Teekay Corporation

$TK - NYSE - Energy
0 LAST
0 CHANGE $
0 CHANGE %
loader
ON 0
WATCHLISTS

COMMUNIQUÉ DETAILS

posts/post

Press Release $TK Teekay Corporation

Up 0 0 Down
Teekay Corporation Reports First Quarter Results


HAMILTON, BERMUDA--(Marketwired - May 9, 2013) - Teekay Corporation (NYSE:TK) -

Highlights

  * First quarter 2013 total cash flow from vessel operations of $193.0 million.
  * First quarter 2013 adjusted net loss attributable to stockholders of Teekay
    of $11.7 million, or $0.17 per share (excluding specific items which
    decreased GAAP net loss by $5.5 million, or $0.08 per share).
       * Completed sale of Voyageur Spirit FPSO unit to Teekay Offshore for $540
        million on May 2, 2013.
      * Cidade de Itajai FPSO unit achieved first oil and commenced nine-year
        time-charter with Petrobras in mid-February 2013; Teekay Parent's 50
        percent ownership interest recently offered to Teekay Offshore.
      * Teekay Offshore's first quarter common unit distribution increase of
        2.5 percent moves Teekay Parent's general partnership incentive
        distribution rights into the 50 percent tier.
      * Total consolidated liquidity of approximately $1.5 billion as at March
        31, 2013, pro forma for Teekay Offshore's equity offerings completed in
        April 2013.
Teekay Corporation (Teekay or the Company) today reported an adjusted net loss
attributable to stockholders of Teekay(1) of $11.7 million, or $0.17 per share,
for the quarter ended March 31, 2013, compared to an adjusted net loss
attributable to stockholders of Teekay of $20.8 million, or $0.30 per share, for
the same period of the prior year. Adjusted net loss attributable to
stockholders of Teekay excludes a number of specific items that had the net
effect of decreasing GAAP net loss by $5.5 million, or $0.08 per share, for the
three months ended March 31, 2013 and increasing GAAP net income by $21.9
million, or $0.32 per share, for the same period of the prior year, as detailed
in Appendix A to this release. Including these items, the Company reported on a
GAAP basis, net loss attributable to stockholders of Teekay of $6.1 million, or
$0.09 per share, for the quarter ended March 31, 2013, compared to net income
attributable to stockholders of Teekay of $1.1 million, or $0.02 per share, for
the same period of the prior year. Net revenues(2) for the first quarter of
2013 were $424.7 million, compared to $462.5 million for the same period of the
prior year.

On April 5, 2013, the Company declared a cash dividend on its common stock of
$0.31625 per share for the quarter ended March 31, 2013. The cash dividend was
paid on April 30, 2013 to all shareholders of record on April 16, 2013.

(1) Adjusted net income (loss) attributable to stockholders of Teekay is a non-
GAAP financial measure. Please refer to Appendix A to this release for a
reconciliation of this non-GAAP measure as used in this release to the most
directly comparable financial measure under United States generally accepted
accounting principles (GAAP) and for information about specific items affecting
net income (loss) that are typically excluded by securities analysts in their
published estimates of the Company's financial results.

(2) Net revenues is a non-GAAP financial measure used by certain investors to
measure the financial performance of shipping companies. Please see Appendix E
to this release for a reconciliation of this non-GAAP measure as used in this
release to the most directly comparable financial measure under GAAP.

"Since the start of 2013, we have continued to make steady progress on the
execution of our existing project portfolio, and recently have achieved several
important milestones," commented Peter Evensen, Teekay Corporation's President
and Chief Executive Officer. "Most notably, following first oil in mid-April and
commencement of the five-year firm period charter with E.ON, we completed the
sale of the Voyageur Spirit FPSO to Teekay Offshore Partners on May 2nd for $540
million. Second, following the achievement of first oil on its nine-year firm
period charter with Petrobras in mid-February, we have offered to sell our 50
percent interest in the Cidade de Itajai FPSO to Teekay Offshore Partners. The
Conflicts Committee of Teekay Offshore is currently reviewing this offer and, if
approved, we expect to complete this sale before the end of the second quarter.
In addition, Teekay Offshore expects to take delivery of the first of four
shuttle tanker newbuildings this week, which will operate under a 10-year firm
period time-charter contract with the BG Group in Brazil."

"In light of the Voyageur Spirit FPSO acquisition, Teekay Offshore recently
increased its first quarter common unit distribution by 2.5 percent, which
increases the distributions Teekay Parent receives from Teekay Offshore common
units and moves Teekay Parent's general partnership incentive distribution
rights for Teekay Offshore into the 50 percent high splits," Mr. Evensen
continued. "With Teekay Offshore's announced expectation of a further increase
in its common unit quarterly distributions by a minimum of 2.5 percent before
the end of 2013 to reflect the additional cash flows from the expected Cidade de
Itajai FPSO acquisition and BG shuttle tanker newbuilding deliveries, Teekay
Parent's cash flows are expected to grow further. In addition, proceeds from the
completion of asset sales will further enhance Teekay Parent's financial
strength and provide further progress towards the deleveraging of Teekay
Parent's balance sheet and increasing liquidity."

Mr. Evensen added, "In addition to our existing growth projects, Teekay LNG
Partners and Teekay Offshore Partners are also seeing increased new business
development in their gas and offshore businesses, which if realized, will
ultimately benefit Teekay Parent as our publicly-traded daughter entities grow
their respective cash distributions. In December 2012, Teekay LNG Partners
ordered two fuel-efficient LNG newbuilding carriers plus options and is
currently bidding on several long-term contracts for these vessels. The offshore
business is currently working on several front-end engineering and design, or
FEED, studies for new FPSO newbuilding and FSO conversion projects that we
believe will lead to future growth for Teekay Offshore Partners. Teekay Tankers
also recently placed an order for four fuel-efficient Long-Range 2 product
tanker newbuildings, plus options, at attractive prices, which are scheduled to
deliver in late-2015 and early-2016 to coincide with an expected improving
refined product and crude oil shipping market."

Operating Results

The following tables highlight certain financial information for each of
Teekay's four publicly-listed entities: Teekay Offshore Partners L.P. (Teekay
Offshore) (NYSE: TOO), Teekay LNG Partners L.P. (Teekay LNG) (NYSE: TGP), Teekay
Tankers Ltd. (Teekay Tankers) (NYSE: TNK) and Teekay Parent (which excludes the
results attributed to Teekay Offshore, Teekay LNG and Teekay Tankers). A brief
description of each entity and an analysis of its respective financial results
follow the tables below. Please also refer to the "Fleet List" section below and
Appendix B to this release for further details.

                               Three Months Ended March 31, 2013

                                          (unaudited)

                  Teekay   Teekay
(in thousands   Offshore      LNG  Teekay                                 Teekay
of U.S.         Partners Partners Tankers   Teekay Consolidation     Corporation
dollars)              LP       LP    Ltd.   Parent   Adjustments    Consolidated



Net revenues     201,196   96,716  42,040  122,218      (37,448)         424,722



Vessel
operating
expense           79,115   25,316  23,054   59,979             -         187,464

Time-charter
hire expense      14,777        -   1,986   48,443      (37,754)          27,452

Depreciation
and
amortization      45,349   24,143  11,864   21,138             -         102,494





CFVO -
Consolidated
(1)(2)(3)         94,053   65,570  13,199 (19,386)       (2,700)         150,736

CFVO - Equity
Investments
(4)                    -   41,999       -      254             -          42,253

CFVO - Total      94,053  107,569  13,199 (19,132)       (2,700)         192,989





                               Three Months Ended March 31, 2012

                                          (unaudited)

                  Teekay   Teekay
(in thousands   Offshore      LNG  Teekay                                 Teekay
of U.S.         Partners Partners Tankers   Teekay Consolidation     Corporation
dollars)              LP       LP    Ltd.   Parent   Adjustments    Consolidated



Net revenues     208,117   98,873  31,097  161,864      (37,482)         462,469



Vessel
operating
expense           81,112   22,387  11,318   72,937             -         187,754

Time-charter
hire expense      13,617        -   1,661   66,183      (37,482)          43,979

Depreciation
and
amortization      49,611   24,633  10,738   29,632             -         114,614





CFVO -
Consolidated
(1)(2)(3)        102,083   72,667  16,780  (6,564)       (7,000)         177,966

CFVO - Equity
Investments
(4)                    -   26,186       -    (625)             -          25,561

CFVO - Total     102,083   98,853  16,780  (7,189)       (7,000)         203,527





(1) Cash flow from vessel operations (CFVO) represents income from vessel
operations before depreciation and amortization expense, amortization of in-
process revenue contracts, vessel write downs, gains and losses on the sale of
vessels, adjustments for direct financing leases to a cash basis, and unrealized
gains and losses relating to derivatives, but includes realized gains and losses
on the settlement of foreign currency forward contracts. CFVO - Consolidated
represents CFVO from vessels that are consolidated on the Company's financial
statements. Cash flow from vessel operations is a non-GAAP financial measure
used by certain investors to measure the financial performance of shipping
companies. Please refer to Appendix C and Appendix E of this release for a
reconciliation of this non-GAAP measure as used in this release to the most
directly comparable GAAP financial measure.

(2) Excludes CFVO relating to assets acquired from Teekay Parent for the periods
prior to their acquisition by Teekay Offshore, Teekay LNG and Teekay Tankers,
respectively, as those results are included in the historical results for Teekay
Parent.

