<SEC-DOCUMENT>0000911971-25-000003.txt : 20250219
<SEC-HEADER>0000911971-25-000003.hdr.sgml : 20250219
<ACCEPTANCE-DATETIME>20250219163154
ACCESSION NUMBER:		0000911971-25-000003
CONFORMED SUBMISSION TYPE:	6-K
PUBLIC DOCUMENT COUNT:		3
CONFORMED PERIOD OF REPORT:	20250219
FILED AS OF DATE:		20250219
DATE AS OF CHANGE:		20250219

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:		25640707

	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>tkq4-24erdocument.htm
<DESCRIPTION>6-K
<TEXT>
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<title>Document</title></head><body><div id="id07ce5b2c7a945dcb0bb0398e3d8637a_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><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%">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; </font><font style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">February&#160;19, 2025</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 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 style="color:#000000;font-family:'Arial',sans-serif;font-size:24pt;font-weight:700;line-height:120%">TEEKAY CORPORATION LTD.</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%">2nd Floor, Swan 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%">26 Victoria Street,</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 12 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 office)</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></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><br></font></div></div></div><div id="id07ce5b2c7a945dcb0bb0398e3d8637a_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 Ltd. dated February&#160;19, 2025.</font></div><div><font><br></font></div><div><font><br></font></div><div><font><br></font></div><div><font><br></font></div><div><font><br></font></div><div><font><br></font></div><div><font><br></font></div><div><font><br></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%">SIGNATURE </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:700;line-height:100%">TEEKAY CORPORATION LTD.</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; February 19, 2025</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; Brody Speers</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"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">Brody Speers<br>Chief Financial Officer               <br>(Principal Financial and Accounting Officer)</font></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><br></font></div></div></div><div id="id07ce5b2c7a945dcb0bb0398e3d8637a_7"></div><hr style="page-break-after:always"><div style="min-height:72pt;width:100%"><div><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="colorlogo05.jpg" src="colorlogo05.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="newsreleasea11.jpg" src="newsreleasea11.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 LTD. REPORTS </font></div><div><font style="color:#003698;font-family:'Arial',sans-serif;font-size:19pt;font-weight:700;line-height:120%">FOURTH QUARTER AND ANNUAL 2024 RESULTS</font></div><div style="margin-bottom:6pt;margin-top:9pt"><font style="color:#13b3f2;font-family:'Arial',sans-serif;font-size:15pt;font-weight:400;line-height:120%">Highlights</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:9pt;font-weight:400;line-height:120%">&#8226;</font><font style="color:#242424;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:120%;padding-left:19.35pt">GAAP net income attributable to shareholders of Teekay of $25.2 million, or $0.29 per share, and adjusted net income attributable to shareholders of Teekay</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">(2)</font><font style="color:#242424;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:120%"> of $16.6 million, or $0.19 per share, in the fourth quarter of 2024 (excluding items listed in </font><font style="color:#242424;font-family:'Arial',sans-serif;font-size:9pt;font-style:italic;font-weight:400;line-height:120%">Appendix A</font><font style="color:#242424;font-family:'Arial',sans-serif;font-size:9pt;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:9pt;font-weight:400;line-height:120%">&#8226;</font><font style="color:#242424;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:120%;padding-left:19.35pt">Fiscal year 2024 GAAP net income attributable to shareholders of Teekay of $133.8 million, or $1.47 per share, and adjusted net income attributable to shareholders of Teekay of $111.9 million, or $1.23 per share (excluding items listed in </font><font style="color:#242424;font-family:'Arial',sans-serif;font-size:9pt;font-style:italic;font-weight:400;line-height:120%">Appendix A</font><font style="color:#242424;font-family:'Arial',sans-serif;font-size:9pt;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:9pt;font-weight:400;line-height:120%">&#8226;</font><font style="color:#242424;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:120%;padding-left:19.35pt">In January 2025, Teekay Tankers agreed to sell one 2006-built LR2 and two 2009-built Suezmax vessels for total proceeds of $95.5 million, and completed two of these vessel sales in February 2025.</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:9pt;font-weight:400;line-height:120%">&#8226;</font><font style="color:#242424;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:120%;padding-left:19.35pt">Completed the previously-announced sale to Teekay Tankers of its Australian operations (</font><font style="color:#242424;font-family:'Arial',sans-serif;font-size:9pt;font-style:italic;font-weight:400;line-height:120%">Teekay Australia</font><font style="color:#242424;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:120%">) and all remaining management services companies on December 31, 2024. This completes the simplification of the Company's businesses into one fully-integrated shipping platform at Teekay Tankers. </font></div><div style="margin-top:6pt;text-align:justify"><font style="color:#242424;font-family:'Arial',sans-serif;font-size:9pt;font-weight:700;line-height:120%">Hamilton, Bermuda, </font><font style="color:#000000;font-family:'Arial',sans-serif;font-size:9pt;font-weight:700;line-height:120%">February&#160;19, 2025</font><font style="color:#242424;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:120%"> - Teekay Corporation Ltd. (</font><font style="color:#242424;font-family:'Arial',sans-serif;font-size:9pt;font-style:italic;font-weight:400;line-height:120%">Teekay</font><font style="color:#242424;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:120%"> or </font><font style="color:#242424;font-family:'Arial',sans-serif;font-size:9pt;font-style:italic;font-weight:400;line-height:120%">the Company</font><font style="color:#242424;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:120%">) (NYSE&#58;TK) today reported results for the three months and twelve months ended December&#160;31, 2024. 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:9pt;font-style:italic;font-weight:400;line-height:120%">Teekay Tankers</font><font style="color:#242424;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:120%">) (NYSE&#58;TNK), and all remaining subsidiaries and equity-accounted investments. 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:9pt;font-style:italic;font-weight:400;line-height:120%">Teekay Parent</font><font style="color:#242424;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:120%">. Please refer to the fourth quarter and annual 2024 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:9pt;font-weight:400;line-height:120%"> </font><font style="color:#40b4e5;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:120%;text-decoration:underline">www.teekay.com</font><font style="color:#0000ff;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:120%">,</font><font style="color:#000000;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:120%"> </font><font style="color:#242424;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:120%">for additional information on Teekay Tankers' results. The information contained on our website is not part of this release.</font></div><div style="margin-top:6pt"><font style="color:#13b3f2;font-family:'Arial',sans-serif;font-size:15pt;font-weight:400;line-height:120%">Financial Summary</font></div><div style="margin-top:1pt"><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:97.75pt"></td><td style="width:1.0pt"></td><td style="width:1.0pt"></td><td style="width:97.75pt"></td><td style="width:1.0pt"></td><td style="width:1.0pt"></td><td style="width:58.00pt"></td><td style="width:1.0pt"></td><td style="width:1.0pt"></td><td style="width:58.00pt"></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:58.00pt"></td><td style="width:1.0pt"></td><td style="width:1.0pt"></td><td style="width:58.00pt"></td><td style="width:1.0pt"></td></tr><tr style="height:9pt"><td colspan="3" style="background-color:#279fc7;padding:0 1pt"></td><td colspan="3" style="background-color:#279fc7;padding:0 1pt"></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="6" 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%">Year Ended</font></td></tr><tr style="height:12pt"><td colspan="6" 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-style:italic;font-weight:700;line-height:100%">&#160;</font></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:700;line-height:100%">December 31,</font></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:700;line-height:100%">September 30,</font></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:700;line-height:100%">December 31,</font></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:700;line-height:100%">December 31,</font></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:700;line-height:100%">December 31,</font></td></tr><tr style="height:12pt"><td colspan="6" rowspan="2" 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-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:#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%">2024</font></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:700;line-height:100%">2024</font></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:700;line-height:100%">2023</font></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:700;line-height:100%">2024</font></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:700;line-height:100%">2023</font></td></tr><tr style="height:12pt"><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:700;line-height:100%">(unaudited)</font></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:700;line-height:100%">(unaudited)</font></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:700;line-height:100%">(unaudited)</font></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:700;line-height:100%">(unaudited)</font></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:700;line-height:100%">(unaudited)</font></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 LTD. CONSOLIDATED</font></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></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"></td><td colspan="3" style="background-color:#dffffa;padding:0 1pt"></td><td colspan="3" style="background-color:#dffffa;padding:0 1pt"></td><td colspan="3" style="background-color:#dffffa;padding:0 1pt"></td><td colspan="3" style="background-color:#dffffa;padding:0 1pt"></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%">256,566</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%">272,619</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%">339,192</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%">1,220,374</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%">1,464,975</font></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%">Income from 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%">70,334</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%">52,192</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%">112,967</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%">365,247</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%">531,725</font></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 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%">25,242</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%">20,072</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%">35,382</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%">133,770</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%">150,641</font></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%">Earnings per common share 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">(1)</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%">0.29</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%">0.22</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%">0.38</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%">1.47</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%">1.59</font></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="6" style="background-color:#dffffa;padding:0 1pt"></td><td colspan="3" style="background-color:#dffffa;padding:0 1pt"></td><td colspan="3" style="background-color:#dffffa;padding:0 1pt"></td><td colspan="3" style="background-color:#dffffa;padding:0 1pt"></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 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%">68,301</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%">75,637</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%">127,234</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%">420,749</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%">618,907</font></td></tr><tr style="height:20pt"><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 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%">16,639</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%">21,102</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%">31,891</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%">111,925</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%">150,471</font></td></tr><tr style="height:20pt"><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 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">(1)(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%">0.19</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%">0.23</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%">0.35</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%">1.23</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%">1.59</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><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:1pt"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:388.50pt"><tr><td style="width:1.0pt"></td><td style="width:97.75pt"></td><td style="width:1.0pt"></td><td style="width:1.0pt"></td><td style="width:97.75pt"></td><td style="width:1.0pt"></td><td style="width:1.0pt"></td><td style="width:61.00pt"></td><td style="width:1.0pt"></td><td style="width:1.0pt"></td><td style="width:61.00pt"></td><td style="width:1.0pt"></td><td style="width:1.0pt"></td><td style="width:61.00pt"></td><td style="width:1.0pt"></td></tr><tr style="height:12pt"><td colspan="6" 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:700;line-height:100%">As at</font></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:700;line-height:100%">As at</font></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:700;line-height:100%">As at</font></td></tr><tr style="height:12pt"><td colspan="6" 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:700;line-height:100%">December 31,</font></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:700;line-height:100%">September 30,</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></tr><tr style="height:12pt"><td colspan="6" rowspan="2" 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-style:italic;font-weight:700;line-height:100%">(in thousands of U.S. dollars, except number of shares)</font></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:700;line-height:100%">2024</font></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:700;line-height:100%">2024</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%">2023</font></td></tr><tr style="height:12pt"><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:700;line-height:100%">(unaudited)</font></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:700;line-height:100%">(unaudited)</font></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:700;line-height:100%">(unaudited)</font></td></tr><tr style="height:12pt"><td colspan="6" 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 PARENT</font></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></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%">Net cash </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">(3)</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%">183,443</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%">281,080</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%">287,433</font></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%">Market value of investment in Teekay Tankers</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"> (4) </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%">423,537</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%">592,287</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%">489,445</font></td></tr><tr style="height:18pt"><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%">Number of outstanding common shares at end of period</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%">84,059,952</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%">87,692,905</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%">91,006,182</font></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">Basic per share amounts.