<SEC-DOCUMENT>0000911971-25-000010.txt : 20250507
<SEC-HEADER>0000911971-25-000010.hdr.sgml : 20250507
<ACCEPTANCE-DATETIME>20250507161814
ACCESSION NUMBER:		0000911971-25-000010
CONFORMED SUBMISSION TYPE:	6-K
PUBLIC DOCUMENT COUNT:		3
CONFORMED PERIOD OF REPORT:	20250507
FILED AS OF DATE:		20250507
DATE AS OF CHANGE:		20250507

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
		EIN:				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:		25921662

	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>tkq1-25pressrelease.htm
<DESCRIPTION>6-K
<TEXT>
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<title>Document</title></head><body><div id="ib6b86886394449f09d9b5e0b12200127_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%">May 7, 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="ib6b86886394449f09d9b5e0b12200127_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 May 7, 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; May 7, 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="ib6b86886394449f09d9b5e0b12200127_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="image2a.jpg" src="image2a.jpg" style="height:45px;margin-bottom:5pt;vertical-align:text-bottom;width:136px"></div></td><td colspan="3" style="padding:0 1pt"><div style="text-align:right"><img alt="newsreleasea11a.jpg" src="newsreleasea11a.jpg" style="height:49px;margin-bottom:5pt;vertical-align:text-bottom;width:229px"></div></td></tr></table></div><div style="text-align:center"><font><br></font></div></div><div><font style="color:#003698;font-family:'Arial',sans-serif;font-size:19pt;font-weight:700;line-height:120%">TEEKAY CORPORATION LTD.  </font></div><div><font style="color:#003698;font-family:'Arial',sans-serif;font-size:19pt;font-weight:700;line-height:120%">FIRST QUARTER 2025 UPDATE</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:10pt;font-weight:400;line-height:120%">&#8226;</font><font style="color:#242424;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%;padding-left:19pt">GAAP net income attributable to shareholders of Teekay of $14.9 million, or $0.17 per share, in the first quarter of 2025.</font></div><div style="margin-top:3pt;padding-left:22.5pt;text-align:justify;text-indent:-22.5pt"><font style="color:#2e3337;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">&#8226;</font><font style="color:#2e3337;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%;padding-left:19pt">Teekay has declared a one-time special cash dividend of $1.00 per common share, payable in July 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:10pt;font-weight:400;line-height:120%">&#8226;</font><font style="color:#242424;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%;padding-left:19pt">Since last reporting earnings, Teekay has repurchased $4.2 million worth of its outstanding common shares at an average price of $6.69 per share. The Company has approximately $28.1 million remaining of its $40 million authorized common share repurchase program.</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:10pt;font-weight:400;line-height:120%">&#8226;</font><font style="color:#242424;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%;padding-left:19pt">As part of Teekay Tankers' fleet renewal plan, Teekay Tankers has agreed to acquire one 2019-built LR2 vessel, which is expected to deliver in the second quarter of 2025. In addition, since the beginning of 2025, Teekay Tankers has sold six vessels for total gross proceeds of approximately $183 million. </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:10pt;font-weight:400;line-height:120%">&#8226;</font><font style="color:#242424;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%;padding-left:19pt">Teekay Tankers declared a quarterly cash dividend of $0.25 per common share for the quarter ended March 31, 2025. In addition, Teekay Tankers declared a special dividend of $1.00 per common share, for a combined dividend of $1.25 per common share, payable in May 2025.</font></div><div style="margin-top:9pt;text-align:justify"><font style="color:#242424;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%">Hamilton, Bermuda, May 7</font><font style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%">, 2025</font><font style="color:#242424;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%"> - Teekay Corporation Ltd. (</font><font style="color:#242424;font-family:'Arial',sans-serif;font-size:10pt;font-style:italic;font-weight:400;line-height:120%">Teekay</font><font style="color:#242424;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%"> or </font><font style="color:#242424;font-family:'Arial',sans-serif;font-size:10pt;font-style:italic;font-weight:400;line-height:120%">the Company</font><font style="color:#242424;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">) (NYSE&#58;TK) today provided an update for the three months ended March 31, 2025, including certain unaudited GAAP results. 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:10pt;font-style:italic;font-weight:400;line-height:120%">Teekay Tankers</font><font style="color:#242424;font-family:'Arial',sans-serif;font-size:10pt;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:10pt;font-style:italic;font-weight:400;line-height:120%">Teekay Parent</font><font style="color:#242424;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">. Please refer to the first quarter of 2025 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: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:#0000ff;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">,</font><font style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%"> </font><font style="color:#242424;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">for additional information on Teekay Tankers' results. </font></div><div style="margin-top:9pt"><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:512.25pt"><tr><td style="width:1.0pt"></td><td style="width:145.00pt"></td><td style="width:1.0pt"></td><td style="width:1.0pt"></td><td style="width:145.00pt"></td><td style="width:1.0pt"></td><td style="width:1.0pt"></td><td style="width:70.75pt"></td><td style="width:1.0pt"></td><td style="width:1.0pt"></td><td style="width:70.75pt"></td><td style="width:1.0pt"></td><td style="width:1.0pt"></td><td style="width:70.75pt"></td><td style="width:1.0pt"></td></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></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%">March 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%">March 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%">2025</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></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: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></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></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%">231,150</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%">365,050</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%">71,324</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%">140,478</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%">Net income attributable to the 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)</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%">14,938</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%">54,636</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)(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%">0.17</font></td><td colspan="3" style="background-color:#eef8fc;padding:2px 13pt 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#2f3337;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">0.29</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%">0.59</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></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></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></tr></table></div><div