Teekay Offshore Partners Declares Distributions on Series A, B and C Preferred Units

HAMILTON, BERMUDA--(Marketwired - April 1, 2016) - Teekay Offshore GP LLC, the general partner of Teekay Offshore Partners L.P. (Teekay Offshore or the Partnership) TOO, has declared cash distributions of $0.4531 per unit on the Partnership's Series A preferred units TOO, $0.5313 per unit on the Partnership's Series B preferred units TOO and $0.5149 per unit on the Partnership's privately held Series C convertible preferred units for the period from February 15, 2016 to May 14, 2016. All cash distributions are payable on May 13, 2016 to all unitholders of record as at May 6, 2016.

About Teekay Offshore

Teekay Offshore Partners L.P. is an international provider of marine transportation, oil production, storage, long-distance towing and offshore installation and maintenance and safety services to the offshore oil industry, primarily focusing on the deepwater offshore oil regions of the North Sea, Brazil and the East Coast of Canada. Teekay Offshore is structured as a publicly-traded master limited partnership (MLP) with consolidated assets of approximately $5.7 billion, comprised of 66 offshore assets, including shuttle tankers, floating production, storage and offloading (FPSO) units, floating storage and offtake (FSO) units, units for maintenance and safety (UMS), long-distance towing and offshore installation vessels and conventional tankers. The majority of Teekay Offshore's fleet is employed on medium-term, stable contracts.

Teekay Offshore Partners' common units and Series A and B preferred units trade on the New York Stock Exchange under the symbol "TOO", "TOO PR A" and "TOO PR B", respectively.

FOR FURTHER INFORMATION PLEASE CONTACT:
For Investor Relations Enquiries:
Ryan Hamilton
+1 (604) 609-6442
www.teekay.com