</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><br></font></div><div style="text-align:center"><font><br></font></div></div></div><hr style="page-break-after:always"><div style="min-height:72pt;width:100%"><div><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="colorlogo05.jpg" src="colorlogo05.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;text-indent:-18pt"><font style="color:#242424;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 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%">). </font></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%">(3)</font><font style="color:#242424;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:120%;padding-left:8.24pt">Teekay Parent's net cash as of December 31, 2024 includes cash and cash equivalents and short-term investments. Teekay Parent's net cash position decreased compared to that as of September 30, 2024, primarily due to a special cash dividend of $85.0 million, Teekay Parent common share repurchases and purchases of Teekay Tankers Class A common shares during the three months ended December 31, 2024 and changes in working capital, partially offset by proceeds from the sale of Teekay Australia and management services companies to Teekay Tankers as well as cash dividends of $2.7 million received from Teekay Tankers. </font></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%">(4)</font><font style="color:#242424;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:120%;padding-left:8.24pt">As at December 31, 2024, September 30, 2024, and December 31, 2023, Teekay Parent owned 10.6 million, 10.2 million, and 9.8 million Teekay Tankers Class A and B common shares, respectively, and the closing price of Teekay Tankers Class A common shares was $39.79 per share, $58.25 per share, and $49.97 per share, respectively.</font></div><div style="margin-bottom:8pt;margin-top:7pt;text-indent:36pt"><font style="color:#13b3f2;font-family:'Arial',sans-serif;font-size:15pt;font-weight:400;line-height:120%"> </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="text-align:justify"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:115%">&#8220;Teekay posted strong financial results for the fourth quarter and full year 2024, generating $112 million in adjusted net income attributable to shareholders in 2024,&#8221; commented Kenneth Hvid, Teekay&#8217;s President and Chief Executive Officer. &#8220;During the year, the Company returned capital to shareholders totaling $151 million, consisting of a special dividend of $85 million and share repurchases of $66 million, while also increasing our economic ownership and voting control in Teekay Tankers to 31.0% and 55.1%, respectively. In addition, with the completion of the sale of Teekay Australia and transfer of all the remaining management services companies to Teekay Tankers at the end of 2024, we have now completed our multi-year effort to simplify the Teekay Group and position Teekay Tankers as the sole operating platform within the Teekay Group.&#8221;</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:120%">&#8220;At Teekay Tankers, as part of its fleet renewal plan to sell older vessels and acquire more modern tonnage, Teekay Tankers sold, or agreed to sell, three older vessels in the first quarter of 2025, which together with the two vessels sales completed in the fourth quarter of 2024, generated total sales proceeds of approximately $160 million, resulting in expected gains from sales of approximately $58 million. Looking ahead, there is a wide range of potential tanker market outcomes due to the evolving geopolitical landscape&#59; however, we expect the underlying tanker market fundamentals will remain supportive. In any tanker market conditions, we believe the Teekay Group is ideally positioned to create shareholder value with its low cash flow break-even levels and strong balance sheets.&#8221; </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><br></font></div></div></div><div id="id07ce5b2c7a945dcb0bb0398e3d8637a_10"></div><hr style="page-break-after:always"><div style="min-height:72pt;width:100%"><div><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="colorlogo05.jpg" src="colorlogo05.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 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 GAAP and adjusted net income attributable to shareholders of Teekay decreased for the fourth quarter of 2024 compared to the same quarter of the prior year, primarily due to reduced earnings from Teekay Tankers as a result of lower average spot tanker rates,</font><font style="color:#2e3337;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%"> the sale of four vessels during late-2023 and in 2024, as well as the redelivery of three chartered-in vessels in the second half of 2024</font><font style="color:#242424;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">. In addition, GAAP net income attributable to shareholders in the fourth quarter of 2024 was positively impacted by </font><font style="color:#2e3337;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">a $27.9 million gain from the sale of two Teekay Tankers vessels, while GAAP net income in the fourth quarter of 2023 was positively impacted by </font><font style="color:#242424;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">a $10.4 million gain on the sale of one Teekay Tankers vessel.</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%">The following table highlights the operating performance of Teekay Tankers' vessels trading in revenue sharing arrangements (</font><font style="color:#242424;font-family:'Arial',sans-serif;font-size:10pt;font-style:italic;font-weight:400;line-height:120%">RSAs</font><font style="color:#242424;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">), voyage charters and full-service lightering, in each case measured in net revenues</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">(a)</font><font style="color:#242424;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%"> per revenue day</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">(b)</font><font style="color:#242424;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">, or time-charter equivalent (</font><font style="color:#242424;font-family:'Arial',sans-serif;font-size:10pt;font-style:italic;font-weight:400;line-height:120%">TCE</font><font style="color:#242424;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">) rates, before off-hire bunker expenses&#58;</font></div><div style="text-align:justify"><font><br></font></div><div style="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:236.50pt"></td><td style="width:1.0pt"></td><td style="width:1.0pt"></td><td style="width:84.25pt"></td><td style="width:1.0pt"></td><td style="width:1.0pt"></td><td style="width:3.25pt"></td><td style="width:1.0pt"></td><td style="width:1.0pt"></td><td style="width:84.25pt"></td><td style="width:1.0pt"></td><td style="width:1.0pt"></td><td style="width:3.25pt"></td><td style="width:1.0pt"></td><td style="width:1.0pt"></td><td style="width:84.25pt"></td><td style="width:1.0pt"></td><td style="width:1.0pt"></td><td style="width:3.25pt"></td><td style="width:1.0pt"></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:#279fc7;padding:0 1pt"></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:8.5pt;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="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:700;line-height:100%">December 31, 2024</font></td><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:700;line-height:100%">September 30, 2024</font></td><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:700;line-height:100%">December 31, 2023</font></td><td colspan="3" style="background-color:#279fc7;padding:0 1pt"></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:#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%">Suezmax revenue days </font></td><td colspan="2" style="background-color:#eef8fc;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#333333;font-family:'Arial',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">2,265&#160;</font></td><td style="background-color:#eef8fc;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#eef8fc;padding:0 1pt"></td><td colspan="2" style="background-color:#eef8fc;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#333333;font-family:'Arial',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">2,103&#160;</font></td><td style="background-color:#eef8fc;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#eef8fc;padding:0 1pt"></td><td colspan="2" style="background-color:#eef8fc;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#333333;font-family:'Arial',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">2,153&#160;</font></td><td style="background-color:#eef8fc;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></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><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"><div><font style="color:#000000;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:100%">Suezmax spot TCE per revenue day </font><font style="color:#000000;font-family:'Arial',sans-serif;font-size:5.85pt;font-weight:400;line-height:100%;position:relative;top:-3.15pt;vertical-align:baseline">(b)</font></div></td><td colspan="3" style="background-color:#eef8fc;padding:2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#333333;font-family:'Arial',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">$28,386</font></td><td colspan="3" style="background-color:#eef8fc;padding:0 1pt"></td><td colspan="3" style="background-color:#eef8fc;padding:2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#333333;font-family:'Arial',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">$31,024</font></td><td colspan="3" style="background-color:#eef8fc;padding:0 1pt"></td><td colspan="3" style="background-color:#eef8fc;padding:2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#333333;font-family:'Arial',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">$37,041</font></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><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:#000000;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:100%">Aframax  &#47;  LR2  revenue days </font></td><td colspan="2" style="background-color:#eef8fc;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#333333;font-family:'Arial',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">1,937&#160;</font></td><td style="background-color:#eef8fc;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#eef8fc;padding:0 1pt"></td><td colspan="2" style="background-color:#eef8fc;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#333333;font-family:'Arial',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">2,058&#160;</font></td><td style="background-color:#eef8fc;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#eef8fc;padding:0 1pt"></td><td colspan="2" style="background-color:#eef8fc;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#333333;font-family:'Arial',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">2,276&#160;</font></td><td style="background-color:#eef8fc;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></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><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"><div><font style="color:#000000;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:100%">Aframax &#47; LR2 spot TCE per revenue day </font><font style="color:#000000;font-family:'Arial',sans-serif;font-size:5.85pt;font-weight:400;line-height:100%;position:relative;top:-3.15pt;vertical-align:baseline">(b)</font></div></td><td colspan="3" style="background-color:#eef8fc;padding:2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#333333;font-family:'Arial',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">$30,488</font></td><td colspan="3" style="background-color:#eef8fc;padding:0 1pt"></td><td colspan="3" style="background-color:#eef8fc;padding:2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#333333;font-family:'Arial',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">$35,876</font></td><td colspan="3" style="background-color:#eef8fc;padding:0 1pt"></td><td colspan="3" style="background-color:#eef8fc;padding:2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#333333;font-family:'Arial',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">$44,545</font></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><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:15pt"><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></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="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%">(a)&#160;&#160;&#160;&#160;</font><font style="color:#2e3337;font-family:'Arial',sans-serif;font-size:8pt;font-style:italic;font-weight:400;line-height:120%">Net revenues</font><font style="color:#2e3337;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:120%"> is a non-GAAP financial measure. Please refer to &#34;Definitions and Non-GAAP Financial Measures&#34; for a definition of this term.