The Conflicts Committee of Teekay Offshore Partners Appoints Advisors to Consider Recent Brookfield Offer

HAMILTON, Bermuda, May 30, 2019 (GLOBE NEWSWIRE) -- Teekay Offshore Partners L.P. (Teekay Offshore or the Partnership) TOO announced today that the Conflicts Committee (the Conflicts Committee) of the Board of Directors of Teekay Offshore GP LLC has formally appointed Potter Anderson & Corroon LLP and Evercore Group L.L.C. as their independent legal counsel and financial advisor respectively.

These appointed advisors will support the Conflicts Committee in its evaluation of the previously received unsolicited non-binding proposal from Brookfield Business Partners L.P. and certain of its affiliates and institutional partners (collectively, the Brookfield Consortium), to acquire all of the issued and outstanding publicly held common units representing limited partnership interests of the Partnership that the Brookfield Consortium does not already own (the "Proposed Transaction").

Teekay Offshore's Conflicts Committee mandated to consider the Proposed Transaction, consists entirely of non-Brookfield affiliated Teekay Offshore directors.

The Proposed Transaction remains subject to a number of contingencies, including the approval of the Conflicts Committee and the satisfaction of any conditions to the consummation of a transaction set forth in any definitive agreement concerning the transaction. There can be no assurance that definitive documentation will be executed or that any transaction will materialize on the terms described above or at all.

About Teekay Offshore
Teekay Offshore Partners L.P. is a leading international midstream services provider to the offshore oil production industry, primarily focused on the ownership and operation of critical infrastructure assets in offshore oil regions of the North Sea, Brazil and the East Coast of Canada. Teekay Offshore has consolidated assets of approximately $5.2 billion, comprised of 57 offshore assets, including floating production, storage and offloading (FPSO) units, shuttle tankers (including six newbuildings), floating storage and offtake (FSO) units, long-distance towing and offshore installation vessels, and a unit for maintenance and safety (UMS). 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:

Jan Rune Steinsland
Tel:  +47 9705 2533
Website: www.teekayoffshore.com