Teekay Offshore Repurchases a Portion of Existing Norwegian Bonds

Teekay Offshore Partners L.P. (Teekay Offshore or the Partnership)

announces that in connection with the recently completed NOK 1,300 million bond issuance in the Norwegian bond market, the Partnership repurchased NOK 388.5 million of the existing NOK 600 million Teekay Offshore bond issue TOP01

maturing 29 November 2013 at a price of 102.50 percent of the principal amount of the repurchased bonds.