</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%">(b)&#160;&#160;&#160;&#160;</font><font style="color:#2e3337;font-family:'Arial',sans-serif;font-size:8pt;font-style:italic;font-weight:400;line-height:120%">Revenue days</font><font style="color:#2e3337;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:120%"> are the total number of calendar days Teekay Tankers' vessels were in its possession during a period, less the total number of off-hire days during the period associated with major repairs or modifications, dry dockings or special or intermediate surveys. Consequently, revenue days represent the total number of days available for the vessel to earn revenue. Idle days, which are days when the vessel is available to earn revenue but is not employed, are included in revenue days.</font></div><div style="margin-top:6pt;text-align:justify"><font style="color:#2e3337;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Please refer to Teekay Tankers' </font><font style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">fourth</font><font style="color:#2e3337;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%"> quarter and annual 2024 earnings release for additional information about its financial results.</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="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 id="id07ce5b2c7a945dcb0bb0398e3d8637a_13"></div><div style="margin-bottom:5pt;margin-top:6pt;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%">3</font></div><div style="text-align:center"><font><br></font></div><div style="text-align:center"><font><br></font></div></div></div><hr style="page-break-after:always"><div style="min-height:72pt;width:100%"><div><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="colorlogo05.jpg" src="colorlogo05.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;margin-top:6pt;text-align:justify"><font style="color:#40b4e5;font-family:'Arial',sans-serif;font-size:15pt;font-weight:400;line-height:136%">Summary of Recent Events</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:115%">Teekay Parent</font></div><div style="text-align:justify"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:115%">In December 2024, the Company completed the sales to Teekay Tankers of (a) Teekay Australia for a purchase price of $65.0 million in cash plus a related working capital adjustment of $15.9 million, and (b) all management services companies not then owned by Teekay Tankers for a purchase price equal to their net working capital value of $17.3 million. In addition, the Company transferred its $6.0 million supplemental defined contribution pension plan liability, which relates to the management services companies. The total consideration received by the Company for these transactions, net of the $6.0 million pension plan liability, was $92.2 million. Following the completion of these transactions, Teekay Tankers directly employs all of the employees supporting its businesses and is the sole operating platform within the Teekay Group.</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:115%">In October 2024, Teekay's Board of Directors authorized a new repurchase program of up to $40.0 million of Teekay common shares. Since the announcement, Teekay repurchased $7.7 million worth of its outstanding common shares at an average price of $6.35 per share. Since the beginning of our share repurchase programs in August 2022, Teekay has repurchased $132.7 million of its common shares at an average price of $6.39 per share, representing 20.4% of the shares of the Company outstanding immediately prior to the initial share repurchase program announcement.</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:115%">Teekay Tankers</font><font style="color:#242424;font-family:'Arial',sans-serif;font-size:6pt;font-weight:700;line-height:115%"> </font></div><div style="text-align:justify"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:115%">In October and December 2024, Teekay Tankers completed the previously-announced sales of a 2005-built Aframax vessel and a 2005-built Suezmax vessel for $64.8 million. The aggregate gain on sales of approximately $27.9 million is reflected in the Company's fourth quarter of 2024 results.</font></div><div style="margin-top:9pt;text-align:justify"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:115%">In January 2025, Teekay Tankers agreed to sell two 2009-built Suezmax vessels and one 2006-built LR2 vessel for total combined proceeds of $95.5 million. The LR2 vessel and one Suezmax vessel were delivered to their new owners in February 2025 and the remaining Suezmax vessel is expected to be delivered later in the first quarter of 2025. The estimated gains from sales are approximately $30.5 million, which are expected to be reflected in the first quarter 2025 results.</font></div><div style="margin-top:9pt;text-align:justify"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:115%">Teekay Tankers currently holds a passive, 5.1% minority investment in Ardmore Shipping Corporation, a publicly traded shipping company which owns and manages a fleet of 26 Medium-range (</font><font style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-style:italic;font-weight:400;line-height:115%">MR</font><font style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:115%">) product and chemical tankers (including four chartered-in tankers).</font></div><div style="margin-top:9pt;text-align:justify"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:115%">The Board of Directors of Teekay Tankers declared a fixed quarterly cash dividend in the amount of $0.25 per outstanding common share for the quarter ended December 31, 2024. This dividend is payable on March 14, 2025 to all of Teekay Tankers' shareholders of record on March 3, 2025.</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:115%">The following table presents Teekay Tankers&#8217; TCE rates booked to date in the first quarter of 2025 for its spot-traded fleet, together with the percentage of total revenue days currently fixed for the first quarter&#58;</font></div><div style="text-align:justify"><font><br></font></div><div style="text-align:justify"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:308.25pt"><tr><td style="width:1.0pt"></td><td style="width:90.25pt"></td><td style="width:1.0pt"></td><td style="width:1.0pt"></td><td style="width:106.00pt"></td><td style="width:1.0pt"></td><td style="width:1.0pt"></td><td style="width:106.00pt"></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:115%">First Quarter 2025 To-Date Spot Tanker Rates</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"><div style="text-align:center"><font style="color:#ffffff;font-family:'Arial',sans-serif;font-size:8.5pt;font-weight:700;line-height:115%">TCE Rates Per Day</font></div></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:115%">% Fixed</font></div></td></tr><tr style="height:15pt"><td colspan="3" style="background-color:#eef8fc;padding:2px 1pt 2px 7pt;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%">Suezmax</font></td><td colspan="3" style="background-color:#eef8fc;padding:2px 1pt;text-align:center;vertical-align:bottom"><font style="color:#333333;font-family:'Arial',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">$24,100</font></td><td colspan="3" style="background-color:#eef8fc;padding:2px 1pt;text-align:center;vertical-align:bottom"><font style="color:#333333;font-family:'Arial',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">67%</font></td></tr><tr style="height:15pt"><td colspan="3" style="background-color:#eef8fc;padding:2px 1pt;text-align:left;vertical-align:bottom"><div style="padding-left:6pt"><font style="color:#242424;font-family:'Arial',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">Aframax &#47; LR2 </font><font style="color:#242424;font-family:'Arial',sans-serif;font-size:5.52pt;font-weight:400;line-height:100%;position:relative;top:-2.97pt;vertical-align:baseline">(1)</font></div></td><td colspan="3" style="background-color:#eef8fc;padding:2px 1pt;text-align:center;vertical-align:bottom"><font style="color:#333333;font-family:'Arial',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">$28,200</font></td><td colspan="3" style="background-color:#eef8fc;padding:2px 1pt;text-align:center;vertical-align:bottom"><font style="color:#333333;font-family:'Arial',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">57%</font></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:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:115%">(1)&#160;&#160;&#160;&#160;Rates and percentage booked to date include all Aframax and LR2 vessels, whether trading in the clean or dirty spot market.</font></div><div style="padding-left:18pt;text-align:justify;text-indent:-18pt"><font><br></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:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:115%">Please refer to Teekay Tankers' fourth quarter and annual 2024 earnings release for additional information about recent developments of Teekay Tankers.</font></div><div style="margin-bottom:1pt;margin-top:1pt;text-align:justify"><font><br></font></div><div style="margin-bottom:1pt;margin-top:1pt;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%">4</font></div><div style="text-align:center"><font><br></font></div><div style="text-align:center"><font><br></font></div></div></div><hr style="page-break-after:always"><div style="min-height:72pt;width:100%"><div><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="colorlogo05.jpg" src="colorlogo05.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:1pt;margin-top:1pt;text-align:justify"><font><br></font></div><div style="margin-bottom:1pt;margin-top:1pt;text-align:justify"><font><br></font></div><div style="margin-bottom:1pt;margin-top:1pt;text-align:justify"><font><br></font></div><div style="margin-bottom:1pt;margin-top:1pt;text-align:justify"><font style="color:#40b4e5;font-family:'Arial',sans-serif;font-size:15pt;font-weight:400;line-height:120%">Conference Call</font></div><div style="margin-top:9pt;text-align:justify"><font style="color:#2e3337;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Teekay and Teekay Tankers (collectively, the</font><font style="color:#2e3337;font-family:'Arial',sans-serif;font-size:10pt;font-style:italic;font-weight:400;line-height:120%"> Teekay Group</font><font style="color:#2e3337;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">) plan to host a conference call on Thursday, February 20, 2025 at 11&#58;00 a.m. (ET) to discuss the Teekay Group's fourth quarter and annual 2024 results. All shareholders and interested parties are invited to listen to the live conference call by choosing from the following options&#58;</font></div><div style="margin-top:6pt;padding-left:18pt;text-align:justify;text-indent:-18pt"><font style="color:#2e3337;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">&#8226;</font><font style="color:#2e3337;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%;padding-left:14.5pt">By dialing 1(800) 289-0438 or 1(647) 484-0478, if outside of North America, and quoting conference ID code 5649868.</font></div><div style="margin-top:6pt;padding-left:18pt;text-align:justify;text-indent:-18pt"><font style="color:#2e3337;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">&#8226;</font><font style="color:#2e3337;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%;padding-left:14.5pt">By accessing the webcast, which will be available on Teekay's website at </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><font style="color:#2e3337;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%"> (the archive will remain on the website for a period of one year).</font></div><div style="margin-top:9pt;text-align:justify"><font style="color:#2e3337;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">An accompanying Teekay Group Fourth Quarter and Annual 2024 Earnings Presentation will also be available at</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><font style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%"> </font><font style="color:#2e3337;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">in advance of the conference call start time.</font></div><div style="margin-bottom:1pt;margin-top:1pt;text-align:justify"><font><br></font></div><div style="margin-bottom:1pt;margin-top:1pt;text-align:justify"><font><br></font></div><div style="margin-bottom:1pt;margin-top:1pt;text-align:justify"><font><br></font></div><div style="margin-bottom:1pt;margin-top:1pt;text-align:justify"><font><br></font></div><div style="margin-bottom:1pt;margin-top:1pt;text-align:justify"><font><br></font></div><div style="margin-bottom:1pt;margin-top:1pt;text-align:justify"><font><br></font></div><div style="margin-bottom:1pt;margin-top:1pt;text-align:justify"><font><br></font></div><div style="margin-bottom:1pt;margin-top:1pt;text-align:justify"><font><br></font></div><div style="margin-bottom:1pt;margin-top:1pt;text-align:justify"><font><br></font></div><div style="margin-bottom:1pt;margin-top:1pt;text-align:justify"><font><br></font></div><div style="margin-bottom:1pt;margin-top:1pt;text-align:justify"><font><br></font></div><div style="margin-bottom:1pt;margin-top:1pt;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%">5</font></div><div style="text-align:center"><font><br></font></div><div style="text-align:center"><font><br></font></div></div></div><div id="id07ce5b2c7a945dcb0bb0398e3d8637a_16"></div><hr style="page-break-after:always"><div style="min-height:72pt;width:100%"><div><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="colorlogo05.jpg" src="colorlogo05.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:9pt;margin-top:10pt;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:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Teekay is a l</font><font style="color:#242424;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">eading provider of international crude oil marine transportation and other marine services. Teekay provides these services through its controlling ownership interest in Teekay Tankers Ltd. (NYSE&#58; TNK), a leading owner and operator of mid-sized crude tankers. Teekay Tankers manages and operates approximately 60 conventional tankers and other marine assets, including vessels operated for the Australian Government. With offices in 8 countries and approximately 2,200 seagoing and shore-based employees, Teekay Tankers 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 shares trade on the New York Stock Exchange 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><font style="color:#242424;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%"> The information contained on our website is not part of this release.</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%">6</font></div><div style="text-align:center"><font><br></font></div><div style="text-align:center"><font><br></font></div></div></div><hr style="page-break-after:always"><div style="min-height:72pt;width:100%"><div><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="colorlogo05.jpg" src="colorlogo05.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 EBITDA and Net Revenues, 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;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 certain items of income or loss from GAAP net 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, 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 style="color:#242424;font-family:'Arial',sans-serif;font-size:10pt;font-style:italic;font-weight:400;line-height:120%">Adjusted EBITDA</font><font style="color:#242424;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%"> represents EBITDA (i.e., net income before interest, taxes, and depreciation and amortization), adjusted to exclude certain items the timing or amount of which 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, write-downs and&#47;or gains and losses on sale of operating assets, unrealized gains and losses on derivative instruments, unrealized gains and losses on marketable securities, equity income or loss, and other income or loss. </font><font style="color:#242424;font-family:'Arial',sans-serif;font-size:10pt;font-style:italic;font-weight:400;line-height:120%">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 underlying instruments.