(3) In addition to CFVO from directly owned vessels, Teekay Parent also receives
cash dividends and distributions from its daughter public companies. For the
three months ended March 31, 2013 and 2012, Teekay Parent received daughter
company dividends and distributions totaling $38.9 million and $39.4 million,
respectively. The dividends and distributions received by Teekay Parent include,
among others, those made with respect to its general partner interests in Teekay
Offshore and Teekay LNG. Please refer to Appendix D to this release for further
details.

(4) CFVO - Equity Investments represents the Company's proportionate share of
CFVO from its equity-accounted vessels and other investments. Please refer to
Appendix E of this release for a reconciliation of this non-GAAP measure as used
in this release to the most directly comparable GAAP financial measure.


Teekay Offshore Partners L.P.

Teekay Offshore is an international provider of marine transportation, oil
production and storage services to the offshore oil industry through its fleet
of 36 shuttle tankers (including four chartered-in vessels and four newbuildings
under construction), four floating, production, storage and offloading (FPSO)
units, six floating storage and offtake (FSO) units (including one committed FSO
conversion unit) and six conventional oil tankers, in which its interests range
from 50 to 100 percent. Teekay Offshore also has the right to participate in
certain other FPSO and vessel opportunities. Teekay Parent currently owns a
29.9 percent interest in Teekay Offshore (including the 2 percent sole general
partner interest).

For the first quarter of 2013, Teekay Offshore increased its common unit
quarterly distribution by 2.5 percent, or $0.0128 per unit, to $0.5253 per
common unit. The cash distribution to be received by Teekay Parent based on its
common unit ownership and general partnership interest in Teekay Offshore
totaled $15.4 million for the first quarter of 2013, as detailed in Appendix D
to this release. With the recent increase to Teekay Offshore's quarterly
distribution, Teekay Parent's incentive distribution rights relating to its
general partnership interest in Teekay Offshore has moved into the 50 percent
tier.

Cash flow from vessel operations from Teekay Offshore decreased to $94.1 million
in the first quarter of 2013, from $102.1 million in the same period of the
prior year. The decrease was primarily due to the lay-up of the Navion Torinita
and the Navion Clipper shuttle tankers upon expiration of their time-charter
contracts in the second and fourth quarters of 2012, respectively, the sale of
the Navion Savonita shuttle tanker in the fourth quarter of 2012, higher
maintenance costs for the Petrojarl Varg FPSO unit and higher crewing and
manning costs for the Petrojarl Varg and Piranema Spirit FPSO units.

In April 2013, Teekay Offshore issued approximately 2.1 million common units in
an equity private placement to an institutional investor for proceeds of
approximately $60 million (excluding the general partner's proportionate capital
contribution). Teekay Offshore will use the proceeds from this issuance to
partially finance the shipyard installments relating to four newbuilding shuttle
tankers (the BG Shuttle Tankers) being constructed by Samsung Heavy Industries,
for a total delivered cost of approximately $470 million. Following their
respective scheduled deliveries in May through November 2013, the vessels will
commence operations under 10-year time-charter contracts (which include certain
contract extension and vessel purchase options) in Brazil with a subsidiary of
BG Group plc.

In April 2013, Teekay Offshore completed a public offering of 6.0 million 7.25%
Series A Cumulative Redeemable Preferred Units for gross proceeds of
approximately $150 million. Teekay Offshore intends to use the net proceeds from
this offering for general partnership purposes, including funding newbuilding
installments, capital conversion projects and vessel acquisitions. Pending the
application of these funds, Teekay Offshore has repaid a portion of its
outstanding debt under two of its revolving credit facilities.

In April 2013, Teekay Offshore received an offer from Teekay Parent to acquire
its 50 percent interest in the Cidade de Itajai (Itajai) FPSO unit at Teekay
Parent's fully-built-up cost. The offer is currently being reviewed by Teekay
Offshore's Conflicts Committee.

On May 2, 2013, Teekay Offshore completed the acquisition of the Voyageur Spirit
FPSO unit from Teekay Parent for a purchase price of $540 million. The Voyageur
Spirit FPSO operates on the Huntington Field in the North Sea under a five-year
contract, plus up to 10 one-year extension options, with E.ON Ruhrgas UK E&P
Limited. The acquisition was financed with a new $330 million debt facility
secured by the unit, a portion of the proceeds from the public offering
completed in September 2012 and a $40 million equity private placement of new
Teekay Offshore common units to Teekay Parent which was completed concurrently
with the acquisition.

In May 2013, Teekay Offshore entered into an agreement with Salamander Energy
plc (Salamander) to provide an FSO unit for a ten-year charter contract, plus
extension options, in offshore Thailand. Teekay Offshore intends to convert its
1993-built shuttle tanker, the Navion Clipper, into an FSO unit for an estimated
fully-built-up cost of approximately $50 million. The unit is expected to
commence its contract with Salamander in the third quarter of 2014.

Teekay LNG Partners L.P.

Teekay LNG provides liquefied natural gas (LNG), liquefied petroleum gas (LPG)
and crude oil marine transportation services generally under long-term, fixed-
rate charter contracts through its current fleet of 29 LNG carriers (including
two newbuildings under construction), 24 LPG carriers (including eight
newbuildings under construction) and 11 conventional tankers. Teekay LNG's
interests in these vessels range from 33 to 100 percent. In addition, Teekay
LNG, through its 50 percent owned LPG joint venture with Exmar NV, charters-in
five LPG carriers. Teekay Parent currently owns a 37.5 percent interest in
Teekay LNG (including the 2 percent sole general partner interest).

For the first quarter of 2013, Teekay LNG's quarterly distribution was $0.675
per common unit. The cash distribution to be received by Teekay Parent based on
its common unit ownership and general partnership interest in Teekay LNG totaled
$23.0 million for the first quarter of 2013, as detailed in Appendix D to this
release.

Including cash flows from equity-accounted vessels, Teekay LNG's total cash flow
from vessel operations increased to $107.6 million in the first quarter of
2013, from $98.9 million in the same period of the prior year. This increase was
primarily due to the February 2012 acquisition of a 52 percent interest in six
LNG carriers from A.P. Moller-Maersk (the MALT LNG Carriers) and the February
2013 acquisition of a 50 percent interest in the Exmar LPG BVBA joint venture,
which owns and charters-in 25 LPG carriers, including eight newbuildings on
order. This increase was partially offset by the scheduled drydocking of the
Arctic Spirit LNG carrier in the first quarter of 2013, amendments to two of
Teekay LNG's Suezmax tanker charter contracts, which temporarily reduces daily
hire rate for each vessel from October 2012 until September 2014, and higher
vessel operating expenditures due to preparations for the scheduled drydocking
of the two Tangguh project LNG carriers during the second and fourth quarters in
2013.

In mid-February 2013, Teekay LNG entered into a joint venture with Belgium-based
Exmar NV to own and charter-in LPG carriers with a primary focus on the mid-size
gas carrier segment. The joint venture entity, called Exmar LPG BVBA includes
20 owned LPG carriers (including eight newbuildings scheduled for delivery
between 2014 and 2016) and five chartered-in LPG carriers. In exchange for its
50 percent ownership in Exmar LPG BVBA, including newbuilding payments made
prior to the establishment of the joint venture, Teekay LNG invested
approximately $134 million of equity and assumed approximately $108 million of
pro rata debt and lease obligations secured by certain vessels in the Exmar LPG
BVBA fleet.

Teekay Tankers Ltd.

Teekay Tankers currently owns a fleet of 32 vessels, including 11 Aframax
tankers, 10 Suezmax tankers, seven Long Range 2 (LR2) product tankers (including
four newbuildings currently under construction), three MR product tankers, and a
50 percent interest in a Very Large Crude Carrier (VLCC) newbuilding which is
scheduled to deliver in the second quarter of 2013. In addition, Teekay Tankers
currently time-charters in two Aframax tankers and has invested $115 million in
first-priority mortgage loans secured by two 2010-built VLCCs. Of the 28 vessels
currently in operation, 14 are employed on fixed-rate time-charters, generally
ranging from one to three years in initial duration, with the remaining vessels
trading in Teekay's spot tanker pools. Based on its current ownership of Class A
common stock and its ownership of 100 percent of the outstanding Teekay Tankers
Class B stock, Teekay Parent currently owns a 25.1 percent economic interest in
and has voting control of Teekay Tankers.

On May 8, 2013, Teekay Tankers declared under its new fixed dividend policy a
first quarter 2013 dividend of $0.03 per share, which will be paid May 28, 2013
to all shareholders of record on May 20, 2013. Based on its ownership of Teekay
Tankers Class A and Class B shares, the dividend to be paid to Teekay Parent
will total $0.6 million for the first quarter of 2013.

In the first quarter of 2013, Teekay Tankers generated cash flow from vessel
operations of $13.2 million, a decrease from $16.8 million in the same period of
the prior year primarily due to lower time-charter equivalent rates earned by
its spot fleet and the expiration of certain time-charter contracts, and the
subsequent redeployment of certain vessels on time-charter contracts at lower
rates, throughout the course of 2012 and early 2013, partially offset by the
contribution from 13 vessels acquired from Teekay Corporation in June 2012.

In early April 2013, Teekay Tankers placed an order with STX Offshore &
Shipbuilding Co., Ltd., (STX) of South Korea for four, fuel-efficient 113,000
dead-weight tonne (dwt) LR2 product tanker newbuildings for a fully-built-up
cost of approximately $47 million each. The agreement with STX also includes
non-contingent, fixed-price options to order up to 12 additional LR2
newbuildings during the subsequent 18 months. The initial four firm newbuilding
orders are scheduled to deliver in late-2015 and early-2016.

