<SEC-DOCUMENT>0001193125-24-273694.txt : 20241210
<SEC-HEADER>0001193125-24-273694.hdr.sgml : 20241210
<ACCEPTANCE-DATETIME>20241209211449
ACCESSION NUMBER:		0001193125-24-273694
CONFORMED SUBMISSION TYPE:	6-K
PUBLIC DOCUMENT COUNT:		4
CONFORMED PERIOD OF REPORT:	20241209
FILED AS OF DATE:		20241210
DATE AS OF CHANGE:		20241209

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			TEEKAY CORP LTD
		CENTRAL INDEX KEY:			0000911971
		STANDARD INDUSTRIAL CLASSIFICATION:	DEEP SEA FOREIGN TRANSPORTATION OF FREIGHT [4412]
		ORGANIZATION NAME:           	01 Energy & Transportation
		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:		241536886

	BUSINESS ADDRESS:	
		STREET 1:		2ND FLOOR, SWAN BUILDING
		STREET 2:		26 VICTORIA STREET
		CITY:			HAMILTON
		STATE:			D0
		ZIP:			HM 12
		BUSINESS PHONE:		604-683-3529

	MAIL ADDRESS:	
		STREET 1:		2ND FLOOR, SWAN BUILDING
		STREET 2:		26 VICTORIA STREET
		CITY:			HAMILTON
		STATE:			D0
		ZIP:			HM 12

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	TEEKAY CORP
		DATE OF NAME CHANGE:	20070608

	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>d761013d6k.htm
<DESCRIPTION>6-K
<TEXT>
<HTML><HEAD>
<TITLE>6-K</TITLE>
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<Center><DIV STYLE="width:8.5in" align="left">
 <P STYLE="line-height:1.0pt;margin-top:0pt;margin-bottom:0pt;border-bottom:1px solid #000000">&nbsp;</P>
<P STYLE="line-height:3.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1px solid #000000">&nbsp;</P> <P STYLE="margin-top:4pt; margin-bottom:0pt; font-size:18pt; font-family:Times New Roman" ALIGN="center"><B>UNITED STATES </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:18pt; font-family:Times New Roman" ALIGN="center"><B>SECURITIES AND EXCHANGE COMMISSION </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center"><B>WASHINGTON, D.C. 20549 </B></P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P><center>
<P STYLE="line-height:6.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1.00pt solid #000000;width:21%">&nbsp;</P></center> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:18pt; font-family:Times New Roman" ALIGN="center"><B>FORM <FONT
STYLE="white-space:nowrap">6-K</FONT> </B></P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P><center>
<P STYLE="line-height:6.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1.00pt solid #000000;width:21%">&nbsp;</P></center> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center"><B>Report of
Foreign Private Issuer </B></P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center"><B>Pursuant to Rule <FONT STYLE="white-space:nowrap">13a-16</FONT> or
<FONT STYLE="white-space:nowrap">15d-16</FONT> </B></P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center"><B>under the Securities Exchange Act of 1934 </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>Date of Report: December&nbsp;9, 2024 </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>Commission file number <FONT STYLE="white-space:nowrap">1-12874</FONT> </B></P>
<P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P><center> <P STYLE="line-height:6.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1.00pt solid #000000;width:21%">&nbsp;</P></center>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:24pt; font-family:Times New Roman" ALIGN="center"><B>TEEKAY CORPORATION LTD. </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>(Exact name of Registrant as specified in its charter) </B></P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P><center>
<P STYLE="line-height:6.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1.00pt solid #000000;width:21%">&nbsp;</P></center> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>2nd Floor,
Swan Building, </B></P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>26 Victoria Street, </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>Hamilton, HM 12, Bermuda </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:Times New Roman" ALIGN="center"><B>(Address of principal executive office) </B></P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P><center>
<P STYLE="line-height:6.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1.00pt solid #000000;width:21%">&nbsp;</P></center> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Indicate by check mark whether
the registrant files or will file annual reports under cover Form <FONT STYLE="white-space:nowrap">20-F</FONT> or Form <FONT STYLE="white-space:nowrap">40-F.</FONT> </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">Form 20-F&#8194;&#9746;&#8195;&#8195;&#8195;Form <FONT STYLE="white-space:nowrap">40-F&#8194;&#9744;</FONT> </P>
<P STYLE="font-size:10pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P> <P STYLE="line-height:1.0pt;margin-top:0pt;margin-bottom:0pt;border-bottom:1px solid #000000">&nbsp;</P>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>INFORMATION CONTAINED IN THIS FORM <FONT STYLE="white-space:nowrap">6-K</FONT> REPORT
</B></P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Attached to this Report on Form <FONT STYLE="white-space:nowrap">6-K</FONT> as Exhibit 99.1 is a copy of a joint press release issued by Teekay
Tankers Ltd. and Teekay Corporation Ltd. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>EXHIBITS </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">The following exhibit is filed as part of this Report: </P> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD VALIGN="bottom" NOWRAP> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-bottom:1.00pt solid #000000; display:table-cell; font-size:8pt; font-family:Times New Roman; "><B>Exhibit</B></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD></TR>