</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%">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 reconciliation of Adjusted EBITDA to net income, which is 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 style="color:#2e3337;font-family:'Arial',sans-serif;font-size:10pt;font-style:italic;font-weight:400;line-height:120%">Net Revenues</font><font style="color:#2e3337;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%"> represents income from operations before vessel operating expenses, charter hire expenses, depreciation and amortization, general and administrative expenses, gain or loss on sale and write-down of assets, and restructuring charges. Since the amount of voyage expenses the Company incurs for a particular charter depends on the type of the charter, the Company includes these costs in Net Revenues to improve the comparability between periods of reported revenues that are generated by the different types of charters and contracts. The Company principally uses Net Revenues, a non-GAAP financial measure, because the Company believes it provides more meaningful information about the deployment of the Company's vessels and their performance than does income from operations, the most directly comparable financial measure under GAAP.</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="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%">7</font></div><div style="text-align:center"><font><br></font></div><div style="text-align:center"><font><br></font></div></div></div><div id="id07ce5b2c7a945dcb0bb0398e3d8637a_19"></div><hr style="page-break-after:always"><div style="min-height:72pt;width:100%"><div><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:96.866%"><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="colorlogo05.jpg" src="colorlogo05.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 Ltd. </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 Income</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:526.50pt"><tr><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:46.75pt"></td><td style="width:1.0pt"></td><td style="width:1.0pt"></td><td style="width:46.75pt"></td><td style="width:1.0pt"></td><td style="width:1.0pt"></td><td style="width:46.75pt"></td><td style="width:1.0pt"></td><td style="width:1.0pt"></td><td style="width:46.75pt"></td><td style="width:1.0pt"></td><td style="width:1.0pt"></td><td style="width:46.75pt"></td><td style="width:1.0pt"></td></tr><tr style="height:12pt"><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="6" 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%">Year Ended</font></td></tr><tr style="height:20pt"><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%">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%">September 30,</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%">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%">December 31,</font></td></tr><tr style="height:12pt"><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%">2024</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%">2024</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%">2023</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%">2024</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%">2023</font></td></tr><tr style="height:12pt"><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: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: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: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:8pt;font-weight:700;line-height:100%">(unaudited)</font></td></tr><tr style="height:12pt"><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="background-color:#f4faff;padding:0 1pt"></td><td colspan="3" style="background-color:#f4faff;padding:0 1pt"></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%">256,566</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%">272,619</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%">339,192</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%">1,220,374</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%">1,464,975</font></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%">(94,934)</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%">(93,984)</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%">(118,828)</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%">(405,546)</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%">(474,371)</font></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%">(63,854)</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%">(64,963)</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%">(61,184)</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%">(252,594)</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%">(241,585)</font></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%">(17,144)</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%">(18,465)</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%">(19,822)</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%">(74,795)</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%">(70,836)</font></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%">(24,446)</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%">(23,445)</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%">(24,627)</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%">(93,582)</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%">(97,551)</font></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%">(12,333)</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%">(13,938)</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%">(12,124)</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%">(61,058)</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%">(57,590)</font></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%">Gain on sale and 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%">26,479</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%">10,360</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%">38,080</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%">10,360</font></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%">Restructuring charges</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%">(5,632)</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%">(5,632)</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%">(1,677)</font></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%">Income from 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%">70,334</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%">52,192</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%">112,967</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%">365,247</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%">531,725</font></td></tr><tr style="height:12pt"><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="background-color:#f4faff;padding:0 1pt"></td><td colspan="3" style="background-color:#f4faff;padding:0 1pt"></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%">(798)</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%">(844)</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%">(4,215)</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%">(7,542)</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%">(28,009)</font></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%">8,452</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%">9,958</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%">7,122</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%">37,218</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%">24,128</font></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%">Equity income (loss)</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%">615</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%">(121)</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%">516</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%">2,767</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%">3,432</font></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 (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%">994</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%">(457)</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%">(2,579)</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%">(405)</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%">(12,162)</font></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%">1,903</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%">1,378</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%">1,166</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%">4,334</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%">(1,691)</font></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</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%">81,500</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%">62,106</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%">114,977</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%">401,619</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%">517,423</font></td></tr><tr style="height:12pt"><td colspan="3" style="background-color:#f4faff;padding:2px 1pt;text-align:left;vertical-align:top"><font style="color:#2c2c2c;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Net income attributable to non-controlling interests</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%">(56,258)</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%">(42,034)</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%">(79,595)</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%">(267,849)</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%">(366,782)</font></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 attributable to the shareholders of Teekay Corporation Ltd.</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%">25,242</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%">20,072</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%">35,382</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%">133,770</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%">150,641</font></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><font style="color:#2c2c2c;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Earnings per common share</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">(1)</font><font style="color:#2c2c2c;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"> of Teekay Corporation Ltd.</font></div></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 7pt 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="background-color:#f4faff;border-top:2pt solid #279fc7;padding:0 1pt"></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:36pt;text-indent:-18pt"><font style="color:#2c2c2c;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8211;</font><font style="color:#2c2c2c;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%;padding-left:13.56pt">Basic</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%">0.29</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%">$</font></td><td colspan="2" style="background-color:#f4faff;padding:2px 7pt 2px 0;text-align:right;vertical-align:bottom"><font style="color:#2c2c2c;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">0.22</font></td><td style="background-color:#f4faff;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><font style="color:#2c2c2c;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">$</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 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%">$</font></td><td colspan="2" style="background-color:#f4faff;padding:2px 7pt 2px 0;text-align:right;vertical-align:bottom"><font style="color:#2c2c2c;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">1.47</font></td><td style="background-color:#f4faff;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><font style="color:#2c2c2c;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">$</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%">1.59</font></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:36pt;text-indent:-18pt"><font style="color:#2c2c2c;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8211;</font><font style="color:#2c2c2c;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%;padding-left:13.56pt">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%">$</font></td><td colspan="2" style="background-color:#f4faff;padding:2px 7pt 2px 0;text-align:right;vertical-align:bottom"><font style="color:#2c2c2c;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">0.28</font></td><td style="background-color:#f4faff;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><font style="color:#2c2c2c;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">$</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%">0.21</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%">$</font></td><td colspan="2" style="background-color:#f4faff;padding:2px 7pt 2px 0;text-align:right;vertical-align:bottom"><font style="color:#2c2c2c;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">0.37</font></td><td style="background-color:#f4faff;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><font style="color:#2c2c2c;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">$</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%">1.42</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%">1.54</font></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><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><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">(1)</font></div></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 7pt 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="background-color:#f4faff;border-top:2pt solid #279fc7;padding:0 1pt"></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:36pt;text-indent:-18pt"><font style="color:#2c2c2c;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8211;</font><font style="color:#2c2c2c;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%;padding-left:13.56pt">Basic</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%">86,897,158</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%">92,358,742</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%">92,332,045</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%">91,285,538</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%">94,484,659</font></td></tr><tr style="height:12pt"><td colspan="3" style="background-color:#f4faff;border-bottom:2pt solid #279fc7;padding:2px 1pt;text-align:left;vertical-align:bottom"><div style="padding-left:36pt;text-indent:-18pt"><font style="color:#2c2c2c;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8211;</font><font style="color:#2c2c2c;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%;padding-left:13.56pt">Diluted</font></div></td><td colspan="3" style="background-color:#f4faff;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:8pt;font-weight:400;line-height:100%">88,667,658</font></td><td colspan="3" style="background-color:#f4faff;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:8pt;font-weight:400;line-height:100%">94,243,994</font></td><td colspan="3" style="background-color:#f4faff;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:8pt;font-weight:400;line-height:100%">94,571,844</font></td><td colspan="3" style="background-color:#f4faff;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:8pt;font-weight:400;line-height:100%">93,275,031</font></td><td colspan="3" style="background-color:#f4faff;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:8pt;font-weight:400;line-height:100%">96,644,969</font></td></tr></table></div><div><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">Weighted-average number of common shares outstanding 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%">8</font></div><div style="text-align:center"><font><br></font></div><div style="text-align:center"><font><br></font></div></div></div><div id="id07ce5b2c7a945dcb0bb0398e3d8637a_22"></div><hr style="page-break-after:always"><div style="min-height:72pt;width:100%"><div><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:96.866%"><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="colorlogo05.jpg" src="colorlogo05.