TK

Teekay Corporation (Teekay) (NYSE:TK) and Teekay Tankers Ltd. (Teekay Tankers) (NYSE:TNK) (collectively, the Teekay Group) today announced the publication of their 2021 Sustainability Report, which can be accessed on the Teekay Group’s website by clicking here.

“The world needs more energy, and we continue to believe that fossil fuels will remain an important part of the world’s energy supply for many years. At the same time, it is clear the environmental and societal risks inherent in fossil fuels necessitate a transition to a low-carbon energy future,” commented Kenneth Hvid, Teekay’s President and CEO. “Teekay has a long history of adapting to changes in the global energy mix, and we will now focus our efforts on balancing the dual goal of continuing to provide our customers with safe, efficient, and reliable fossil fuel transportation, while also exploring ways to support and drive the global energy transition.”

“Through our ongoing deployment of evolving technological and operational initiatives, the emissions performance of our fleet continues to improve,” commented Kevin Mackay, Teekay Tankers’ President and CEO. “While further environmental performance improvements will remain a top priority, we must also never lose focus on what matters most—the safety and wellbeing of our people. The crew welfare situation for our seafarers brought on by the pandemic is improving, although the challenges for our sea staff are not yet over. We continue to focus on the safety and wellbeing of our seafarers as well as developing the next generation of skilled maritime leaders.”

Mr. Hvid added, “While the areas in which we invest or operate may change in the future, one thing that won’t ever change is our commitment to our core values, including our value of Safety and Sustainability.”

In addition, the Teekay Group has released their Annual Reports on Form 20-F for the fiscal year ended December 31, 2021 (Annual Reports), each of which has been filed with the U.S. Securities and Exchange Commission and can be accessed at www.teekay.com, in the “Investors” section under “Financials and Presentations” for each respective entity.

Shareholders may also request a hard copy of the Annual Reports, which includes the Teekay Group’s complete 2021 audited financial statements, free of charge by contacting Investor Relations via e-mail at investor.relations@teekay.com.

About Teekay

Teekay is a leading provider of international crude oil and other marine transportation services. Teekay provides these services directly and through its controlling ownership interest in Teekay Tankers Ltd. (NYSE: TNK), one of the world’s largest owners and operators of mid-sized crude tankers. The consolidated Teekay entities manage and operate total assets under management of approximately $2 billion, comprised of approximately 55 conventional tankers and other marine assets. With offices in 8 countries and approximately 2,500 seagoing and shore-based employees, Teekay provides a comprehensive set of marine services to the world’s leading energy companies.

Teekay’s common stock is listed on the New York Stock Exchange where it trades under the symbol “TK”.

About Teekay Tankers

Teekay Tankers currently has a fleet of 47 double-hull tankers (including 25 Suezmax tankers, 13 Aframax tankers and nine LR2 product tankers), and also has three time chartered-in tankers. Teekay Tankers’ vessels are typically employed through a mix of short- or medium-term fixed-rate time charter contracts and spot tanker market trading. Teekay Tankers also owns a Very Large Crude Carrier (VLCC) through a 50 percent-owned joint venture. In addition, Teekay Tankers owns a ship-to-ship transfer business that performs full service lightering and lightering support operations in the U.S. Gulf and Caribbean. Teekay Tankers was formed in December 2007 by Teekay Corporation as part of its strategy to expand its oil tanker business.

Teekay Tankers’ Class A common stock trades on the New York Stock Exchange under the symbol “TNK.”

For Investor Relations enquiries contact:

E-mail: investor.relations@teekay.comWebsite: www.teekay.com

Forward Looking Statements

This release contains forward-looking statements (as defined in Section 21E of the Securities Exchange Act of 1934, as amended) which reflect management’s current views with respect to certain future events and performance, including statements, among other things, regarding: the role of fossil fuels in future global energy supply; future global energy needs; Teekay’s plans and ability to provide future transportation to its customers while supporting and driving a transition in global energy; the evolution of technological and operational initiatives; the ability to continue improving fleet emissions performance and additional environmental performance, and management’s expected continued prioritization thereof; the Teekay Group’s continued focus on the safety and wellbeing of employees and the development of future skilled maritime leaders; the continuation and duration of the effect of the COVID-19 pandemic on employees; Teekay’s anticipated areas of future investment or operation; and management’s continued commitment to core Teekay Group values. 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: market or counterparty reaction to changes in exploration, production and storage of offshore oil and refined products; changes in the demand or global prices for oil or refined products; changes in tanker rates; changes in applicable industry laws and regulations (including sanctions) and the timing of implementation of new laws and regulations; the impact of changes in global economic conditions; the severity, magnitude and duration of the COVID-19 pandemic, including impacts of the pandemic and market or regulatory responses to the pandemic on the Teekay Group’s operations, personnel, commercial activity and on global supply chains; technological changes in the shipbuilding industry related to energy efficiency and sustainability measures; and other factors discussed in the Teekay Group’s filings from time to time with the SEC, including in each of its Annual Reports on Form 20-F for the fiscal year ended December 31, 2021. Teekay and Teekay Tankers expressly disclaim any obligation or undertaking to release publicly any updates or revisions to any forward-looking statements contained herein to reflect any change in expectations with respect thereto or any change in events, conditions or circumstances on which any such statement is based.