border-bottom:2pt solid #279fc7;padding:2px 7pt 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#2c2c2c;font-family:'Arial',sans-serif;font-size:9pt;font-weight:700;line-height:100%">888</font></td></tr></table></div><div style="text-align:justify"><font><br></font></div><div style="margin-bottom:3pt;padding-left:18pt;text-align:justify;text-indent:-18pt"><font style="color:#2c2c2c;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:120%">(1)</font><font style="color:#2c2c2c;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:120%;padding-left:8.24pt">Consolidation Adjustments column includes adjustments which eliminate transactions between Teekay Tankers and Teekay Parent. Refer to footnote (1) of the </font><font style="color:#2e3337;font-family:'Arial',sans-serif;font-size:8pt;font-style:italic;font-weight:400;line-height:120%">Summary </font><font style="color:#2c2c2c;font-family:'Arial',sans-serif;font-size:8pt;font-style:italic;font-weight:400;line-height:120%">Consolidated Statements of (Loss) Income </font><font style="color:#2c2c2c;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:120%">for additional information.</font></div><div style="margin-bottom:3pt;padding-left:18pt;text-align:justify;text-indent:-18pt"><font style="color:#2c2c2c;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:120%">(2)</font><font style="color:#2c2c2c;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:120%;padding-left:8.24pt">Teekay Parent's general and administrative expenses during the three months ended March 31, 2022 includes approximately $1.5 million of additional costs associated with the sale of the Teekay Gas Business and approximately $1.0 million of non-cash expenses relating to equity compensation and depreciation expense relating to shore-based systems and equipment. </font></div><div style="margin-bottom:3pt;padding-left:18pt;text-align:justify;text-indent:-18pt"><font style="color:#2c2c2c;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:120%">(3)</font><font style="color:#2c2c2c;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:120%;padding-left:8.24pt">Teekay Corporation&#8217;s proportionate share of the net loss of its publicly-traded subsidiary, Teekay Tankers.</font></div><div style="margin-bottom:3pt;padding-left:18pt;text-align:justify;text-indent:-18pt"><font style="color:#2c2c2c;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:120%">(4)</font><font style="color:#2c2c2c;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:120%;padding-left:8.24pt">Net loss attributable to non-controlling interests represents the public&#8217;s share of the net income (loss) of Teekay&#8217;s publicly-traded subsidiaries, including realized deferred gains and losses relating to intercompany sales of certain vessels in previous years.  </font></div><div style="margin-bottom:3pt;text-align:justify"><font><br></font></div><div style="margin-bottom:3pt;text-align:justify"><font><br></font></div><div style="height:72pt;position:relative;width:100%"><div style="bottom:0;position:absolute;width:100%"><div style="text-align:center"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:7pt;font-weight:700;line-height:120%">13</font></div><div style="text-align:center"><font><br></font></div><div style="text-align:center"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:7pt;font-weight:700;line-height:120%">Teekay Corporation</font><font style="color:#000000;font-family:'Arial',sans-serif;font-size:7pt;font-weight:400;line-height:120%">    Investor Relations Tel&#58; +1 604 609 2963    www.teekay.com</font></div><div style="text-align:center"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:7pt;font-weight:400;line-height:120%">4</font><font style="color:#000000;font-family:'Arial',sans-serif;font-size:4.55pt;font-weight:400;line-height:120%;position:relative;top:-2.44pt;vertical-align:baseline">th</font><font style="color:#000000;font-family:'Arial',sans-serif;font-size:7pt;font-weight:400;line-height:120%"> Floor, Belvedere Building, 69 Pitts Bay Road, Hamilton, HM 08, Bermuda</font></div></div></div><div id="i14fa50b9ada6407789c0cdad3213fad3_40"></div><hr style="page-break-after:always"><div style="min-height:72pt;width:100%"><div style="text-align:center"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:99.415%"><tr><td style="width:1.0%"></td><td style="width:48.900%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:48.900%"></td><td style="width:0.1%"></td></tr><tr style="height:42pt"><td colspan="3" style="padding:0 1pt"><div><img alt="image2a.jpg" src="image2a.jpg" style="height:45px;margin-bottom:5pt;vertical-align:text-bottom;width:136px"></div></td><td colspan="3" style="padding:0 1pt"></td></tr></table></div><div><font><br></font></div></div><div><font style="color:#40b4e5;font-family:'Arial',sans-serif;font-size:15pt;font-weight:400;line-height:120%">Teekay