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 Ltd.</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:517.50pt"><tr><td style="width:1.0pt"></td><td style="width:139.75pt"></td><td style="width:1.0pt"></td><td style="width:1.0pt"></td><td style="width:139.75pt"></td><td style="width:1.0pt"></td><td style="width:1.0pt"></td><td style="width:76.00pt"></td><td style="width:1.0pt"></td><td style="width:1.0pt"></td><td style="width:76.00pt"></td><td style="width:1.0pt"></td><td style="width:1.0pt"></td><td style="width:76.00pt"></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: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%">As at</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</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</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%">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%">September 30,</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></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%">2024</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%">2024</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%">2023</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><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><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 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%">173,443</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%">228,803</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%">114,829</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 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%">511,888</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%">462,851</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%">365,251</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 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%">10,000</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%">52,277</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%">172,604</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%">Marketable securities - Teekay Tankers</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%">22,442</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></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 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%">37,239</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%">11,910</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</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%">83,317</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%">94,367</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%">117,794</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 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%">45,990</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%">45,440</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%">53,219</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%">Accrued revenue and other current assets</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%">76,306</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%">64,750</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%">85,650</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 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%">3,673</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%">667</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%">691</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%">Vessels and equipment - Teekay Tankers</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%">1,132,109</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%">1,151,862</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%">1,158,210</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 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%">52,162</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%">53,999</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%">76,314</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 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%">15,998</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%">15,382</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%">15,731</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%">Other non-current assets</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%">25,787</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%">25,851</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%">24,435</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:#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 19pt 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%">2,153,115</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:#000000;font-family:'Arial',sans-serif;font-size:9pt;font-weight:700;line-height:100%">2,233,488</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:#000000;font-family:'Arial',sans-serif;font-size:9pt;font-weight:700;line-height:100%">2,196,638</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><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 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%">107,706</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%">116,645</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%">116,422</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 and finance leases - Teekay Tankers </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%">20,517</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 and finance leases - Teekay Tankers</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%">119,082</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 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%">53,591</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%">54,000</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%">76,314</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 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%">56,651</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%">59,331</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%">63,957</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><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 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%">1,225,404</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%">1,199,151</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%">1,068,068</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 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%">709,763</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%">804,361</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%">732,278</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 19pt 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%">2,153,115</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:#000000;font-family:'Arial',sans-serif;font-size:9pt;font-weight:700;line-height:100%">2,233,488</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:#000000;font-family:'Arial',sans-serif;font-size:9pt;font-weight:700;line-height:100%">2,196,638</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><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 - 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 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%">183,443</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%">281,080</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%">287,433</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 cash - 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">(2)</font></div></td><td colspan="3" style="background-color:#eef8fc;border-bottom:2pt solid #279fc7;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%">515,561</font></td><td colspan="3" style="background-color:#eef8fc;border-bottom:2pt solid #279fc7;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%">463,518</font></td><td colspan="3" style="background-color:#eef8fc;border-bottom:2pt solid #279fc7;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%">226,343</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 and short-term debt securities issued by the United States government that have 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">Net cash is a non-GAAP financial measure and represents (a) cash and cash equivalents, and, if applicable, restricted cash and short-term investments, less (b) if applicable, current portion of long-term debt and current obligations related to finance leases, and long-term debt and long-term obligations related to finance leases.</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><br></font></div></div></div><div id="id07ce5b2c7a945dcb0bb0398e3d8637a_25"></div><hr style="page-break-after:always"><div style="min-height:72pt;width:100%"><div><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="colorlogo05.jpg" src="colorlogo05.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 Ltd. </font></div><div><font style="color:#40b4e5;font-family:'Arial',sans-serif;font-size:15pt;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:8pt;font-weight:700;line-height:100%">Year 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:8pt;font-weight:700;line-height:100%">December 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:8pt;font-weight:700;line-height:100%">2024</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%">2023</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: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></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:8pt;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:middle"><font style="color:#242424;font-family:'Arial',sans-serif;font-size:8pt;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:8pt;font-weight:400;line-height:100%">Net 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:8pt;font-weight:400;line-height:100%">401,619</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:8pt;font-weight:400;line-height:100%">517,423</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:8pt;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 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:8pt;font-weight:400;line-height:100%">&#160;&#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:8pt;font-weight:400;line-height:100%">93,582</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:8pt;font-weight:400;line-height:100%">97,551</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:8pt;font-weight:400;line-height:100%">&#160;&#160;&#160;&#160;Gain on sale and 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:8pt;font-weight:400;line-height:100%">(38,080)</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:8pt;font-weight:400;line-height:100%">(10,360)</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:8pt;font-weight:400;line-height:100%">&#160;&#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:8pt;font-weight:400;line-height:100%">1,832</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:8pt;font-weight:400;line-height:100%">18,867</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:8pt;font-weight:400;line-height:100%">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:8pt;font-weight:400;line-height:100%">8,232</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:8pt;font-weight:400;line-height:100%">6,339</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:8pt;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:8pt;font-weight:700;line-height:100%">467,185</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:8pt;font-weight:700;line-height:100%">629,820</font></td></tr><tr style="height:12pt"><td colspan="3" style="background-color:#cfebf5;border-top:1pt solid #279fc7;padding:2px 1pt;text-align:left;vertical-align:middle"><font style="color:#242424;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">FINANCING ACTIVITIES</font></td><td colspan="3" style="background-color:#cfebf5;border-top:1pt solid #279fc7;padding:0 1pt"></td><td colspan="3" style="background-color:#cfebf5;border-top:1pt solid #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:#242424;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Issuance costs, net of proceeds from 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:8pt;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:8pt;font-weight:400;line-height:100%">(3,536)</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:8pt;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:8pt;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:8pt;font-weight:400;line-height:100%">(1,000)</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:8pt;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:8pt;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:8pt;font-weight:400;line-height:100%">(21,184)</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:8pt;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:8pt;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:8pt;font-weight:400;line-height:100%">50,000</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:8pt;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:8pt;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:8pt;font-weight:400;line-height:100%">(50,000)</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:8pt;font-weight:400;line-height:100%">Prepayment 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:8pt;font-weight:400;line-height:100%">(136,955)</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:8pt;font-weight:400;line-height:100%">(364,201)</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:8pt;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:8pt;font-weight:400;line-height:100%">(5,213)</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:8pt;font-weight:400;line-height:100%">(34,113)</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:8pt;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:8pt;font-weight:400;line-height:100%">(50,015)</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:8pt;font-weight:400;line-height:100%">(4,765)</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:8pt;font-weight:400;line-height:100%">Distributions from subsidiaries to non-controlling interests </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:8pt;font-weight:400;line-height:100%">(73,222)</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:8pt;font-weight:400;line-height:100%">(42,543)</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:8pt;font-weight:400;line-height:100%">Issuance