TNK Teekay Tankers Ltd

Teekay Corporation (Teekay) (NYSE:TK), Teekay LNG Partners L.P. (Teekay LNG) (NYSE:TGP) and Teekay Tankers Ltd. (Teekay Tankers) (NYSE:TNK) (collectively, the Teekay Group) today announced that their Annual Reports on Form 20-F for the fiscal year ended December 31, 2019 (Annual Report) have 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 and unitholders may also request a hard copy of the Annual Reports, which includes the Teekay Group’s complete 2019 audited financial statements, free of charge by contacting investor relations via e-mail at investor.relations@teekay.com or by phone at +1-604-609-2963.

In addition, the Teekay Group has published its 2019 Sustainability Report, which can be accessed on the Teekay Group’s website by clicking here.

“In early 2020, the world has been facing the COVID-19 pandemic, which has impacted so many people around the world. As we respond to these uncertain times and work to protect against the spread of COVID-19, it is our collective responsibility to maintain as our highest priority the health and well-being of our employees, our families, and our communities,” commented Kenneth Hvid, Teekay’s President and CEO. “As we are an integral part of the world’s energy supply chain, our services continue to be required and we remain focused on keeping our employees at sea and onshore safe by following all government guidelines provided in the countries where our staff live and work.”

“At the same time, as a leading oil and gas transportation company, Teekay cannot separate ourselves from the longer-term challenges that the world is facing. We have built our company on a deep commitment to responsible safety and environmental practices,” continued Mr. Hvid. “Over the past decade, we have worked with industry to pioneer and invest in increasingly more energy efficient vessels. For instance, our latest LNG carrier newbuildings produce about 50% less CO2 emissions per cubic meter of LNG transported. As our industry has set itself the challenge of progressively becoming carbon neutral by 2050, we have an enormous task ahead of us. We are embarking on new industry partnerships to drive necessary technological developments and, we will in 2020, reassess our reporting framework so that we have the best possible foundation for the important work ahead of us.”

About Teekay

Teekay is a leading provider of international crude oil and gas marine transportation services and also provides offshore production and logistics. Teekay provides these services primarily through its directly-owned fleet and its controlling ownership interests in Teekay LNG Partners L.P. (NYSE:TGP), one of the world’s largest independent owners and operators of LNG carriers, and 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 $11 billion, comprised of approximately 140 liquefied gas, conventional tanker, and offshore assets. With offices in 10 countries and approximately 5,500 seagoing and shore-based employees, Teekay provides a comprehensive set of marine services to the world’s leading oil and gas companies.

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

About Teekay LNG

Teekay LNG Partners is one of the world’s largest independent owners and operators of LNG carriers, providing LNG and LPG services primarily under long-term, fee-based charter contracts through its interests in 47 LNG carriers, 23 mid-size LPG carriers, and seven multi-gas carriers. Teekay LNG’s ownership interests in these vessels range from 20 to 100 percent. In addition, Teekay LNG owns a 30 percent interest in a regasification terminal. Teekay LNG Partners is a publicly-traded master limited partnership formed by Teekay Corporation (NYSE: TK) as part of its strategy to expand its operations in the LNG and LPG shipping sectors.

Teekay LNG Partners’ common units and preferred units trade on the New York Stock Exchange under the symbols “TGP”, “TGP PR A” and “TGP PR B”, respectively.

About Teekay Tankers

Teekay Tankers currently has a fleet of 52 double-hull tankers (including 26 Suezmax tankers, 17 Aframax tankers and nine LR2 product tankers), and two ship-to-ship support vessels, and also has four 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, a portion of which Teekay Tankers has agreed to sell. Teekay Tankers was formed in December 2007 by Teekay Corporation as part of its strategy to expand its conventional 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:

Ryan HamiltonTel: +1 (604) 609-2963Website: www.teekay.com

Forward Looking Statement

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 demand for the Teekay Group’s services in light of the COVID-19 and the resulting market volatility; the impact of the COVID-19 pandemic on the operations of the Teekay Group and on the global economy; the anticipated impact of Teekay LNG’s energy-efficient newbuildings on CO2 emissions; shipping industry goals and timelines for achieving carbon neutrality; the expected impact of new industry partnerships; and the timing of the Teekay Group’s assessment of its existing reporting framework. 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 gas; changes in the demand for oil, refined products, LNG or LPG; changes in global oil prices or tanker rates; issues with vessel operations; increased operating expenses; changes in applicable industry laws and regulations and the timing of implementation of new laws and regulations; the impact of geopolitical tensions and 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 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, 2019. Teekay, Teekay LNG 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.