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<TD VALIGN="top" NOWRAP>99.1</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"><A HREF="d761013dex991.htm">Joint Press Release dated December&nbsp;9, 2024. </A></TD></TR>
</TABLE>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>SIGNATURES </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">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. </P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top" COLSPAN="3">TEEKAY CORPORATION LTD.</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD>
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<TD HEIGHT="16" COLSPAN="2"></TD>
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<TD VALIGN="top">Date: December&nbsp;9, 2024</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">By:</TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #000000"><I>/s/ Frans Lotz</I></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Frans Lotz</P> <P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:Times New Roman">General Counsel, Secretary and
Privacy Officer</P></TD></TR>
</TABLE>
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<DOCUMENT>
<TYPE>EX-99.1
<SEQUENCE>2
<FILENAME>d761013dex991.htm
<DESCRIPTION>EX-99.1
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<TITLE>EX-99.1</TITLE>
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<Center><DIV STYLE="width:8.5in" align="left">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="right"><B>Exhibit 99.1 </B></P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>

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</TABLE> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>TEEKAY GROUP ANNOUNCES </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>CHANGES TO BOARDS OF DIRECTORS </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Hamilton, Bermuda, December</B><B></B><B>&nbsp;9, 2024 </B>- Teekay Corporation Ltd. <I>(</I><I>Teekay</I><I>)</I> (NYSE:TK) and Teekay Tankers Ltd.
(<I>Teekay</I><I> Tankers</I>) (NYSE:TNK) announced today the following changes to their respective Boards of Directors, which are effective as of December&nbsp;31, 2024. The changes further streamline and simplify the Teekay Group, and align with
the previously announced goal of having Teekay Tankers serve as the sole operating platform within the Teekay Group and Teekay focusing on managing its controlling interest in Teekay Tankers: </P>
<P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><U>Teekay Board Changes </U></P> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
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<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">David Schellenberg and Alan Semple will be stepping down as Directors of the Teekay Board of Directors
(<I>Teekay</I><I> Board</I>), and as Board Chair and Audit Committee Chair, respectively, in order to serve as independent Directors on the Teekay Tankers Board of Directors (<I>Teekay</I><I> Tankers Board</I>) and for Mr.&nbsp;Semple to serve as
Chair of the Teekay Tankers Board&#146;s Audit Committee. </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
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<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">The Teekay Board has appointed Poul Karlshoej, nephew of our late founder, Torben Karlshoej, and son of
Teekay&#146;s former Chairman Emeritus, Axel Karlshoej, to fill the vacancy as a Director of the Teekay Board that will be created upon the resignation of Mr.&nbsp;Schellenberg. The Teekay Board has elected not to fill the remaining vacancy, and, as
a result, the size of the Teekay Board will be reduced from the current six members to five members. </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">The Teekay Board has appointed current director, Heidi Locke Simon, to take over as Chair of the Teekay Board and
Chair of the Teekay Board&#146;s Audit Committee. </P></TD></TR></TABLE> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><U>Teekay Tankers Board Changes </U></P>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
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<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">Richard du Moulin, Director, and Sai Chu, Director, are retiring from the Teekay Tankers Board.
</P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TR style = "page-break-inside:avoid">
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<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
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<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">Messrs. Semple and Karlshoej will join the Teekay Tankers Board to fill these two vacancies. Mr.&nbsp;Semple will
also serve as the Chair of the Teekay Tankers Board&#146;s Audit Committee. </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
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<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">Kenneth Hvid, President and CEO of Teekay and Teekay Tankers, will be stepping down from his role as Chair of the
Teekay Tankers Board, but will remain as a Director on each Board. The size of the Teekay Tankers Board will be increased from five members to seven members. The two newly created positions will be filled by current Teekay Board members, Heidi Locke
Simon and Rudolph Krediet. The Teekay Tankers Board has selected Ms.&nbsp;Locke Simon to take over as Chair of the Teekay Tankers Board. </P></TD></TR></TABLE>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">&#147;On behalf of the Teekay Tankers Board, we would like to thank Rich and Sai for their significant contributions to the Teekay Tankers Board over the