of common shares upon exercise of stock options</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:8pt;font-weight:400;line-height:100%">5,737</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:8pt;font-weight:400;line-height:100%">5,833</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:8pt;font-weight:400;line-height:100%">Cash dividends paid</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:8pt;font-weight:400;line-height:100%">(85,018)</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:8pt;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:8pt;font-weight:400;line-height:100%">Repurchase of Teekay 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:8pt;font-weight:400;line-height:100%">(66,280)</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:8pt;font-weight:400;line-height:100%">(50,713)</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:8pt;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:8pt;font-weight:400;line-height:100%">(5,482)</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:8pt;font-weight:400;line-height:100%">(4,192)</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:8pt;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:8pt;font-weight:700;line-height:100%">(416,448)</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:8pt;font-weight:700;line-height:100%">(520,414)</font></td></tr><tr style="height:12pt"><td colspan="3" style="background-color:#cfebf5;border-top:1pt solid #279fc7;padding:2px 1pt;text-align:left;vertical-align:middle"><font style="color:#242424;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">INVESTING ACTIVITIES</font></td><td colspan="3" style="background-color:#cfebf5;border-top:1pt solid #279fc7;padding:0 1pt"></td><td colspan="3" style="background-color:#cfebf5;border-top:1pt solid #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:#242424;font-family:'Arial',sans-serif;font-size:8pt;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:8pt;font-weight:400;line-height:100%">88,778</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:8pt;font-weight:400;line-height:100%">23,561</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:8pt;font-weight:400;line-height:100%">Vessel acquisition</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:8pt;font-weight:400;line-height:100%">(70,504)</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:8pt;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:8pt;font-weight:400;line-height:100%">Decrease in 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:8pt;font-weight:400;line-height:100%">162,604</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:8pt;font-weight:400;line-height:100%">37,396</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:8pt;font-weight:400;line-height:100%">Purchase of marketable securities</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:8pt;font-weight:400;line-height:100%">(21,041)</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:8pt;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:8pt;font-weight:400;line-height:100%">Other investing 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:8pt;font-weight:400;line-height:100%">(2,341)</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:8pt;font-weight:400;line-height:100%">(6,298)</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:8pt;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:8pt;font-weight:700;line-height:100%">157,496</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:8pt;font-weight:700;line-height:100%">54,659</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:8pt;font-weight:400;line-height:100%">Increase 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:8pt;font-weight:400;line-height:100%">208,233</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:8pt;font-weight:400;line-height:100%">164,065</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:8pt;font-weight:400;line-height:100%">Cash, cash equivalents and restricted cash, beginning of the year</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:8pt;font-weight:400;line-height:100%">480,771</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:8pt;font-weight:400;line-height:100%">316,706</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:8pt;font-weight:700;line-height:100%">Cash, cash equivalents and restricted cash, end of the year</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:8pt;font-weight:700;line-height:100%">689,004</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:8pt;font-weight:700;line-height:100%">480,771</font></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%">10</font></div><div style="text-align:center"><font><br></font></div><div style="text-align:center"><font><br></font></div></div></div><div id="id07ce5b2c7a945dcb0bb0398e3d8637a_28"></div><hr style="page-break-after:always"><div style="min-height:72pt;width:100%"><div><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="colorlogo05.jpg" src="colorlogo05.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 Ltd.</font></div><div><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><font style="background-color:#ffffff;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><font style="background-color:#ffffff;color:#2c2c2c;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:120%">(in t</font><font style="color:#2c2c2c;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:120%">housands of U.S. dollars, except per share data)</font></div><div style="margin-top:5pt"><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="12" 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><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%">Year 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%">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%">September 30,</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></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%">2024</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%">2024</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%">2024</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 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 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%">81,500</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%">62,106</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%">401,619</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 income attributable to</font></td><td colspan="3" style="background-color:#eef8fc;padding: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 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"><font style="color:#000000;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%">(56,258)</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%">(42,034)</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%">(267,849)</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:700;line-height:100%">Net 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:0 1pt 0 13pt"></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: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%">25,242</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><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%">20,072</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%">0.22</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:700;line-height:100%">133,770</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%">1.47</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</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 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: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></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%">Gain on sale and write-down of assets</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%">(26,479)</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%">(0.30)</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%">&#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%">&#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%">(38,080)</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%">(0.42)</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%">Restructuring charges</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: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:#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%">5,632</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%">5,632</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></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%">Income tax recovery</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%">&#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%">&#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%">&#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%">&#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%">(3,303)</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%">(0.04)</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%">Other - net</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%">(1,401)</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%">(1,225)</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%">(1,389)</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></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">(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%">19,277</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%">(3,377)</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%">(0.04)</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%">15,295</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%">0.17</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%">(8,603)</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%">(0.10)</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%">1,030</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%">(21,845)</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%">(0.24)</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 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 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:#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%">16,639</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%">0.19</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%">21,102</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%">0.23</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%">111,925</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%">1.23</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">Basic per share amounts.</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%">(2)</font><font style="color:#2e3337;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:120%;padding-left:8.24pt">Includes restructuring charges related to changes made to Teekay Tankers' senior management team.</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%">(3)</font><font style="color:#2c2c2c;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:120%;padding-left:8.24pt">Includes the unrealized gain on marketable securities for the three months ended December 31, 2024, an adjustment relating to the settlement of a prior year claim for the three months ended September 30, 2024, and premiums related to early termination and write-off of prepaid lease financing costs due to the repurchase of eight sale-leaseback vessels for the year ended December 31, 2024.</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">Items affecting net income attributable to shareholders of Teekay 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="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="margin-top:2pt;padding-left:9pt;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%">11</font></div><div style="text-align:center"><font><br></font></div><div style="text-align:center"><font><br></font></div></div></div><div id="id07ce5b2c7a945dcb0bb0398e3d8637a_4947802325457"></div><hr style="page-break-after:always"><div style="min-height:72pt;width:100%"><div><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="colorlogo05.jpg" src="colorlogo05.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 Ltd.</font></div><div><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><font style="background-color:#ffffff;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><font style="background-color:#ffffff;color:#2c2c2c;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:120%">(in t</font><font style="color:#2c2c2c;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:120%">housands of U.S. dollars, except per share data)</font></div><div style="margin-top:5pt"><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:211.75pt"></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 style="width:1.0pt"></td><td style="width:72.25pt"></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="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%">Three Months Ended</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%">Year 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%">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%">December 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%">2023</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%">2023</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></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: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></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 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%">114,977</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%">517,423</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 income attributable to</font></td><td colspan="3" style="background-color:#eef8fc;padding: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 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:#000000;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%">(79,595)</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%">(366,782)</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:700;line-height:100%">Net 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:0 1pt 0 13pt"></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: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%">35,382</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%">0.38</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%">150,641</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%">1.59</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:#000000;font-family:'Arial',sans-serif;font-size:9pt;font-weight:700;line-height:120%">(Subtract) add specific items affecting net income</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 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></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%">Unrealized loss 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%">&#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%">&#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%">3,709</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%">0.04</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%">Realized gain on termination of interest rate swap</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%">&#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%">&#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%">(3,215)</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%">(0.03)</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%">Gain on sale of assets</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%">(10,360)</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%">(0.11)</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%">(10,360)</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%">(0.11)</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</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%">&#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%">&#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%">1,619</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></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%">Other - net</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%">(1,789)</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%">(1,288)</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;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">(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%">8,658</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%">0.09</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%">9,365</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%">0.10</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%">(3,491)</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%">(0.04)</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%">(170)</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></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 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 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%">31,891</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%">0.35</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%">150,471</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%">1.59</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">Basic per share amounts.