In the above video, Teekay Market Analyst Christian Waldegrave gives an update on the offshore market for the first quarter of 2012.

Click here for more detailed information on the offshore market. Visit www.teekayoffshore.com for more information on our offshore business.

FORWARD LOOKING STATEMENTS

This video contains forward-looking statements which reflect the company’s current views with respect to certain future events and performance, including statements regarding the industry fundamentals for deepwater offshore oil production, storage and transportation. The following factors are among those that could cause actual results to differ materially from the forward-looking statements, which involve risks and uncertainties, and that should be considered in evaluating any such statement: significant changes in oil prices; variations in expected levels of field maintenance; different-than expected levels of oil production and related projects in the North Sea and Brazil offshore fields; and other factors discussed in Teekay Offshore’s filings from time to time with the SEC, including its Report on Form 20-F for the fiscal year ended December 31, 2010. The Partnership expressly disclaims any obligation or undertaking to release publicly any updates or revisions to any forward-looking statements contained herein to reflect any change in the Partnership’s expectations with respect there to or any change in events, conditions or circumstances on which any such statement is based.