Teekay Parent

In addition to its equity ownership interests in Teekay Offshore, Teekay LNG and
Teekay Tankers, Teekay Parent directly owns several vessels, including four
conventional Suezmax tankers and five FPSO units (including a 50 percent
interest in the Itajai FPSO unit). In addition, Teekay Parent currently owns one
newbuilding FPSO unit under construction. As at May 2, 2013, Teekay Parent also
had nine chartered-in conventional tankers (including three Aframax tankers
owned by Teekay Offshore), two chartered-in LNG carriers owned by Teekay LNG,
and two chartered-in shuttle tankers and two chartered-in FSOs owned by Teekay
Offshore.

For the first quarter of 2013, Teekay Parent generated negative cash flow from
vessel operations of $19.1 million, compared to negative cash flow from vessel
operations of $7.2 million in the same period of the prior year. The decrease in
cash flow is due to the sale of the 13 conventional tankers to Teekay Tankers in
June 2012, a $6.8 million termination fee paid for the early termination of the
Poul Spirit time-charter contract with Teekay Offshore in March 2013 and
restructuring charges during the quarter. This was partially offset by lower
time-charter hire expense as a result of the redelivery of time-chartered in
vessels over the course of the past year.

In February 2013, the Itajai FPSO unit, which is 50 percent owned by Teekay
Parent, achieved first oil on the Baúna and Piracaba (previously named Tiro and
Sidon) fields in the Santos Basin offshore Brazil and commenced operations under
its nine-year time-charter contract (plus extension options) with Petroleo
Brasileiro SA (Petrobras). The remaining 50 percent interest in the Itajai FPSO
unit is owned by Brazil-based Odebrecht Oil & Gas S.A (a member of the Odebrecht
group). In April 2013, Teekay Parent offered to sell its 50 percent interest in
the Itajai FPSO unit to Teekay Offshore for its fully built-up cost.

Fleet List

The following table summarizes Teekay's consolidated fleet of 170 vessels as at
May 2, 2013, including chartered-in vessels and vessels under construction but
excluding vessels managed for third parties:

                                         Number of Vessels(1)


                                 Owned Chartered-in Newbuildings/
                               Vessels      Vessels   Conversions Total

Teekay Parent Fleet(2)(3)

  Aframax Tankers (4)                -            5             -     5

  Suezmax Tankers                    4            -             -     4

  MR Product Tanker                  -            1             -     1

  FPSO Units                         4            -             1     5

  Total Teekay Parent Fleet          8            6             1    15



Teekay Offshore Fleet               43            4             5    52



Teekay LNG Fleet                    54            5            10    69



Teekay Tankers Fleet                27            2             5    34



Total Teekay Consolidated
Fleet                              132           17            21   170



(1) Ownership interests in these vessels range from 33 percent to 100 percent.
Excludes vessels managed on behalf of third parties.

(2) Excludes two LNG carriers chartered-in from Teekay LNG.

(3) Excludes two shuttle tankers and two FSOs chartered-in from Teekay Offshore.

(4) Excludes three Aframax tankers chartered-in from Teekay Offshore.


Liquidity and Capital Expenditures

As at March 31, 2013, the Company had consolidated liquidity of $1.3 billion
(consisting of $479.6 million cash and cash equivalents and $857.4 million of
undrawn revolving credit facilities), of which $368.8 million of liquidity
(consisting of $188.8 million cash and cash equivalents and $180.0 million of
undrawn revolving credit facilities) is attributable to Teekay Parent. Giving
effect for the $60 million of proceeds from Teekay Offshore's common unit
private placement and the $150 million of proceeds from Teekay Offshore's
preferred unit offering completed in April 2013, Teekay had total consolidated
liquidity of approximately $1.5 billion as at March 31, 2013. Giving effect for
the sale of the Voyageur Spirit FPSO unit to Teekay Offshore in May 2013 (net of
Teekay Offshore's $150 million prepayment to Teekay Parent in February 2013),
Teekay Parent had total liquidity of approximately $488 million as at March
31, 2013.

The following table provides the Company's remaining capital commitments
relating to its portion of acquisitions and newbuildings and related total
financing completed as at March 31, 2013:

                                                                   Amount
                                                                 Financed
(in millions)                         2013 2014 2015 2016  Total  to Date

Teekay Offshore (1)                   $312    -    -    -   $312     $170

Teekay LNG(2)                          $12 $106  $93 $305   $516      $70

Teekay Tankers (3)                     $34   $9  $85  $60   $188      $15

Teekay Parent (4)                      $50 $343    -    -   $393  $119(5)

Total Teekay Corporation Consolidated $408 $458 $178 $365 $1,409  $374(5)




(1) Includes capital expenditures related to four newbuilding shuttle tankers.

(2) Includes capital expenditures related to two newbuilding LNG carriers and
Teekay LNG's 50 percent interest in the eight newbuilding LPG carriers being
constructed for the Exmar LPG BVBA joint venture.

(3) Includes remaining capital expenditures related to four newbuilding LR2
product tankers and Teekay Tankers' 50 percent interest in a newbuilding VLCC
through a joint venture with Wah Kwong Maritime Transport Holdings Limited.

(4) Includes remaining capital expenditures related to the Petrojarl Knarr FPSO
newbuilding and the upgrade and acquisition by Teekay Parent from Sevan Marine
ASA of the Voyageur Spirit FPSO unit (net of the then existing $230 million debt
facility which Teekay Parent subsequently assumed as part of the Voyageur Spirit
FPSO unit acquisition on May 2, 2013 and is accounted for on Teekay Parent's
Balance Sheet as at March 31, 2013 as a variable interest entity).

(5) Includes $100 million increase to the Voyageur Spirit FPSO debt facility,
which completed on May 2, 2013.


As indicated above, the Company had total capital expenditure commitments
pertaining to its portion of acquisitions and newbuildings of approximately $1.4
billion as at March 31, 2013. The Company's pre-arranged financing as of March
31, 2013 of approximately $374 million primarily relates to its 2013 capital
expenditure commitments. The Company is in the process of obtaining additional
debt financing to fund its remaining capital expenditure commitments relating
to: the last two shuttle tanker newbuildings, which are scheduled to deliver in
the second half of 2013; the Petrojarl Knarr FPSO newbuilding, which is
scheduled to deliver in the first half of 2014; the two LNG carrier
newbuildings, which are scheduled to deliver in the first half of 2016; four of
the eight LPG carrier newbuildings being constructed by the Exmar LPG BVBA joint
venture, which are scheduled to deliver in 2015 and 2016; and four LR2 product
tanker newbuildings, which are scheduled to deliver in early-2015 and late-2016.

Availability of 2012 Annual Report

Teekay Corporation filed its 2012 Annual Report on Form 20-F with the U.S.
Securities and Exchange Commission (SEC) on April 29, 2013. Copies of this
report are available on the Teekay Corporation website, under "SEC Filings", at
www.teekay.com. Shareholders may request a printed copy of this Annual Report,
including the complete audited financial statements, free of charge by
contacting Teekay Corporation's Investor Relations.

Conference Call

The Company plans to host a conference call on Thursday, May 9, 2013 at 11:00
a.m. (ET) to discuss its results for the first quarter of 2013. An accompanying
investor presentation will be available on Teekay's website at www.teekay.com
prior to the start of the call. All shareholders and interested parties are
invited to listen to the live conference call by choosing from the following
options:

  * By dialing (800) 820-0231 or (416) 640-5926, if outside North America, and
    quoting conference ID code 7213677.
  * By accessing the webcast, which will be available on Teekay's website at
    www.teekay.com (the archive will remain on the website for a period of 30
    days).
The conference call will be recorded and available until Thursday, May
16, 2013. 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 7213677.

About Teekay

Teekay Corporation is an operational leader and project developer in the marine
midstream space. Through its general partnership interests in two master limited
partnerships, Teekay LNG Partners L.P. (NYSE:TGP) and Teekay Offshore Partners
L.P. (NYSE:TOO), its controlling ownership of Teekay Tankers Ltd. (NYSE:TNK),
and its fleet of directly-owned vessels, Teekay is responsible for managing and
operating consolidated assets of over $11 billion, comprised of approximately
170 liquefied gas, offshore, and conventional tanker assets. With offices in 16
countries and approximately 6,400 seagoing and shore-based employees, Teekay
provides a comprehensive set of marine services to the world's leading oil and
gas companies, and its 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".

                               TEEKAY CORPORATION

                SUMMARY CONSOLIDATED STATEMENTS OF INCOME (LOSS)

        (in thousands of U.S. dollars, except share and per share data)

                                                     Three Months Ended

                                              March 31, December 31,   March 31,

                                                   2013         2012        2012

                                            (unaudited)  (unaudited) (unaudited)



REVENUES(1)(2)                                  451,037      523,242     501,106



OPERATING EXPENSES

Voyage expenses (2)                              26,315       30,796      38,637

Vessel operating expenses (1)(2)(3)             187,464      230,135     187,754

Time-charter hire expense                        27,452       27,883      43,979

Depreciation and amortization                   102,494      113,460     114,614

General and administrative (2)(3)                39,271       35,052      38,362

Loss on sale of vessels and equipment /
asset impairments                                 3,197      428,792       (197)

Restructuring charges                             2,054        2,121           -

                                                388,247      868,239     423,149

Income (loss) from vessel operations             62,790    (344,997)      77,957

OTHER ITEMS

Interest expense (2)                           (42,510)     (40,956)    (42,300)

Interest income (2)                               1,018        1,794       2,046

Realized and unrealized (loss) gain on
derivative instruments (2)                     (13,789)       44,580       4,815

Equity income (4)                                27,315       26,097      17,644

Income tax (expense) recovery                   (2,500)       13,028       3,568

Foreign exchange gain (loss)                      2,191      (6,405)    (15,824)

Other income (loss) - net                         5,240      (1,690)       2,343

Net income (loss)                                39,755    (308,549)      50,249

Less: Net (income) loss attributable to
non-controlling interests                      (45,891)      214,838    (49,183)

Net (loss) income attributable to
stockholders of Teekay Corporation              (6,136)     (93,711)       1,066

(Loss) income per common share of Teekay

  - Basic                                       ($0.09)      ($1.35)       $0.02

  - Diluted                                     ($0.09)      ($1.35)       $0.02



Weighted-average number of common

shares outstanding

  - Basic                                    69,888,279   69,589,200  68,855,860

  - Diluted                                  69,888,279   69,589,200  70,146,586





(1) The costs of business development and engineering studies relating to North
Sea FPSO and FSO projects that the Company is pursuing, are substantially
reimbursable from customers upon completion. As a result, $2.8 million of
revenues and $2.6 million of costs were recognized in the first quarter of 2013
upon completion of one North Sea FPSO study. In the fourth quarter of 2012,
$26.3 million of revenues and $28.1 million of costs were recognized upon
completion of one North Sea FPSO study and two North Sea FSO studies.