Corporation </font></div><div><font style="color:#40b4e5;font-family:'Arial',sans-serif;font-size:15pt;font-weight:400;line-height:120%">Appendix C - Reconciliation of Non-GAAP Financial Measures </font></div><div><font style="color:#40b4e5;font-family:'Arial',sans-serif;font-size:15pt;font-weight:400;line-height:100%">Adjusted EBITDA - Consolidated </font></div><div><font style="color:#2e3337;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:120%">(in thousands of U.S. dollars)</font></div><div style="margin-top:5pt"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:513.00pt"><tr><td style="width:1.0pt"></td><td style="width:10.00pt"></td><td style="width:1.0pt"></td><td style="width:1.0pt"></td><td style="width:294.25pt"></td><td style="width:1.0pt"></td><td style="width:1.0pt"></td><td style="width:66.25pt"></td><td style="width:1.0pt"></td><td style="width:1.0pt"></td><td style="width:66.25pt"></td><td style="width:1.0pt"></td><td style="width:1.0pt"></td><td style="width:66.25pt"></td><td style="width:1.0pt"></td></tr><tr style="height:11pt"><td colspan="3" style="background-color:#279fc7;padding:0 1pt"></td><td colspan="3" style="background-color:#279fc7;padding:2px 1pt;text-align:center;vertical-align:bottom"><font style="color:#ffffff;font-family:'Arial',sans-serif;font-size:9pt;font-weight:700;line-height:100%">&#160;</font></td><td colspan="9" style="background-color:#279fc7;padding:2px 1pt;text-align:center;vertical-align:bottom"><font style="color:#ffffff;font-family:'Arial',sans-serif;font-size:9pt;font-weight:700;line-height:100%">Three Months Ended</font></td></tr><tr style="height:11pt"><td colspan="3" style="background-color:#279fc7;padding:0 1pt"></td><td colspan="3" style="background-color:#279fc7;padding:2px 1pt;text-align:center;vertical-align:bottom"><font style="color:#ffffff;font-family:'Arial',sans-serif;font-size:9pt;font-weight:700;line-height:100%">&#160;</font></td><td colspan="3" style="background-color:#279fc7;padding:2px 1pt;text-align:center;vertical-align:bottom"><font style="color:#ffffff;font-family:'Arial',sans-serif;font-size:9pt;font-weight:700;line-height:100%">March 31,</font></td><td colspan="3" style="background-color:#279fc7;padding:2px 1pt;text-align:center;vertical-align:bottom"><font style="color:#ffffff;font-family:'Arial',sans-serif;font-size:9pt;font-weight:700;line-height:100%">December 31,</font></td><td colspan="3" style="background-color:#279fc7;padding:2px 1pt;text-align:center;vertical-align:bottom"><font style="color:#ffffff;font-family:'Arial',sans-serif;font-size:9pt;font-weight:700;line-height:100%">March 31,</font></td></tr><tr style="height:14pt"><td colspan="3" style="background-color:#279fc7;padding:2px 1pt;text-align:center;vertical-align:bottom"><font style="color:#ffffff;font-family:'Arial',sans-serif;font-size:9pt;font-weight:700;line-height:100%">&#160;</font></td><td colspan="3" style="background-color:#279fc7;padding:2px 1pt;text-align:center;vertical-align:bottom"><font style="color:#ffffff;font-family:'Arial',sans-serif;font-size:9pt;font-weight:700;line-height:100%">&#160;</font></td><td colspan="3" style="background-color:#279fc7;padding:2px 1pt;text-align:center;vertical-align:bottom"><font style="color:#ffffff;font-family:'Arial',sans-serif;font-size:9pt;font-weight:700;line-height:100%">2022</font></td><td colspan="3" style="background-color:#279fc7;padding:2px 1pt;text-align:center;vertical-align:bottom"><font style="color:#ffffff;font-family:'Arial',sans-serif;font-size:9pt;font-weight:700;line-height:100%">2021</font></td><td colspan="3" style="background-color:#279fc7;padding:2px 1pt;text-align:center;vertical-align:bottom"><font style="color:#ffffff;font-family:'Arial',sans-serif;font-size:9pt;font-weight:700;line-height:100%">2021</font></td></tr><tr style="height:11pt"><td colspan="6" style="background-color:#279fc7;padding:2px 1pt;text-align:left;vertical-align:bottom"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:9pt;font-weight:700;line-height:100%">&#160;</font></td><td colspan="3" style="background-color:#279fc7;padding:2px 1pt;text-align:left;vertical-align:top"><div style="text-align:center"><font style="color:#ffffff;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:100%">(unaudited)</font><font style="color:#000000;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:100%"> </font></div></td><td colspan="3" style="background-color:#279fc7;padding:2px 1pt;text-align:left;vertical-align:top"><div style="text-align:center"><font style="color:#ffffff;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:100%">(unaudited)</font><font style="color:#000000;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:100%"> </font></div></td><td colspan="3" style="background-color:#279fc7;padding:2px 1pt;text-align:left;vertical-align:top"><div