TGP Teekay Lng Partners LP

Teekay Corporation (Teekay) (NYSE:TK), Teekay LNG Partners L.P. (Teekay LNG) (NYSE:TGP) and Teekay Tankers Ltd. (Teekay Tankers) (NYSE:TNK) (collectively, the Teekay Group) today announced the publication of their 2020 Sustainability Report, which can be accessed on the Teekay Group’s website by clicking here.

“There is broad recognition in the maritime industry that to remain relevant, we must find new cost-effective solutions to reduce greenhouse gas emissions and address climate change while we continue to serve the world’s growing transportation needs,” commented Kenneth Hvid, Teekay’s President and CEO. “We are committed to this challenge and, since 2008, we have significantly reduced the emissions intensity of our fleets and are committed to work with all industry stakeholders to evolve and invest in new technologies and new transportation requirements that will arise out of the global energy transition.”

“Teekay has a track record of servicing the needs of an evolving global energy mix, and we believe that global demand for clean-burning natural gas will continue to grow,” commented Mark Kremin, President and CEO of Teekay Gas Group Ltd.

“As the industry evolves, one thing that will not change is the importance and dedication of everyone who works at sea,” commented Kevin Mackay, Teekay Tankers’ President and CEO. “The pandemic unfortunately highlighted the lack of understanding and appreciation for what seafarers around the world contend with as part of their daily job. While this is a challenge across the industry, it also emphasizes one of Teekay Tankers’ strengths in caring for our seafarers. This past year, we implemented new measures to support crew safety and welfare and will continue to support initiatives to recognize seafarers as key and essential workers by all governments.”

“Sustainability has long been a core value at Teekay, and we believe our culture, values, and policies create a strong foundation for the work that lies ahead,” commented Mr. Hvid.

In addition, the Teekay Group has released their Annual Reports on Form 20-F for the fiscal year ended December 31, 2020 (Annual Reports), each of which has been filed with the U.S. Securities and Exchange Commission and can be accessed at www.teekay.com, in the “Investors” section under “Financials and Presentations” for each respective entity.

Shareholders and unitholders may also request a hard copy of the Annual Reports, which includes the Teekay Group’s complete 2020 audited financial statements, free of charge by contacting Investor Relations via e-mail at investor.relations@teekay.com or by phone at +1-604-609-2963.

About Teekay

Teekay is a leading provider of international crude oil and gas marine transportation services. Teekay provides these services primarily through its directly-owned fleet and its controlling ownership interests in Teekay LNG Partners L.P. (NYSE:TGP), one of the world’s largest independent owners and operators of LNG carriers, and Teekay Tankers Ltd. (NYSE: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 $9 billion, comprised of approximately 135 liquefied gas, offshore, and conventional tanker assets. With offices in 10 countries and approximately 5,350 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 is listed on the New York Stock Exchange where it trades under the symbol “TK”.

About Teekay LNG

Teekay LNG is one of the world’s largest independent owners and operators of LNG carriers, providing LNG and LPG services primarily under long-term, fee-based charter contracts through its interests in 47 LNG carriers, 23 mid-size LPG carriers, and seven multi-gas carriers. The Partnership’s ownership interests in these vessels range from 20 to 100 percent. In addition, the Partnership owns a 30 percent interest in a regasification terminal. Teekay LNG is a publicly-traded master limited partnership formed by Teekay Corporation (NYSE: TK) as part of its strategy to expand its operations in the LNG and LPG shipping sectors.

Teekay LNG Partners’ common units and preferred units trade on the New York Stock Exchange under the symbols “TGP”, “TGP PR A” and “TGP PR B”, respectively.

About Teekay Tankers

Teekay Tankers currently has a fleet of 50 double-hull tankers (including 26 Suezmax tankers, 15 Aframax tankers and nine LR2 product tankers), and also has one time chartered-in tanker. Teekay Tankers’ vessels are typically employed through a mix of short- or medium-term fixed-rate time charter contracts and spot tanker market trading. Teekay Tankers also owns a Very Large Crude Carrier (VLCC) through a 50 percent-owned joint venture. In addition, Teekay Tankers owns a ship-to-ship transfer business that performs full service lightering and lightering support operations in the U.S. Gulf and Caribbean. Teekay Tankers was formed in December 2007 by Teekay Corporation as part of its strategy to expand its conventional oil tanker business.

Teekay Tankers’ Class A common stock trades on the New York Stock Exchange under the symbol “TNK.”

For Investor Relations enquiries contact:

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

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, among other things, regarding: the anticipated impact of the global energy transition on marine transportation; the global demand for gas (including clean-burning natural gas); the Teekay Group’s continuing efforts with respect to worker safety and welfare; and the impact of the Teekay Group’s culture, values and policies on its sustainability initiatives. 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: market or counterparty reaction to changes in exploration, production and storage of offshore oil and gas; changes in the demand or global prices for oil, refined products, LNG or LPG; changes in tanker rates; changes in applicable industry laws and regulations and the timing of implementation of new laws and regulations; the impact of changes in global economic conditions; the severity, magnitude and duration of the COVID-19 pandemic, including impacts of the pandemic and market or regulatory responses to the pandemic on the Teekay Group’s operations, personnel, commercial activity and on global supply chains; technological changes in the shipbuilding industry related to energy efficiency and sustainability measures; and other factors discussed in the Teekay Group’s filings from time to time with the SEC, including in each of its Annual Reports on Form 20-F for the fiscal year ended December 31, 2020. Teekay, Teekay LNG and Teekay Tankers expressly disclaim any obligation or undertaking to release publicly any updates or revisions to any forward-looking statements contained herein to reflect any change in expectations with respect thereto or any change in events, conditions or circumstances on which any such statement is based.