(2) Realized and unrealized gains and losses related to derivative instruments
that are not designated as hedges for accounting purposes are included as a
separate line item in the statements of loss. The realized gains (losses) relate
to the amounts the Company actually received or paid to settle such derivative
instruments and the unrealized gains (losses) relate to the change in fair value
of such derivative instruments, as detailed in the table below:

                                                       Three Months Ended

                                                March 31, December 31, March 31,

                                                     2013         2012      2012

Realized (losses) gains relating to:

  Interest rate swaps                            (30,352)     (33,164)  (30,416)

  Foreign currency forward contracts                  421          646     1,237

  Bunkers, freight forward agreements (FFAs)
  and other                                             -            -    11,452

                                                 (29,931)     (32,518)  (17,727)

Unrealized gains (losses) relating to:

  Interest rate swaps                              19,204       76,095    17,135

  Foreign currency forward contracts              (3,062)        1,003     8,792

  Bunkers, FFAs and other                               -            -   (3,385)

                                                   16,142       77,098    22,542

Total realized and unrealized (losses) gains on
non-designated derivative instruments            (13,789)       44,580     4,815



(3) To more closely align the Company's presentation to many of its peers, the
cost of ship management activities of $19.6 million related to the Company's
fleet and to services provided to third parties for the three months ended March
31, 2013 have been presented in vessel operating expenses. Revenues of $6.5
million from ship management activities provided to third parties have been
presented in revenues. Prior to 2013, the Company included these amounts in
general and administrative expenses. All such costs incurred in comparative
periods have been reclassified from general and administrative expenses to
vessel operating expenses and revenues to conform to the presentation adopted in
the current period. The amounts reclassified from general and administrative
expenses to vessel operating expenses were $22.2 million and $20.6 million for
the three months ended December 31, 2012 and March 31, 2012, respectively. The
amounts reclassified from general and administrative expenses to revenues were
$8.0 million and $5.5 million for the three months ended December 31, 2012 and
March 31, 2012, respectively.

(4) The Company's proportionate share of items within equity income as
identified in Appendix A of this release, is as detailed in the table below. By
excluding these items from equity income, the resulting adjusted equity income
is a normalized amount that can be used to evaluate the financial performance of
the Company's equity accounted investments.

                                                   Three Months Ended

                                         March 31, December 31,        March 31,

                                              2013         2012             2012



Equity income                               27,315       26,097           17,644

Proportionate share of unrealized gains
on derivative instruments                  (5,373)     (10,676)          (6,920)

Impairments of equity investments                -        1,767                -

Other                                            -          750                -

Equity income adjusted for items in
Appendix A                                  21,942       17,938           10,724

                               TEEKAY CORPORATION

                      SUMMARY CONSOLIDATED BALANCE SHEETS

                         (in thousands of U.S. dollars)

                                                              As at        As at
                                                          March 31, December 31,

                                                               2013         2012

                                                        (unaudited)  (unaudited)

ASSETS

Cash and cash equivalents                                   479,647      639,491

Other current assets                                        753,411      692,389

Restricted cash - current                                    39,709       39,390

Restricted cash - long-term                                 494,979      494,429

Vessels held for sale                                             -       22,364

Vessels and equipment                                     6,572,749    6,628,383

Advances on newbuilding contracts/conversions               741,637      692,675

Derivative assets                                           144,665      180,250

Investment in equity accounted investees                    642,598      480,043

Investment in direct financing leases                       433,315      436,601

Investment in term loans                                    183,018      185,934

Other assets                                                258,959      217,401

Intangible assets                                           121,376      126,136

Goodwill                                                    166,539      166,539

Total Assets                                             11,032,602   11,002,025

LIABILITIES AND EQUITY

Accounts payable and accrued liabilities                    438,320      478,756

Current portion of long-term debt                           837,323      867,683

Long-term debt                                            5,267,800    5,099,246

Long-term debt - variable interest entity(1)                230,324      230,359

Derivative liabilities                                      630,859      644,021

In process revenue contracts                                222,871      241,591

Other long-term liabilities                                 224,076      220,080

Redeemable non-controlling interest                          28,383       28,815

Equity:

  Non-controlling interests                               1,861,882    1,876,085

  Stockholders of Teekay                                  1,290,764    1,315,389

Total Liabilities and Equity                             11,032,602   11,002,025



(1) For accounting purposes, the Voyageur Spirit FPSO unit is a variable
interest entity (VIE), whereby Teekay is the primary beneficiary. As a result,
the Company has consolidated the VIE as of December 1, 2011, even though the
Company did not acquire the Voyageur Spirit FPSO unit until May 2, 2013, on
which date the Company sold the Voyageur Spirit FPSO unit to Teekay Offshore.

                               TEEKAY CORPORATION

                 SUMMARY CONSOLIDATED STATEMENTS OF CASH FLOWS

                         (in thousands of U.S. dollars)

                                                              Three Months Ended

                                                                        March 31

                                                                2013        2012

                                                         (unaudited) (unaudited)

Cash and cash equivalents provided by (used for)

OPERATING ACTIVITIES

Net operating cash flow                                     (33,707)      56,837



FINANCING ACTIVITIES

Net proceeds from long-term debt                             544,970     535,476

Scheduled repayments of long-term debt                     (122,736)    (50,069)

Prepayments of long-term debt                              (250,000)   (353,086)

Increase in restricted cash                                  (1,370)   (130,872)

Net proceeds from public offerings of Teekay Tankers               -      65,868

Cash dividends paid                                         (22,971)    (21,440)

Distribution from subsidiaries to non-controlling
interests                                                   (61,491)    (57,420)

Other                                                          4,312       3,772

Net financing cash flow                                       90,714     (7,771)



INVESTING ACTIVITIES

Expenditures for vessels and equipment                      (72,196)    (46,711)

Proceeds from sale of vessels and equipment                   22,364     195,342

Proceeds from sale of marketable securities                        -       1,063

Advances to joint ventures and joint venture partners       (36,195)    (29,820)

Investment in joint ventures                               (134,109)   (155,228)

Direct financing lease payments received and other             3,285       6,449

Net investing cash flow                                    (216,851)    (28,905)



(Decrease) increase in cash and cash equivalents           (159,844)      20,161

Cash and cash equivalents, beginning of the period           639,491     692,127

Cash and cash equivalents, end of the period                 479,647     712,288



TEEKAY CORPORATION

APPENDIX A - SPECIFIC ITEMS AFFECTING NET INCOME (LOSS)

(in thousands of U.S. dollars, except per share data)

Set forth below is a reconciliation of the Company's unaudited adjusted net
income (loss) attributable to stockholders of Teekay, a non-GAAP financial
measure, to net loss attributable to stockholders of Teekay as determined in
accordance with GAAP. The Company believes that, in addition to conventional
measures prepared in accordance with GAAP, certain investors use this
information to evaluate the Company's financial performance. The items below are
also typically excluded by securities analysts in their published estimates of
the Company's financial results. Adjusted net loss attributable to the
stockholders of Teekay is intended to provide additional information and should
not be considered a substitute for measures of performance prepared in
accordance with GAAP.

                                                 Three Months     Three Months
                                                    Ended            Ended

                                                March 31, 2013   March 31, 2012

                                                 (unaudited)      (unaudited)

                                                          $ Per            $ Per
                                                          Share            Share
                                                      $     (1)        $     (1)

Net income - GAAP basis                          39,755           50,249

Adjust for: Net income attributable to

  non-controlling interests                    (45,891)         (49,183)

Net (loss) income attributable to stockholders
of Teekay                                       (6,136)  (0.09)    1,066    0.02

Add (subtract) specific items affecting net
loss:

Unrealized gains from derivative
instruments(2)                                 (20,821)  (0.30) (29,444)  (0.42)

Foreign exchange loss(3)                            333       -   14,831    0.21

Loss (gain) on sale of assets/asset
impairments(4)                                    3,197    0.05  (1,995)  (0.03)

Restructuring charges(5)                          2,054    0.03        -       -

Realized gain upon settlement of embedded
derivative                                            -       - (11,452)  (0.16)

Non-recurring adjustments to tax accruals             -       -  (5,306)  (0.08)

Other(6)                                          2,403    0.04        -       -

Non-controlling interests' share of items
above(7)                                          7,287    0.10   11,498    0.16

Total adjustments                               (5,547)  (0.08) (21,868)  (0.32)

Adjusted net loss attributable to stockholders
of Teekay                                      (11,683)  (0.17) (20,802)  (0.30)

(1) Fully diluted per share amounts.