style="text-align:center"><font style="color:#ffffff;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:100%">(unaudited)</font><font style="color:#000000;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:100%"> </font></div></td></tr><tr style="height:12pt"><td colspan="6" style="background-color:#eef8fc;padding:2px 1pt;text-align:left;vertical-align:bottom"><font style="color:#2c2c2c;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:100%">Net (loss) income</font></td><td colspan="3" style="background-color:#eef8fc;padding:2px 19pt 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#2c2c2c;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:100%">(53,399)</font></td><td colspan="3" style="background-color:#eef8fc;padding:2px 19pt 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#2c2c2c;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:100%">(16,847)</font></td><td colspan="3" style="background-color:#eef8fc;padding:2px 19pt 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#2c2c2c;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:100%">61,504</font></td></tr><tr style="height:12pt"><td colspan="6" style="background-color:#eef8fc;padding:2px 1pt;text-align:left;vertical-align:bottom"><font style="color:#2c2c2c;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:100%">Depreciation and amortization</font></td><td colspan="3" style="background-color:#eef8fc;padding:2px 19pt 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#2c2c2c;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:100%">25,080</font></td><td colspan="3" style="background-color:#eef8fc;padding:2px 19pt 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#2c2c2c;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:100%">26,668</font></td><td colspan="3" style="background-color:#eef8fc;padding:2px 19pt 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#2c2c2c;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:100%">26,684</font></td></tr><tr style="height:12pt"><td colspan="6" style="background-color:#eef8fc;padding:2px 1pt;text-align:left;vertical-align:bottom"><font style="color:#2c2c2c;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:100%">Interest expense, net of interest income</font></td><td colspan="3" style="background-color:#eef8fc;padding:2px 19pt 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#2c2c2c;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:100%">9,705</font></td><td colspan="3" style="background-color:#eef8fc;padding:2px 19pt 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#2c2c2c;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:100%">15,350</font></td><td colspan="3" style="background-color:#eef8fc;padding:2px 19pt 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#2c2c2c;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:100%">18,378</font></td></tr><tr style="height:12pt"><td colspan="6" style="background-color:#eef8fc;border-bottom:1pt solid #279fc7;padding:2px 1pt 2px 10pt;text-align:left;text-indent:-9pt;vertical-align:bottom"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:100%">Income tax recovery</font></td><td colspan="3" style="background-color:#eef8fc;padding:2px 19pt 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#2c2c2c;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:100%">(636)</font></td><td colspan="3" style="background-color:#eef8fc;padding:2px 19pt 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#2c2c2c;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:100%">(1,560)</font></td><td colspan="3" style="background-color:#eef8fc;padding:2px 19pt 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#2c2c2c;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:100%">(608)</font></td></tr><tr style="height:12pt"><td colspan="6" style="background-color:#eef8fc;border-bottom:1pt solid #279fc7;border-top:1pt solid #279fc7;padding:2px 1pt;text-align:left;vertical-align:bottom"><font style="color:#2c2c2c;font-family:'Arial',sans-serif;font-size:9pt;font-weight:700;line-height:100%">EBITDA</font></td><td colspan="3" style="background-color:#eef8fc;border-top:1pt solid #279fc7;padding:2px 19pt 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#2c2c2c;font-family:'Arial',sans-serif;font-size:9pt;font-weight:700;line-height:100%">(19,250)</font></td><td colspan="3" style="background-color:#eef8fc;border-top:1pt solid #279fc7;padding:2px 19pt 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#2c2c2c;font-family:'Arial',sans-serif;font-size:9pt;font-weight:700;line-height:100%">23,611</font></td><td colspan="3" style="background-color:#eef8fc;border-top:1pt solid #279fc7;padding:2px 19pt 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#2c2c2c;font-family:'Arial',sans-serif;font-size:9pt;font-weight:700;line-height:100%">105,958</font></td></tr><tr