SYS-CON MEDIA Authors: Elizabeth White, Sean Houghton, Glenn Rossman, Ignacio M. Llorente, Xenia von Wedel

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Teekay Corporation Reports Second Quarter 2014 Results

HAMILTON, BERMUDA -- (Marketwired) -- 08/07/14 -- Teekay Corporation (NYSE: TK) -


--  Second quarter 2014 total cash flow from vessel operations of $224.4
    million, an increase of 22 percent from the same period of the prior
    year.
--  Second quarter 2014 adjusted net loss attributable to stockholders of
    Teekay of $20.1 million, or $0.28 per share (excluding specific items
    which increased GAAP net loss by $22.9 million, or $0.32 per share).
--  In July 2014, the Petrojarl Knarr FPSO sailed away from the shipyard and
    is on track to commence its charter contract in the fourth quarter of
    2014.
--  In July 2014, the Banff FPSO recommenced operations under its charter
    contract; repairs to the Foinaven FPSO were completed and is gradually
    increasing its production throughput.
--  Total consolidated liquidity of approximately $1.8 billion as at June
    30, 2014, giving pro forma effect to Teekay LNG's $141 million equity
    issuance completed in mid-July 2014.

Teekay Corporation (Teekay or the Company) today reported adjusted net loss attributable to stockholders of Teekay(1) of $20.1 million, or $0.28 per share, for the quarter ended June 30, 2014, compared to adjusted net loss attributable to stockholders of Teekay of $33.3 million, or $0.47 per share, for the same period of the prior year. Adjusted net loss attributable to stockholders of Teekay excludes a number of specific items that had the net effect of increasing GAAP net loss by $22.9 million, or $0.32 per share, for the three months ended June 30, 2014 and increasing GAAP net income by $44.7 million, or $0.63 per share, for the same period of the prior year, as detailed in Appendix A to this release. Including these items, the Company reported on a GAAP basis, net loss attributable to stockholders of Teekay of $43.0 million, or $0.60 per share, for the quarter ended June 30, 2014, compared to net income attributable to stockholders of Teekay of $11.4 million, or $0.16 per share, for the same period of the prior year. Net revenues(2) for the second quarter of 2014 increased to $418.8 million, compared to $404.6 million for the same period of the prior year.

For the six months ended June 30, 2014, the Company reported adjusted net loss attributable to stockholders of Teekay(1) of $16.6 million, or $0.23 per share, compared to adjusted net loss attributable to stockholders of Teekay of $45.0 million, or $0.63 per share, for the same period of the prior year. Adjusted net loss attributable to stockholders of Teekay excludes a number of specific items that had the net effect of increasing GAAP net loss by $26.9 million, or $0.38 per share, for the six months ended June 30, 2014 and increasing GAAP net income by $50.2 million, or $0.71 per share, for the same period of the prior year, as detailed in Appendix A to this release. Including these items, the Company reported on a GAAP basis, net loss attributable to stockholders of Teekay of $43.5 million, or $0.61 per share, for the six months ended June 30, 2014, compared to net income attributable to stockholders of Teekay of $5.2 million, or $0.07 per share, for the same period of the prior year. Net revenues(2) for the six months ended June 30, 2014 increased to $890.3 million, compared to $829.3 million for the same period of the prior year.

On July 3, 2014, the Company declared a cash dividend on its common stock of $0.31625 per share for the quarter ended June 30, 2014. The cash dividend was paid on July 31, 2014 to all shareholders of record on July 18, 2014.

(1) Adjusted net loss attributable to stockholders of Teekay is a non-GAAP financial measure. Please refer to Appendix A to this release for a reconciliation of this non-GAAP measure as used in this release to the most directly comparable financial measure under United States generally accepted accounting principles (GAAP) and for information about specific items affecting net (loss) income that are typically excluded by securities analysts in their published estimates of the Company's financial results.

(2) Net revenues is a non-GAAP financial measure used by certain investors to measure the financial performance of shipping companies. Please see Appendix E to this release for a reconciliation of this non-GAAP measure as used in this release to the most directly comparable financial measure under GAAP.

"We have continued to make steady progress on the execution of our existing business development projects and added new important projects which, when completed, we expect will create future value for Teekay Parent and its daughter companies," commented Peter Evensen, Teekay Corporation's President and Chief Executive Officer. "In late-June, we took delivery of the Petrojarl Knarr FPSO from the shipyard in South Korea and the unit is currently in transit to the North Sea for field installation and offshore testing. Following the expected commencement of its charter contract in the fourth quarter of 2014, the Petrojarl Knarr FPSO, our largest FPSO project to-date, will be eligible for dropdown to Teekay Offshore. We are also pleased to report that in July, the Petrojarl Banff FPSO recommenced operations under its charter contract and the unit is generating cash flow after approximately 30 months of off-hire for storm-related repairs and upgrades. Finally, repairs to the gas compressors onboard the Petrojarl Foinaven FPSO were completed in July and the unit is now gradually increasing its oil production throughput."

Mr. Evensen continued, "Teekay LNG was active during the second quarter of 2014 securing new, long-term accretive contracts to construct and operate ten new LNG carriers of which Teekay LNG's share of the capital investment will be approximately $1.3 billion, bringing Teekay LNG's committed growth pipeline to over $2.5 billion over the next several years," continued Mr. Evensen. "Teekay Offshore was also active, finalizing contracts to enter into new adjacencies in the long-haul towage and floating accommodation businesses, which will provide Teekay Offshore with additional growth channels to complement its existing offshore segments. We anticipate that expected continued growth of our two MLP daughter entities will benefit Teekay Parent in the form of increased general and limited partner cash flows in the coming years and, in addition, the dropdown sale of the remaining FPSOs owned by Teekay Parent will significantly delever Teekay Parent's balance sheet."

Operating Results

The following tables highlight certain financial information for each of Teekay's four publicly-listed entities: Teekay Offshore Partners L.P. (Teekay Offshore) (NYSE: TOO), Teekay LNG Partners L.P. (Teekay LNG) (NYSE: TGP), Teekay Tankers Ltd. (Teekay Tankers) (NYSE: TNK) and Teekay Parent (which excludes the results attributed to Teekay Offshore, Teekay LNG and Teekay Tankers). A brief description of each entity and an analysis of its respective financial results follow the tables below. Please also refer to the "Fleet List" section below and Appendix B to this release for further details.



----------------------------------------------------------------------------
                              Three Months Ended June 30, 2014
                ------------------------------------------------------------
                                         (unaudited)
                         Teekay
(in thousands of       Offshore     Teekay LNG         Teekay         Teekay
 U.S. dollars)      Partners LP    Partners LP   Tankers Ltd.         Parent
----------------------------------------------------------------------------
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Net revenues(1)         215,146        100,156         40,821         90,797

Vessel operating
 expense                 88,184         24,320         23,585         65,625
Time-charter
 hire expense             4,975              -          1,112         32,654
Depreciation and
 amortization            48,474         23,530         12,425         18,944
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CFVO -
 Consolidated(2)
 (3)(4)                 102,774         71,650         12,961       (23,277)
CFVO - Equity
 Investments(5)           7,135         50,894          1,278          1,011
CFVO - Total            109,909        122,544         14,239       (22,266)
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----------------------------------------------
                  Three Months Ended June 30,
                             2014
                ------------------------------
                          (unaudited)
                                        Teekay
(in thousands of  Consolidation    Corporation
 U.S. dollars)      Adjustments   Consolidated
----------------------------------------------
----------------------------------------------

Net revenues(1)        (28,105)        418,815

Vessel operating
 expense                      -        201,714
Time-charter
 hire expense          (29,027)          9,714
Depreciation and
 amortization                 -        103,373
----------------------------------------------
----------------------------------------------

----------------------------------------------
----------------------------------------------

CFVO -
 Consolidated(2)
 (3)(4)                       -        164,108
CFVO - Equity
 Investments(5)               -         60,318
CFVO - Total                  -        224,426
----------------------------------------------
----------------------------------------------

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                              Three Months Ended June 30, 2013
                ------------------------------------------------------------
                                         (unaudited)
                         Teekay
(in thousands of       Offshore     Teekay LNG         Teekay         Teekay
 U.S. dollars)      Partners LP    Partners LP   Tankers Ltd.         Parent
----------------------------------------------------------------------------
----------------------------------------------------------------------------

Net revenues(1)         206,629         95,395         41,043         97,094

Vessel operating
 expense                 87,825         24,814         24,832         58,507
Time-charter
 hire expense            14,093              -          1,951         46,447
Depreciation and
amortization             50,662         25,156         11,921         22,030
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----------------------------------------------------------------------------

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CFVO -
 Consolidated(2)
 (3)(4)                  90,215         65,473         10,658       (35,560)
CFVO - Equity
 Investments(5)           1,311         47,162             23          4,347
CFVO - Total             91,526        112,635         10,681       (31,213)
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----------------------------------------------
                  Three Months Ended June 30,
                             2013
                ------------------------------
                          (unaudited)
                                        Teekay
(in thousands of  Consolidation    Corporation
 U.S. dollars)      Adjustments   Consolidated
----------------------------------------------
----------------------------------------------

Net revenues(1)        (35,608)        404,553

Vessel operating
 expense                      -        195,978
Time-charter
 hire expense          (35,947)         26,544
Depreciation and
amortization                  -        109,769
----------------------------------------------
----------------------------------------------

----------------------------------------------
----------------------------------------------

CFVO -
 Consolidated(2)
 (3)(4)                       -        130,786
CFVO - Equity
 Investments(5)               -         52,843
CFVO - Total                  -        183,629
----------------------------------------------
----------------------------------------------

(1) Net voyage revenues represents voyage revenues less voyage expenses,
which comprise all expenses relating to certain voyages, including bunker
fuel expenses, port fees, cargo loading and unloading expenses, canal tolls,
agency fees and commissions. Net voyage revenues is a non-GAAP financial
measure used by certain investors to measure the financial performance of
shipping companies. Please see Appendix E for a reconciliation of this non-
GAAP measure as used in this release to the most directly comparable GAAP
financial measure.
(2) Cash flow from vessel operations (CFVO) represents income from vessel
operations before depreciation and amortization expense, amortization of in-
process revenue contracts, vessel write downs, gains and losses on the sale
of vessels, adjustments for direct financing leases to a cash basis, and
unrealized gains and losses relating to derivatives, but includes realized
gains and losses on the settlement of foreign currency forward contracts.
CFVO - Consolidated represents CFVO from vessels that are consolidated on
the Company's financial statements. Cash flow from vessel operations is a
non-GAAP financial measure used by certain investors to measure the
financial performance of shipping companies. Please refer to Appendix C and
Appendix E of this release for a reconciliation of this non-GAAP measure as
used in this release to the most directly comparable GAAP financial measure.
(3) Excludes CFVO relating to assets acquired from Teekay Parent for the
periods prior to their acquisition by Teekay Offshore, Teekay LNG and Teekay
Tankers, respectively, as those results are included in the historical
results for Teekay Parent.
(4) In addition to CFVO from directly owned vessels, Teekay Parent also
receives cash dividends and distributions from its daughter public
companies. For the three months ended June 30, 2014 and 2013, Teekay Parent
received dividends and distributions from Teekay LNG, Teekay Offshore and
Teekay Tankers totaling $43.7 million and $39.8 million, respectively. The
dividends and distributions received by Teekay Parent include, among others,
those made with respect to its general partner interests in Teekay Offshore
and Teekay LNG. Please refer to Appendix D to this release for further
details.
(5) CFVO - Equity Investments represents the Company's proportionate share
of CFVO from its equity-accounted vessels and other investments. Please
refer to Appendix E of this release for a reconciliation of this non-GAAP
measure as used in this release to the most directly comparable GAAP
financial measure.

Teekay Offshore Partners L.P.

Teekay Offshore is an international provider of marine transportation, oil production and storage services to the offshore oil industry through its fleet of 34 shuttle tankers (including two charter-in vessels), five floating production, storage and offloading (FPSO) units, six floating storage and offtake (FSO) units (excluding one FSO unit under conversion), four long-haul towing and anchor handling vessel newbuildings, three floating accommodation unit newbuildings, one HiLoad Dynamic Positioning (DP) unit and four conventional oil tankers. Teekay Offshore's interests in these vessels range from 50 to 100 percent. Teekay Offshore also has the right to participate in certain other FPSO and vessel opportunities pursuant to the omnibus agreement with Teekay. Teekay Parent currently owns a 29.2 percent interest in Teekay Offshore (including the 2 percent sole general partner interest).