years,&#148; commented Heidi Locke Simon. &#147;Rich has provided valuable insight and leadership since Teekay Tankers&#146; initial public offering in 2007, growing the fleet from nine vessels to over 45 vessels today, and both Rich and Sai have
been instrumental in successfully navigating Teekay Tankers through challenging years and positioning us to thrive during the current market upcycle.&#148; </P>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">&#147;I&#146;d also like to thank both David and Kenneth for their excellent leadership as Chairs of the
Teekay and Teekay Tankers Boards. I&#146;m grateful to be stepping into their positions at a time when the Teekay Group is well-positioned for the future and I look forward to continuing to work with them both in their respective Board roles. In
addition, I welcome Poul to both Boards and Rudolph and Alan to the Teekay Tankers Board, and I look forward to continuing our work together.&#148; </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Heidi
Locke Simon </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Ms.&nbsp;Locke Simon joined the board of Teekay Corporation Ltd. in 2017 and currently serves as the Chair of the Compensation and Human
Resources Committee and as a member of the Audit and Nominating and Governance Committees. She also served on the board of Teekay GP LLC, the general partner of Teekay LNG Partners LP (now known as Seapeak LLC), from June 2021 until Stonepeak&#146;s
acquisition of Seapeak in January 2022. Ms.&nbsp;Locke Simon brings over 30 years of experience to these roles. She was formerly a partner at Bain&nbsp;&amp; Company and an Investment Banking Analyst at Goldman Sachs. Ms.&nbsp;Locke Simon has served
as a Director of Compass Diversified Holdings (NYSE:CODI) since July 2023, where she is also a member of the Audit Committee. She has experience as Board Chair serving on several private company and <FONT STYLE="white-space:nowrap">non-profit</FONT>
organization boards. Ms.&nbsp;Locke Simon holds an MBA from Harvard Business School and has completed various certifications in governance (including cybersecurity governance). </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Poul Karlshoej </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Mr.&nbsp;Karlshoej has served as a Board
Observer on the Teekay Corporation Ltd. board since 2019 and the Teekay Tankers Ltd. board since 2021. Prior to these roles, he also served in various business development, commercial management and chartering roles within the Teekay Group in its
offshore and tanker segments since 2007. Mr.&nbsp;Karlshoej joined Anholt Services (USA) Inc., a wholly-owned subsidiary of Kattegat Trust, which oversees the trust&#146;s globally diversified investment portfolio, in 2018, and currently serves on
its Investment Committee. In addition, Mr.&nbsp;Karlshoej is involved in a number of commercial ventures in real estate development and agriculture, both as an owner and investor. Mr.&nbsp;Karlshoej graduated from Colorado State with a degree in
Agriculture Business in 2006. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Alan Semple </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Mr.&nbsp;Semple
has served as a Director of Teekay Corporation Ltd. since 2015 and currently serves as the Chair of the Audit Committee. He previously served on the board of Teekay GP LLC, the general partner of Teekay LNG Partners LP (now known as Seapeak LLC),
from May 2019 until Stonepeak&#146;s acquisition of Seapeak in January 2022. Mr.&nbsp;Semple brings over 30 years of finance experience, primarily in the energy industry, to these roles. He was formerly a Director and Chief Financial Officer at John
Wood Group PLC (<I>Wood Group</I>), a provider of engineering, production support and maintenance management services to the oil and gas and power generation industries, a role he held from 2000 until his retirement in 2015. Prior to this,
Mr.&nbsp;Semple held a number of senior finance roles in Wood Group from 1996. Mr.&nbsp;Semple currently serves on the board of Cactus, Inc. (NYSE:WHD), where he is the Chair of the Audit Committee. He also served as a Director and Chair of the
Audit Committee of Cobham PLC (LSE: COB) until 2018. Mr.&nbsp;Semple graduated from the University of Strathclyde (Glasgow, Scotland) in 1979 with a Bachelor of Arts degree in Business Administration and is a member of the Institute of Chartered
Accountants of Scotland. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Rudolph Krediet </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Mr.&nbsp;Krediet
joined the board of Teekay Corporation Ltd. in 2017 and brings over 20 years of experience as a financial investment professional to this role. He has served as a partner at Anholt Services (USA) Inc., a wholly-owned subsidiary of Kattegat Trust,
which oversees the trust&#146;s globally diversified investment portfolio, since 2013. Mr.&nbsp;Krediet acted as Principal at Compass Group Management LLC, the manager of Compass Diversified Holdings (NYSE: CODI), from 2010 to 2013, and as Vice
President from 2006 to 2009. He acted as Vice President at CPM Roskamp Champion, a global leader in the design of manufacturing of oil seed processing equipment, from 2003 to 2004. Mr.&nbsp;Krediet has an MBA from the Darden Graduate School of
Business at the University of Virginia. </P>
</DIV></Center>