style="height:12pt"><td colspan="6" style="background-color:#eef8fc;border-top:1pt solid #279fc7;padding:2px 1pt;text-align:left;vertical-align:bottom"><font style="color:#2c2c2c;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:100%">Specific income statement items affecting EBITDA&#58;</font></td><td colspan="3" style="background-color:#eef8fc;border-top:1pt solid #279fc7;padding:0 1pt"></td><td colspan="3" style="background-color:#eef8fc;border-top:1pt solid #279fc7;padding:0 1pt"></td><td colspan="3" style="background-color:#eef8fc;border-top:1pt solid #279fc7;padding:0 1pt"></td></tr><tr style="height:12pt"><td colspan="3" style="background-color:#eef8fc;padding:0 1pt"></td><td colspan="3" style="background-color:#eef8fc;padding:2px 1pt;text-align:left;vertical-align:bottom"><div><font style="color:#2c2c2c;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:100%">Write-down of assets</font></div></td><td colspan="3" style="background-color:#eef8fc;padding:2px 19pt 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#242424;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:100%">421</font></td><td colspan="3" style="background-color:#eef8fc;padding:2px 19pt 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#242424;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:100%">4,270</font></td><td colspan="3" style="background-color:#eef8fc;padding:2px 19pt 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#242424;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:100%">715</font></td></tr><tr style="height:12pt"><td colspan="3" style="background-color:#eef8fc;padding:0 1pt"></td><td colspan="3" style="background-color:#eef8fc;padding:2px 1pt;text-align:left;vertical-align:top"><font style="color:#2c2c2c;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:100%">Adjustments for sales-type lease to a cash basis and other</font></td><td colspan="3" style="background-color:#eef8fc;padding:2px 19pt 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#242424;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:100%">&#8212;</font></td><td colspan="3" style="background-color:#eef8fc;padding:2px 19pt 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#242424;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:100%">&#8212;</font></td><td colspan="3" style="background-color:#eef8fc;padding:2px 19pt 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#242424;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:100%">(203)</font></td></tr><tr style="height:12pt"><td colspan="3" style="background-color:#eef8fc;padding:0 1pt"></td><td colspan="3" style="background-color:#eef8fc;padding:2px 1pt;text-align:left;vertical-align:bottom"><font style="color:#2c2c2c;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:100%">Realized and unrealized gains on derivative instruments</font></td><td colspan="3" style="background-color:#eef8fc;padding:2px 19pt 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#242424;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:100%">(1,967)</font></td><td colspan="3" style="background-color:#eef8fc;padding:2px 19pt 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#242424;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:100%">(565)</font></td><td colspan="3" style="background-color:#eef8fc;padding:2px 19pt 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#242424;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:100%">(703)</font></td></tr><tr style="height:21pt"><td colspan="3" style="background-color:#eef8fc;padding:0 1pt"></td><td colspan="3" style="background-color:#eef8fc;padding:2px 1pt;text-align:left;vertical-align:bottom"><div><font style="color:#2c2c2c;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:100%">Realized (losses) gains from the settlements of non-designated</font></div><div style="text-indent:4.5pt"><font style="color:#2c2c2c;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:100%">&#160;derivative instruments</font></div></td><td colspan="3" style="background-color:#eef8fc;padding:2px 19pt 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#242424;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:100%">(106)</font></td><td colspan="3" style="background-color:#eef8fc;padding:2px 19pt 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#242424;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:100%">(184)</font></td><td colspan="3" style="background-color:#eef8fc;padding:2px 19pt 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#242424;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:100%">28</font></td></tr><tr style="height:12pt"><td colspan="3" style="background-color:#eef8fc;padding:0 1pt"></td><td colspan="3" style="background-color:#eef8fc;padding:2px 1pt;text-align:left;vertical-align:bottom"><font style="color:#2c2c2c;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:100%">Equity