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Teekay Corporation Announces Banff FPSO Contract Extension

HAMILTON, Bermuda, May 23, 2019 (GLOBE NEWSWIRE) -- Teekay Corporation (Teekay or the Company) (TK) has entered into an agreement with a subsidiary of Canadian Natural Resources Ltd. (CNR) to extend the employment of the Petrojarl Banff FPSO unit (Petrojarl Banff) on the Banff field in the North Sea for a period of one year to the end of August 2020 at substantially similar terms to the current contract, which includes an upside component linked to oil prices and oil/gas production.

“We are pleased to announce this important FPSO contract extension for the Petrojarl Banff, which extends the production of the fields in the North Sea, and we are committed to work together with CNR to maximize production in the future,” commented Kenneth Hvid, Teekay’s President and Chief Executive Officer.

About Teekay

Teekay is a leading provider of international crude oil and gas marine transportation services and also provides offshore production and logistics. Teekay provides these services primarily through its directly-owned fleet and its controlling ownership interests in Teekay LNG Partners L.P. (TGP), the world’s third largest independent owner and operator of LNG carriers, and Teekay Tankers Ltd. (TNK), one of the world’s largest owners and operators of mid-sized crude tankers. The consolidated Teekay entities manage and operate total assets under management of approximately $11 billion, comprised of approximately 155 liquefied gas, offshore, and conventional tanker assets. With offices in 12 countries and approximately 5,600 seagoing and shore-based employees, Teekay provides a comprehensive set of marine services to the world’s leading oil and gas companies.

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

For Investor Relations
enquiries contact:

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

Forward Looking Statement

This release contains forward-looking statements (as defined in Section 21E of the Securities Exchange Act of 1934, as amended) which reflect management’s current views with respect to certain future events and performance, including: the expected production of the Banff and Kyle fields; and the impact of future oil prices and production. 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: less than expected revenue generated by, or higher than expected expenses and costs incurred relating to, the Petrojarl Banff; changes in oil prices; changes in oil production on the Banff and Kyle fields; and other factors discussed in Teekay’s filings from time to time with the SEC, including its Annual Report on Form 20-F for the fiscal year ended December 31, 2018. Teekay 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 Teekay’s expectations with respect thereto or any change in events, conditions or circumstances on which any such statement is based.