style="margin-top:1pt"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:508.50pt"><tr><td style="width:1.0pt"></td><td style="width:144.25pt"></td><td style="width:1.0pt"></td><td style="width:1.0pt"></td><td style="width:144.25pt"></td><td style="width:1.0pt"></td><td style="width:1.0pt"></td><td style="width:70.00pt"></td><td style="width:1.0pt"></td><td style="width:1.0pt"></td><td style="width:70.00pt"></td><td style="width:1.0pt"></td><td style="width:1.0pt"></td><td style="width:70.00pt"></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%">March 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:#2ea2c8;padding:2px 1pt;text-align:center;vertical-align:middle"><font style="color:#ffffff;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">March 31,</font></td></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%">2025</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%">2024</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%">Cash and cash equivalents, and short-term investments </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%">177,394</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%">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%">291,341</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%">407,358</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%">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%">572,113</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%">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%">83,467,936</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%">91,378,415</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">For the quarter ended March 31, 2025, includes $3.4 million, or $0.04 per share, related to the net impact of gains on Teekay Tankers' vessel sales less Teekay Tankers' unrealized loss on marketable securities.</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%">(2)</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="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 cash position decreased compared to that as of December 31, 2024, primarily due to Teekay Parent common share repurchases and changes in working capital, partially offset by cash dividends of $2.7 million received from Teekay Tankers. </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="image2a.jpg" src="image2a.jpg" style="height:45px;margin-bottom:5pt;vertical-align:text-bottom;width:136px"></div></td><td colspan="3" style="padding:0 1pt"></td></tr></table></div><div><font><br></font></div></div><div style="margin-top:5pt;padding-left:18pt;text-align:justify;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 March 31, 2025, December 31, 2024, and March 31, 2024, Teekay Parent owned 10.6 million, 10.6 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 $38.27 per share, $39.79 per share, and $58.41 per share, respectively.</font></div><div style="margin-bottom:12pt;margin-top:10pt;text-align:justify"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The Company's Board of Directors declared a one-time special cash dividend in the amount of $1.00 per outstanding common share. This dividend is payable on July 16, 2025 to all Teekay shareholders of record on July 2, 2025.</font></div><div style="margin-bottom:12pt;margin-top:10pt;text-align:justify"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">In May 2025, Teekay's Board of Directors approved the increase of the size of Teekay's Board from five to six members, and appointed Brody Speers, Teekay's and Teekay Tankers' Chief Financial Officer, to Teekay's Board of Directors. </font></div><div style="margin-bottom:12pt;margin-top:10pt;text-align:justify"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">As Teekay Tankers is now the sole asset owner and operating platform within the Teekay Group, Teekay has decided to simplify its quarterly reporting in order to streamline processes and reduce costs. This includes&#58;</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:10pt;font-weight:400;line-height:120%">&#8226;</font><font style="color:#242424;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%;padding-left:19pt">Releasing quarterly business updates, including key financial information and company updates as detailed above&#59;</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:10pt;font-weight:400;line-height:120%">&#8226;</font><font style="color:#242424;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%;padding-left:19pt">Providing interim financial statements and accompanying notes to such financial statements for the six months ended June 30 of each year, which will be furnished to the SEC under Form 6-K&#59; and </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:10pt;font-weight:400;line-height:120%">&#8226;</font><font style="color:#242424;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%;padding-left:19pt">Filing annual financial statements and disclosures under SEC Form 20-F.</font></div><div style="margin-top:3pt;text-align:justify;text-indent:-4.5pt"><font style="color:#242424;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%"> </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%">Please note that there will be no changes to the quarterly reporting of Teekay Tankers.</font></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 56 conventional tankers and other marine assets, including vessels operated for the Australian Government. With offices in eight countries and approximately 2,300 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 style="margin-bottom:12pt;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="ib6b86886394449f09d9b5e0b12200127_43"></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="image2a.jpg" src="image2a.jpg" style="height:45px;margin-bottom:5pt;vertical-align:text-bottom;width:136px"></div></td><td colspan="3" style="padding:0 1pt"></td></tr></table></div><div><font><br></font></div></div><div><font style="color:#40b4e5;font-family:'Arial',sans-serif;font-size:15pt;font-weight:400;line-height:120%">Forward-Looking Statements </font></div><div style="text-align:justify"><font><br></font></div><div style="text-align:justify"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:115%">This update 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 update, other than statements of historical fact, are forward-looking statements. When used in this update, 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 update include, among others, statements regarding&#58; the timing of payments of cash dividends by Teekay and Teekay Tankers&#59; future company disclosures&#59; and the timing of a vessel acquisition by Teekay Tankers.  </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 and Teekay Tankers of their respectively declared cash dividends&#59; a potential delay of the vessel delivery to Teekay Tankers with respect to its proposed acquisition&#59; and other factors discussed in Teekay&#8217;s filings from time to time with the United States Securities and Exchange Commission (or </font><font style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-style:italic;font-weight:400;line-height:112%">SEC)</font><font style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:112%">, including its Annual Report on Form 20-F for the fiscal year ended December 31, 2024. 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%">3</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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end
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
