TK Teekay Corporation Ltd

Teekay Corporation (Teekay) (NYSE:TK) and Teekay Tankers Ltd. (Teekay Tankers) (NYSE:TNK) (collectively, the Teekay Group) today announced the publication of their 2022 Sustainability Report, which can be accessed on the Teekay Group’s website by clicking here.

In addition, the Teekay Group has released their Annual Reports on Form 20-F for the fiscal year ended December 31, 2022 (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 hard copies of the Annual Reports, which include the Teekay Group’s complete 2022 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 approximately 65 conventional tankers and other marine assets, including vessels operated for the Australian government. With offices in 8 countries and approximately 2,300 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 has a fleet of 44 double-hull tankers (including 25 Suezmax tankers, 10 Aframax tankers and nine LR2 product tankers), and also has eight time chartered-in tankers (including one tanker expected to be delivered prior to the end of the first quarter of 2023). 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 Teekay Investor Relations enquiries contact:

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

For Teekay Tankers Investor Relationsenquiries contact:

E-mail: TeekayTankers@IGBIR.comWebsite: www.teekay.com

Forward Looking Statements

The statements in this press release that are not historical facts may be forward-looking statements. These forward-looking statements involve risks and uncertainties that could cause the outcome to be materially different. These risks and uncertainties include, among others, those discussed in the Teekay Group’s filings from time to time with the U.S. Securities and Exchange Commission, including in each of its Annual Reports on Form 20-F for the fiscal year ended December 31, 2022. 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.