Teekay Offshore Partners Declares Distributions on Series A, B, C-1 and D Preferred Units

HAMILTON, BERMUDA--(Marketwired - Jan. 3, 2017) - Teekay Offshore GP LLC, the general partner of Teekay Offshore Partners L.P. (Teekay Offshore or the Partnership) TOO, has declared the following distributions for the period from November 15, 2016 to February 14, 2017:

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Units                    Amount    Record Date   Payment Date   Payment Type
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Series A            $0.4531 per    February 8,   February 15,               
 Preferred Units           unit           2017           2017           Cash
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Series B            $0.5313 per    February 8,   February 15,               
 Preferred Units           unit           2017           2017           Cash
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Series C-1          $0.5149 per    February 8,   February 15,     New common
 Preferred Units           unit           2017           2017          units
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Series D            $0.6563 per    February 8,   February 15,     New common
 Preferred Units           unit           2017           2017          units
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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 $5.7 billion, comprised of 64 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:
Investor Relations Enquiries:
Ryan Hamilton
+1 (604) 609-6442
www.teekay.com