For the second quarter of 2014, Teekay Offshore's quarterly distribution was $0.5384 per common unit. The cash distribution to be received by Teekay Parent based on its common unit ownership and general partnership interest in Teekay Offshore totaled $17.7 million for the second quarter of 2014, as detailed in Appendix D to this release.

Cash flow from vessel operations from Teekay Offshore increased to $109.9 million in the second quarter of 2014, from $91.5 million in the same period of the prior year. The increase was primarily due to the acquisition of the Voyageur Spirit FPSO and a 50 percent interest in the Cidade de Itajai FPSO in the second quarter of 2013 and the commencement of the time-charters with BG Group for four newbuilding shuttle tankers in June, August, November 2013 and January 2014. These increases were partially offset by the lay-up and sale of older shuttle and conventional tankers during 2013 and 2014 as their related charter contracts expired or terminated.

In August 2014, Teekay Offshore acquired Logitel Offshore Holdings Ltd. (Logitel), a Norway-based company focused on the high-end floating accommodation market. Logitel is currently constructing two newbuilding floating accommodation units (FAUs), based on the Sevan Marine ASA cylindrical hull design, at the COSCO (Nantong) Shipyard (COSCO) in China. Teekay Offshore intends to immediately exercise one of its existing six options with COSCO to construct a third FAU, subject to final documentation. Prior to the acquisition, Logitel secured a three-year fixed-rate charter contract, plus extension options, with Petroleo Brasileiro SA (Petrobras) in Brazil for the first FAU, which is scheduled to deliver in the first quarter of 2015. Teekay Offshore expects to secure charter contracts for the remaining two newbuilding FAUs prior to their respective scheduled deliveries in the fourth quarter of 2015 and the third quarter of 2016. The construction agreements with COSCO for the newbuilding FAUs have a favorable payment schedule, with the majority of the purchase price due upon delivery.

Odebrecht Oil & Gas S.A (Odebrecht), on behalf of Teekay Offshore's 50/50 joint venture with Odebrecht, was recently nominated by Petrobras as the lead commercial bidder on the Libra FPSO project in Brazil, and has been invited by Petrobras to conclude contract negotiations. The FPSO unit is expected to be owned and operated by Teekay Offshore's 50/50 joint venture with Odebrecht and will service the Libra pre-salt field in the Santos Basin offshore Brazil, which is expected to commence operations in early-2017. The final contract negotiations are expected to be completed during the third quarter of 2014.

Teekay LNG Partners L.P.

Teekay LNG provides liquefied natural gas (LNG), liquefied petroleum gas (LPG) and crude oil marine transportation services, generally under long-term, fixed-rate charter contracts, through its current fleet of 44 LNG carriers (including one LNG regasification unit and 15 newbuildings under construction), 26 LPG/Multigas carriers (including 10 newbuildings under construction) and nine conventional tankers. Teekay LNG's interests in these vessels range from 20 to 100 percent. In addition, Teekay LNG, through its 50/50 LPG joint venture with Exmar NV (Exmar LPG BVBA), charters-in four LPG carriers. Teekay Parent currently owns a 34.0 percent interest in Teekay LNG (including the 2 percent sole general partner interest).

For the second quarter of 2014, Teekay LNG's quarterly distribution was $0.6918 per common unit. The cash distribution to be received by Teekay Parent based on its common unit ownership and general partnership interest in Teekay LNG totaled $25.3 million for the second quarter of 2014, as detailed in Appendix D to this release.

Teekay LNG's total cash flow from vessel operations, including cash flows from equity-accounted vessels, increased to $122.5 million in the second quarter of 2014, from $112.6 million in the same period of the prior year. The increase was primarily due to the acquisitions of, and contributions by, the two Awilco LNG carriers in late-2013 and higher revenues from Exmar LPG BVBA as a result of newbuilding deliveries and higher spot rates, which was partially offset by the sale of two conventional tankers in December 2013 and February 2014 and two older LPG carriers in Exmar LPG BVBA during the first half of 2014.

In early-July 2014, Teekay LNG, through a new 50/50 joint venture with China LNG Shipping (Holdings) Limited (China LNG), finalized agreements to provide six internationally-flagged icebreaker LNG carriers for the Yamal LNG project located on the Yamal Peninsula in Northern Russia. The Yamal LNG project is a joint venture between Novatek, Total and China National Petroleum Corporation and will consist of three LNG trains with a total capacity of 16.5 million metric tonnes per annum. Following the scheduled start-up in early 2018, LNG from the Yamal project is expected to be transported from Northern Russia to Europe and Asia. The Yamal LNG joint venture has announced that nearly all of the expected LNG production output of the project has already been agreed to be purchased by affiliates of the Yamal LNG project sponsors and other third parties. Under the agreements, the joint venture will provide six 172,000 cubic meter (cbm) ARC7 LNG carrier newbuildings which will be constructed by Daewoo Shipbuilding & Marine Engineering Co., Ltd. of South Korea for a total fully built-up cost of approximately $2.1 billion. The vessels, which will be constructed with maximum 2.1 meter icebreaking capabilities in both the forward and reverse direction, are scheduled to deliver between the first quarter of 2018 and the first quarter of 2020 and will each operate under time-charter contracts until December 31, 2045, plus extension options, following their respective deliveries.

In late-June 2014, Teekay LNG acquired from BG Group (BG) ownership interests in four 174,000 cbm Tri-Fuel Diesel Electric LNG carrier newbuildings, which will be constructed by Hudong-Zhonghua Shipbuilding (Group) Co., Ltd. in China for a total fully built-up cost of approximately $1.0 billion. The vessels, which are scheduled to deliver between September 2017 and January 2019, will each operate under 20-year time-charter contracts, plus extension options, with BG. Teekay LNG is responsible for the construction supervision services for the newbuildings and Teekay will provide the technical management of the vessels upon their respective deliveries. Through this transaction, Teekay LNG acquired a 30 percent ownership in the first two LNG carrier newbuildings with the balance of ownership by CETS (an affiliate of China National Offshore Oil Corporation (CNOOC)) and China LNG, and a 20 percent ownership interest in the second two LNG carrier newbuildings with the balance of ownership held by CETS, China LNG and BW Group.

Teekay Tankers Ltd.

Teekay Tankers currently owns a fleet of 28 vessels, including 11 Aframax tankers, 10 Suezmax tankers, three Long Range 2 (LR2) product tankers, three Medium-Range (MR) product tankers and a 50 percent interest in a Very Large Crude Carrier (VLCC). In addition, Teekay Tankers has contracted to charter-in four Aframax and four LR2 product tankers. Of the 36 vessels, 12 are employed on fixed-rate time-charters, generally ranging from one to three years in initial duration, with the remaining vessels trading in spot tanker pools. In January 2014, Teekay Tankers and Teekay formed and each invested $25 million in Tanker Investments Ltd. (TIL), a new company established to acquire conventional tanker assets at current cyclical-low prices. Based on its current ownership of Teekay Tankers Class A common stock and its ownership of 100 percent of the outstanding Class B stock, Teekay Parent currently owns a 28.7 percent economic interest in and has voting control of Teekay Tankers.

For the second quarter of 2014, Teekay Tankers declared a second quarter 2014 dividend of $0.03 per share. Based on its ownership of Teekay Tankers Class A and Class B shares, the dividend paid to Teekay Parent totaled $0.6 million for the second quarter of 2014.

Cash flow from vessel operations from Teekay Tankers increased to $14.2 million in the second quarter of 2014, from $10.7 million in the same period of the prior year. The increase is primarily due to the stronger average spot tanker rates in the second quarter of 2014 compared to the same period in the prior year, partially offset by a decrease in recognized interest income as a result of the monetization of Teekay Tankers' investment in term loans in late-March 2014.

On August 1, 2014, Teekay Tankers' completed the acquisition of a 50 percent ownership interest in Teekay's commercial and technical management operations (Teekay Operations) for approximately $15 million, paid in shares of Teekay Tankers. Teekay Operations includes direct ownership in three commercially managed tanker pools, which currently generate income from commercially managing a fleet of 89 vessels, and direct ownership in Teekay Marine Limited, which currently generates income from technically managing a fleet of 53 vessels, including vessels owned by Teekay Tankers.

During the second quarter of 2014, Teekay Tankers secured time charter-in contracts for two Aframax vessels and four LR2 product tanker vessels, which increased Teekay Tankers' total time charter-in fleet to eight vessels. The new time charter-in contracts have an average daily rate of $15,600 for the Aframax vessels and $15,975 for the LR2 product tanker vessels.

In early-May 2014, Teekay Tankers sold two VLCC vessels to TIL for an aggregate purchase price of approximately $154.0 million. As a result, Teekay Tankers recognized a $10.0 million gain on the sale during the second quarter of 2014.

Teekay Parent

In addition to its equity ownership interests in Teekay Offshore, Teekay LNG and Teekay Tankers, Teekay Parent directly owns five FPSO units and one VLCC vessel. As at August 1, 2014, Teekay Parent also had six charter-in conventional tankers (including four Aframax tankers owned by Teekay Offshore), two charter-in LNG carriers owned by Teekay LNG, and two charter-in FSOs and two shuttle tankers owned by Teekay Offshore.

For the second quarter of 2014, Teekay Parent generated negative cash flow from vessel operations of $22.3 million, compared to negative cash flow from vessel operations of $31.2 million in the same period of the prior year. The reduction in negative cash flow is primarily due to the re-delivery of several in-chartered tankers over the past year, higher spot tanker rates and fees earned from managing TIL vessel transactions in the second quarter of 2014, partially offset by the completion of the Petrojarl I FPSO time-charter in April 2013 and the sale of four conventional tankers to TIL in the first quarter of 2014.

In late-June 2014, Teekay Parent took delivery of the Petrojarl Knarr FPSO newbuilding in South Korea and the unit is currently in transit to the North Sea. Following installation and offshore testing on the Knarr field, the unit is expected to commence its ten-year charter contract with BG late in the fourth quarter of 2014.

Teekay Parent has recently signed a letter of intent with CarVal Investors (CarVal), a leading global alternative investment manager, to participate in the development of a dry bulk shipping company. The new company currently owns a fleet of 16 modern dry bulk vessels (including six newbuildings on order) and plans to opportunistically acquire additional modern dry bulk vessels. As part of the proposed transaction, Teekay Parent will provide operational and corporate services to the new company and plans to invest up to $25 million in the entity. Each of the vessels is, or is expected to be upon delivery, chartered to Cargill Ocean Transportation, one of the world's largest charterers of dry bulk vessels, and will receive a guaranteed minimum floor rate for a period of two years from delivery. Teekay Parent expects the proposed transaction to be finalized by the end of 2014. CarVal Investors is an independent subsidiary of Cargill, a global leader in providing food, agricultural, risk management, financial, and industrial products and services.

Fleet List

The following table summarizes Teekay's consolidated fleet of 185 vessels as at August 1, 2014, including chartered-in vessels and vessels under construction but excluding vessels managed for third parties:


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                                          Number of Vessels(1)
                            ------------------------------------------------
                                Owned    Chartered-in  Newbuildings /
                              Vessels         Vessels     Conversions  Total
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Teekay Parent Fleet(2)(3)
  Aframax Tankers (4)               -               2               -      2
  VLCC Tanker (5)                   1               -               -      1
  MR Product Tanker                 -               1               -      1
  FPSO Units                        4               -               1      5
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Total Teekay Parent Fleet           5               3               1      9
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Teekay Offshore Fleet              48               2               7     57

Teekay LNG Fleet                   54               4              25     83

Teekay Tankers Fleet               28               8               -     36

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Total Teekay Consolidated
 Fleet                            135              17              33    185
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(1) Ownership interests in these vessels range from 20 percent to 100
percent.
(2) Excludes two LNG carriers chartered-in from Teekay LNG.
(3) Excludes two shuttle tankers and two FSO units chartered-in from Teekay
Offshore.
(4) Excludes four Aframax tankers chartered-in from Teekay Offshore.
(5) In late-March 2014, Teekay Parent exercised its rights under the
security documents to realize amounts it was owed under its investment in a
term loan and assumed full ownership of the 2011-built VLCC vessel, which
previously secured the investment in the term loan. The vessel is a
potential FPSO conversion candidate.

