Teekay Offshore Partners Declares Distribution

HAMILTON, BERMUDA--(Marketwired - April 2, 2015) - Teekay Offshore GP LLC, the general partner of Teekay Offshore Partners L.P. (Teekay Offshore or the Partnership) TOO, has declared a cash distribution of $0.5384 per unit for the quarter ended March 31, 2015. The cash distribution is payable on May 15, 2015 to all unitholders of record as at April 13, 2015.

About Teekay Offshore Partners L.P.

Teekay Offshore Partners L.P. is an international provider of marine transportation, oil production and storage services to the offshore oil industry focusing on the fast-growing, deepwater offshore oil regions of the North Sea and Brazil. Teekay Offshore is structured as a publicly-traded master limited partnership (MLP) and owns interests in 32 shuttle tankers (including two chartered-in vessels and one vessel currently in lay up as a candidate for conversion to an offshore unit), seven floating production storage and offloading (FPSO) units (including two committed FPSO conversion/upgrade units), six floating storage and offtake (FSO) units (excluding one committed FSO conversion unit), one HiLoad Dynamic Positioning (DP) unit, ten long-haul towing and anchor handling vessels (including two vessels Teekay Offshore has agreed to acquire and four newbuildings), three units for maintenance and safety (including two newbuildings) and four conventional oil tankers. The majority of Teekay Offshore's fleet is employed on medium-term, stable contracts. In addition, Teekay Offshore also has rights to participate in certain other FPSO, shuttle tanker and HiLoad DP opportunities provided by Teekay Corporation TK, Sevan Marine ASA (Oslo Bors: SEVAN) and Remora AS.

Teekay Offshore Partners' common units trade on the New York Stock Exchange under the symbol "TOO".

FOR FURTHER INFORMATION PLEASE CONTACT:
Teekay Offshore Partners L.P.
Ryan Hamilton
Investor Relations Enquiries
+1 (604) 609-6442
www.teekayoffshore.com