Teekay Corporation Declares Dividend

HAMILTON, BERMUDA--(Marketwired - April 1, 2016) - Teekay Corporation (Teekay or the Company) TK announced that its Board of Directors has declared a cash dividend on its common stock of $0.055 per share for the quarter ended December 31, 2015. The cash dividend is payable on May 19, 2016 to all shareholders of record as at April 29, 2016.

About Teekay

Teekay Corporation operates in the marine midstream space through its ownership of the general partners and a portion of the outstanding limited partner interests in Teekay LNG Partners L.P. TGP and Teekay Offshore Partners L.P. TOO. The general partners own all of the outstanding incentive distribution rights of these entities. In addition, Teekay has a controlling ownership interest in Teekay Tankers Ltd. TNK and directly owns a fleet of vessels. The combined Teekay entities manage and operate consolidated assets of over $13 billion, comprised of approximately 220 liquefied gas, offshore, and conventional tanker assets. With offices in 15 countries and approximately 7,700 seagoing and shore-based employees, Teekay provides a comprehensive set of marine services to the world's leading oil and gas companies.

Teekay's common stock is listed on the New York Stock Exchange where it trades under the symbol "TK".

FOR FURTHER INFORMATION PLEASE CONTACT:
For Investor Relations Enquiries:
Ryan Hamilton
Tel: +1 (604) 844-6654
www.teekay.com