Increased dividend for Teekay Corp. shareholders

Teekay Corporation’s Board of Directors has declared a cash dividend on its common stock of $0.31625 per share for the quarter ended December 31, 2014. The cash dividend is payable on January 30, 2015 to all shareholders of record as at January 20, 2015.

“Consistent with the new Teekay dividend policy announced in late-September 2014, we intend to increase Teekay’s cash dividend following the completion of the sale of the Petrojarl Knarr FPSO to Teekay Offshore Partners, which is subject to the FPSO unit achieving first oil,” said Peter Evensen, Teekay’s President and Chief Executive Officer.

“The offshore installation and testing of the Petrojarl Knarr on its North Sea field is progressing well. Depending on weather conditions and other factors, the Company currently expects to complete the sale of the Petrojarl Knarr FPSO following commencement of its charter contract with BG Group during the first quarter of 2015.”

The floating production storage and offloading unit is to be used on the Knarr field, where BG Norge AS is the operator. Teekay is responsible for operation of the FPSO. The Knarr field is in the North Sea, around 50 kilometres north-east of Snorre.

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