Teekay Announces Acquisition of Remaining Shares of Teekay Petrojarl ASA

HAMILTON, BERMUDA–(MARKET WIRE)–Jul 9, 2008 — Teekay Corporation (Teekay) (NYSE:TK – News) today announced that it has, through its wholly owned subsidiary, TPO Investments AS (TPO Investments), exercised its right to effect the compulsory acquisition pursuant to Section 4-25 of the Norwegian Public Limited Liability Companies Act of all of Teekay Petrojarl ASA’s (Teekay Petrojarl) shares not previously owned by Teekay. Pursuant to this process, TPO Investments automatically has become the owner of all shares of Teekay Petrojarl. Teekay has announced that it will offer a redemption price for the previously outstanding shares of NOK 59 per share. The aggregate redemption amount is deposited in a designated bank account with DnBNOR ASA in accordance with the Norwegian Public Limited Liability Companies Act Section 4-25 (5).