Liquidity

As at June 30, 2014, the Company had consolidated liquidity of $1.6 billion (consisting of $748.9 million of cash and cash equivalents and $877.9 million of undrawn revolving credit facilities), of which $488.9 million of liquidity (consisting of $353.9 million cash and cash equivalents and $135.0 million of undrawn revolving credit facilities) is attributable to Teekay Parent. Giving pro forma effect to the approximately $141 million of net proceeds from Teekay LNG's equity issuance completed in mid-July 2014, Teekay had total consolidated liquidity of approximately $1.8 billion as at June 30, 2014.

Conference Call

The Company plans to host a conference call on Thursday, August 7, 2014 at 11:00 a.m. (ET) to discuss its results for the second quarter of 2014. An accompanying investor presentation will be available on Teekay's website at www.teekay.com prior to the start of the call. All shareholders and interested parties are invited to listen to the live conference call by choosing from the following options:


--  By dialing (800) 524-8860 or (416) 204-9702, if outside North America,
    and quoting conference ID code 7733617.
--  By accessing the webcast, which will be available on Teekay's website at
    www.teekay.com (the archive will remain on the website for a period of
    30 days).

The conference call will be recorded and available until Thursday, August 14, 2014. This recording can be accessed following the live call by dialing (888) 203-1112 or (647) 436-0148, if outside North America, and entering access code 7733617.

About Teekay

Teekay Corporation is an operational leader and project developer in the marine midstream space. Through its general partnership interests in two master limited partnerships, Teekay LNG Partners L.P. (NYSE: TGP) and Teekay Offshore Partners L.P. (NYSE: TOO), its controlling ownership of Teekay Tankers Ltd. (NYSE: TNK), and its fleet of directly-owned vessels, Teekay is responsible for managing and operating consolidated assets of over $12 billion, comprised of approximately 185 liquefied gas, offshore, and conventional tanker assets. With offices in 15 countries and approximately 6,700 seagoing and shore-based employees, Teekay provides a comprehensive set of marine services to the world's leading oil and gas companies, and its reputation for safety, quality and innovation has earned it a position with its customers as The Marine Midstream Company.

Teekay's common stock is listed on the New York Stock Exchange where it trades under the symbol "TK".



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                             TEEKAY CORPORATION
              SUMMARY CONSOLIDATED STATEMENTS OF (LOSS) INCOME
       (in thousands of U.S. dollars, except share and per share data)
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                         Three Months Ended             Six Months Ended
                ------------------------------------------------------------
                    June 30,   March 31,    June 30,    June 30,    June 30,
                ------------------------------------------------------------
                        2014        2014        2013        2014        2013
                ------------------------------------------------------------
                 (unaudited) (unaudited) (unaudited) (unaudited) (unaudited)
----------------------------------------------------------------------------

REVENUES(1)(2)       452,254     506,494     430,707     958,748     881,744
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OPERATING
 EXPENSES
Voyage expenses
 (2)                  33,439      35,012      26,154      68,451      52,469
Vessel operating
 expenses (1)(2)     201,714     201,186     195,978     402,900     383,442
Time-charter
 hire expense          9,714      16,292      26,544      26,006      53,996
Depreciation and
 amortization        103,373     103,458     109,769     206,831     212,263
General and
 administrative
 (2)                  36,945      37,878      35,395      74,823      74,666
Loan loss
 (recoveries)
 provisions (3)      (2,521)           -       7,042     (2,521)      10,207
(Gain) loss on
 sale of vessels
 and equipment       (9,615)         162     (1,341)     (9,453)     (1,309)
Restructuring
 charges               (244)         639       1,789         395       3,843
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                     372,805     394,627     401,330     767,432     789,577
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Income from
 vessel
 operations           79,449     111,867      29,377     191,316      92,167
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OTHER ITEMS
Interest expense
 (2)                (49,656)    (49,333)    (44,687)    (98,989)    (87,197)
Interest income
 (2)                     793       1,783       2,018       2,576       3,036
Realized and
 unrealized
 (loss) gain on
 derivative
 instruments (2)    (75,331)    (47,248)      56,035   (122,579)      42,246
Equity income
 (4)                  35,271      27,494      47,372      62,765      74,687
Income tax
 expense             (3,193)     (2,798)     (1,873)     (5,991)     (4,373)
Foreign exchange
 (loss) gain         (2,046)       (894)         678     (2,940)       2,867
Other (loss)
 income - net          (734)       8,251     (1,386)       7,517       3,856
----------------------------------------------------------------------------
----------------------------------------------------------------------------
Net (loss)
 income             (15,447)      49,122      87,534      33,675     127,289
Less: Net income
 attributable to
 non-controlling
 interests          (27,540)    (49,610)    (76,167)    (77,150)   (122,058)
----------------------------------------------------------------------------
----------------------------------------------------------------------------
Net (loss)
 income
 attributable to
stockholders of
 Teekay
 Corporation        (42,987)       (488)      11,367    (43,475)       5,231
----------------------------------------------------------------------------
----------------------------------------------------------------------------
(Loss) earnings
 per common
 share of Teekay
 - Basic             ($0.60)     ($0.01)       $0.16     ($0.61)       $0.07
 - Diluted           ($0.60)     ($0.01)       $0.16     ($0.61)       $0.07

----------------------------------------------------------------------------
----------------------------------------------------------------------------
Weighted-average
 number of
 common shares
 outstanding
 - Basic          72,036,526  71,328,577  70,393,531  71,687,549  70,142,301
 - Diluted        72,036,526  71,328,577  71,314,629  71,687,549  71,142,363

----------------------------------------------------------------------------
----------------------------------------------------------------------------

(1) The costs of business development and engineering studies relating to
North Sea FPSO and FSO projects that the Company is pursuing are
substantially reimbursable from customers upon completion. As a result, $2.8
million of revenues and $2.6 million of costs were recognized in the six
months ended June 30, 2014 upon completion of one FPSO study.
(2) Realized and unrealized (losses) gains related to derivative instruments
that are not designated as hedges for accounting purposes are included as a
separate line item in the statements of (loss) income. The realized (losses)
gains relate to the amounts the Company actually received or paid to settle
such derivative instruments and the unrealized (losses) gains relate to the
change in fair value of such derivative instruments, as detailed in the
table below:

                                Three Months Ended        Six Months Ended
                          --------------------------------------------------
                            June 30, March 31,  June 30,  June 30,  June 30,
                          --------------------------------------------------
                                2014      2014      2013      2014      2013
                          --------------------------------------------------
Realized (losses) gains
 relating to:
 Interest rate swaps        (30,755)  (29,490)  (30,899)  (60,245)  (61,251)
 Termination of interest
  rate swap agreements             -     1,000   (4,187)     1,000   (4,187)
 Foreign currency forward
  contracts                      110   (1,285)   (1,873)   (1,175)   (1,452)
                          --------------------------------------------------
                            (30,645)  (29,775)  (36,959)  (60,420)  (66,890)
                          --------------------------------------------------
Unrealized (losses) gains
 relating to:
 Interest rate swaps        (39,096)  (25,398)    96,911  (64,494)   116,115
 Foreign currency forward
  contracts                  (1,926)     3,051   (3,917)     1,125   (6,979)
 Stock purchase warrants     (3,664)     4,874         -     1,210         -
                          --------------------------------------------------
                            (44,686)  (17,473)    92,994  (62,159)   109,136
                          --------------------------------------------------
Total realized and
 unrealized (losses) gains
 on non-designated
 derivative instruments     (75,331)  (47,248)    56,035 (122,579)    42,246
                          --------------------------------------------------

(3) The Company recovered $2.5 million during the three and six months ended
June 30, 2014, related to a receivable for an FPSO front-end engineering and
design study (FEED) completed in 2013, which was previously provided for.
The Company also recognized $7.0 million and $10.2 million of allowances,
respectively, for the three and six months ended June 30, 2013, in relation
to its investments in three term loans.

(4) The Company's proportionate share of items within equity income as
identified in Appendix A of this release, is as detailed in the table below.
By excluding these items from equity income, the resulting adjusted equity
income is a normalized amount that can be used to evaluate the financial
performance of the Company's equity accounted investments.


                                Three Months Ended        Six Months Ended
                          --------------------------------------------------
                            June 30, March 31,  June 30,  June 30,  June 30,
                          --------------------------------------------------
                                2014      2014      2013      2014      2013
                          --------------------------------------------------

Equity income                 35,271    27,494    47,372    62,765    74,687
Proportionate share of
 unrealized losses (gains)
 on derivative instruments     1,990       909  (17,176)     2,899  (22,549)
Dilution gain on share
 issuance by TIL                   -   (4,108)         -   (4,108)         -
Other(i)                     (9,772)       966         -   (8,806)         -
                          --------------------------------------------------
Equity income adjusted for
 items in Appendix A          27,489    25,261    30,196    52,750    52,138
                          --------------------------------------------------
                          --------------------------------------------------

(i) Includes (gain) loss on sale of vessels in Exmar LPG BVBA joint venture.



----------------------------------------------------------------------------
----------------------------------------------------------------------------
                             TEEKAY CORPORATION
                     SUMMARY CONSOLIDATED BALANCE SHEETS
                       (in thousands of U.S. dollars)
----------------------------------------------------------------------------
----------------------------------------------------------------------------
                                         As at          As at          As at
                                      June 30,      March 31,    December 31
                               ---------------------------------------------
                                          2014           2014           2013
                               ---------------------------------------------
                                   (unaudited)    (unaudited)    (unaudited)
                               ---------------------------------------------
ASSETS
Cash and cash equivalents              748,900        583,992        614,660
Other current assets                   643,471        605,414        622,771
Restricted cash - current                3,935          4,236          4,748
Restricted cash - long-term            499,108        498,898        497,984
Assets held for sale(1)                      -        144,000        176,247
Vessels and equipment                6,424,695      6,537,789      6,554,820
Advances on newbuilding
 contracts and conversion costs      1,403,850      1,060,919        796,324
Derivative assets                      131,983        128,692         92,837
Investment in equity accounted
 investees                             807,700        767,377        690,309
Investment in term loans                     -              -        211,579
Investment in direct financing
 leases                                774,026        722,034        727,262
Other assets                           348,314        310,011        291,723
Intangible assets                      101,157        104,453        107,898
Goodwill                               168,572        168,572        166,539
----------------------------------------------------------------------------
Total Assets                        12,055,711     11,636,387     11,555,701
----------------------------------------------------------------------------
----------------------------------------------------------------------------
LIABILITIES AND EQUITY
Accounts payable and accrued
 liabilities                           571,979        698,308        565,239
Liabilities associated with
 assets held for sale(1)                     -              -        168,007
Current portion of long-term
 debt                                  721,317      1,027,626      1,028,093
Long-term debt                       6,576,224      5,775,799      5,679,706
Derivative liabilities                 549,515        476,735        443,569
In-process revenue contracts           159,816        169,852        179,852
Other long-term liabilities            367,698        292,273        271,621
Redeemable non-controlling
 interest                               15,149         15,911         16,564
Equity:
 Non-controlling interests           2,009,585      2,034,379      2,071,262
 Stockholders of Teekay              1,084,428      1,145,504      1,131,788
----------------------------------------------------------------------------
Total Liabilities and Equity        12,055,711     11,636,387     11,555,701
----------------------------------------------------------------------------
----------------------------------------------------------------------------

(1) In connection with the 2014 sale of four conventional tanker owning
companies to TIL, the vessels and equipment, long-term debt and working
capital related to the four vessel-owning companies were classified as
"Assets held for sale" and "Liabilities associated with assets held for
sale" as at December 31, 2013.


