TOO Teekay Offshore Partners LP

Teekay Offshore Partners L.P. (Teekay Offshore or the Partnership) (NYSE: TOO) plans to release the results of its previously announced financial restatement before market opening on Tuesday, November 25, 2008.

The Partnership also plans to host a conference call on Tuesday, November 25, 2008 at 3:00 p.m. (ET) to review the Partnership's restated results and discuss key elements of its financial position and outlook. All unitholders and interested parties are invited to listen to the live conference call by choosing any of the following options:

- By dialing (866) 322-1159 or (416) 640-3404 if outside North America and quoting confirmation code 2910084;

- By accessing the webcast, which will be available on Teekay Offshore's web site at www.teekayoffshore.com (the archive will remain on the web site for a period of 30 days);

- A recording of the conference call will also be available until Tuesday, December 2, 2008 by dialing (888) 203-1112 or (647) 436-0148 and entering access code 2910084.

An investor presentation to accompany this conference call will be made available on the Partnership's web site at www.teekayoffshore.com prior to the start of the call.

About Teekay Offshore

Teekay Offshore Partners L.P., a publicly-traded master limited partnership formed by Teekay Corporation (NYSE: TK), is an international provider of marine transportation and storage services to the offshore oil industry. Teekay Offshore Partners owns a 51 percent interest in and controls Teekay Offshore Operating L.P., a Marshall Islands limited partnership with a fleet of 34 shuttle tankers (including nine chartered-in vessels), four FSO units, nine double-hull conventional oil tankers and two lightering vessels. In addition, Teekay Offshore Partners L.P. has direct ownership interests in two shuttle tankers and one FSO unit. Teekay Offshore Partners also has rights to participate in certain FPSO opportunities.

Teekay Offshore Partners' common units trade on the New York Stock Exchange under the symbol "TOO".

Contacts: Teekay Offshore Partners L.P. Kent Alekson Investor Relations Enquiries (604) 609-6442 Teekay Offshore Partners L.P. Alana Duffy Media Enquiries (604) 844-6605 Website: www.teekayoffshore.com