(2) Reflects the unrealized gains or losses relating to the change in the mark-
to-market value of derivative instruments that are not designated as hedges for
accounting purposes, including those included in equity income (loss) from joint
ventures, and the ineffective portion of foreign currency forward contracts
designated as hedges for accounting purposes.

(3) Foreign currency exchange gains and losses primarily relate to the Company's
debt denominated in Euros and Norwegian Kroner in addition to the unrealized
gains and losses on cross currency swaps used to hedge the principal and
interest on the Norwegian Kroner bonds. Nearly all of the Company's foreign
currency exchange gains and losses are unrealized.

(4) Relates to impairment of an investment in a term loan during the three
months ended March 31, 2013, and gain on sale of equipment during the three
months ended March 31, 2012.

(5) Restructuring charges primarily relate to the reorganization of the
Company's marine operations.

(6) Other includes loss on bond repurchase and costs related to early
termination of a debt facility.

(7) Items affecting net income (loss) include items from the Company's wholly-
owned subsidiaries, its consolidated non-wholly-owned subsidiaries and its
proportionate share of items from equity accounted for investments. The specific
items affecting net income (loss) are analyzed to determine whether any of the
amounts originated from a consolidated non-wholly-owned subsidiary. Each amount
that originates from a consolidated non-wholly-owned subsidiary is multiplied by
the non-controlling interests' percentage share in this subsidiary to arrive at
the non-controlling interests' share of the amount. The amount identified as
"non-controlling interests' share of items listed above" in the table above is
the cumulative amount of the non-controlling interests' proportionate share of
items listed in the table.

                                    TEEKAY CORPORATION

                      APPENDIX B - SUPPLEMENTAL FINANCIAL INFORMATION

                        SUMMARY BALANCE SHEET AS AT MARCH 31, 2013

                              (in thousands of U.S. dollars)

                                        (unaudited)



                              Teekay    Teekay    Teekay    Teekay Consolidation
                            Offshore       LNG   Tankers    Parent   Adjustments      Total

ASSETS

Cash and cash equivalents    172,801    90,982    27,046   188,818             -    479,647

Other current assets         132,577    21,469    30,620   568,745             -    753,411

Restricted cash (current &
non-current)                       -   528,519         -     6,169             -    534,688

Vessels and equipment      2,287,334 1,901,373   876,762 1,507,280             -  6,572,749

Advances on newbuilding
contracts                    139,628    38,829         -   563,180             -    741,637

Derivative assets              3,153   144,252         -   (2,740)             -    144,665

Investment in equity
accounted investees                2   572,722     3,701    75,873       (9,700)    642,598

Investment in direct
financing leases              31,520   401,795         -         -             -    433,315

Investment in term loans           -         -   118,060    64,958             -    183,018

Other assets                  40,088    56,629    13,012   149,230             -    258,959

Advances to affiliates       163,202     3,273    27,248 (193,723)             -          -

Equity investment in
subsidiaries                       -         -         -   488,870     (488,870)          -

Intangibles and goodwill     141,343   142,155         -     4,417             -    287,915



TOTAL ASSETS               3,111,648 3,901,998 1,096,449 3,421,077     (498,570) 11,032,602



LIABILITIES AND EQUITY

Accounts payable and
accrued liabilities           85,865    51,692    22,507   278,256             -    438,320

Advances from affiliates      41,852    16,551     7,273  (65,676)             -          -

Current portion of long-
term debt                    250,414   249,357    25,246   312,306             -    837,323

Long-term debt             1,623,410 1,933,467   706,454 1,004,469             -  5,267,800

Long-term debt - variable
interest entity                    -         -         -   230,324             -    230,324

Derivative liabilities       261,631   282,938    32,000    54,290             -    630,859

In-process revenue
contracts                    110,895     5,607         -   106,369             -    222,871

Other long-term
liabilities                   25,643   105,664     5,158    87,611             -    224,076

Redeemable non-controlling
interest                      28,383         -         -         -             -     28,383

Equity:

  Non-controlling
  interests (1)               46,344    41,736         -   122,363     1,651,439  1,861,882

  Equity attributable to
  stockholders/unitholders
  of publicly-listed
  entities                   637,211 1,214,986   297,811 1,290,765   (2,150,009)  1,290,764



TOTAL LIABILITIES AND
EQUITY                     3,111,648 3,901,998 1,096,449 3,421,077     (498,570) 11,032,602



NET DEBT(2)                1,701,023 1,563,323   704,654 1,352,112             -  5,321,112



(1) Non-controlling interests in the Teekay Offshore and Teekay LNG columns
represent the joint venture partners' share of joint venture net assets. Non-
controlling interest in the Consolidation Adjustments column represents the
public's share of the net assets of Teekay's publicly-traded subsidiaries.

(2) Net debt represents current and long-term debt less cash and, if applicable,
current and long-term restricted cash.

                                TEEKAY CORPORATION

                 APPENDIX B - SUPPLEMENTAL FINANCIAL INFORMATION

   SUMMARY STATEMENT OF INCOME (LOSS) FOR THE THREE MONTHS ENDED MARCH 31, 2013

                          (in thousands of U.S. dollars)

                                   (unaudited)



                           Teekay   Teekay  Teekay   Teekay Consolidation
                         Offshore      LNG Tankers   Parent   Adjustments    Total



Revenues                  224,422   97,107  44,953  123,960      (39,405)  451,037



Voyage expenses            23,226      391   2,913    1,742       (1,957)   26,315

Vessel operating
expenses                   79,115   25,316  23,054   59,979             -  187,464

Time-charter hire
expense                    14,777        -   1,986   48,443      (37,754)   27,452

Depreciation and
amortization               45,349   24,143  11,864   21,138             -  102,494

General and
administrative             10,665    5,469   3,561   16,570         3,006   39,271

Loss on sale of vessels
and equipment/asset
impairments (1)            11,247        -      71  (8,121)             -    3,197

Restructuring charges         659        -       -    1,395             -    2,054

Total operating expenses  185,038   55,319  43,449  141,146      (36,705)  388,247



Income (loss) from
vessel operations          39,384   41,788   1,504 (17,186)       (2,700)   62,790



Interest income          (11,680) (13,248) (2,511) (15,071)             - (42,510)

Interest expense              195      515       4      304             -    1,018

Realized and unrealized
loss on derivative
instruments               (1,077)  (8,285)   (766)  (3,661)             - (13,789)

Income tax recovery
(expense)                     234    (843)   (401)  (1,490)             -  (2,500)

Equity income                   -   26,424       -      891             -   27,315

Equity in earnings of
subsidiaries (2)                -        -       -   30,872      (30,872)        -

Foreign exchange (loss)
gain                      (3,640)    8,211     235  (2,615)             -    2,191

Other - net               (1,446)      469    (18)    6,235             -    5,240

Net income (loss)          21,970   55,031 (1,953)  (1,721)      (33,572)   39,755

Less: Net (income) loss
attributable to non-
controlling interests
(3)                       (1,777)    (586)       -  (4,415)      (39,113) (45,891)

Net income (loss)
attributable to
stockholders/unitholders
of publicly-listed
entities                   20,193   54,445 (1,953)  (6,136)      (72,685)  (6,136)

CFVO -
Consolidated(4)(5)         94,053   65,570  13,199 (19,386)       (2,700)  150,736

CFVO - Equity
Investments(6)                  -   41,999       -      254             -   42,253

CFVO - Total               94,053  107,569  13,199 (19,132)       (2,700)  192,989



(1) Teekay Offshore recognized an impairment charge of $11.2 million relating to
one conventional tanker during the three months ended March 31, 2013. The
Company had already recognized the impairment charge during the three months
ended December 31, 2012 and therefore reversed the impairment charge on
consolidation. This is partially offset by impairment on an investment in a term
loan.

(2) Teekay Corporation's proportionate share of the net earnings of its
publicly-traded subsidiaries.

(3) Net (income) loss attributable to non-controlling interests in the Teekay
Offshore and Teekay LNG columns represent the joint venture partners' share of
the net income (loss) of the respective joint ventures. Net (income) loss
attributable to non-controlling interest in the Consolidation Adjustments column
represents the public's share of the net income (loss) of Teekay's publicly-
traded subsidiaries.

(4) Cash flow from vessel operations (CFVO) represents income from vessel
operations before depreciation and amortization expense, amortization of in-
process revenue contracts, vessel write downs, gains and losses on the sale of
vessels, adjustments for direct financing leases to a cash basis, and unrealized
gains and losses relating to derivatives, but includes realized gains and losses
on the settlement of foreign currency forward contracts. CFVO - Consolidated
represents CFVO from vessels that are consolidated on the Company's financial
statements. Cash flow from vessel operations is a non-GAAP financial measure
used by certain investors to measure the financial performance of shipping
companies. Please see Appendix C and Appendix E to this release for a
reconciliation of this non-GAAP measure as used in this release to the most
directly comparable GAAP financial measure.

(5) In addition to the CFVO generated by its directly owned and chartered-in
assets, Teekay Parent also receives cash dividends and distributions from its
publicly-traded subsidiaries. For the three months ended March 31, 2013, Teekay
Parent received cash dividends and distributions from these subsidiaries
totaling $38.9 million. The dividends and distributions received by Teekay
Parent include, among others, those made with respect to its general partner
interests in Teekay Offshore and Teekay LNG. Please refer to Appendix D to this
release for further details.