loss </font></td><td colspan="3" style="background-color:#eef8fc;padding:2px 19pt 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#242424;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:100%">754</font></td><td colspan="3" style="background-color:#eef8fc;padding:2px 19pt 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#242424;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:100%">12,046</font></td><td colspan="3" style="background-color:#eef8fc;padding:2px 19pt 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#242424;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:100%">359</font></td></tr><tr style="height:12pt"><td colspan="3" style="background-color:#eef8fc;padding:0 1pt"></td><td colspan="3" style="background-color:#eef8fc;padding:2px 1pt;text-align:left;vertical-align:bottom"><font style="color:#2c2c2c;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:100%">Loss on bond repurchases</font></td><td colspan="3" style="background-color:#eef8fc;padding:2px 19pt 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#2c2c2c;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:100%">12,410</font></td><td colspan="3" style="background-color:#eef8fc;padding:2px 19pt 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#2c2c2c;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:100%">&#8212;</font></td><td colspan="3" style="background-color:#eef8fc;padding:2px 19pt 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#2c2c2c;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:100%">&#8212;</font></td></tr><tr style="height:12pt"><td colspan="3" style="background-color:#eef8fc;padding:0 1pt"></td><td colspan="3" style="background-color:#eef8fc;padding:2px 1pt;text-align:left;vertical-align:bottom"><font style="color:#2c2c2c;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:100%">Other - net </font></td><td colspan="3" style="background-color:#eef8fc;padding:2px 19pt 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#2c2c2c;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:100%">283</font></td><td colspan="3" style="background-color:#eef8fc;padding:2px 19pt 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#2c2c2c;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:100%">5,936</font></td><td colspan="3" style="background-color:#eef8fc;padding:2px 19pt 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#2c2c2c;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:100%">951</font></td></tr><tr style="height:12pt"><td colspan="3" style="background-color:#eef8fc;padding:0 1pt"></td><td colspan="3" style="background-color:#eef8fc;border-bottom:1pt solid #279fc7;padding:2px 1pt;text-align:left;vertical-align:bottom"><div><font style="color:#2c2c2c;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:100%">Items relating to loss from discontinued operations</font><font style="color:#2c2c2c;font-family:'Arial',sans-serif;font-size:5.85pt;font-weight:400;line-height:100%;position:relative;top:-3.15pt;vertical-align:baseline">(1)</font></div></td><td colspan="3" style="background-color:#eef8fc;padding:2px 19pt 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#2c2c2c;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:100%">49,402</font></td><td colspan="3" style="background-color:#eef8fc;padding:2px 19pt 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#2c2c2c;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:100%">136,499</font></td><td colspan="3" style="background-color:#eef8fc;padding:2px 19pt 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#2c2c2c;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:100%">95,122</font></td></tr><tr style="height:12pt"><td colspan="6" style="background-color:#eef8fc;border-bottom:1pt solid #279fc7;border-top:1pt solid #279fc7;padding:2px 1pt;text-align:left;vertical-align:bottom"><font style="color:#2c2c2c;font-family:'Arial',sans-serif;font-size:9pt;font-weight:700;line-height:100%">Consolidated Adjusted EBITDA</font></td><td colspan="3" style="background-color:#eef8fc;border-top:1pt solid #279fc7;padding:2px 19pt 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#2c2c2c;font-family:'Arial',sans-serif;font-size:9pt;font-weight:700;line-height:100%">41,947</font></td><td colspan="3" style="background-color:#eef8fc;border-top:1pt solid #279fc7;padding:2px 19pt 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#2c2c2c;font-family:'Arial',sans-serif;font-size:9pt;font-weight:700;line-height:100%">181,613</font></td><td colspan="3" style="background-color:#eef8fc;border-top:1pt solid #279fc7;padding:2px 19pt 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#2c2c2c;font-family:'Arial',sans-serif;font-size:9pt;font-weight:700;line-height:100%">202,227</font></td></tr><tr style="height:12pt"><td colspan="6" style="background-color:#eef8fc;border-bottom:1pt