----------------------------------------------------------------------------
----------------------------------------------------------------------------
                             TEEKAY CORPORATION
                SUMMARY CONSOLIDATED STATEMENTS OF CASH FLOWS
                       (in thousands of U.S. dollars)
----------------------------------------------------------------------------
----------------------------------------------------------------------------
                                                     Six Months Ended
                                              ------------------------------
                                                          June 30
                                              ------------------------------
                                                         2014           2013
                                              ------------------------------
                                                  (unaudited)    (unaudited)
                                              ------------------------------
Cash and cash equivalents provided by (used
 for)
OPERATING ACTIVITIES
----------------------------------------------------------------------------
Net operating cash flow                               201,529         66,824
----------------------------------------------------------------------------

FINANCING ACTIVITIES
Net proceeds from long-term debt                    1,872,259      1,163,917
Scheduled repayments of long-term debt              (616,912)      (234,187)
Prepayments of long-term debt                       (669,413)      (703,816)
(Increase) decrease in restricted cash                  (385)            465
Net proceeds from public offerings of Teekay
 LNG                                                        -          4,819
Net proceeds from public offerings of Teekay
 Offshore                                               7,475        207,582
Equity contribution by joint venture partner           22,017          1,684
Issuance of common stock upon exercise of
 stock options                                         44,372         16,582
Distribution from subsidiaries to non-
 controlling interests                              (155,567)      (125,728)
Cash dividends paid                                  (45,188)       (45,282)
----------------------------------------------------------------------------
Net financing cash flow                               458,658        286,036
----------------------------------------------------------------------------

INVESTING ACTIVITIES
Expenditures for vessels and equipment              (602,257)      (320,018)
Proceeds from sale of vessels and equipment           165,055         39,551
Investment in term loans                                4,814              -
Repayments by (advances to) joint ventures and
 joint venture partners                                 6,175       (41,452)
Investment in equity accounted investments           (50,648)      (136,413)
Investment in direct financing lease assets          (54,800)              -
Direct financing lease payments received and
 other                                                  5,714          6,187
----------------------------------------------------------------------------
Net investing cash flow                             (525,947)      (452,145)
----------------------------------------------------------------------------

Increase (decrease) in cash and cash
 equivalents                                          134,240       (99,285)
Cash and cash equivalents, beginning of the
 period                                               614,660        639,491
----------------------------------------------------------------------------
Cash and cash equivalents, end of the period          748,900        540,206
----------------------------------------------------------------------------
----------------------------------------------------------------------------

TEEKAY CORPORATION

APPENDIX A - SPECIFIC ITEMS AFFECTING NET (LOSS) INCOME

(in thousands of U.S. dollars, except per share data)

Set forth below is a reconciliation of the Company's unaudited adjusted net loss attributable to stockholders of Teekay, a non-GAAP financial measure, to net (loss) income attributable to stockholders of Teekay as determined in accordance with GAAP. The Company believes that, in addition to conventional measures prepared in accordance with GAAP, certain investors use this information to evaluate the Company's financial performance. The items below are also typically excluded by securities analysts in their published estimates of the Company's financial results. Adjusted net loss attributable to the stockholders of Teekay is intended to provide additional information and should not be considered a substitute for measures of performance prepared in accordance with GAAP.


----------------------------------------------------------------------------
----------------------------------------------------------------------------
                                     Three Months Ended   Six Months Ended
                                    ----------------------------------------
                                        June 30, 2014       June 30, 2014
                                    ----------------------------------------
                                         (unaudited)         (unaudited)
                                                   $ Per               $ Per
                                             $  Share(1)         $  Share(1)
----------------------------------------------------------------------------
Net (loss) income - GAAP basis        (15,447)              33,675
Adjust for: Net income attributable
 to non-controlling interests         (27,540)            (77,150)
----------------------------------------------------------------------------
Net loss attributable to
 stockholders of Teekay               (42,987)    (0.60)  (43,475)    (0.61)
  Add (subtract) specific items
   affecting net income:
  Unrealized losses from derivative
   instruments (2)                      46,676      0.65    65,058      0.91
  Foreign exchange loss (3)              1,903      0.03     2,652      0.04
  Restructuring charges (4)              (244)         -       395      0.01
  Net gain on sale of vessels and
   loan loss recoveries (5)           (12,136)    (0.17)  (11,974)    (0.17)
  Realized gain on termination of
   interest rate swap                        -         -   (1,000)    (0.01)
  Dilution gain on share issuance by
   TIL (6)                                   -         -   (4,108)    (0.06)
  Other (7)                            (2,116)    (0.03)   (3,703)    (0.05)
  Non-controlling interests' share
   of items above (8)                 (11,190)    (0.16)  (20,463)    (0.29)
----------------------------------------------------------------------------
Total adjustments                       22,893      0.32    26,857      0.38
----------------------------------------------------------------------------
Adjusted net loss attributable to
 stockholders of Teekay               (20,094)    (0.28)  (16,618)    (0.23)
----------------------------------------------------------------------------
----------------------------------------------------------------------------

(1) Fully diluted per share amounts.

(2) Reflects the unrealized gains or losses relating to the change in the
mark-to-market value of derivative instruments that are not designated as
hedges for accounting purposes, including those included in equity income
from joint ventures.

(3) Foreign currency exchange gains and losses primarily relate to the
Company's debt denominated in Euros and Norwegian Kroner in addition to the
unrealized gains and losses on cross currency swaps used to hedge the
principal and interest on the Norwegian Kroner bonds. Nearly all of the
Company's foreign currency exchange gains and losses are unrealized.

(4) Restructuring charges primarily relate to the reorganization of the
Company's marine operations.

(5) Relates to the net gain on sale of six vessels to TIL and the recovery
of FPSO FEED study costs previously provided for.

(6) Relates to the unrealized gain on the TIL stock purchase warrants issued
to the Company and Teekay Tankers in connection with TIL's formation and
initial funding.

(7) Other primarily relates to pre-operational costs and realized losses on
interest rate swaps for the Petrojarl Knarr FPSO and the Company's share of
the (gain) loss on sale of vessels in Exmar LPG BVBA joint venture.

(8) Items affecting net (loss) income include items from the Company's
wholly-owned subsidiaries, its consolidated non-wholly-owned subsidiaries
and its proportionate share of items from equity accounted for investments.
The specific items affecting net (loss) income are analyzed to determine
whether any of the amounts originated from a consolidated non-wholly-owned
subsidiary. Each amount that originates from a consolidated non-wholly-owned
subsidiary is multiplied by the non-controlling interests' percentage share
in this subsidiary to arrive at the non-controlling interests' share of the
amount. The amount identified as "Non-controlling interests' share of items
above" in the table above is the cumulative amount of the non-controlling
interests' proportionate share of items listed in the table.

TEEKAY CORPORATION

APPENDIX A - SPECIFIC ITEMS AFFECTING NET INCOME

(in thousands of U.S. dollars, except per share data)

Set forth below is a reconciliation of the Company's unaudited adjusted net loss attributable to stockholders of Teekay, a non-GAAP financial measure, to net income attributable to stockholders of Teekay as determined in accordance with GAAP. The Company believes that, in addition to conventional measures prepared in accordance with GAAP, certain investors use this information to evaluate the Company's financial performance. The items below are also typically excluded by securities analysts in their published estimates of the Company's financial results. Adjusted net loss attributable to the stockholders of Teekay is intended to provide additional information and should not be considered a substitute for measures of performance prepared in accordance with GAAP.


----------------------------------------------------------------------------
----------------------------------------------------------------------------
                                     Three Months Ended   Six Months Ended
                                    ----------------------------------------
                                        June 30, 2013       June 30, 2013
                                    ----------------------------------------
                                         (unaudited)         (unaudited)
                                                   $ Per               $ Per
                                             $  Share(1)         $  Share(1)
----------------------------------------------------------------------------
Net income - GAAP basis                 87,534             127,289
Adjust for: Net income attributable
 to non-controlling interests         (76,167)           (122,058)
----------------------------------------------------------------------------
Net income attributable to
 stockholders of Teekay                 11,367      0.16     5,231      0.07
  Add (subtract) specific items
   affecting net loss:
  Unrealized gains from derivative
   instruments (2)                   (106,244)    (1.49) (127,065)    (1.79)
  Foreign exchange gain (3)              (447)    (0.01)     (114)         -
  Asset impairments, net of loss
   (gain) on sale of vessels and
   equipment (4)                         5,701      0.07     8,898      0.13
  Restructuring charges(5)               1,789      0.03     3,843      0.05
  Other - net(6)                         4,899      0.07     7,302      0.10
  Non-controlling interests' share
   of items above(7)                    49,611      0.70    56,898      0.80
----------------------------------------------------------------------------
Total adjustments                     (44,691)    (0.63)  (50,238)    (0.71)
----------------------------------------------------------------------------
Adjusted net loss attributable to
 stockholders of Teekay               (33,324)    (0.47)  (45,007)    (0.63)
----------------------------------------------------------------------------
----------------------------------------------------------------------------

(1) Fully diluted per share amounts.

(2) Reflects the unrealized gains or losses relating to the change in the
mark-to-market value of derivative instruments that are not designated as
hedges for accounting purposes, including those included in equity income
from joint ventures, and the ineffective portion of foreign currency forward
contracts designated as hedges for accounting purposes.

(3) Foreign currency exchange gains and losses primarily relate to the
Company's debt denominated in Euros and Norwegian Kroner in addition to the
unrealized gains and losses on cross currency swaps used to hedge the
principal and interest on the Norwegian Kroner bonds. Nearly all of the
Company's foreign currency exchange gains and losses are unrealized.

(4) Relates to allowances provided against investments in term loans, gain
on sale of equipment, and loss on sale of a conventional tanker.

(5) Restructuring charges relate to the reorganization of the Company's
marine operations.

(6) Other primarily relates to recognition of unrealized loss on sale of
marketable securities, pension fund closure, and realized loss on foreign
exchange forward contracts relating to certain capital acquisition
expenditures.

(7) Items affecting net income (loss) include items from the Company's
wholly-owned subsidiaries, its consolidated non-wholly-owned subsidiaries
and its proportionate share of items from equity accounted for investments.
The specific items affecting net income (loss) are analyzed to determine
whether any of the amounts originated from a consolidated non-wholly-owned
subsidiary. Each amount that originates from a consolidated non-wholly-owned
subsidiary is multiplied by the non-controlling interests' percentage share
in this subsidiary to arrive at the non-controlling interests' share of the
amount. The amount identified as "non-controlling interests' share of items
listed above" in the table above is the cumulative amount of the non-
controlling interests' proportionate share of items listed in the table.


----------------------------------------------------------------------------
----------------------------------------------------------------------------
                             TEEKAY CORPORATION
               APPENDIX B - SUPPLEMENTAL FINANCIAL INFORMATION
                  SUMMARY BALANCE SHEET AS AT JUNE 30, 2014
                       (in thousands of U.S. dollars)
----------------------------------------------------------------------------
----------------------------------------------------------------------------
                                 (unaudited)

                                            Teekay       Teekay       Teekay
                                          Offshore          LNG      Tankers
                                     ---------------------------------------
ASSETS
Cash and cash equivalents                  251,561      121,658       21,764
Other current assets                       191,286       26,287       28,280
Restricted cash                                  -      498,400            -
Vessels and equipment                    2,931,060    1,761,411      841,013
Advances on newbuilding contracts and
 conversion costs                          114,087      117,778            -
Derivative assets                            6,455      118,755        4,026
Investment in equity accounted
 investees                                  58,338      649,703       35,975
Investment in direct financing leases       79,446      694,581            -
Other assets                                53,829      133,862       13,244
Advances to affiliates                      55,843       21,036       33,197
Equity investment in subsidiaries                -            -            -
Intangibles and goodwill                   137,568      127,755            -
                                     ---------------------------------------

TOTAL ASSETS                             3,879,473    4,271,226      977,499
                                     ---------------------------------------
                                     ---------------------------------------

LIABILITIES AND EQUITY
Accounts payable and accrued
 liabilities                               162,001       68,234       18,359
Advances from affiliates                    75,577       46,271        8,707
Current portion of long-term debt          339,087      227,312       51,959
Long-term debt                           2,204,394    2,142,317      557,439
Derivative liabilities                     217,817      256,493       22,900
In process revenue contracts                94,974        4,217            -
Other long-term liabilities                 27,441      130,946        5,444
Redeemable non-controlling interest         15,149            -            -
Equity:
  Non-controlling interests (1)             55,344       40,448            -
  Equity attributable to
   stockholders/unitholders of
   publicly-listed entities                687,689    1,354,988      312,691
                                     ---------------------------------------

TOTAL LIABILITIES AND EQUITY             3,879,473    4,271,226      977,499
                                     ---------------------------------------
                                     ---------------------------------------

NET DEBT(2)                              2,291,920    1,749,571      587,634
                                     ---------------------------------------
                                     ---------------------------------------