<p style="margin-top:1em; margin-bottom:0em; page-break-before:always"> </p>
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">


<Center><DIV STYLE="width:8.5in" align="left">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">About Teekay </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Teekay is a leading provider of international crude oil marine transportation and other marine services. Teekay provides these services directly and through
its controlling ownership interest in Teekay Tankers Ltd. (NYSE: TNK), one of the world&#146;s largest owners and operators of <FONT STYLE="white-space:nowrap">mid-sized</FONT> crude tankers. The consolidated Teekay entities manage and operate
approximately 62 conventional tankers and other marine assets, including vessels operated for the Australian government. With offices in eight countries and approximately 2,200 seagoing and shore-based employees, Teekay provides a comprehensive set
of marine services to the world&#146;s leading energy companies. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Teekay&#146;s common shares trade on the New York Stock Exchange under the symbol
&#147;TK&#148;. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">About Teekay Tankers </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Teekay Tankers has a
fleet of 42 double-hull tankers (including 24 Suezmax tankers and 18 Aframax / LR2 tankers), and has six time <FONT STYLE="white-space:nowrap">chartered-in</FONT> tankers. Teekay Tankers&#146; vessels are typically employed through a mix of spot
tanker market trading and short- or medium-term fixed-rate time charter contracts. Teekay Tankers also owns a VLCC through a 50 percent-owned joint venture. In addition, Teekay Tankers owns a <FONT STYLE="white-space:nowrap"><FONT
STYLE="white-space:nowrap">ship-to-ship</FONT></FONT> transfer business that performs full-service lightering and lightering support operations in the U.S. Gulf and Caribbean. Teekay Tankers was formed in December 2007 by Teekay Corporation Ltd. as
part of its strategy to expand its oil tanker business. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Teekay Tankers&#146; Class&nbsp;A common shares trade on the New York Stock Exchange under the
symbol &#147;TNK&#148;. </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>For Teekay Investor Relations </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>enquiries contact: </B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><FONT STYLE="white-space:nowrap">E-mail:</FONT> <U>investor.relations@teekay.com</U> </P>
<P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>For Teekay Tankers Investor Relations </B></P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>enquiries
contact: </B></P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><FONT STYLE="white-space:nowrap">E-mail:</FONT> <U>TeekayTankers@IGBIR.com</U> </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Website: <U>www.teekay.com</U> </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Forward-Looking Statements </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">This release contains forward-looking statements (as defined in Section&nbsp;21E of the Securities Exchange Act of 1934, as amended) which reflect
management&#146;s current views with respect to certain future events and performance, including the expected Board of Directors&#146; changes described in the release and the timing thereof. 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. Teekay and Teekay Tankers expressly disclaim any obligation or
undertaking to release publicly any updates or revisions to any forward-looking statements contained herein to reflect any change in Teekay&#146;s or Teekay Tankers&#146; expectations with respect thereto or any change in events, conditions or
circumstances on which any such statement is based. </P>
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