BUSINESS

Teekay Part of Historic Ship Naming Ceremony

04/23/2009

Senior executives from Teekay joined partners Nakilat, senior officials from Samsung Heavy Industries, Inc. (SHI), the builders of the ships and guests from RasGas 3, the charterers of the vessels, to christen four newly delivered liquefied natural gas (LNG) carriers during a naming ceremony held on February 20 at the SHI Geoje Shipyard in Pusan, Korea.

It was the first time in SHI’s history that four ships were named at once. The event marked the completion of a project which began in 2005, when Teekay was awarded contracts to charter four 217,000 cubic meter LNG carriers to RasGas 3, a joint venture between Qatar Petroleum and a subsidiary of ExxonMobil Corporation.

“This ceremony represented not only an important milestone in the service life of these ships, it also highlighted the successful relationships we’ve forged with a number of our most valuable customers and partners,” said Bjorn Moller, Teekay President and Chief Executive Officer.

Teekay Group

NYSE: TGP

Teekay LNG Partners L.P. generates stable cash flows from long-term fixed-rate contracts with strong counterparties. LNG demand is expected to grow by 50% by 2030

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NYSE: TOO

Teekay Offshore Partners L.P. generates stable cash flows from fixed-rate contracts and is the world’s largest owner and operator of shuttle contracts

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NYSE: TNK

Teekay Tankers Ltd. has a balanced chartering strategy of fixed-rate and spot market contracts that can pay a dividend in virtually any spot tanker market

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NYSE: TK

Teekay Corporation is financially strong with a unique business platform and leading positions in promising midstream marine growth sectors

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