solid #279fc7;border-top:1pt solid #279fc7;padding:2px 1pt;text-align:left;vertical-align:bottom"><div><font style="color:#2c2c2c;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:100%">Adjusted EBITDA from equity-accounted joint venture</font><font style="color:#2c2c2c;font-family:'Arial',sans-serif;font-size:5.85pt;font-weight:400;line-height:100%;position:relative;top:-3.15pt;vertical-align:baseline">(2)</font></div></td><td colspan="3" style="background-color:#eef8fc;border-top:1pt solid #279fc7;padding:2px 19pt 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#2c2c2c;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:100%">(180)</font></td><td colspan="3" style="background-color:#eef8fc;border-top:1pt solid #279fc7;padding:2px 19pt 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#2c2c2c;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:100%">101</font></td><td colspan="3" style="background-color:#eef8fc;border-top:1pt solid #279fc7;padding:2px 19pt 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#2c2c2c;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:100%">202</font></td></tr><tr style="height:12pt"><td colspan="6" style="background-color:#eef8fc;border-bottom:2pt solid #279fc7;border-top:1pt solid #279fc7;padding:2px 1pt;text-align:left;vertical-align:bottom"><font style="color:#2c2c2c;font-family:'Arial',sans-serif;font-size:9pt;font-weight:700;line-height:100%">Total Adjusted EBITDA</font></td><td colspan="3" style="background-color:#f4faff;border-bottom:2pt solid #279fc7;border-top:1pt solid #279fc7;padding:2px 19pt 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#2c2c2c;font-family:'Arial',sans-serif;font-size:9pt;font-weight:700;line-height:100%">41,767</font></td><td colspan="3" style="background-color:#f4faff;border-bottom:2pt solid #279fc7;border-top:1pt solid #279fc7;padding:2px 19pt 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#2c2c2c;font-family:'Arial',sans-serif;font-size:9pt;font-weight:700;line-height:100%">181,714</font></td><td colspan="3" style="background-color:#f4faff;border-bottom:2pt solid #279fc7;border-top:1pt solid #279fc7;padding:2px 19pt 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#2c2c2c;font-family:'Arial',sans-serif;font-size:9pt;font-weight:700;line-height:100%">202,429</font></td></tr></table></div><div style="text-align:justify;text-indent:-9pt"><font><br></font></div><div style="margin-bottom:3pt;padding-left:18pt;text-align:justify;text-indent:-18pt"><font style="color:#2c2c2c;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:120%">(1)</font><font style="color:#2c2c2c;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:120%;padding-left:8.24pt">Includes amounts presented in income from discontinued operations on the consolidated statements of (loss) income.</font></div><div style="text-align:justify"><font><br></font></div><div style="margin-bottom:3pt;padding-left:18pt;text-align:justify;text-indent:-18pt"><font style="color:#2c2c2c;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:120%">(2)</font><font style="color:#2c2c2c;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:120%;padding-left:8.24pt">Includes adjusted EBITDA from Teekay Tankers' investment in its 50%-owned High-Q Joint Venture, which owns one VLCC. Refer to Teekay Tankers Ltd. earnings release for the first quarter of 2022 for the non-GAAP reconciliation.</font></div><div style="text-align:justify;text-indent:-9pt"><font><br></font></div><div style="text-align:justify;text-indent:-9pt"><font><br></font></div><div style="text-align:justify;text-indent:-9pt"><font><br></font></div><div style="text-align:justify;text-indent:-9pt"><font><br></font></div><div style="text-align:justify;text-indent:-9pt"><font><br></font></div><div style="text-align:justify;text-indent:-9pt"><font><br></font></div><div style="text-align:justify;text-indent:-9pt"><font><br></font></div><div style="text-align:justify;text-indent:-9pt"><font><br></font></div><div style="text-align:justify;text-indent:-9pt"><font><br></font></div><div style="text-align:justify;text-indent:-9pt"><font><br></font></div><div style="text-align:justify;text-indent:-9pt"><font><br></font></div><div style="text-align:justify;text-indent:-9pt"><font><br></font></div><div style="text-align:justify;text-indent:-9pt"><font><br></font></div><div style="text-align:justify;text-indent:-9pt"><font><br></font></div><div style="text-align:justify;text-indent:-9pt"><font><br></font></div><div style="text-align:justify;text-indent:-9pt"><font><br></font></div><div style="text-align:justify;text-indent:-9pt"><font><br></font></div><div style="text-align:justify;text-indent:-9pt"><font><br></font></div><div style="text-align:justify;text-indent:-9pt"><font><br></font></div><div style="text-align:justify;text-indent:-9pt"><font><br></font></div><div