Teekay Declares Dividend to Increase FPSO Sale

Teekay Corporation (Teekay or the Company) announced that its Board of Directors has declared a cash dividend on its common stock of $0.31625 per share for the quarter ended December 31, 2014. The cash dividend is payable on January 30, 2015 to all shareholders of record as at January 20, 2015.

"Consistent with the new Teekay dividend policy announced in late-September 2014, we intend to increase Teekay's cash dividend following the completion of the sale of the Petrojarl Knarr FPSO to Teekay Offshore Partners, which is subject to the FPSO unit achieving first oil" commented Peter Evensen, Teekay's President and Chief Executive Officer. "The offshore installation and testing of the Petrojarl Knarr on its North Sea field is progressing well. Depending on weather conditions and other factors, the Company currently expects to complete the sale of the Petrojarl Knarr FPSO following commencement of its charter contract with BG Group during the first quarter of 2015."