Teekay Shipping Corp. Changes Name

Teekay Corporation announced that it has legally changed its company name from Teekay Shipping Corporation to Teekay Corporation. The name change was filed with the Marshall Islands Registrar of Corporations following approval by the Company’s shareholders at its annual general meeting held on May 29, 2007. Teekay proposed the name change to its shareholders to reflect the company’s asset management focus and expanded service offering as a leader in the marine midstream sector. Teekay’s asset management platform is based off of an innovative corporate structure that includes majority ownership of two publicly-listed master limited partnerships, Teekay LNG Partners L.P. and Teekay Offshore Partners L.P., and 100 percent ownership of their respective general partnerships. In addition, Teekay has recently announced its intention to create Teekay Tankers, a separate publicly-listed entity that will initially own a portion of its conventional tanker fleet.