Just announced today by Teekay, the world’s leading operator of medium sized tankers.

Hamilton, Bermuda, September 29, 2010 – Teekay Corporation (Teekay or the Company) today announced that its President and Chief Executive Officer (CEO), Bjorn Moller, has informed the Company of his intention to retire from these positions in the spring of 2011, after more than 25 years of service with the Company. Mr. Moller plans to remain on Teekay’s Board of Directors.

Since Mr. Moller became CEO in 1998, Teekay has grown from a regional operator of Aframax tankers with $1.5 billion in assets to a global marine midstream service company with approximately $10 billion in assets providing a broad service offering to its customers in the oil and gas industry. Today the Company is the world’s leading operator of shuttle tankers; a leader in harsh weather floating production, storage and offloading (FPSO) units; the leading operator of medium-sized crude oil tankers; and the third-largest independent owner of liquefied natural gas (LNG) carriers. Teekay’s fleet of over 150 vessels, operated from 16 countries worldwide, carries approximately 10 percent of the world’s seaborne oil and a growing volume of its LNG, and generates a substantial portion of its cash flow under long-term, fixed rate arrangements. In addition, its FPSO fleet produces approximately 100,000 barrels of oil per day. Teekay’s strong growth has been supported by the creation of a unique corporate structure involving three publicly-listed subsidiaries: Teekay LNG Partners (NYSE: TGP); Teekay Offshore Partners (NYSE: TOO); and Teekay Tankers Limited (NYSE: TNK).

Sean Day, Teekay’s Chairman said, “Bjorn has been an exceptional and visionary leader of Teekay during his time as CEO. He has done a superb job of developing and implementing the strategies that have transformed the Company into a world leader in the marine energy industry over the past decade. We are grateful to Bjorn for his enormous passion and commitment to Teekay over so many years. I am pleased that Bjorn has accepted our invitation to remain on our Board of Directors after he steps down next spring so that we may continue to draw on his tremendous experience and expertise.”

Bjorn Moller said, “I feel privileged to have had the opportunity to lead Teekay over the past 12 years and to work with the best team in the industry. I am proud to have played a role in creating a world-class platform and a unique corporate structure that positions Teekay extremely well for the future.” Mr. Moller continued, “The economic downturn led us to reduce our growth ambitions over the past couple of years in favor of strengthening our financial condition. We believe we are in a better position to take advantage of profitable opportunities created by the recession and the continued growth in our customers’ requirements for shipping and offshore services. With Teekay having built a strong liquidity position and rapidly approaching its target of being net debt free at the parent company by the end of 2011, this process has largely been completed.  I therefore feel that this is a logical time for me to step aside before the organization embarks on the next multi-year phase of its evolution. This will allow me to focus on other priorities that have taken a backseat to the rewarding but also very busy life as CEO of Teekay.”

The Board of Directors of Teekay has appointed Teekay’s Chief Strategy Officer and Executive Vice President, Peter Evensen, 52, as CEO-elect to succeed Mr. Moller. Mr. Evensen joined Teekay as Chief Financial Officer and Senior Vice President in 2003 after 25 years in shipping, finance and banking. He was appointed to his current role of Chief Strategy Officer in 2006.

Mr. Day said, “Peter Evensen is the natural successor as CEO of Teekay at this time. He is a seasoned industry executive who brings a strategic mindset and high energy to the role. Peter has worked closely alongside Bjorn in building our business platform over the past seven years so he will be able to ensure a seamless leadership transition.” Mr. Day added, “By placing a high priority on talent management and succession planning over many years, the Board of Teekay has ensured that the Company has strong leadership across the organization. As a result, Peter will be supported by a talented and experienced team that will ensure continuity going forward.”

Peter Evensen said, “Teekay’s success is a testimony to Bjorn’s leadership, focus and vision.  I would like to thank the Board of Directors for their confidence in entrusting the leadership of Teekay to me following Bjorn’s retirement next year. I look forward to working with the Company’s Board of Directors, its executive team and its over 6,100 employees as we build on our reputation of delivering high quality marine services to the oil and gas industry while upholding the standards of safety and excellence. Like Bjorn, I remain committed to creating value for our customers, our employees and our shareholders.”

About Teekay
Teekay Corporation transports approximately 10 percent of the world’s seaborne oil, has built a significant presence in the liquefied natural gas shipping sector through its publicly-listed subsidiary, Teekay LNG Partners L.P. (NYSE: TGP), is further growing its operations in the offshore oil production, storage and transportation sector through its publicly-listed subsidiary, Teekay Offshore Partners L.P. (NYSE: TOO), and continues to expand its conventional tanker business through its publicly-listed subsidiary, Teekay Tankers Ltd. (NYSE: TNK).  With a fleet of over 150 vessels, offices in 16 countries and over 6,100 seagoing and shore-based employees, Teekay provides a comprehensive set of marine services to the world’s leading oil and gas companies, helping them seamlessly link their upstream energy production to their downstream processing operations.  Teekay’s reputation for safety, quality and innovation has earned it a position with its customers as The Marine Midstream Company.

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

About Peter Evensen
Peter Evensen, CEO-elect of Teekay Corporation, joined Teekay in May 2003 as Chief Financial Officer and Senior Vice President. He was appointed Chief Strategy Officer and Executive Vice President in November 2006. Mr. Evensen also serves as the Chief Executive Officer, Chief Financial Officer and Director of both Teekay GP L.L.C. and Teekay Offshore GP L.L.C., and Executive Vice President and Director of Teekay Tankers Limited. Mr. Evensen has over 25 years experience in shipping, finance and banking. Prior to joining Teekay, Mr. Evensen was Managing Director and Head of Global Shipping at J.P. Morgan Securities Inc.  His international industry experience includes positions in New York, London and Oslo.

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