Teekay Tankers Ltd. Announces Public Offering of Class A
Common Stock to Finance Purchase of Three Tankers

HAMILTON, BERMUDA- (April 5, 2010) -Teekay Tankers Ltd. (Teekay Tankers or the Company) (NYSE:TNK) announced today that it plans to offer 7,000,000 shares of Class A common stock of the Company in a public offering. Teekay Tankers expects to grant the underwriters a 30-day option to purchase an additional 1,050,000 shares of Class A common stock to cover any over-allotments. The Company expects to use the net offering proceeds - together with a concurrent issuance to Teekay Corporation (NYSE:TK) of unregistered shares of Class A common stock with an aggregate value of approximately $32.0 million (valued on a per-share basis at the same price the Company sells shares to the public in the offering) and borrowings under the Company's revolving credit facility for the balance - to acquire three oil tankers (the Vessels) from Teekay Corporation for aggregate consideration of approximately $168.7 million.

The Company plans to acquire the following Vessels:

• the 2004-built Suezmax tanker, the Kaveri Spirit, a Suezmax tanker currently participating in a Suezmax tanker pool;
• the 2002-built Suezmax tanker, the Yamuna Spirit, a Suezmax tanker currently operating under a fixed-rate, time-charter contract that is scheduled to expire in May 2012 and includes a profit share component; and
• the 2005-built Aframax tanker, the Helga Spirit, an Aframax tanker currently operating under a fixed-rate, time-charter contract that is scheduled to expire in October 2010.

As a result of the acquisition of the Vessels and the sale of an Aframax tanker, the Falster Spirit, which the Company has agreed to sell to a third party and is expected to be delivered in mid-April 2010, the Company's net fleet capacity will increase by approximately 23 percent to a total of approximately 1.8 million deadweight tonnes.

Teekay Tankers Ltd. was formed in December 2007 by Teekay Corporation as part of its strategy to expand its conventional oil tanker business. Teekay Tankers currently owns a fleet of nine double-hull Aframax tankers (including the Falster Spirit) and three double-hull Suezmax tankers, which an affiliate of Teekay Corporation manages through a mix of short- or medium-term fixed-rate, time-charter and spot-tanker-market trading. Teekay Tankers will acquire from Teekay Corporation the Vessels upon the closing of the offering. Teekay Tankers intends to continue to distribute on a quarterly basis all of its cash available for distribution, subject to any reserves established by its board of directors.

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

The joint book running managers for the offering are UBS Investment Bank, Citi, J.P. Morgan and Deutsche Bank Securities, and Oppenheimer & Co. will act as a co-manager for the offering.

Teekay Tankers Ltd.