(6) Cash flow from vessel operations (CFVO) - Equity Investments represents the
Company's proportionate share of CFVO from its equity accounted vessels and
other investments. Please see Appendix C and Appendix E to this release for a
reconciliation of this non-GAAP measure as used in this release to the most
directly comparable GAAP financial measure.

TEEKAY CORPORATION

APPENDIX C - SUPPLEMENTAL FINANCIAL INFORMATION

TEEKAY PARENT SUMMARY OPERATING RESULTS

FOR THE THREE MONTHS ENDED MARCH 31, 2013

(in thousands of U.S. dollars)

(unaudited)

Set forth below is a reconciliation of unaudited cash flow from vessel
operations, a non-GAAP financial measure, to (loss) income from vessel
operations as determined in accordance with GAAP, for Teekay Parent's primary
operating segments. The Company believes that, in addition to conventional
measures prepared in accordance with GAAP, certain investors use this
information to evaluate Teekay Parent's financial performance. Disaggregated
cash flow from vessel operations for Teekay Parent, as provided below, is
intended to provide additional information and should not be considered a
substitute for measures of performance prepared in accordance with GAAP.



                                  Owned In-Chartered                      Teekay
                           Conventional Conventional                      Parent
                                Tankers      Tankers    FPSOs Other (1)    Total



Revenues                          4,158       19,434   83,244    17,124  123,960



Voyage expenses                     195        1,543        -         4    1,742

Vessel operating expenses         3,316        4,979   47,829     3,855   59,979

Time-charter hire
expense(2)                            -       31,660    8,331     8,452   48,443

Depreciation and
amortization                      2,582        (233)   19,335     (546)   21,138

General and administrative          612        1,260    6,303     8,395   16,570

Asset impairments/net loss
on vessel sales(3)                    -     (11,247)        -     3,126  (8,121)

Restructuring charges                 -            -        -     1,395    1,395

Total operating expenses          6,705       27,962   81,798    24,681  141,146



(Loss) income from vessel
operations                      (2,547)      (8,528)    1,446   (7,557) (17,186)



 Reconciliation of (loss) income from vessel operations to cash flow from vessel
                                                                      operations



(Loss) income from vessel
operations                      (2,547)      (8,528)    1,446   (7,557) (17,186)

Depreciation and
amortization                      2,582        (233)   19,335     (546)   21,138

Asset impairments/net loss
on vessel sales                       -     (11,247)        -     3,126  (8,121)

Amortization of in process
revenue contracts and
other                                 -            - (15,300)         - (15,300)

Unrealized losses from the
change in fair value of
designated foreign
exchange forward contracts           15            -        -         -       15

Realized losses from the
settlements of non-
designated foreign
exchange forward contracts           49            -       19         -       68

CFVO - Consolidated(4)(5)            99     (20,008)    5,500   (4,977) (19,386)

CFVO - Equity(6)                  1,573            -  (1,319)         -      254

CFVO - Total                      1,672     (20,008)    4,181   (4,977) (19,132)



(1) Results of two chartered-in LNG carriers owned by Teekay LNG and one
chartered-in FSO unit owned by Teekay Offshore and impairment on an investment
in a term loan.

(2) Includes charter termination fee of $6.8 million paid to Teekay Offshore.

(3) Teekay Offshore recognized an impairment charge of $11.2 million relating to
one conventional tanker during the three months ended March 31, 2013. The
Company had already recognized the impairment charge during the three months
ended December 31, 2012 and therefore reversed the impairment charge on
consolidation.

(4) Cash flow from vessel operations (CFVO) represents income from vessel
operations before depreciation and amortization expense, amortization of in-
process revenue contracts, vessel write downs, gains and losses on the sale of
vessels, adjustments for direct financing leases to a cash basis, and unrealized
gains and losses relating to derivatives, but includes realized gains and losses
on the settlement of foreign currency forward contracts. CFVO - Consolidated
represents Teekay Parent's CFVO from vessels that are consolidated on the
Company's financial statements. Cash flow from vessel operations is a non-GAAP
financial measure used by certain investors to measure the financial performance
of shipping companies. Please see Appendix E to this release for a
reconciliation of this non-GAAP measure as used in this release to the most
directly comparable GAAP financial measure.

(5) In addition to the CFVO generated by its directly owned and chartered-in
assets, Teekay Parent also receives cash dividends and distributions from its
publicly-traded subsidiaries. For the three months ended March 31, 2013, Teekay
Parent received cash dividends and distributions from these subsidiaries
totaling $38.9 million. The dividends and distributions received by Teekay
Parent include, among others, those made with respect to its general partner
interests in Teekay Offshore and Teekay LNG. Please refer to Appendix D to this
release for further details.

(6) Cash flow from vessel operations (CFVO) - Equity Investments represents
Teekay Parent's proportionate share of CFVO from its equity accounted vessels
and other investments. Please see Appendix E to this release for a
reconciliation of this non-GAAP measure as used in this release to the most
directly comparable GAAP financial measure.

TEEKAY CORPORATION

APPENDIX D - SUPPLEMENTAL FINANCIAL INFORMATION

TEEKAY PARENT FREE CASH FLOW

(in thousands of U.S. dollars)

(unaudited)

Set forth below is an unaudited calculation of Teekay Parent free cash flow for
the three months ended March 31, 2013, December 31, 2012, September 30, 2012,
June 30, 2012, and March 31, 2012. The Company defines free cash flow, a non-
GAAP financial measure, as cash flow from vessel operations attributed to its
directly-owned and in-chartered assets, distributions received as a result of
ownership interests in its publicly-traded subsidiaries (Teekay LNG, Teekay
Offshore, and Teekay Tankers), net of interest expense and drydock expenditures
in the respective period. For a reconciliation of Teekay Parent cash flow from
vessel operations for the three months ended March 31, 2013 to the most directly
comparable financial measure under GAAP, please refer to Appendix C to this
release. For a reconciliation of Teekay Parent cash flow from vessel operations
to the most directly comparable GAAP financial measure for the three months
ended December 31, 2012, September 30, 2012, June 30, 2012, and March 31, 2012,
please see Appendix E to this release. Teekay Parent free cash flow, as provided
below, is intended to provide additional information and should not be
considered a substitute for measures of performance prepared in accordance with
GAAP.




                                                Three Months Ended

                                      March December September     June    March
                                        31,      31,       30,      30,      31,

                                       2013     2012      2012     2012     2012

Teekay Parent cash flow from
vessel operations (1)

  Owned Conventional Tankers             99    (563)       381   13,339   15,347

  In-Chartered Conventional
  Tankers (2)                      (20,008) (11,601)  (11,813) (28,138) (17,734)

  FPSOs                               5,500   16,705   (8,780)  (3,205)  (4,313)

  Other                             (4,977)  (4,657)   (8,958)  (6,441)      136

  Total                            (19,386)    (116)  (29,170) (24,445)  (6,564)

Daughter company distributions to
Teekay Parent (3)

Common shares/units (4)

  Teekay LNG Partners                17,016   17,016    17,016   17,016   17,016

  Teekay Offshore Partners           11,747   11,461    11,461   11,461   11,461

  Teekay Tankers Ltd. (5)               629      629       420    2,307    2,578

  Total                              29,392   29,106    28,897   30,784   31,055

  General partner interest

  Teekay LNG Partners                 5,935    5,935     5,935    5,524    5,524

  Teekay Offshore Partners            3,603    3,155     3,155    2,849    2,782

  Total                               9,538    9,090     9,090    8,373    8,306

Total Teekay Parent cash flow
before interest and dry dock
expenditures                         19,544   38,080     8,817   14,712   32,797

Less:

  Net interest expense (6)         (18,574) (18,075)  (16,284) (19,269) (19,504)

  Dry dock expenditures                   -        -         -    (129)    (124)

TOTAL TEEKAY PARENT

FREE CASH FLOW                          970   20,005   (7,467)  (4,686)   13,169



(1) Cash flow from vessel operations (CFVO) represents income from vessel
operations before depreciation and amortization expense, vessel/goodwill write
downs, gains or losses on the sale of vessels, adjustments for direct financing
leases on a cash basis, and unrealized gains and losses relating to derivatives,
but includes realized gains and losses on the settlement of foreign currency
forward contracts. CFVO is a non-GAAP financial measure used by certain
investors to measure the financial performance of shipping companies. For
further details for the quarter ended March 31, 2013, including a reconciliation
of this non-GAAP financial measure to the most directly comparable GAAP
financial measure, please refer to Appendix C to this release; for a
reconciliation of this non-GAAP financial measure to the most directly
comparable GAAP financial measure for the quarters ended December 31, 2012,
September 30, 2012, June 30, 2012, and March 31, 2012, please refer to Appendix
E to this release.

(2) Includes charter termination fees of $6.8 million and $14.7 million paid to
Teekay Offshore during the three months ended March 31, 2013 and June 30, 2012,
respectively.

(3) Cash dividend and distribution cash flows are shown on an accrual basis for
dividends and distributions declared for the respective period.

(4) Common share/unit dividend/distribution cash flows to Teekay Parent are
based on Teekay Parent's ownership on the ex-dividend date for the respective
publicly traded subsidiary and period as follows:

                                       Three Months Ended

                       March     December    September         June        March
                         31,          31,          30,          30,          31,

                        2013         2012         2012         2012         2012

Teekay LNG
Partners

Distribution
per common unit $      0.675 $      0.675 $      0.675 $      0.675 $      0.675

Common units
owned by Teekay
Parent            25,208,274   25,208,274   25,208,274   25,208,274   25,208,274

Total
distribution    $ 17,015,585 $ 17,015,585 $ 17,015,585 $ 17,015,585 $ 17,015,585

Teekay Offshore
Partners

Distribution
per common unit $     0.5253 $     0.5125 $     0.5125 $     0.5125 $     0.5125

Common units
owned by Teekay
Parent            22,362,814   22,362,814   22,362,814   22,362,814   22,362,814

Total
distribution    $ 11,747,186 $ 11,460,942 $ 11,460,942 $ 11,460,942 $ 11,460,942

Teekay Tankers
Ltd.