----------------------------------------------------------------------------
----------------------------------------------------------------------------
                             TEEKAY CORPORATION
               APPENDIX B - SUPPLEMENTAL FINANCIAL INFORMATION
                  SUMMARY BALANCE SHEET AS AT JUNE 30, 2014
                       (in thousands of U.S. dollars)
----------------------------------------------------------------------------
----------------------------------------------------------------------------
                                 (unaudited)

                                           Teekay  Consolidation
                                           Parent    Adjustments       Total
                                     ---------------------------------------
ASSETS
Cash and cash equivalents                 353,917              -     748,900
Other current assets                      397,618              -     643,471
Restricted cash                             4,643              -     503,043
Vessels and equipment                     891,211              -   6,424,695
Advances on newbuilding contracts and
 conversion costs                       1,171,985              -   1,403,850
Derivative assets                           2,747              -     131,983
Investment in equity accounted
 investees                                 73,384        (9,700)     807,700
Investment in direct financing leases         (1)              -     774,026
Other assets                              147,379              -     348,314
Advances to affiliates                  (110,076)              -           -
Equity investment in subsidiaries         433,915      (433,915)           -
Intangibles and goodwill                    4,406              -     269,729
                                     ---------------------------------------

TOTAL ASSETS                            3,371,128      (443,615)  12,055,711
                                     ---------------------------------------
                                     ---------------------------------------

LIABILITIES AND EQUITY
Accounts payable and accrued
 liabilities                              323,385              -     571,979
Advances from affiliates                (130,555)              -           -
Current portion of long-term debt         102,959              -     721,317
Long-term debt                          1,672,074              -   6,576,224
Derivative liabilities                     52,305              -     549,515
In process revenue contracts               60,625              -     159,816
Other long-term liabilities               203,867              -     367,698
Redeemable non-controlling interest             -              -      15,149
Equity:
  Non-controlling interests (1)             2,040      1,911,753   2,009,585
  Equity attributable to
   stockholders/unitholders of
   publicly-listed entities             1,084,428    (2,355,368)   1,084,428
                                     ---------------------------------------

TOTAL LIABILITIES AND EQUITY            3,371,128      (443,615)  12,055,711
                                     ---------------------------------------
                                     ---------------------------------------

NET DEBT(2)                             1,416,473              -   6,045,598
                                     ---------------------------------------
                                     ---------------------------------------

(1) Non-controlling interests in the Teekay Offshore and Teekay LNG columns
represent the respective joint venture partners' share of joint venture net
assets. Non-controlling interest in the Consolidation Adjustments column
represents the public's share of the net assets of Teekay's publicly-traded
subsidiaries.

(2) Net debt represents current and long-term debt less cash and, if
applicable, current and long-term restricted cash.


----------------------------------------------------------------------------
----------------------------------------------------------------------------
                             TEEKAY CORPORATION
               APPENDIX B - SUPPLEMENTAL FINANCIAL INFORMATION
 SUMMARY STATEMENT OF (LOSS) INCOME FOR THE THREE MONTHS ENDED JUNE 30, 2014
                       (in thousands of U.S. dollars)
----------------------------------------------------------------------------
----------------------------------------------------------------------------
                                 (unaudited)

                                  Teekay      Teekay      Teekay      Teekay
                                Offshore         LNG     Tankers      Parent
                            ------------------------------------------------

Revenues                         241,402     101,323      44,433      94,716
                            ------------------------------------------------

Voyage expenses                   26,256       1,167       3,612       3,919
Vessel operating expenses         88,184      24,320      23,585      65,625
Time-charter hire expense          4,975           -       1,112      32,654
Depreciation and
 amortization                     48,474      23,530      12,425      18,944
General and administrative        18,054       6,254       3,163       8,552
Loan loss recoveries                   -           -           -     (2,521)
(Gain) loss on sale of
 vessels and equipment                 -           -     (9,955)         340
Restructuring charges              (821)           -           -         577
                            ------------------------------------------------
Total operating expenses         185,122      55,271      33,942     128,090
                            ------------------------------------------------

Income (loss) from vessel
 operations                       56,280      46,052      10,491    (33,374)
                            ------------------------------------------------

Interest expense                (21,568)    (15,068)     (2,274)    (10,746)
Interest income                      190         572          60        (29)
Realized and unrealized
 losses on derivative
 instruments                    (38,144)    (16,335)     (3,614)    (17,238)
Income tax expense                 (182)       (375)        (39)     (2,597)
Equity income (loss)               2,388      32,924          15        (56)
Equity in earnings of
 subsidiaries (1)                      -           -           -      21,306
Foreign exchange (loss) gain     (2,836)        (66)        (37)         893
Other - net                           72         208        (13)     (1,001)
                            ------------------------------------------------
Net (loss) income                (3,800)      47,912       4,589    (42,842)
Less: Net income
 attributable to non-
 controlling interests (2)       (1,654)     (4,263)           -       (145)
                            ------------------------------------------------
Net (loss) income
 attributable to
stockholders/unitholders
of publicly-listed entities      (5,454)      43,649       4,589    (42,987)
                            ------------------------------------------------
                            ------------------------------------------------
CFVO - Consolidated(3)(4)        102,774      71,650      12,961    (23,277)
CFVO - Equity Investments(5)       7,135      50,894       1,278       1,011
CFVO - Total                     109,909     122,544      14,239    (22,266)
                            ------------------------------------------------
                            ------------------------------------------------

-------------------------------------------------------
-------------------------------------------------------
                   TEEKAY CORPORATION
    APPENDIX B - SUPPLEMENTAL FINANCIAL INFORMATION
SUMMARY STATEMENT OF (LOSS) INCOME FOR THE THREE MONTHS
                   ENDED JUNE 30, 2014
             (in thousands of U.S. dollars)
-------------------------------------------------------
-------------------------------------------------------
                      (unaudited)

                              Consolidation
                                Adjustments       Total
                            ---------------------------

Revenues                           (29,620)     452,254
                            ---------------------------

Voyage expenses                     (1,515)      33,439
Vessel operating expenses                 -     201,714
Time-charter hire expense          (29,027)       9,714
Depreciation and
 amortization                             -     103,373
General and administrative              922      36,945
Loan loss recoveries                      -     (2,521)
(Gain) loss on sale of
 vessels and equipment                    -     (9,615)
Restructuring charges                     -       (244)
                            ---------------------------
Total operating expenses           (29,620)     372,805
                            ---------------------------

Income (loss) from vessel
 operations                               -      79,449
                            ---------------------------

Interest expense                          -    (49,656)
Interest income                           -         793
Realized and unrealized
 losses on derivative
 instruments                              -    (75,331)
Income tax expense                        -     (3,193)
Equity income (loss)                      -      35,271
Equity in earnings of
 subsidiaries (1)                  (21,306)           -
Foreign exchange (loss) gain              -     (2,046)
Other - net                               -       (734)
                            ---------------------------
Net (loss) income                  (21,306)    (15,447)
Less: Net income
 attributable to non-
 controlling interests (2)         (21,478)    (27,540)
                            ---------------------------
Net (loss) income
 attributable to
stockholders/unitholders
of publicly-listed entities        (42,784)    (42,987)
                            ---------------------------
                            ---------------------------
CFVO - Consolidated(3)(4)                 -     164,108
CFVO - Equity Investments(5)              -      60,318
CFVO - Total                              -     224,426
                            ---------------------------
                            ---------------------------

(1) Teekay Corporation's proportionate share of the net earnings of its
publicly-traded subsidiaries.

(2) Net (income) loss attributable to non-controlling interests in the
Teekay Offshore and Teekay LNG columns represent the joint venture partners'
share of the net income (loss) of their respective joint ventures. Net
(income) loss attributable to non-controlling interest in the Consolidation
Adjustments column represents the public's share of the net income (loss) of
Teekay's publicly-traded subsidiaries.

(3) Cash flow from vessel operations (CFVO) represents income from vessel
operations before depreciation and amortization expense, amortization of in-
process revenue contracts, vessel write downs, gains and losses on the sale
of vessels, adjustments for direct financing leases to a cash basis, and
unrealized gains and losses relating to derivatives, but includes realized
gains and losses on the settlement of foreign currency forward contracts.
CFVO - Consolidated represents CFVO from vessels that are consolidated on
the Company's financial statements. Cash flow from vessel operations is a
non-GAAP financial measure used by certain investors to measure the
financial performance of shipping companies. Please see Appendix C and
Appendix E to this release for a reconciliation of this non-GAAP measure as
used in this release to the most directly comparable GAAP financial measure.

(4) In addition to the CFVO generated by its directly owned and chartered-in
assets, Teekay Parent also receives cash dividends and distributions from
its publicly-traded subsidiaries. For the three months ended June 30, 2014,
Teekay Parent received cash dividends and distributions from these
subsidiaries totaling $43.7 million. The dividends and distributions
received by Teekay Parent include, among others, those made with respect to
its general partner interests in Teekay Offshore and Teekay LNG. Please
refer to Appendix D to this release for further details.

(5) CFVO - Equity Investments represents the Company's proportionate share
of CFVO from its equity accounted vessels and other investments. Please see
Appendix C and Appendix E to this release for a reconciliation of this non-
GAAP measure as used in this release to the most directly comparable GAAP
financial measure.


----------------------------------------------------------------------------
----------------------------------------------------------------------------
                             TEEKAY CORPORATION
               APPENDIX B - SUPPLEMENTAL FINANCIAL INFORMATION
  SUMMARY STATEMENT OF INCOME (LOSS) FOR THE SIX MONTHS ENDED JUNE 30, 2014
                       (in thousands of U.S. dollars)
----------------------------------------------------------------------------
----------------------------------------------------------------------------
                                 (unaudited)

                                  Teekay      Teekay      Teekay      Teekay
                                Offshore         LNG     Tankers      Parent
                            ------------------------------------------------

Revenues                         500,636     202,813     106,192     207,221
                            ------------------------------------------------

Voyage expenses                   59,710       2,500       5,051       4,675
Vessel operating expenses        176,314      48,576      46,379     131,631
Time-charter hire expense         16,387           -       2,164      63,930
Depreciation and
 amortization                     96,962      47,640      24,927      37,302
General and administrative        32,903      12,662       6,355      21,057
Asset impairments and
 provisions                            -           -           -     (2,521)
(Gain) loss on sale of
 vessels and equipment                 -           -     (9,955)         502
Restructuring charges              (262)           -           -         657
                            ------------------------------------------------
Total operating expenses         382,014     111,378      74,921     257,233
                            ------------------------------------------------

Income (loss) from vessel
 operations                      118,622      91,435      31,271    (50,012)
                            ------------------------------------------------

Interest expense                (40,488)    (29,899)     (4,621)    (23,981)
Interest income                      367       1,220         198         791
Realized and unrealized
 losses on derivative
 instruments                    (74,776)    (23,856)     (1,970)    (21,977)
Income tax expense               (1,445)       (770)        (94)     (3,682)
Equity income                      6,091      53,297       2,609         768
Equity in earnings of
 subsidiaries (1)                      -           -           -      50,288
Foreign exchange (loss) gain     (3,611)       (845)        (15)       1,531
Other - net                          462         426       3,643       2,986
                            ------------------------------------------------
Net income (loss)                  5,222      91,008      31,021    (43,288)
Less: Net income
 attributable to non-
 controlling interests (2)       (3,333)     (9,113)           -       (187)
                            ------------------------------------------------
Net income (loss)
 attributable to
 stockholders/unitholders of
 publicly-listed entities          1,889      81,895      31,021    (43,475)
                            ------------------------------------------------
                            ------------------------------------------------
CFVO - Consolidated(3)(4)        210,923     143,084      46,243    (28,763)
CFVO - Equity Investments(5)      15,082      99,034       2,701       1,152
CFVO - Total                     226,005     242,118      48,944    (27,611)
                            ------------------------------------------------
                            ------------------------------------------------

-------------------------------------------------------
-------------------------------------------------------
                   TEEKAY CORPORATION
    APPENDIX B - SUPPLEMENTAL FINANCIAL INFORMATION
 SUMMARY STATEMENT OF INCOME (LOSS) FOR THE SIX MONTHS
                   ENDED JUNE 30, 2014
             (in thousands of U.S. dollars)
-------------------------------------------------------
-------------------------------------------------------
                      (unaudited)

                              Consolidation
                                Adjustments       Total
                            ---------------------------

Revenues                           (58,114)     958,748
                            ---------------------------

Voyage expenses                     (3,485)      68,451
Vessel operating expenses                 -     402,900
Time-charter hire expense          (56,475)      26,006
Depreciation and
 amortization                             -     206,831
General and administrative            1,846      74,823
Asset impairments and
 provisions                               -     (2,521)
(Gain) loss on sale of
 vessels and equipment                    -     (9,453)
Restructuring charges                     -         395
                            ---------------------------
Total operating expenses           (58,114)     767,432
                            ---------------------------

Income (loss) from vessel
 operations                               -     191,316
                            ---------------------------

Interest expense                          -    (98,989)
Interest income                           -       2,576
Realized and unrealized
 losses on derivative
 instruments                              -   (122,579)
Income tax expense                        -     (5,991)
Equity income                             -      62,765
Equity in earnings of
 subsidiaries (1)                  (50,288)           -
Foreign exchange (loss) gain              -     (2,940)
Other - net                               -       7,517
                            ---------------------------
Net income (loss)                  (50,288)      33,675
Less: Net income
 attributable to non-
 controlling interests (2)         (64,517)    (77,150)
                            ---------------------------
Net income (loss)
 attributable to
 stockholders/unitholders of
 publicly-listed entities         (114,805)    (43,475)
                            ---------------------------
                            ---------------------------
CFVO - Consolidated(3)(4)                 -     371,487
CFVO - Equity Investments(5)              -     117,969
CFVO - Total                              -     489,456
                            ---------------------------
                            ---------------------------

(1) Teekay Corporation's proportionate share of the net earnings of its
publicly-traded subsidiaries.

