HAMILTON, BERMUDA--(Marketwired - Aug. 16, 2016) - Teekay Corporation (the "Company") (NYSE:TK) announced today that it has commenced a registered exchange offer (the "Exchange Offer") to exchange up to $200 million outstanding unregistered 8.5% Senior Notes due 2020 (CUSIP Nos. 87900YAB9 and Y8564WAC7) (the "Original Notes") for a like principal amount of newly issued, registered 8.5% Senior Notes due 2020 (CUSIP No. 87900YAA1) (the "Exchange Notes").

The sole purpose of the Exchange Offer is to fulfill the obligations of the Company with respect to the registration of the Original Notes. Pursuant to a registration rights agreement entered into in connection with the sale of the Original Notes, the Company agreed to file with the Securities and Exchange Commission a registration statement relating to the Exchange Offer pursuant to which the Exchange Notes, containing substantially identical terms to the Original Notes, would be offered in exchange for Original Notes that are tendered by the holders thereof.

Any Original Notes not tendered for exchange in the exchange offer will remain outstanding and continue to accrue interest, but will not retain further exchange or registration rights and will continue to be subject to restrictions on transfer.

The Exchange Offer will expire at 5:00 p.m., New York City time, September 14, 2016, unless extended. Original Notes tendered pursuant to the Exchange Offer may be withdrawn at any time prior to the expiration date by following the procedures set forth in the Exchange Offer prospectus dated August 16, 2016.

The terms of the Exchange Offer are contained in the Exchange Offer prospectus. Requests for assistance or for copies of the Exchange Offer prospectus should be directed to The Bank of New York Mellon, 111 Sanders Creek Parkway, East Syracuse, New York, 13067, Attention: Corporate Trust Reorganization Unit.

This press release shall not constitute an offer to sell or exchange any securities or a solicitation of an offer to buy or exchange any securities. The Exchange Offer will be made only by means of the written Exchange Offer prospectus.

Forward-Looking Statements

This press release contains certain forward-looking statements, including statements related to the Exchange Offer, which are based on the Company's current expectations, forecasts and assumptions that involve risks and uncertainties that could cause actual outcomes and results to differ materially. Important factors that could cause actual results to differ materially from our forward-looking statements are set forth in the Company's filings from time to time with the SEC, including its Annual Report on Form 20-F for the fiscal year ended December 31, 2015.

The Company expressly disclaims any obligation or undertaking to release publicly any updates or revisions to any forward-looking statements contained herein to reflect any change in the Company's expectations with respect thereto or any change in events, conditions or circumstances on which any such statement is based.

Contact Information:

Investor Relations enquiries:
Ryan Hamilton
+1 (604) 844-6654