Teekay Tankers Updates Capital Allocation Plan

Company initiates fixed quarterly dividend, announces a special dividend, and establishes a share repurchase program.

Hamilton, Bermuda - May 11, 2023

Teekay Tankers Ltd. (Teekay Tankers or the Company) (NYSE:TNK) today announced that its Board of Directors has approved an update to the Company's capital allocation plan under which existing capital allocation priorities of balance sheet strength and well-timed fleet reinvestments will be supplemented by returns of capital to shareholders.

The Company has initiated a regular, fixed quarterly cash dividend in the amount of $0.25 per outstanding share of Class A and B common stock, with the first dividend relating to the first quarter of 2023. In addition, the Board of Directors has declared a special cash dividend of $1.00 per outstanding share of Class A and B common stock. Both of these cash dividends are payable on June 2, 2023 to all common shareholders of record on May 22, 2023. The declaration and payment of any future dividends is subject to the discretion of the Board of Directors.

The Company further announced that its Board of Directors has authorized a new share repurchase program allowing for the repurchase of up to $100 million of the Company's outstanding Class A common shares. Under the program, repurchases can be made from time to time in the open market, through privately-negotiated transactions and by any other means permitted under the rules of the U.S. Securities and Exchange Commission, in each case at times and prices considered appropriate by the Company. The timing of any purchases and the exact number of shares to be purchased under the program will be subject to the discretion of the Company.

About Teekay Tankers
Teekay Tankers has a fleet of 44 double-hull tankers (including 25 Suezmax tankers and 19 Aframax / LR2 tankers), and also has eight time chartered-in tankers. Teekay Tankers' vessels are typically employed through a mix of spot tanker market trading and short- or medium-term fixed-rate time charter contracts. Teekay Tankers also owns a Very Large Crude Carrier (VLCC) through a 50 percent-owned joint venture. In addition, Teekay Tankers owns a ship-to-ship transfer business that performs full service lightering and lightering support operations in the U.S. Gulf and Caribbean. Teekay Tankers was formed in December 2007 by Teekay Corporation as part of its strategy to expand its oil tanker business.

Teekay Tankers' Class A common stock trades on the New York Stock Exchange under the symbol "TNK."

Teekay Tankers Ltd. press release