(2) Net (income) loss attributable to non-controlling interests in the
Teekay Offshore and Teekay LNG columns represent the joint venture partners'
share of the net income (loss) of their respective joint ventures. Net
(income) loss attributable to non-controlling interest in the Consolidation
Adjustments column represents the public's share of the net income (loss) of
Teekay's publicly-traded subsidiaries.

(3) Cash flow from vessel operations (CFVO) represents income from vessel
operations before depreciation and amortization expense, amortization of in-
process revenue contracts, vessel write downs, gains or losses on the sale
of vessels, adjustments for direct financing leases to a cash basis, and
unrealized gains and losses relating to derivatives, but includes realized
gains and losses on the settlement of foreign currency forward contracts.
CFVO - Consolidated represents CFVO from vessels that are consolidated on
the Company's financial statements. Cash flow from vessel operations is a
non-GAAP financial measure used by certain investors to measure the
financial performance of shipping companies. Please see Appendix C and
Appendix E to this release for a reconciliation of this non-GAAP financial
measure as used in this release to the most directly comparable GAAP
financial measure.

(4) In addition to Teekay Parent's CFVO, Teekay Parent also receives cash
dividends and distributions from its publicly-traded subsidiaries. For the
six months ended June 30, 2014, Teekay Parent received cash dividends and
distributions from these subsidiaries totaling $87.0 million. The dividends
and distributions received by Teekay Parent include, among others, those
made with respect to its general partner interests in Teekay Offshore and
Teekay LNG. Please refer to Appendix D to this release for further details.

(5) CFVO - Equity investments represents the Company's proportionate share
of CFVO from its equity accounted vessels and other investments. Please see
Appendix C and Appendix E to this release for a reconciliation of this non-
GAAP measure as used in this release to the most directly comparable GAAP
measure.

TEEKAY CORPORATION

APPENDIX C - SUPPLEMENTAL FINANCIAL INFORMATION

TEEKAY PARENT SUMMARY OPERATING RESULTS

FOR THE THREE MONTHS ENDED JUNE 30, 2014

(in thousands of U.S. dollars)

(unaudited)

Set forth below is a reconciliation of unaudited cash flow from vessel operations, a non-GAAP financial measure, to (loss) income from vessel operations as determined in accordance with GAAP, for Teekay Parent's primary operating segments. The Company believes that, in addition to conventional measures prepared in accordance with GAAP, certain investors use this information to evaluate Teekay Parent's financial performance. Disaggregated cash flow from vessel operations for Teekay Parent, as provided below, is intended to provide additional information and should not be considered a substitute for measures of performance prepared in accordance with GAAP.



----------------------------------------------------------------------------
----------------------------------------------------------------------------

                            Owned In-Chartered                        Teekay
                     Conventional Conventional                        Parent
                          Tankers      Tankers     FPSOs Other (1)     Total
                     -------------------------------------------------------

Revenues                    5,222       17,041    47,170    25,283    94,716

Voyage expenses             3,200          686         -        33     3,919
Vessel operating
 expenses                     989        5,643    51,832     7,161    65,625
Time-charter hire
 expense                        -       14,710     6,006    11,938    32,654
Depreciation and
 amortization                 710            -    17,746       488    18,944
General and
 administrative               144          820     5,826     3,362    10,152
Success fee from
 daughter                       -            -         -   (1,600)   (1,600)
Loan loss
 recoveries(2)                  -            -   (2,521)         -   (2,521)
Loss on sale of
 vessels and
 equipment (2)                340            -         -         -       340
Restructuring charges           -            -         -       577       577
                     -------------------------------------------------------
Total operating
 expenses                   5,383       21,859    78,889    21,959   128,090
                     -------------------------------------------------------

(Loss) income from
 vessel operations          (161)      (4,818)  (31,719)     3,324  (33,374)
                     -------------------------------------------------------

Reconciliation of (loss) income from vessel operations to cash flow from
 vessel operations

(Loss) income from
 vessel operations          (161)      (4,818)  (31,719)     3,324  (33,374)
Depreciation and
 amortization                 710            -    17,746       488    18,944
Loan loss
 recoveries(2)                  -            -   (2,521)         -   (2,521)
Loss on sale of
 vessels and
 equipment (2)                340            -         -         -       340
Amortization of in-
 process revenue
 contracts and other            -            -   (6,580)         -   (6,580)
Realized losses from
 the settlements of
 non-designated
 derivative
 instruments                 (34)            -      (52)         -      (86)
                     -------------------------------------------------------
CFVO -
 Consolidated(3)(4)           855      (4,818)  (23,126)     3,812  (23,277)
CFVO - Equity(5)              859            -       211      (59)     1,011
                     -------------------------------------------------------
CFVO - Total                1,714      (4,818)  (22,915)     3,753  (22,266)
                     -------------------------------------------------------
                     -------------------------------------------------------

(1) Includes results of two chartered-in LNG carriers owned by Teekay LNG
and one chartered-in FSO unit owned by Teekay Offshore, fees earned from
managing TIL vessel transactions of $4.0 million included in revenues, and a
one-time $1.6 million success fee payment received from Teekay Offshore upon
the acquisition of ALP Maritime Services B.V. in March 2014.

(2) Teekay Parent recognized a loss on sale of four conventional tankers to
TIL and a recovery of a receivable for an FPSO front-end engineering and
design study which had previously been provided for.

(3) Cash flow from vessel operations (CFVO) represents income from vessel
operations before depreciation and amortization expense, amortization of in-
process revenue contracts, vessel write downs, gains and losses on the sale
of vessels, adjustments for direct financing leases to a cash basis, and
unrealized gains and losses relating to derivatives, but includes realized
gains and losses on the settlement of foreign currency forward contracts.
CFVO - Consolidated represents Teekay Parent's CFVO from vessels that are
consolidated on the Company's financial statements. Cash flow from vessel
operations is a non-GAAP financial measure used by certain investors to
measure the financial performance of shipping companies. Please see Appendix
E to this release for a reconciliation of this non-GAAP measure as used in
this release to the most directly comparable GAAP financial measure.

(4) In addition to the CFVO generated by its directly owned and chartered-in
assets, Teekay Parent also receives cash dividends and distributions from
its publicly-traded subsidiaries. For the three months ended June 30, 2014,
Teekay Parent received cash dividends and distributions from these
subsidiaries totaling $43.7 million. The dividends and distributions
received by Teekay Parent include, among others, those made with respect to
its general partner interests in Teekay Offshore and Teekay LNG. Please
refer to Appendix D to this release for further details.

(5) CFVO - Equity Investments represents Teekay Parent's proportionate share
of CFVO from its equity accounted vessels and other investments. Please see
Appendix E to this release for a reconciliation of this non-GAAP measure as
used in this release to the most directly comparable GAAP financial measure.

TEEKAY CORPORATION

APPENDIX C - SUPPLEMENTAL FINANCIAL INFORMATION

TEEKAY PARENT SUMMARY OPERATING RESULTS

FOR THE SIX MONTHS ENDED JUNE 30, 2014

(in thousands of U.S. dollars)

(unaudited)

Set forth below is a reconciliation of unaudited cash flow from vessel operations, a non-GAAP financial measure, to income (loss) from vessel operations as determined in accordance with GAAP, for Teekay Parent's primary operating segments. The Company believes that, in addition to conventional measures prepared in accordance with GAAP, certain investors use this information to evaluate Teekay Parent's financial performance. Disaggregated cash flow from vessel operations for Teekay Parent, as provided below, is intended to provide additional information and should not be considered a substitute for measures of performance prepared in accordance with GAAP.



----------------------------------------------------------------------------
----------------------------------------------------------------------------

                            Owned In-Chartered                        Teekay
                     Conventional Conventional                        Parent
                          Tankers      Tankers     FPSOs Other (1)     Total
                     -------------------------------------------------------

Revenues                   13,187       33,847   106,553    53,634   207,221

Voyage expenses             3,673          958         -        44     4,675
Vessel operating
 expenses                   3,342       11,049   104,923    12,317   131,631
Time-charter hire
 expense                        -       27,922    13,372    22,636    63,930
Depreciation and
 amortization                 790            -    36,081       431    37,302
General and
 administrative               531        1,555    11,551     9,020    22,657
Success fee from
 daughter                       -            -         -   (1,600)   (1,600)
Loan loss
 recoveries(2)                  -            -   (2,521)         -   (2,521)
Loss on sale of
 vessels and
 equipment(2)                 502            -         -         -       502
Restructuring charges           -            -         -       657       657
                     -------------------------------------------------------
Total operating
 expenses                   8,838       41,484   163,406    43,505   257,233
                     -------------------------------------------------------

                     -------------------------------------------------------
Income (loss) from
 vessel operations          4,349      (7,637)  (56,853)    10,129  (50,012)
                     -------------------------------------------------------

Reconciliation of income (loss) from vessel operations to cash flow from
 vessel operations

Income (loss) from
 vessel operations          4,349      (7,637)  (56,853)    10,129  (50,012)
Depreciation and
 amortization                 790            -    36,081       431    37,302
Loan loss
 recoveries(2)                  -            -   (2,521)         -   (2,521)
Loss on sale of
 vessels and
 equipment(2)                 502            -         -         -       502
Amortization of in-
 process revenue
 contracts and other            -            -  (13,160)         -  (13,160)
Realized losses from
 the settlements of
 non-designated
 derivative
 instruments                (296)            -     (578)         -     (874)
                     -------------------------------------------------------
CFVO -
 Consolidated(3)(4)         5,345      (7,637)  (37,031)    10,560  (28,763)
CFVO - Equity(5)            1,705            -     (640)        87     1,152
                     -------------------------------------------------------
CFVO - Total                7,050      (7,637)  (37,671)    10,647  (27,611)
                     -------------------------------------------------------
                     -------------------------------------------------------

(1) Includes the results of two chartered-in LNG carriers owned by Teekay
LNG and one chartered-in FSO unit owned by Teekay Offshore, interest income
received from an investment in term loan, fees earned from managing TIL
vessel transactions of $4.0 million included in revenues, and a one-time
$1.6 million success fee payment received from Teekay Offshore upon the
acquisition of ALP Maritime Services B.V. in March 2014.

(2) Teekay Parent recognized a loss relating to the sale of four
conventional tankers to TIL and a recovery of a receivable for an FPSO
front-end engineering and design study which had previously been provided
for.

(3) Cash flow from vessel operations (CFVO) represents income from vessel
operations before depreciation and amortization expense, amortization of in-
process revenue contracts, vessel write downs, gains and losses on the sale
of vessels, adjustments for direct financing leases to a cash basis, and
unrealized gains and losses relating to derivatives, but includes realized
gains and losses on the settlement of foreign currency forward contracts.
CFVO - Consolidated represents Teekay Parent's CFVO from vessels that are
consolidated on the Company's financial statements. Cash flow from vessel
operations is a non-GAAP financial measure used by certain investors to
measure the financial performance of shipping companies. Please see Appendix
E to this release for a reconciliation of this non-GAAP measure as used in
this release to the most directly comparable GAAP financial measure.