</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">Includes proceeds related to the settlement of a legal claim during the three months ended December 31, 2023. The year ended December 31, 2023 amounts also include costs related to uncertain tax position, the early termination of certain obligations related to finance leases, non-cash expenses related to the sale of certain pension-related assets and obligations, an adjustment to the asset retirement obligation related to the </font><font style="color:#2c2c2c;font-family:'Arial',sans-serif;font-size:8pt;font-style:italic;font-weight:400;line-height:120%">Petrojarl Foinaven</font><font style="color:#2c2c2c;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:120%"> FPSO unit and foreign currency exchange losses (gains).</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%">(3)</font><font style="color:#2c2c2c;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:120%;padding-left:8.24pt">Items affecting net income attributable to shareholders of Teekay 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="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="margin-top:2pt;padding-left:9pt;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><br></font></div></div></div><div id="id07ce5b2c7a945dcb0bb0398e3d8637a_34"></div><hr style="page-break-after:always"><div style="min-height:72pt;width:100%"><div><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="colorlogo05.jpg" src="colorlogo05.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 Ltd.</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 Income for the Three Months Ended </font></div><div><font style="color:#40b4e5;font-family:'Arial',sans-serif;font-size:15pt;font-weight:400;line-height:120%">December&#160;31, 2024</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: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%">Tankers</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: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">(2)</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:center;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:center;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:center;vertical-align:bottom"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:100%">&#160;</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%">Revenues </font></div></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%">228,483</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%">28,499</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%">(416)</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%">256,566</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 13pt 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 13pt 0 1pt"></td><td colspan="3" style="background-color:#eef8fc;padding:0 13pt 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 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%">(94,934)</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%">&#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: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:#000000;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:100%">(94,934)</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 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%">(36,663)</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%">(27,191)</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%">&#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:9pt;font-weight:400;line-height:100%">(63,854)</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 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%">(17,144)</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%">(416)</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%">416</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%">(17,144)</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 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%">(24,446)</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%">&#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: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:#000000;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:100%">(24,446)</font></td></tr><tr style="height:14pt"><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%">General and administrative expenses</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%">(10,155)</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%">(2,178)</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%">&#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:9pt;font-weight:400;line-height:100%">(12,333)</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%">Gains on sale and 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:9pt;font-weight:400;line-height:100%">26,479</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%">&#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: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:#000000;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:100%">26,479</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 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%">&#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: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:#000000;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:#000000;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:100%">&#8212;</font></td></tr><tr style="height:5pt"><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%">&#160;</font></td><td colspan="6" style="background-color:#eef8fc;padding:0 1pt"></td><td colspan="6" style="background-color:#eef8fc;padding:0 1pt"></td></tr><tr style="height:17pt"><td colspan="6" 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:700;line-height:100%">Income (loss) from operations </font><font style="color:#2c2c2c;font-family:'Arial',sans-serif;font-size:5.85pt;font-weight:700;line-height:100%;position:relative;top:-3.15pt;vertical-align:baseline">(3)</font></div></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%">71,620</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%">(1,286)</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%">&#8212;</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%">70,334</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 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%">(798)</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%">&#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: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:#000000;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:100%">(798)</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 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%">5,851</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%">2,601</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%">&#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:9pt;font-weight:400;line-height:100%">8,452</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 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:9pt;font-weight:400;line-height:100%">615</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%">&#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: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:#000000;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:100%">615</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 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">(4)</font></div></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%">&#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:9pt;font-weight:400;line-height:100%">25,109</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%">(25,109)</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%">&#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 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%">1,050</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%">(56)</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%">&#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:9pt;font-weight:400;line-height:100%">994</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 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%">3,029</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%">(1,126)</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%">&#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:9pt;font-weight:400;line-height:100%">1,903</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 income</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%">81,367</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%">25,242</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%">(25,109)</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%">81,500</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 income 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">(5)</font></div></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%">&#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: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:#000000;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:100%">(56,258)</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%">(56,258)</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 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</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: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%">&#160;</font></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:#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: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:700;line-height:100%">81,367</font></td><td colspan="3" style="background-color:#eef8fc;border-bottom: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:700;line-height:100%">25,242</font></td><td colspan="3" style="background-color:#eef8fc;border-bottom: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:700;line-height:100%">(81,367)</font></td><td colspan="3" style="background-color:#eef8fc;border-bottom: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:700;line-height:100%">25,242</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">Excludes the results of the operations of Teekay Australia and of the management services companies that were acquired by Teekay Tankers from Teekay Parent on December 31, 2024.  </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">Consolidation Adjustments column includes adjustments which eliminate transactions between Teekay Tankers and Teekay Parent.</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">In addition to the income from operations earned by Teekay Parent, it also receives cash distributions from its consolidated publicly-traded subsidiary, Teekay Tankers. During the three months ended December 31, 2024, Teekay Parent received cash distributions of $2.7 million from 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">Teekay&#8217;s proportionate share of the net income 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%">(5)</font><font style="color:#2c2c2c;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:120%;padding-left:8.24pt">Net income attributable to non-controlling interests represents the public&#8217;s share of the net income of Teekay&#8217;s publicly-traded subsidiary, Teekay Tankers.</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><br></font></div></div></div><div id="id07ce5b2c7a945dcb0bb0398e3d8637a_4398046511552"></div><hr style="page-break-after:always"><div style="min-height:72pt;width:100%"><div><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="colorlogo05.jpg" src="colorlogo05.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 Ltd.