  Dividend per
  share         $       0.03 $       0.03 $       0.02 $       0.11 $       0.16

  Shares owned
  by Teekay
  Parent (5)      20,976,530   20,976,530   20,976,530   20,976,530   16,112,244

  Total
  dividend      $    629,296 $    629,296 $    419,531 $  2,307,418 $  2,577,959



(5) Includes Class A and Class B shareholdings.

(6) Net interest expense is a non-GAAP financial measure that includes realized
gains and losses on interest rate swaps. Please see Appendix E to this release
for a reconciliation of this non-GAAP measure as used in this release to the
most directly comparable GAAP financial measure.


TEEKAY CORPORATION

APPENDIX E - RECONCILIATION OF NON-GAAP FINANCIAL MEASURES

CASH FLOW FROM VESSEL OPERATIONS - CONSOLIDATED

(in thousands of U.S. dollars)

(unaudited)

Set forth below is an unaudited calculation of consolidated cash flow from
vessel operations for the three months ended March 31, 2013, and March
31, 2012. Cash flow from vessel operations (CFVO), a non-GAAP financial measure,
represents income from vessel operations before depreciation and amortization
expense, amortization of in-process revenue contracts, vessel write-downs, gains
or losses on the sale of vessels and unrealized gains or losses relating to
derivatives but includes realized gains or losses on the settlement of foreign
exchange forward contracts. CFVO is included because certain investors use this
data to measure a company's financial performance. CFVO is not required by GAAP
and should not be considered as an alternative to net income or any other
indicator of the Company's performance required by GAAP.




                                Three Months Ended March 31, 2013

                                           (unaudited)


                           Teekay
                  Teekay      LNG   Teekay                                     Teekay
                Offshore Partners  Tankers          Teekay Consolidation  Corporation
             Partners LP       LP     Ltd.          Parent   Adjustments Consolidated

Income
(loss) from
vessel
operations        39,384   41,788    1,504        (17,186)       (2,700)       62,790

Depreciation
and
amortization      45,349   24,143   11,864          21,138             -      102,494

Amortization
of in
process
revenue
contracts
and other        (3,123)  (1,945)    (240)        (15,300)             -     (20,608)

Unrealized
losses from
the change
in fair
value of
designated
foreign
exchange
forward
contracts             59        -        -              15             -           74

Realized
gains from
the
settlements
of non
designated
foreign
exchange
forward
contracts            353        -        -              68             -          421

Asset
impairments
/ net loss
on vessel
sales             11,247        -       71         (8,121)             -        3,197

Cash flow
from time-
charter
contracts,
net of
revenue
accounted
for as
direct
finance
leases               784    1,584        -               -             -        2,368



Cash flow
from vessel
operations -
Consolidated      94,053   65,570   13,199        (19,386)       (2,700)      150,736



                                      Three Months Ended March 31, 2012

                                                 (unaudited)


                          Teekay   Teekay
                        Offshore      LNG  Teekay                              Teekay
                        Partners Partners Tankers   Teekay Consolidation  Corporation
                          LP (1)       LP    Ltd.   Parent   Adjustments Consolidated



Income (loss) from
vessel operations         53,746   46,593   6,042 (21,424)       (7,000)       77,957

Depreciation and
amortization              49,611   24,633  10,738   29,632             -      114,614

Amortization of in
process revenue
contracts and other      (3,093)        -       - (14,684)             -     (17,777)

Unrealized losses from
the change in fair
value of designated
foreign exchange
forward contracts           (20)        -       -       38             -           18

Realized gains (losses)
from the settlements of
non-designated foreign
exchange forward
contracts/bunkers/FFAs     1,198     (32)       -       71             -        1,237

Asset impairments / net
gain on vessel sales           -        -       -    (197)             -        (197)

Cash flow from time-
charter contracts, net
of revenue accounted
for as accounted for as
direct finance leases        641    1,473       -        -             -        2,114



Cash flow from vessel
operations -
Consolidated(2)          102,083   72,667  16,780  (6,564)       (7,000)      177,966



(1) The results of Teekay Offshore include the results from both continuing and
discontinued operations.

(2) Excludes the cash flow from vessel operations relating to assets acquired
from Teekay Parent for the periods prior to their acquisition by Teekay
Offshore, Teekay LNG and Teekay Tankers, respectively, as those results are
included in the historical results for Teekay Parent.


TEEKAY CORPORATION

APPENDIX E - RECONCILIATION OF NON-GAAP FINANCIAL MEASURES

CASH FLOW FROM VESSEL OPERATIONS - EQUITY ACCOUNTED VESSELS

(in thousands of U.S. dollars)

(unaudited)

Set forth below is an unaudited calculation of cash flow from vessel operations
for equity accounted vessels for the three months ended March 31, 2013, and
March 31, 2012. Cash flow from vessel operations (CFVO), a non-GAAP financial
measure, represents income from vessel operations before depreciation and
amortization expense, amortization of in-process revenue contracts, vessel
write-downs, gains or losses on the sale of vessels and unrealized gains or
losses relating to derivatives but includes realized gains or losses on the
settlement of foreign exchange forward contracts. CFVO from equity accounted
vessels represents the Company's proportionate share of CFVO from its equity
accounted vessels and other investments. CFVO is included because certain
investors use this data to measure a company's financial performance. CFVO is
not required by GAAP and should not be considered as an alternative to net
income or any other indicator of the Company's performance required by GAAP.


                                         Three Months Ended  Three Months Ended
                                           March 31, 2013      March 31, 2012

                                             (unaudited)         (unaudited)

                                               At  Company's       At  Company's
                                             100% Portion(1)     100% Portion(1)

Revenues                                  197,448     89,873  128,459     55,375

Depreciation and amortization              19,920     10,133   18,900      8,436

Vessel and other operating expenses       101,527     46,894   58,114     26,486

Income from vessel operations of equity
accounted vessels                          76,002     32,846   51,445     20,452

Interest expense                         (13,060)    (5,825) (21,616)    (8,305)

Foreign exchange loss                         649        267    (513)      (197)

Realized and unrealized loss on
derivative instruments                    (5,176)    (2,401)   13,710      5,122

Other income - net                          5,696      2,428      659        571

Other items                              (11,892)    (5,532)  (7,760)    (2,808)

Net income / equity income ofequity
accounted vessels                          64,110     27,315   43,685     17,644

Income from vessel operations of equity
accounted vessels                          76,002     32,846   51,445     20,452

Depreciation and amortization              19,920     10,133   18,900      8,436

Revenue accounted for as direct
financing lease                          (49,050)   (17,946) (50,240)   (18,363)

Cash flow from time-charter contracts      55,926     20,441   56,938     20,810

Amortization of in-process revenue
contracts and other                       (6,200)    (3,221) (13,645)    (5,774)

Cash flow from vessel operations

of equity accounted vessels(2)             96,598     42,253   63,398     25,561

(1) The Company's proportionate share of its equity accounted vessels and other
investments ranging from 33 percent to 50 percent.

(2) CFVO from equity accounted vessels represents the Company's proportionate
share of CFVO from its equity accounted vessels and other investments.


TEEKAY CORPORATION

APPENDIX E - RECONCILIATION OF NON-GAAP MEASURES

CASH FLOW FROM VESSEL OPERATIONS - TEEKAY PARENT

(in thousands of U.S. dollars)

(unaudited)

Set forth below is an unaudited calculation of Teekay Parent cash flow from
vessel operations for the three months ended December 31, 2012, September
30, 2012, June 30, 2012, and March 31, 2012. Cash flow from vessel operations
(CFVO), a non-GAAP financial measure, represents income from vessel operations
before depreciation and amortization expense, amortization of in-process revenue
contracts, vessel write-downs, gains or losses on the sale of vessels and
unrealized gains or losses relating to derivatives but includes realized gains
or losses on the settlement of foreign exchange forward contracts. CFVO is
included because certain investors use this data to measure a company's
financial performance. CFVO is not required by GAAP and should not be considered
as an alternative to net income or any other indicator of the Company's
performance required by GAAP.

