Teekay Corporation Declares Dividend

Hamilton, Bermuda, April 5, 2012

Teekay Corporation (Teekay) (NYSE: TK) announced that its Board of Directors has declared a cash dividend on its common stock of $0.31625 per share, payable on April 30, 2012 to all shareholders of record as at April 20, 2012.

About Teekay Corporation
Teekay Corporation is an operational leader and project developer in the marine midstream space. Through its general partnership interests in two master limited partnerships (MLPs), Teekay LNG Partners L.P. (NYSE: TGP) and Teekay Offshore Partners L.P. (NYSE: TOO), its controlling ownership of Teekay Tankers Ltd. (NYSE: TNK), and its fleet of directly-owned vessels, Teekay is responsible for managing and operating consolidated assets of over $11 billion, comprised of approximately 150 liquefied gas, offshore, and conventional tanker assets. With offices in 16 countries and approximately 6,400 seagoing and shore-based employees, Teekay provides a comprehensive set of marine services to the world’s leading oil and gas companies, and its reputation for safety, quality and innovation has earned it a position with its customers as The Marine Midstream Company.

Teekay’s common stock is listed on the New York Stock Exchange where it trades under the symbol “TK”.

Teekay Corporation press release