</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 Income for the Year Ended </font></div><div><font style="color:#40b4e5;font-family:'Arial',sans-serif;font-size:15pt;font-weight:400;line-height:120%">December&#160;31, 2024</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: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%">Tankers</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: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">(2)</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:center;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:center;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:center;vertical-align:bottom"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:100%">&#160;</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%">Revenues </font></div></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%">1,106,694</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%">114,096</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%">(416)</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%">1,220,374</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 13pt 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 13pt 0 1pt"></td><td colspan="3" style="background-color:#eef8fc;padding:0 13pt 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 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%">(405,546)</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%">&#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: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:#000000;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:100%">(405,546)</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 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%">(150,605)</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%">(101,989)</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%">&#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:9pt;font-weight:400;line-height:100%">(252,594)</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 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%">(74,795)</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%">(416)</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%">416</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%">(74,795)</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 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%">(93,582)</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%">&#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: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:#000000;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:100%">(93,582)</font></td></tr><tr style="height:14pt"><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%">General and administrative expenses</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%">(48,833)</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%">(11,905)</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%">(320)</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%">(61,058)</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%">Gains on sale and 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:9pt;font-weight:400;line-height:100%">38,080</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: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:#000000;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:#000000;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:100%">38,080</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 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%">(5,952)</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%">&#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:9pt;font-weight:400;line-height:100%">320</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%">(5,632)</font></td></tr><tr style="height:5pt"><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%">&#160;</font></td><td colspan="6" style="background-color:#eef8fc;padding:0 1pt"></td><td colspan="6" style="background-color:#eef8fc;padding:0 1pt"></td></tr><tr style="height:17pt"><td colspan="6" 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:700;line-height:100%">Income (loss) from operations </font><font style="color:#2c2c2c;font-family:'Arial',sans-serif;font-size:5.85pt;font-weight:700;line-height:100%;position:relative;top:-3.15pt;vertical-align:baseline">(3)</font></div></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%">365,461</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%">(214)</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%">&#8212;</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%">365,247</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 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%">(7,468)</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%">(74)</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%">&#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:9pt;font-weight:400;line-height:100%">(7,542)</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 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%">22,823</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%">14,395</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%">&#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:9pt;font-weight:400;line-height:100%">37,218</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><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="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 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:9pt;font-weight:400;line-height:100%">2,767</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%">&#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: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:#000000;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:100%">2,767</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 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">(4)</font></div></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%">&#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:9pt;font-weight:400;line-height:100%">124,133</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%">(124,133)</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%">&#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 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%">3,683</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%">(4,088)</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%">&#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:9pt;font-weight:400;line-height:100%">(405)</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 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%">4,657</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%">(323)</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%">&#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:9pt;font-weight:400;line-height:100%">4,334</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 income</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%">391,923</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%">133,829</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%">(124,133)</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%">401,619</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 income 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">(5)</font></div></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%">&#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:9pt;font-weight:400;line-height:100%">(59)</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%">(267,790)</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%">(267,849)</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 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</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: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%">&#160;</font></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:#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: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:700;line-height:100%">391,923</font></td><td colspan="3" style="background-color:#eef8fc;border-bottom: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:700;line-height:100%">133,770</font></td><td colspan="3" style="background-color:#eef8fc;border-bottom: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:700;line-height:100%">(391,923)</font></td><td colspan="3" style="background-color:#eef8fc;border-bottom: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:700;line-height:100%">133,770</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">Excludes the results of the operations of Teekay Australia and of the management services companies that were acquired by Teekay Tankers from Teekay Parent on December 31, 2024.  </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">Consolidation Adjustments column includes adjustments which eliminate transactions between Teekay Tankers and Teekay Parent.</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">In addition to the income from operations earned by Teekay Parent, it also receives cash distributions from its consolidated publicly-traded subsidiary, Teekay Tankers. During the year ended December 31, 2024, Teekay Parent received cash distributions of $29.6 million from 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">Teekay&#8217;s proportionate share of the net income 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%">(5)</font><font style="color:#2c2c2c;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:120%;padding-left:8.24pt">Net income attributable to non-controlling interests represents the public&#8217;s share of the net income of Teekay&#8217;s publicly-traded subsidiary, Teekay Tankers.</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%">14</font></div><div style="text-align:center"><font><br></font></div><div style="text-align:center"><font><br></font></div></div></div><div id="id07ce5b2c7a945dcb0bb0398e3d8637a_37"></div><hr style="page-break-after:always"><div style="min-height:72pt;width:100%"><div><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="colorlogo05.jpg" src="colorlogo05.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 Ltd.</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</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:157.75pt"></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><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><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%">Year 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%">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%">September 30,</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="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></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%">2024</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%">2024</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%">2023</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%">2024</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%">2023</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: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><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:#000000;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:100%">Net income</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%">81,500</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%">62,106</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%">114,977</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%">401,619</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%">517,423</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:#242424;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:100%">24,446</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%">23,445</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%">24,627</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%">93,582</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%">97,551</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 interest (income) expense</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%">(7,654)</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%">(9,114)</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%">(2,907)</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%">(29,676)</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%">3,881</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) expense</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%">(994)</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%">457</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%">2,579</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%">405</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%">12,162</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%">97,298</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%">76,894</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%">139,276</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%">465,930</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%">631,017</font></td></tr><tr style="height:21pt"><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 <br>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><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"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:100%">Gain on sale and write-down of assets</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%">(26,479)</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%">(10,360)</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%">(38,080)</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%">(10,360)</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:#000000;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:100%">Equity (income) loss</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%">(615)</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%">121</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%">(516)</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%">(2,767)</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%">(3,432)</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"><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%">(1,903)</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%">(1,378)</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%">(1,166)</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%">(4,334)</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%">1,682</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%">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%">68,301</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%">75,637</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%">127,234</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%">420,749</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%">618,907</font></td></tr><tr style="height:15pt"><td colspan="3" style="border-top:1pt solid #279fc7;padding:0 1pt"></td><td colspan="3" style="border-top:1pt solid #279fc7;padding:0 1pt"></td><td colspan="3" style="border-top:1pt solid #279fc7;padding:0 1pt"></td><td colspan="3" style="border-top:1pt solid #279fc7;padding:0 1pt"></td><td colspan="3" style="border-top:1pt solid #279fc7;padding:0 1pt"></td><td colspan="3" style="border-top:1pt solid #279fc7;padding:0 1pt"></td><td colspan="3" style="border-top:1pt solid #279fc7;padding:0 1pt"></td></tr></table><font style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%"> </font></div><div style="margin-top:5pt"><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;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%">15</font></div><div style="text-align:center"><font><br></font></div><div style="text-align:center"><font><br></font></div></div></div><div id="id07ce5b2c7a945dcb0bb0398e3d8637a_40"></div><hr style="page-break-after:always"><div style="min-height:72pt;width:100%"><div><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="colorlogo05.jpg" src="colorlogo05.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:115%">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 release, other than statements of historical fact, are forward-looking statements. When used in this release, 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; the timing of payments of cash dividends by Teekay Tankers&#59; the occurrence and timing of vessel deliveries related to Teekay Tankers' vessel sales, and the expected proceeds thereof&#59; management's view of the tanker operating environment, the strength of the tanker market and of the tanker rate environment, and related effects on the Company and the Teekay Group and their operations&#59; crude oil and refined product tanker market fundamentals&#59; and the Teekay Group's ability to create shareholder value. </font></div><div><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; payment by Teekay Tankers of its declared cash dividend&#59; potential delays by Teekay Tankers with respect to its vessel deliveries&#59; the Company's available cash and changes in the Company's liquidity and financial leverage&#59; changes in tanker market fundamentals or spot rates&#59; changes in the production of, or demand for, oil or refined products and for tankers&#59; the impact of geopolitical tensions and conflicts, 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, 2023. 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="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="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%">16</font></div><div style="text-align:center"><font><br></font></div><div style="text-align:center"><font><br></font></div></div></div></body></html>
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</SEC-DOCUMENT>