style="text-align:justify;text-indent:-9pt"><font><br></font></div><div style="text-align:justify;text-indent:-9pt"><font><br></font></div><div style="text-align:justify;text-indent:-9pt"><font><br></font></div><div style="text-align:justify;text-indent:-9pt"><font><br></font></div><div style="text-align:justify;text-indent:-9pt"><font><br></font></div><div style="height:72pt;position:relative;width:100%"><div style="bottom:0;position:absolute;width:100%"><div style="text-align:center"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:7pt;font-weight:700;line-height:120%">14</font></div><div style="text-align:center"><font><br></font></div><div style="text-align:center"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:7pt;font-weight:700;line-height:120%">Teekay Corporation</font><font style="color:#000000;font-family:'Arial',sans-serif;font-size:7pt;font-weight:400;line-height:120%">    Investor Relations Tel&#58; +1 604 609 2963    www.teekay.com</font></div><div style="text-align:center"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:7pt;font-weight:400;line-height:120%">4</font><font style="color:#000000;font-family:'Arial',sans-serif;font-size:4.55pt;font-weight:400;line-height:120%;position:relative;top:-2.44pt;vertical-align:baseline">th</font><font style="color:#000000;font-family:'Arial',sans-serif;font-size:7pt;font-weight:400;line-height:120%"> Floor, Belvedere Building, 69 Pitts Bay Road, Hamilton, HM 08, Bermuda</font></div></div></div><div id="i14fa50b9ada6407789c0cdad3213fad3_46"></div><hr style="page-break-after:always"><div style="min-height:72pt;width:100%"><div style="text-align:center"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:99.415%"><tr><td style="width:1.0%"></td><td style="width:48.900%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:48.900%"></td><td style="width:0.1%"></td></tr><tr style="height:42pt"><td colspan="3" style="padding:0 1pt"><div><img alt="image2a.jpg" src="image2a.jpg" style="height:45px;margin-bottom:5pt;vertical-align:text-bottom;width:136px"></div></td><td colspan="3" style="padding:0 1pt"></td></tr></table></div><div><font><br></font></div></div><div><font style="color:#40b4e5;font-family:'Arial',sans-serif;font-size:15pt;font-weight:400;line-height:120%">Forward Looking Statements </font></div><div style="text-align:justify"><font><br></font></div><div style="text-align:justify"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:112%">This release contains forward-looking statements within the meaning of Section 27A of the U.S. Securities Act of 1933, as amended, and Section 21E of the U.S. Securities Exchange Act of 1934, as amended. All statements included in this report, other than statements of historical fact, are forward-looking statements. When used in this report, the words &#8220;expect,&#8221; &#8220;believe,&#8221; &#8220;anticipate,&#8221; &#8220;plan,&#8221; &#8220;intend,&#8221; &#8220;estimate,&#8221; &#8220;may,&#8221; &#8220;will&#8221; or similar words are intended to identify forward-looking statements. Readers are cautioned not to place undue reliance on these forward-looking statements and any such forward-looking statements are qualified in their entirety by reference to the following cautionary statements. All forward-looking statements speak only as of the date hereof and are based on current expectations and involve a number of assumptions, risks and uncertainties that could cause actual results to differ materially from such forward-looking statements. Forward-looking statements contained in this release include, among others, statements regarding&#58; management&#8217;s expectations regarding tanker market volatility&#59; Teekay Parent&#8217;s ability to utilize its operating franchise, capabilities and relative financial position to pursue future investment opportunities and create long-term shareholder value&#59; the occurrence and anticipated timing of future charter termination, decommissioning and completion of the sale of the </font><font style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-style:italic;font-weight:400;line-height:112%">Hummingbird</font><font style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:112%"> FPSO unit&#59; management&#8217;s expectations regarding the use of sale proceeds of the </font><font style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-style:italic;font-weight:400;line-height:112%">Hummingbird</font><font style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:112%"> FPSO unit to cover any remaining decommissioning costs&#59; management&#8217;s expectations regarding any future recycling costs and obligations with respect to the </font><font style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-style:italic;font-weight:400;line-height:112%">Hummingbird </font><font