Teekay, TORM Acquire Majority Stake in OMI

Teekay Corporation, A/S Dampskibsselskabet TORM and OMI Corporation said that Omaha, Inc., a jointly owned subsidiary of Teekay and TORM, paid for the 49.8 million tendered shares (including shares tendered pursuant to guaranteed delivery procedures) pursuant to Omaha's previously announced tender offer. After taking into account the 2.4 million restricted shares that were cancelled in accordance with the transaction agreement among OMI, Teekay, TORM and Omaha, Omaha's ownership represents approximately 83.5% of all outstanding shares of OMI.

In addition, OMI paid the previously announced special cash dividend today to all holders of record as of the close of business on May 24, 2007, in the amount of $0.10 per share in connection with the tender offer.

Omaha's previously announced subsequent offering period for all remaining OMI shares remains open through 5:00 p.m., New York City time, June 5, 2007, unless otherwise extended. During the subsequent offering period, OMI shares will be accepted for payment as they are tendered at the same offer price paid during the initial offer period of $29.25 per share in cash.

Following the expiration of the subsequent offering period, Omaha will acquire all of the remaining outstanding shares of OMI pursuant to a merger of OMI with and into Omaha, with Omaha being the surviving corporation. In the merger, all remaining outstanding OMI shares will be cancelled and converted into the right to receive $29.25 per share, net to the seller in cash without interest, less any required withholding taxes.

Following the merger, Omaha will change its name to OMI Corporation. Today, Omaha designated four representatives to serve on OMI’s Board of Directors, giving Omaha majority Board representation.