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Teekay Offshore Partners Declares Distribution on Series A Preferred Units

HAMILTON, BERMUDA -- (Marketwired) -- 07/09/14 -- Teekay Offshore GP LLC, the general partner of Teekay Offshore Partners L.P. (Teekay Offshore or the Partnership) (NYSE: TOO), has declared a cash distribution of $0.4531 per unit on the Partnership's Series A preferred units (NYSE: TOO.PR.A) for the period from May 15, 2014 to August 15, 2014. The cash distribution is payable on August 15, 2014 to all unitholders of record on August 1, 2014.

About Teekay Offshore Partners L.P.

Teekay Offshore Partners L.P. is an international provider of marine transportation, oil production and storage services to the offshore oil industry focusing on the fast-growing, deepwater offshore oil regions of the North Sea and Brazil. Teekay Offshore is structured as a publicly-traded master limited partnership (MLP) and owns interests in 34 shuttle tankers (including two chartered-in vessels), five floating production, storage and offloading (FPSO) units, six floating storage and offtake (FSO) units (including one committed FSO conversion unit), one HiLoad Dynamic Positioning (DP) unit, four long-haul towing and anchor handling vessel newbuildings, two floating accommodation unit newbuildings and four conventional oil tankers. The majority of Teekay Offshore's fleet is employed on long-term, stable contracts. In addition, Teekay Offshore also has rights to participate in certain other FPSO, shuttle tanker and HiLoad DP opportunities provided by Teekay Corporation (NYSE: TK), Sevan Marine ASA (Oslo Bors: SEVAN) and Remora AS.

Teekay Offshore Partners' common units and preferred units trade on the New York Stock Exchange under the symbol "TOO" and "TOO PR A", respectively.

Contacts:
Teekay Offshore GP LLC
Ryan Hamilton
Investor Relations
+1 (604) 609-6442
www.teekayoffshore.com

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