style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:112%">FPSO&#59; the occurrence and anticipated timing of the redelivery of the </font><font style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-style:italic;font-weight:400;line-height:112%">Foinaven</font><font style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:112%"> FPSO unit and its future decommissioning and green-recycling&#59; management&#8217;s expectations regarding the recoverability of certain costs related to the </font><font style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-style:italic;font-weight:400;line-height:112%">Foinaven</font><font style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:112%"> FPSO from the applicable customer&#59; the continuing impact of COVID-19 (including new variants thereof) on the near-term tanker market outlook&#59; the impact of the invasion of Ukraine by Russia on the economy, our industry and our business, including as a result of sanctions on Russian and Belarusian companies and individuals and the persistence of altered trade patterns&#59; and the anticipated impact of positive tanker fleet supply fundamentals and limited new tanker orders on tanker market volatility. </font></div><div style="text-align:justify"><font><br></font></div><div style="text-align:justify"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:112%">The following factors are among those that could cause actual results to differ materially from the forward-looking statements, which involve risks and uncertainties, and that should be considered in evaluating any such statement&#58; the availability to Teekay of appropriate future growth opportunities and Teekay&#8217;s financial or other ability to pursue such opportunities&#59; market or counterparty reaction to changes in exploration, production and storage of offshore oil, either generally or in particular regions that would impact expected future growth&#59; changes in the demand for oil and refined products&#59; changes in trading patterns significantly affecting overall vessel tonnage requirements&#59; greater or less than anticipated levels of vessel newbuilding orders and deliveries and greater or less than anticipated rates of vessel scrapping&#59; changes in global oil prices or tanker rates&#59; OPEC+ and non-OPEC production and supply levels&#59; the duration and extent of the COVID-19 pandemic and any resulting effects on the markets in which the Company operates&#59; the impact of the pandemic on the Company&#8217;s ability to maintain safe and efficient operations&#59; issues with vessel operations&#59; higher than expected costs and expenses, off-hire days or dry-docking requirements (both scheduled and unscheduled)&#59; changes in applicable industry laws and regulations and the timing of implementation of new laws and regulations, including IMO 2030&#59; the potential for early termination of long-term contracts of existing vessels or related to services&#59; Russia&#8217;s invasion of Ukraine&#59; the impact of geopolitical tensions and changes in global economic conditions&#59; and other factors discussed in Teekay&#8217;s filings from time to time with the SEC, including its Annual Report on Form 20-F for the fiscal year ended December 31, 2021. Teekay expressly disclaims any obligation or undertaking to release publicly any updates or revisions to any forward-looking statements contained herein to reflect any change in Teekay&#8217;s expectations with respect thereto or any change in events, conditions or circumstances on which any such statement is based.</font></div><div style="height:72pt;position:relative;width:100%"><div style="bottom:0;position:absolute;width:100%"><div style="text-align:center"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:7pt;font-weight:700;line-height:120%">15</font></div><div style="text-align:center"><font><br></font></div><div style="text-align:center"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:7pt;font-weight:700;line-height:120%">Teekay Corporation</font><font style="color:#000000;font-family:'Arial',sans-serif;font-size:7pt;font-weight:400;line-height:120%">    Investor Relations Tel&#58; +1 604 609 2963    www.teekay.com</font></div><div style="text-align:center"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:7pt;font-weight:400;line-height:120%">4</font><font style="color:#000000;font-family:'Arial',sans-serif;font-size:4.55pt;font-weight:400;line-height:120%;position:relative;top:-2.44pt;vertical-align:baseline">th</font><font style="color:#000000;font-family:'Arial',sans-serif;font-size:7pt;font-weight:400;line-height:120%"> Floor, Belvedere Building, 69 Pitts Bay Road, Hamilton, HM 08, Bermuda</font></div></div></div></body></html>
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end
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
