March 24, 2009HAMILTON, BERMUDA–(Marketwire – March 24, 2009) – Teekay LNG Partners L.P. (Teekay LNG or the Partnership) (NYSE:TGP) announced today that it plans to offer 4,000,000 common units representing limited partner interests in a public offering. Teekay LNG expects to grant the underwriters a 30-day option to purchase an additional 600,000 common units to cover over-allotments, if any. The Partnership expects to use the net proceeds from the public offering to repay amounts outstanding on one of its revolving credit facilities. The Partnership may reborrow the amounts it repays on the facility. Teekay LNG Partners L.P. is a publicly-traded master limited partnership formed by Teekay Corporation (NYSE:TK) as part of its strategy to expand its operations in the liquefied natural gas (LNG) and liquefied petroleum gas (LPG) shipping sectors. Teekay LNG provides LNG, LPG and crude oil marine transportation services under long-term, fixed-rate time charter contracts with major energy and utility companies through its fleet of thirteen LNG carriers, one LPG carrier and eight Suezmax class crude oil tankers. Teekay LNG’s common units trade on the New York Stock Exchange under the symbol “TGP”. The joint book running managers for this offering are Citi, Morgan Stanley and UBS Investment Bank. When available, copies of the prospectus supplement and accompanying base prospectus related to this offering may be obtained from Citi, Brooklyn Army Terminal, 140 58th Street, 8th Floor, Brooklyn, NY, 11220; phone: (718) 765-6732; Morgan Stanley & Co. Incorporated, Attn: Prospectus Department, 180 Varick Street, 2nd Floor, New York, NY 10014-4606, phone: 1-866-718-1649, email: email@example.com; or UBS Investment Bank, Attn: Prospectus Dept, 299 Park Avenue, New York, NY 10171, Tel: 888-827-7275. This news release does not constitute an offer to sell or a solicitation of an offer to buy the securities described herein, nor shall there be any sale of these securities in any state or jurisdiction in which such an offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such jurisdiction. This offering may be made only by means of a prospectus supplement and accompanying base prospectus. The statements in this press release that are not historical facts may be forward-looking statements. These forward-looking statements involve risks and uncertainties that could cause the outcome to be materially different.