Teekay Announces Senior Management Appointments

(Press Release)
Friday, January 14, 2011

Teekay Corporation (Teekay or the Company) (NYSE:TK) announced that its current President of its Shuttle Tanker and FSO business unit, Kenneth Hvid, has been appointed to the position of Executive Vice President and Chief Strategy Officer effective April 1, 2011. In his new role, Mr. Hvid will be located in Vancouver, Canada and will be succeeding Peter Evensen, who will take over as Teekay's President and Chief Executive Officer in April 2011 as a result of the previously announced retirement of Bjorn Moller.Mr. Hvid joined Teekay in 2000 from A.P. Moller, and was responsible for leading the Company's global procurement activities until he was promoted in 2004 to Senior Vice President, Teekay Gas Services. During this time, Mr. Hvid was involved in leading Teekay's entry and growth in the LNG business. In 2006, he was appointed to his current role as President, Teekay Navion Shuttle Tankers and Offshore.Mr. Evensen commented, "Kenneth has done an extraordinary job in growing our shuttle tanker and FSO activities and in positioning the Stavanger-based business unit for the future. With his broad expertise, natural leadership skills and strategic mindset, Kenneth is the ideal candidate to lead Teekay's strategic initiatives."

Ingvild Sæther has been appointed Mr. Hvid's successor as President, Teekay Navion Shuttle Tankers and Offshore effective April 1, 2011. Ms. Sæther joined Teekay in 2002 as part of the Company's acquisition of Navion from Statoil. She held various management positions in Teekay's conventional tanker business unit before she was appointed Vice President, Teekay Navion Shuttle Tankers in 2007, with commercial responsibility for Teekay's shuttle tanker activities in the North Sea."Ingvild has been instrumental in managing the growth of our North Sea activities including the recent successful contracting of our new generation shuttle tankers and is the natural successor as President of Teekay's Shuttle Tanker and FSO business unit," commented Mr. Evensen. "She is a visionary leader with passion for her work and extensive shipping experience. She has worked closely alongside Kenneth for the last few years which will ensure a seamless leadership transition."

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