Tender Offer for OMI Shares Set to Expire

Monday, June 04, 2007
Teekay Corporation (Teekay) and A/S Dampskibsselskabet TORM (TORM) informed shareholders of OMI Corporation (OMI) (NYSE: OMM) who have not tendered their shares of common stock pursuant to Teekay's and TORM's previously announced tender offer through its jointly owned subsidiary, Omaha, Inc. (Omaha) that, if they want to participate in the tender offer, they must do so prior to 5:00 pm, New York City time, on June 5, 2007, the expiration of the previously announced subsequent offering period.

Shareholders should consider the following points (see below for further detail):

• Teekay and TORM control over 80% of OMI's shares and a majority of its board;

• Teekay and TORM control the necessary votes to approve the merger of OMI with and into Omaha, without the vote of any other OMI shareholder;

• If shares are not tendered before 5:00 pm, New York City time, on June 5, 2007, shareholders will have to wait until the merger becomes effective (which could take 30 to 60 days or even longer) to receive $29.25 per share, net to the seller in cash;

• No further dividends will be declared on shares of OMI common stock; and

• The OMI board unanimously recommended that all shareholders tender their shares.

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