(4) In addition to the CFVO generated by its directly owned and chartered-in
assets, Teekay Parent also receives cash dividends and distributions from
its publicly-traded subsidiaries. For the six months ended June 30, 2014,
Teekay Parent received cash dividends and distributions from these
subsidiaries totaling $87.0 million. The dividends and distributions
received by Teekay Parent include, among others, those made with respect to
its general partner interests in Teekay Offshore and Teekay LNG. Please
refer to Appendix D to this release for further details.

(5) CFVO - Equity Investments represents Teekay Parent's proportionate share
of CFVO from its equity accounted vessels and other investments. Please see
Appendix E to this release for a reconciliation of this non-GAAP measure as
used in this release to the most directly comparable GAAP financial measure.

TEEKAY CORPORATION

APPENDIX D - SUPPLEMENTAL FINANCIAL INFORMATION

TEEKAY PARENT FREE CASH FLOW

(in thousands of U.S. dollars)

(unaudited)

Set forth below is an unaudited calculation of Teekay Parent free cash flow for the three months ended June 30, 2014, March 31, 2014, December 31, 2013, September 30, 2013, and June 30, 2013. The Company defines free cash flow, a non-GAAP financial measure, as cash flow from vessel operations attributed to its directly-owned and in-chartered assets, distributions received as a result of ownership interests in its publicly-traded subsidiaries (Teekay LNG, Teekay Offshore, and Teekay Tankers), net of interest expense and drydock expenditures in the respective period. For a reconciliation of Teekay Parent cash flow from vessel operations for the three months ended June 30, 2014 to the most directly comparable financial measure under GAAP, please refer to Appendix C to this release. For a reconciliation of Teekay Parent cash flow from vessel operations to the most directly comparable GAAP financial measure for the three months ended March 31, 2014, December 31, 2013, September 30, 2013, and June 30, 2013, please see Appendix E to this release. Teekay Parent free cash flow, as provided below, is intended to provide additional information and should not be considered a substitute for measures of performance prepared in accordance with GAAP.



                                          Three Months Ended
                          --------------------------------------------------
                                                December September
                            June 30, March 31,       31,       30,  June 30,
                          --------------------------------------------------
                                2014      2014      2013      2013      2013
                          --------------------------------------------------
Teekay Parent cash flow
 from vessel operations
 (1)
Owned Conventional Tankers       855     4,490       232       883     (380)
In-Chartered Conventional
 Tankers (2)                 (4,818)   (2,819)   (9,292)   (8,672)  (18,436)
FPSOs                       (23,126)  (13,906)   (4,932)  (24,214)  (13,407)
Other                          3,812     6,750   (2,959)   (2,528)   (3,337)
                          --------------------------------------------------
Total                       (23,277)   (5,486)  (16,951)  (34,531)  (35,560)
Daughter company
 distributions to Teekay
 Parent (3)
Common shares/units (4)
Teekay LNG Partners           17,439    17,439    17,439    17,016    17,016
Teekay Offshore Partners      12,819    12,819    12,819    12,507    12,507
Teekay Tankers (5)               629       629       629       629       629
                          --------------------------------------------------
Total                         30,887    30,887    30,887    30,152    30,152
General partner interest
Teekay LNG Partners            7,883     7,568     7,566     6,320     5,946
Teekay Offshore Partners       4,880     4,868     4,867     3,671     3,671
                          --------------------------------------------------
Total                         12,763    12,436    12,433     9,991     9,617
Total Teekay Parent cash
 flow before interest and
 dry dock expenditures        20,373    37,837    26,369     5,612     4,209
Less:
Net interest expense (6)    (15,015)  (16,151)  (12,039)  (16,576)  (17,017)
Dry dock expenditures          (378)     (549)   (2,056)     (607)         -
                          --------------------------------------------------
TOTAL TEEKAY PARENT FREE
 CASH FLOW                     4,980    21,137    12,274  (11,571)  (12,808)
                          --------------------------------------------------
                          --------------------------------------------------

(1) Cash flow from vessel operations (CFVO) represents income from vessel
operations before depreciation and amortization expense, vessel/goodwill
write downs, gains or losses on the sale of vessels, adjustments for direct
financing leases to a cash basis, and unrealized gains and losses relating
to derivatives, but includes realized gains and losses on the settlement of
foreign currency forward contracts. CFVO is a non-GAAP financial measure
used by certain investors to measure the financial performance of shipping
companies. For further details for the three months ended June 30, 2014,
including a reconciliation of this non-GAAP financial measure to the most
directly comparable GAAP financial measure, please refer to Appendix C to
this release; for a reconciliation of this non-GAAP financial measure to the
most directly comparable GAAP financial measure for the three months ended
March 31, 2014, December 31, 2013, September 30, 2013, and June 30, 2013,
please refer to Appendix E to this release.

(2) Includes charter termination fees of $4.5 million paid to Teekay
Offshore during the three months ended June 30, 2013.

(3) Cash dividend and distribution cash flows are shown on an accrual basis
for dividends and distributions declared for the respective period.

(4) Common share/unit dividend/distribution cash flows to Teekay Parent are
based on Teekay Parent's ownership on the ex-dividend date for the
respective publicly traded subsidiary and period as follows:


                                      Three Months Ended
                  ----------------------------------------------------------
                                              December   September
                      June 30,   March 31,         31,         30,  June 30,
                  ----------------------------------------------------------
                          2014        2014        2013        2013      2013
                  ----------------------------------------------------------

Teekay LNG
 Partners
Distribution per
 common unit     $    0.6918 $    0.6918 $    0.6918 $    0.6750 $    0.6750
Common units
 owned by Teekay
 Parent           25,208,274  25,208,274  25,208,274  25,208,274  25,208,274
                ------------------------------------------------------------
Total
 distribution    $17,439,084 $17,439,084 $17,439,084 $17,015,585 $17,015,585
Teekay Offshore
 Partners
Distribution per
 common unit     $    0.5384 $    0.5384 $    0.5384 $    0.5253 $    0.5253
Common units
 owned by Teekay
 Parent           23,809,468  23,809,468  23,809,468  23,809,468  23,809,468
                ------------------------------------------------------------
Total
 distribution    $12,819,018 $12,819,018 $12,819,018 $12,507,114 $12,507,114
Teekay Tankers
 Ltd.
Dividend per
 share           $      0.03 $      0.03 $      0.03 $      0.03 $      0.03
Shares owned by
 Teekay Parent
 (5)              20,976,530  20,976,530  20,976,530  20,976,530  20,976,530
                ------------------------------------------------------------
Total dividend   $   629,296 $   629,296 $   629,296 $   629,296 $   629,296

(5) Includes Class A and Class B shareholdings.

(6) Net interest expense is a non-GAAP financial measure that includes
realized gains and losses on interest rate swaps. Please see Appendix E to
this release for a reconciliation of this non-GAAP measure as used in this
release to the most directly comparable GAAP financial measure.

TEEKAY CORPORATION

APPENDIX E - RECONCILIATION OF NON-GAAP FINANCIAL MEASURES

CASH FLOW FROM VESSEL OPERATIONS - CONSOLIDATED

(in thousands of U.S. dollars)

(unaudited)

Set forth below is an unaudited calculation of consolidated CFVO for the three months ended June 30, 2014 and June 30, 2013. CFVO, a non-GAAP financial measure, represents income from vessel operations before depreciation and amortization expense, amortization of in-process revenue contracts, vessel write-downs, gains or losses on the sale of vessels and unrealized gains or losses relating to derivatives but includes realized gains or losses on the settlement of foreign exchange forward contracts. CFVO is included because certain investors use this data to measure a company's financial performance. CFVO is not required by GAAP and should not be considered as an alternative to net income or any other indicator of the Company's performance required by GAAP.



                               Three Months Ended June 30, 2014
                 -----------------------------------------------------------
                                         (unaudited)
                 -----------------------------------------------------------
                      Teekay                                          Teekay
                    Offshore  Teekay LNG       Teekay    Teekay  Corporation
                 Partners LP Partners LP Tankers Ltd.    Parent Consolidated
----------------------------------------------------------------------------
Income (loss)
 from vessel
 operations           56,280      46,052       10,491  (33,374)       79,449
Depreciation and
 amortization         48,474      23,530       12,425    18,944      103,373

Amortization of
 in process
 revenue
 contracts and
 other               (3,177)     (2,188)            -   (6,580)     (11,945)

Realized gains
 (losses) from
 the settlements
 of non
 designated
 derivative
 instruments             196           -            -      (86)          110
Loan loss
 recoveries                -           -            -   (2,521)      (2,521)
(Gain) loss on
 sale of vessels
 and equipment             -           -      (9,955)       340      (9,615)
Cash flow from
 time-charter
 contracts, net
 of revenue
 accounted for as
 direct finance
 leases                1,001       4,256            -         -        5,257
----------------------------------------------------------------------------
Cash flow from
 vessel
 operations -
 Consolidated        102,774      71,650       12,961  (23,277)      164,108
----------------------------------------------------------------------------
----------------------------------------------------------------------------


                               Three Months Ended June 30, 2013
                 -----------------------------------------------------------
                                         (unaudited)
                 -----------------------------------------------------------
                      Teekay
                    Offshore                                          Teekay
                 Partners LP  Teekay LNG       Teekay    Teekay  Corporation
                         (1) Partners LP Tankers Ltd.    Parent Consolidated
----------------------------------------------------------------------------

Income (loss)
 from vessel
 operations           34,355      40,681      (5,534)  (40,125)       29,377
Depreciation and
 amortization         50,662      25,156       11,921    22,030      109,769
Amortization of
 in process
 revenue
 contracts and
 other               (3,122)     (1,998)        (240)  (11,184)     (16,544)
Unrealized losses
 from the change
 in fair value of
 designated
 derivative
 instruments               -           -            -        38           38
Realized gains
 (losses) from
 the settlements
 of non
 designated
 derivative
 instruments             218           -            -     (228)         (10)
Asset impairments
 / net loss
 (gain) on vessel
 sales                 7,782           -        4,511   (6,592)        5,701
Cash flow from
 time-charter
 contracts, net
 of revenue
 accounted for as
 direct finance
 leases                  821       1,634            -         -        2,455
Dropdown
 predecessor cash
 flow                  (501)           -            -       501            -
----------------------------------------------------------------------------
Cash flow from
 vessel
 operations -
 Consolidated(2)      90,215      65,473       10,658  (35,560)      130,786
----------------------------------------------------------------------------
----------------------------------------------------------------------------

(1) The results of Teekay Offshore include the results from both continuing
and discontinued operations.

(2) Excludes the cash flow from vessel operations relating to assets
acquired from Teekay Parent for the periods prior to their acquisition by
Teekay Offshore, Teekay LNG and Teekay Tankers, respectively, as those
results are included in the historical results for Teekay Parent.

TEEKAY CORPORATION

APPENDIX E - RECONCILIATION OF NON-GAAP FINANCIAL MEASURES

CASH FLOW FROM VESSEL OPERATIONS - EQUITY ACCOUNTED VESSELS

(in thousands of U.S. dollars)

(unaudited)

Set forth below is an unaudited calculation of cash flow from vessel operations for equity accounted vessels for the three months ended June 30, 2014 and June 30, 2013. CFVO, a non-GAAP financial measure, represents income from vessel operations before depreciation and amortization expense, amortization of in-process revenue contracts, vessel write-downs, gains or losses on the sale of vessels and unrealized gains or losses relating to derivatives but includes realized gains or losses on the settlement of foreign exchange forward contracts. CFVO from equity accounted vessels represents the Company's proportionate share of CFVO from its equity accounted vessels and other investments. CFVO is included because certain investors use this data to measure a company's financial performance. CFVO is not required by GAAP and should not be considered as an alternative to net income or any other indicator of the Company's performance required by GAAP.



