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            october 15, 2019

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Teekay Corporation announces signing of shuttle tanker contracts


Teekay Corporation announced that its subsidiary, Teekay Offshore Operating L.P. (OPCO), signed a master agreement with Statoil ASA (Statoil) that replaces an existing volume-dependent, life-of-field contract of affreightment (CoA), and covers fixed-rate, life-of-field time-charter contracts for seven dedicated shuttle tankers.  This new master agreement is effective September 1, 2010.
Under the terms of the master agreement:  
- the vessels will be chartered under individual fixed-rate, life-of-field time-charter contracts to service Tampen and Haltenbanken fields on the Norwegian Continental Shelf;  
- the number of shuttle tankers covered by the master agreement may be adjusted annually, mirroring the adjustments in tonnage under the existing CoA;
- the fixed-rate nature of time-charter contracts is expected to provide OPCO with more seasonally stable and predictable cash flows compared to the CoA arrangement; and 
- the vessels chartered under this agreement would include the three newbuilding shuttle tankers that Teekay Corporation has recently offered to OPCO.
In addition, OPCO recently signed new time-charter contracts with Petroleo Brasileiro SA (Petrobras) for two shuttle tankers for periods of five years and two years, bringing the total number of Teekay Offshore shuttle tankers operating in Brazil to 13.  OPCO also renewed a contract for two shuttle tankers serving the Statoil-operated Heidrun field in the North Sea for an additional four years at a higher charter rate.
The new master agreement with Statoil (including the contribution from the three newbuilding shuttle tankers), the two new shuttle tankers redeployed in Brazil to Petrobras, and the renewed Heidrun contract, in aggregate, are expected to increase the Company's consolidated cash flow from vessel operations* by approximately $50 million in 2011, of which approximately $32.5 million is attributable to Teekay based on its 65 percent effective ownership** in OPCO.
The company today also announced that it has offered to sell: 
-  to Teekay Offshore Partners LP (Teekay Offshore or the Partnership), the Cidade de Rio das Ostras (Rio das Ostras) floating production storage and offloading (FPSO) unit, which is on a long-term charter to Petrobras, at fair market value; and 
- to OPCO,  three newbuilding shuttle tankers at fully built-up cost, which would be used to service the new master agreement with Statoil.  
If Teekay's offer for the three newbuilding shuttle tankers is accepted by Teekay Offshore, the purchases of the Amundsen Spirit, the Nansen Spirit and the Peary Spirit are expected to coincide with the commencement of their time-charter contracts under the Statoil master agreement in October 2010, January 2011 and July 2011, respectively.  If Teekay Corporation's offer of the Rio das Ostras FPSO is accepted by the Partnership, the acquisition of this unit is expected to take place the fourth quarter of 2010.  These offers are currently being reviewed by the Board of Directors of the Partnership's general partner and its conflicts committee.

 * Cash flow from vessel operations represents income from vessel operations before depreciation and amortization expense, vessel/goodwill write-downs, gains and losses on the sale of vessels and unrealized gains and losses relating to derivatives, but includes realized gains and losses on the settlement of foreign currency forward contracts. Cash flow from vessel operations is a non-GAAP financial measure used by certain investors to measure the financial performance of shipping companies.  
** Based on the Company's 31.7 percent ownership in Teekay Offshore (which owns 51 percent of OPCO) and its 49 percent direct ownership in OPCO.

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