TOO Teekay Offshore Partners LP

Teekay Offshore Partners (Teekay Offshore or the Partnership) (NYSE: TOO) plans to release its financial results for the fourth quarter and fiscal year 2010 before market open on Thursday, February 24, 2011.

The Partnership also plans to host a conference call on Friday, February 25 at 1:00 p.m. (ET) to discuss the results for the fourth quarter and fiscal year 2010. All unitholders and interested parties are invited to listen to the live conference call by choosing from the following options:

--  By dialing (800) 711-9538 or (416) 640-5925, if outside North America,
    and quoting conference ID code 6874409.
--  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 supporting Fourth Quarter and Fiscal Year 2010 Earnings Presentation will also be available at www.teekayoffshore.com in advance of the conference call start time.

The conference call will be recorded and available until Friday, March 4, 2011. This recording can be accessed following the live call by dialing (888) 203-1112 or (647) 436-0148, if outside North America, and entering access code 6874409.

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, production and storage services to the offshore oil industry. Teekay Offshore owns a 51 percent interest in and controls Teekay Offshore Operating L.P., a Marshall Islands limited partnership with a fleet of 33 shuttle tankers (including five chartered-in vessels), four FSO units, nine double-hull conventional tankers and two lightering vessels. Teekay Offshore Operating L.P. has also agreed to acquire one newbuilding shuttle tanker from Teekay Corporation upon the commencement of its time-charter contract in 2011. In addition, Teekay Offshore has direct ownership interests in two shuttle tankers, two FSO units, and two FPSO units. Teekay Offshore also has rights to participate in certain other FPSO and FSO opportunities of Teekay Corporation.

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 + 1 (604) 609-6442 www.teekayoffshore.com