Teekay Offshore Partners Announces Management Change

HAMILTON, Bermuda, May 03, 2018 (GLOBE NEWSWIRE) -- Teekay Offshore Partners L.P. TOO (Teekay Offshore or the Partnership) announced today that David Wong will be stepping down from his position as Chief Financial Officer of Teekay Offshore Group Ltd. to commence a new opportunity outside of the Teekay organization.  Mr. Wong will continue with the Partnership until August to assist with the transition while a search for his replacement is conducted.

Ingvild Sæther, President and Chief Executive Officer of Teekay Offshore Group Ltd. commented, "On behalf of our board and leadership team, I want to thank David for his service and dedication to Teekay Offshore and his efforts during the Partnership's transition from project execution, in a challenging market environment, to now as we begin generating cash flows from our recently-completed growth projects."

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 oil industry, primarily focusing on oil production-related activities of its customers and operating in 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 $5.6 billion, comprised of 63 offshore assets, including floating production, storage and offloading (FPSO) units, shuttle tankers, floating storage and offtake (FSO) units, a unit 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's common units and preferred units trade on the New York Stock Exchange under the symbols "TOO", "TOO PR A", "TOO PR B" and "TOO PR E", respectively.

For Investor Relations

enquiries contact:

Ryan Hamilton

Tel: +1 (604) 609-2963

Website: www.teekay.com