                                            Three Months Ended
                                             December 31, 2012

                                                (unaudited)

                                  Owned In-chartered                      Teekay
                           Conventional Conventional                      Parent
                                Tankers      Tankers    FPSOs    Other     Total



Teekay Parent (loss)
income from vessel
operations                      (2,723)     (11,601)   13,024 (31,640)  (32,941)

Depreciation and
amortization                      2,598            -   19,375    (142)    21,831

Asset impairments/net loss
on vessel sales                       -            -        -   27,125    27,125

Amortization of in process
revenue contracts and
other                                 -            - (15,696)        -  (15,696)

Unrealized losses from the
change in fair value of
designated foreign
exchange forward contracts           23            -        -        -        23

Realized gains from the
settlements of non-
designated foreign
exchange forward contracts        (461)            -        3        -     (458)

Cash flow from vessel
operations -

Teekay Parent                     (563)     (11,601)   16,705  (4,657)     (116)



                                   Three Months Ended September 30, 2012

                                                (unaudited)

                                   Owned In-chartered                     Teekay
                            Conventional Conventional                     Parent
                                 Tankers      Tankers    FPSOs    Other    Total



Teekay Parent (loss) income
from vessel operations           (1,120)     (11,813) (13,775)  (9,778) (36,486)

Depreciation and
amortization                       2,570            -   19,132      820   22,522

Amortization of in process
revenue contracts and other            -            - (14,208)        - (14,208)

Unrealized losses from the
change in fair value of
designated foreign exchange
forward contracts                     26            -       82        -      108

Realized gains from the
settlements of non-
designated foreign exchange
forward contracts                (1,095)            -     (11)        -  (1,106)

Cash flow from vessel
operations -

  Teekay Parent                      381     (11,813)  (8,780)  (8,958) (29,170)





                                      Three Months Ended June 30, 2012

                                                 (unaudited)

                                    Owned In-chartered                    Teekay
                             Conventional Conventional                    Parent
                                  Tankers      Tankers    FPSOs   Other    Total



Teekay Parent income (loss)
from vessel operations              1,716     (28,138)  (8,976) (6,441) (41,839)

Depreciation and
amortization                        2,566            -   19,779       -   22,345

Amortization of in process
revenue contracts and other          (69)            - (14,167)       - (14,236)

Unrealized (gains) losses
from the change in fair
value of designated foreign
exchange forward contracts           (51)            -      103       -       52

Realized (losses) gains from
the settlements of non-
designated foreign exchange
forward contracts                   (340)            -       56       -    (284)

Dropdown predecessor cash
flow                                9,517            -        -       -    9,517

Cash flow from vessel
operations -

  Teekay Parent                    13,339     (28,138)  (3,205) (6,441) (24,445)

                                      Three Months Ended March 31, 2012

                                                 (unaudited)

                                    Owned In-chartered                    Teekay
                             Conventional Conventional                    Parent
                                  Tankers      Tankers    FPSOs   Other    Total



Teekay Parent income (loss)
from vessel

operations                          4,926     (17,734)  (8,752)     136 (21,424)

Depreciation and
amortization                       10,757            -   18,875       -   29,632

Net gain on vessel sales            (197)            -        -       -    (197)

Amortization of in process

revenue contracts and other          (69)            - (14,615)       - (14,684)

Unrealized (gains) losses
from the

change in fair value of
designated

foreign exchange forward
contracts                            (36)            -       74       -       38

Realized (losses) gains from
the

settlements of non-
designated foreign

exchange forward contracts           (34)            -      105       -       71

Cash flow from vessel
operations -

  Teekay Parent                    15,347     (17,734)  (4,313)     136  (6,564)





TEEKAY CORPORATION

APPENDIX E - RECONCILIATION OF NON-GAAP FINANCIAL MEASURES

NET REVENUES

(in thousands of U.S. dollars)

(unaudited)

Set forth below is an unaudited calculation of net revenues for the three months
ended March 31, 2013, December 31, 2012 and March 31, 2012. Net revenues
represents revenues less voyage expenses, which comprise all expenses relating
to certain voyages, including bunker fuel expenses, port fees, canal tolls and
brokerage commissions. Net revenues is included because certain investors use
this data to measure the financial performance of shipping companies. Net
revenues is not required by GAAP and should not be considered as an alternative
to revenues or any other indicator of the Company's performance required by
GAAP.




                             Three Months Ended March 31, 2013



                                                                          Teekay

                 Teekay
               Offshore  Teekay LNG    Teekay  Teekay Consolidation  Corporation

                                      Tankers
            Partners LP Partners LP      Ltd.  Parent   Adjustments Consolidated

Revenues        224,422      97,107    44,953 123,960      (39,405)      451,037

Voyage
expense        (23,226)       (391)   (2,913) (1,742)         1,957     (26,315)

Net
revenues        201,196      96,716    42,040 122,218      (37,448)      424,722



                            Three Months Ended December 31, 2012



                                                                          Teekay

                 Teekay
               Offshore  Teekay LNG    Teekay  Teekay Consolidation  Corporation

            Partners LP               Tankers
                    (1) Partners LP      Ltd.  Parent   Adjustments Consolidated

Revenues        240,489      97,958    45,493 171,550      (32,248)      523,242

Voyage
expense        (28,178)       (327)   (1,017) (1,624)           350     (30,796)

Net
revenues        212,311      97,631    44,476 169,926      (31,898)      492,446







                             Three Months Ended March 31, 2012



                                                                          Teekay

                 Teekay
               Offshore  Teekay LNG    Teekay  Teekay Consolidation  Corporation

            Partners LP               Tankers
                    (1) Partners LP      Ltd.  Parent   Adjustments Consolidated

Revenues        244,598      99,216    31,876 162,898      (37,482)      501,106

Voyage
expense        (36,481)       (343)     (779) (1,034)             -     (38,637)

Net
revenues        208,117      98,873    31,097 161,864      (37,482)      462,469





(1) The results of Teekay Offshore include the results from both continuing and
discontinued operations.


TEEKAY CORPORATION

APPENDIX E - RECONCILIATION OF NON-GAAP FINANCIAL MEASURES

NET INTEREST EXPENSE - TEEKAY PARENT

(in thousands of U.S. dollars)

(unaudited)

Set forth below is an unaudited calculation of Teekay Parent net interest
expense for the three months ended March 31, 2013, December 31, 2012, September
30, 2012, June 30, 2012, and March 31, 2012. Net interest expense is a non-GAAP
financial measure that includes realized gains and losses on interest rate
swaps. Net interest expense is not required by accounting principles generally
accepted in the United States and should not be considered as an alternative to
interest expense or any other indicator of the Company's performance required by
GAAP.




                                                Three months ended

                                      March December September     June    March
                                        31,      31,       30,      30,      31,

                                       2013     2012      2012     2012     2012

Interest expense                   (42,510) (40,956)  (41,652) (42,707) (42,300)

Interest income                       1,018    1,794       674    1,645    2,046

Net interest expense -
consolidated                       (41,492) (39,162)  (40,978) (41,062) (40,254)

Less:

Non-Teekay Parent net interest
expense                            (26,725) (25,802)  (28,392) (26,244) (25,661)

Interest expense net of interest
income - Teekay Parent             (14,767) (13,360)  (12,586) (14,818) (14,593)

Add:

Teekay Parent realized losses on
interest rate swaps                 (3,807)  (4,715)   (3,698)  (4,451)  (4,911)

Net interest expense - Teekay
Parent                             (18,574) (18,075)  (16,284) (19,269) (19,504)





FORWARD-LOOKING STATEMENTS

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 regarding: the estimated cost and timing of delivery of FPSO, shuttle
tanker, FSO, LNG, LPG and LR2 product tanker newbuildings/conversions and the
commencement of associated time-charter contracts and the effect on the
Company's future operating results; the timing and certainty of securing long-
term employment for the two LNG carrier newbuildings; the certainty of the four
fuel-efficient LR2 product tanker newbuildings delivering into an improving
product and crude oil shipping market; the timing, certainty and effect on
Teekay Parent's balance sheet and liquidity from distribution growth from
daughter subsidiaries and proceeds from sale of warehoused assets; the timing,
amount and certainty of future increases of the daughter entities' cash
distributions, including Teekay Offshore's expectation of a further increase in
its cash distribution a by a minimum 2.5 percent before the end of 2013; the
timing and certainty of Teekay Offshore's acquisition of a 50 percent interest
in the Cidade de Itajai FPSO unit from Teekay Parent; the timing and certainty
of the FEED studies for new FPSO newbuilding and FSO conversion projects and the
impact on Teekay Offshore's future growth; and the Company's future capital
expenditure commitments and the debt financings that the Company expects to
obtain for its remaining unfinanced capital expenditure commitments. 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:
changes in production of or demand for oil, petroleum products, LNG and LPG,
either generally or in particular regions; greater or less than anticipated
levels of tanker newbuilding orders or greater or less than anticipated rates of
tanker scrapping; changes in trading patterns significantly affecting overall
vessel tonnage requirements; changes in applicable industry laws and regulations
and the timing of implementation of new laws and regulations; changes in the
typical seasonal variations in tanker charter rates; changes in the offshore
production of oil or demand for shuttle tankers, FSOs and FPSOs; decreases in
oil production by or increased operating expenses for FPSO units; trends in
prevailing charter rates for shuttle tanker and FPSO contract renewals; the
potential for early termination of long-term contracts and inability of the
Company to renew or replace long-term contracts or complete existing contract
negotiations; the inability to negotiate new contracts on the two LNG carrier
newbuildings; changes affecting the offshore tanker market; shipyard production
or vessel conversion delays and cost overruns; delays in commencement of
operations of FPSO and FSO units at designated fields; changes in the Company's
expenses; the Company's future capital expenditure requirements and the
inability to secure financing for such requirements; the inability of the
Company to complete vessel sale transactions to its public-traded subsidiaries
or to third parties; conditions in the United States capital markets; and other
factors discussed in Teekay's filings from time to time with the SEC, including
its Report on Form 20-F for the fiscal year ended December 31, 2012. 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

Contacts:
Teekay Corporation
Kent Alekson
Investor Relations Enquiries
+1 (604) 844-6654
www.teekay.com




This announcement is distributed by Thomson Reuters on behalf of
Thomson Reuters clients. The owner of this announcement warrants that:
(i) the releases contained herein are protected by copyright and
    other applicable laws; and
(ii) they are solely responsible for the content, accuracy and
     originality of the information contained therein.

Source: Teekay Corporation via Thomson Reuters ONE
[HUG#1700742]



SHARE THIS: Twitter StockTwits LinkedIn Google Plus SHORT URL: http://bdvt.co/bcNo

SIGN IN TO BOARDVOTE

FORGOT PASSWORD?