Otra a la buchaca

Teekay Builds Strategic Relationship with ConocoPhillips

Teekay has purchased the controlling interest of six Aframax tankers from ConocoPhillips, enhancing
its strong relationship with the second largest refiner in the U.S., while expanding its service
offering to other customers worldwide and transferring 182 skilled officers to Teekay employment.

Teekay and ConocoPhillips have had a mutually beneficial strategic relationship since the 1990s. The
sale of two companies previously owned by the U.S. oil company includes the transfer of six bareboat
leased Aframax vessels, two of which will be time-chartered back to ConocoPhillips. The other
vessels will be added to Teekay's spot trading fleet.

William Hung, Project Manager for the transaction, who notes that Teekay and ConocoPhillips have had
a mutually beneficial strategic relationship since the 1990s, says both companies will benefit from
the deal.

"It's a nice fit for us and a natural progression to advance our relationship with ConocoPhillips,"
he explains. "They are very happy with the experience they have had with Teekay and the quality of
our operations over the years. An important factor in our offering was our commitment to continue
the employment of their crew, many of whom have been sailing for them for a long time. We were happy
and able to support that."

The transfer of ConocoPhillips' vessels and their Spanish officers to Teekay comes at a time when
there is a worldwide shortage of skilled officers. Mr. Hung, who is Director, Chartering & Freight
Trading, S.E.Asia/Australia, says Teekay's office in Spain will be able to facilitate their seamless
transfer to Teekay.

"The deal highlights the integrated and growing business relationship we have with ConocoPhillips,"
Mr. Hung says. "ConocoPhillips has sold the companies to Teekay to maximize the long-term value of
its assets. In return, it has dedicated access to - and support from - the shipping expertise inside
Teekay."

Mr. Hung says the six Aframax vessels will be managed by a new ship team in Houston, led by Bud
Hall, Fleet Director, and Matthew Blake, Director, Chartering and Freight Trading, Americas. Teekay
looks forward to working even closer to support ConocoPhillips' growth ambitions in the future.