Teekay Offshore Announces Changes to its Board and Committees

PEMBROKE, Bermuda, March 19, 2020 (GLOBE NEWSWIRE) -- Teekay Offshore Partners L.P. (Teekay Offshore or the Partnership) announced the following changes to the Board of Directors of the Partnership's general partner, Teekay Offshore GP L.L.C. (TOO GP), effective March 18, 2020:

• Nelson Silva joined the TOO GP Board and was appointed as a member of its Audit and Conflicts Committees;
• Existing directors Jim Reid and Gregory Morrison were appointed as members of the TOO GP Board's Corporate Governance Committee; and
• The TOO GP Board eliminated its Compensation Committee.

"On behalf of the Board and leadership team, I want to welcome Nelson to the Board. We look forward to leveraging his skills and experience as we continue to develop the Partnership's strategic vision and transition into an exciting new chapter with the Partnership's rebranding as Altera Infrastructure L.P.," commented Bill Utt, Chairman of the TOO GP Board.

Nelson Silva has had a 43-year career in leadership roles in energy and natural resources companies, including Petrobras, BG (British Gas) Group, BHP Billiton and Vale. From June 2016 to December 2018, Mr. Silva served as Chief Strategy and Performance Officer and member of the Executive Team of Petrobras. Prior to Petrobras, Mr. Silva served as the CEO of BG Group in South America for seven years. Mr. Silva was also previously President of Aluminium business unit and Marketing Director of Carbon Steel Materials of BHP Billiton and Marketing Director of Vale.

About Teekay Offshore Partners L.P.

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 56 offshore assets, including floating production, storage and offloading units, shuttle tankers (including six new buildings), floating storage and offtake units, long-distance towing and offshore installation vessels, and a unit for maintenance and safety. The majority of Teekay Offshore's fleet is employed on medium-term, stable contracts.

For Investor Relations enquires contact:

Jan Rune Steinsland, Chief Financial Officer
Tel: +47 97052533
Website: www.teekayoffshore.com