                               Three Months Ended      Three Months Ended
                                  June 30, 2014           June 30, 2013
                            ------------------------------------------------
                                   (unaudited)             (unaudited)
                            ------------------------------------------------
                                      At   Company's          At   Company's
                                    100%  Portion(1)        100%  Portion(2)
----------------------------------------------------------------------------

Revenues                         237,518     104,804     216,205     100,768
Vessel and other operating
 expenses                        109,616      45,244      97,542      46,231
Depreciation and
 amortization                     33,902      15,805      23,838      12,102
Gain on sale of vessels         (19,543)     (9,772)           -           -
----------------------------------------------------------------------------
Income from vessel
 operations of equity
 accounted vessels               113,543      53,527      94,825      42,435
----------------------------------------------------------------------------
----------------------------------------------------------------------------
Interest expense                (23,839)    (10,547)    (17,488)     (7,960)
Realized and unrealized gain
 (loss) on derivative
 instruments                    (20,239)     (7,237)      32,774      11,967
Other income - net                 (815)       (472)       1,683         930
----------------------------------------------------------------------------
Other items                     (44,893)    (18,256)      16,969       4,937
----------------------------------------------------------------------------
----------------------------------------------------------------------------
Net income / equity income
 of equity accounted vessels      68,650      35,271     111,794      47,372
----------------------------------------------------------------------------
----------------------------------------------------------------------------
Income from vessel
 operations of equity
 accounted vessels               113,543      53,527      94,825      42,435
Depreciation and
 amortization                     33,902      15,805      23,838      12,102
Gain on sale of vessels         (19,543)     (9,772)           -           -
Cash flow from time-charter
 contracts net of revenue
 accounted for as direct
 finance lease                     7,697       2,792       7,161       2,603
Amortization of in-process
 revenue contracts and other     (4,002)     (2,034)     (8,386)     (4,297)
----------------------------------------------------------------------------
----------------------------------------------------------------------------

Cash flow from vessel
 operations of equity
 accounted vessels(3)            131,597      60,318     117,438      52,843
----------------------------------------------------------------------------
----------------------------------------------------------------------------

(1) The Company's proportionate share of its equity accounted vessels and
other investments ranges from 13 percent to 52 percent.

(2) The Company's proportionate share of its equity accounted vessels and
other investments ranges from 33 percent to 52 percent.

(3) CFVO from equity accounted vessels represents the Company's
proportionate share of CFVO from its equity accounted vessels and other
investments.

TEEKAY CORPORATION

APPENDIX E - RECONCILIATION OF NON-GAAP MEASURES

CASH FLOW FROM VESSEL OPERATIONS - TEEKAY PARENT

(in thousands of U.S. dollars)

(unaudited)

Set forth below is an unaudited calculation of Teekay Parent cash flow from vessel operations for the three months ended March 31, 2014, December 31, 2013, September 30, 2013, and June 30, 2013. CFVO, a non-GAAP financial measure, represents income from vessel operations before depreciation and amortization expense, amortization of in-process revenue contracts, vessel write-downs, gains or losses on the sale of vessels and unrealized gains or losses relating to derivatives but includes realized gains or losses on the settlement of foreign exchange forward contracts. CFVO is included because certain investors use this data to measure a company's financial performance. CFVO is not required by GAAP and should not be considered as an alternative to net income or any other indicator of the Company's performance required by GAAP.


                                Three Months Ended March 31, 2014
                     -------------------------------------------------------
                                           (unaudited)
                     -------------------------------------------------------
                            Owned In-chartered                        Teekay
                     Conventional Conventional                        Parent
                          Tankers      Tankers     FPSOs     Other     Total
----------------------------------------------------------------------------

Teekay Parent income
 (loss) from vessel
 operations                 4,510      (2,819)  (25,135)     6,807  (16,638)
Depreciation and
 amortization                  80            -    18,335      (57)    18,358
Loss on sale of
 vessels and
 equipment                    162            -         -         -       162
Amortization of in
 process revenue
 contracts and other            -            -   (6,580)         -   (6,580)
Realized losses from
 the settlements of
 non-designated
 foreign derivative
 instruments                (262)            -     (526)         -     (788)
----------------------------------------------------------------------------
Cash flow from vessel
 operations -
Teekay Parent               4,490      (2,819)  (13,906)     6,750   (5,486)
----------------------------------------------------------------------------
----------------------------------------------------------------------------


                               Three Months Ended December 31, 2013
                     -------------------------------------------------------
                                           (unaudited)
                     -------------------------------------------------------
                            Owned In-chartered                        Teekay
                     Conventional Conventional                        Parent
                          Tankers      Tankers     FPSOs     Other     Total
----------------------------------------------------------------------------

Teekay Parent (loss)
 income from vessel
 operations              (93,160)      (9,292)  (15,452)     6,171 (111,733)
Depreciation and
 amortization               2,602            -    18,995     (475)    21,140
Asset impairments and
 provisions
 (recoveries)              90,813            -     2,634   (8,713)    84,734
Gain on sale of
 vessel                         -            -         -        40        40
Amortization of in
 process revenue
 contracts and other            -            -  (10,691)         -  (10,691)
Realized losses from
 the settlements of
 non-designated
 foreign exchange
 forward contracts           (23)            -     (418)         -     (441)
----------------------------------------------------------------------------
Cash flow from vessel
 operations -
Teekay Parent                 232      (9,292)   (4,932)   (2,959)  (16,951)
----------------------------------------------------------------------------
----------------------------------------------------------------------------


                              Three Months Ended September 30, 2013
                     -------------------------------------------------------
                                           (unaudited)
                     -------------------------------------------------------
                            Owned In-chartered                        Teekay
                     Conventional Conventional                        Parent
                          Tankers      Tankers     FPSOs     Other     Total
----------------------------------------------------------------------------

Teekay Parent loss
 from vessel
 operations               (1,634)      (8,672)  (32,692)   (1,172)  (44,170)
Depreciation and
 amortization               2,582            -    19,670   (1,433)    20,819
Loss provision                  -            -         -     1,141     1,141
Gain on sale of
 vessel                         -            -         -     (161)     (161)
Amortization of in
 process revenue
 contracts and other            -            -  (10,708)         -  (10,708)
Unrealized losses
 from the change in
 fair value of
 designated foreign
 exchange forward
 contracts                     19            -         -         -        19
Realized losses from
 the settlements of
 non-designated
 foreign exchange
 forward contracts           (84)            -     (484)     (903)   (1,471)
----------------------------------------------------------------------------
Cash flow from vessel
 operations -
Teekay Parent                 883      (8,672)  (24,214)   (2,528)  (34,531)
----------------------------------------------------------------------------
----------------------------------------------------------------------------


                                 Three Months Ended June 30, 2013
                     -------------------------------------------------------
                                           (unaudited)
                     -------------------------------------------------------
                            Owned In-chartered                        Teekay
                     Conventional Conventional                        Parent
                          Tankers      Tankers     FPSOs     Other     Total
----------------------------------------------------------------------------

Teekay Parent (loss)
 income from vessel
 operations               (2,922)     (18,203)  (21,883)     2,883  (40,125)
Depreciation and
 amortization               2,582        (233)    20,646     (965)    22,030
Asset impairments/net
 (gain) on vessel
 sales                          -            -   (1,337)   (5,255)   (6,592)
Amortization of in
 process revenue
 contracts and other            -            -  (11,184)         -  (11,184)
Unrealized (gains)
 losses from the
 change in fair value
 of designated
 foreign exchange
 forward contracts             38            -         -         -        38
Realized (losses)
 gains from the
 settlements of non-
 designated foreign
 exchange forward
 contracts                   (78)            -     (150)         -     (228)
Dropdown predecessor
 cash flow                      -            -       501         -       501
----------------------------------------------------------------------------
Cash flow from vessel
 operations -
Teekay Parent               (380)     (18,436)  (13,407)   (3,337)  (35,560)
----------------------------------------------------------------------------
----------------------------------------------------------------------------

TEEKAY CORPORATION

APPENDIX E - RECONCILIATION OF NON-GAAP FINANCIAL MEASURES

NET REVENUES

(in thousands of U.S. dollars)

(unaudited)

Set forth below is an unaudited calculation of net revenues for the three and six months ended June 30, 2014 and June 30, 2013. Net revenues represents revenues less voyage expenses, which comprise all expenses relating to certain voyages, including bunker fuel expenses, port fees, cargo loading and unloading expenses, canal tolls, agency fees and commissions. Net revenues is included because certain investors use this data to measure the financial performance of shipping companies. Net revenues is not required by GAAP and should not be considered as an alternative to revenues or any other indicator of the Company's performance required by GAAP.



                              Three Months Ended June 30, 2014
                ------------------------------------------------------------

                Teekay Offshore     Teekay LNG         Teekay         Teekay
                    Partners LP    Partners LP   Tankers Ltd.         Parent
----------------------------------------------------------------------------
Revenues                241,402        101,323         44,433         94,716
Voyage expense         (26,256)        (1,167)        (3,612)        (3,919)
----------------------------------------------------------------------------
Net revenues            215,146        100,156         40,821         90,797
----------------------------------------------------------------------------
----------------------------------------------------------------------------


                                                   Six Months
                  Three Months Ended June 30,           Ended
                             2014               June 30, 2014
                ---------------------------------------------

                                        Teekay         Teekay
                  Consolidation    Corporation    Corporation
                    Adjustments   Consolidated   Consolidated
-------------------------------------------------------------
Revenues               (29,620)        452,254        958,748
Voyage expense            1,515       (33,439)       (68,451)
-------------------------------------------------------------
Net revenues           (28,105)        418,815        890,297
-------------------------------------------------------------
-------------------------------------------------------------

                              Three Months Ended June 30, 2013
                ------------------------------------------------------------
                Teekay Offshore     Teekay LNG         Teekay         Teekay
                Partners LP (1)    Partners LP   Tankers Ltd.         Parent
----------------------------------------------------------------------------
Revenues                229,862         96,619         43,492         97,604
Voyage expense         (23,233)        (1,224)        (2,449)          (510)
----------------------------------------------------------------------------
Net revenues            206,629         95,395         41,043         97,094
----------------------------------------------------------------------------
----------------------------------------------------------------------------



                                                   Six Months
                  Three Months Ended June 30,           Ended
                             2013               June 30, 2013
                ---------------------------------------------
                                        Teekay         Teekay
                  Consolidation    Corporation    Corporation
                    Adjustments   Consolidated   Consolidated
-------------------------------------------------------------
Revenues               (36,870)        430,707        881,744
Voyage expense            1,262       (26,154)       (52,469)
-------------------------------------------------------------
Net revenues           (35,608)        404,553        829,275
-------------------------------------------------------------
-------------------------------------------------------------

(1) The results of Teekay Offshore include the results from both continuing
and discontinued operations.

TEEKAY CORPORATION

APPENDIX E - RECONCILIATION OF NON-GAAP FINANCIAL MEASURES

NET INTEREST EXPENSE - TEEKAY PARENT

(in thousands of U.S. dollars)

(unaudited)

Set forth below is an unaudited calculation of Teekay Parent net interest expense for the three months ended June 30, 2014, March 31, 2014, December 31, 2013, September 30, 2013, and June 30, 2013. Net interest expense is a non-GAAP financial measure that includes realized gains and losses on interest rate swaps. Net interest expense is not required by GAAP and should not be considered as an alternative to interest expense or any other indicator of the Company's performance required by GAAP.



                                          Three months ended
                          --------------------------------------------------
                                                December September
                            June 30, March 31,       31,       30,  June 30,
                                2014      2014      2013      2013      2013
                          --------------------------------------------------
Interest expense            (49,656)  (49,333)  (48,382)  (45,817)  (44,687)
Interest income                  793     1,783     5,129     1,543     2,018
----------------------------------------------------------------------------
Net interest expense -
 consolidated               (48,863)  (47,550)  (43,253)  (44,274)  (42,669)
Less:
  Non-Teekay Parent net
   interest expense         (38,088)  (35,135)  (35,130)  (31,604)  (29,540)
----------------------------------------------------------------------------
Interest expense net of
 interest income - Teekay
 Parent                     (10,775)  (12,415)   (8,123)  (12,670)  (13,129)
Add:
  Teekay Parent realized
   losses on interest rate
   swaps (1)                 (4,240)   (3,736)   (3,916)   (3,906)   (3,888)
----------------------------------------------------------------------------
Net interest expense -
 Teekay Parent              (15,015)  (16,151)  (12,039)  (16,576)  (17,017)
----------------------------------------------------------------------------
----------------------------------------------------------------------------

(1) Realized losses on interest rate swaps for the three months ended March
31, 2014 excludes a realized gain on the termination of a swap agreement.
Realized losses on interest rate swaps for the three months ended June 30,
2013 excludes a realized loss on the termination of a swap agreement prior
to the acquisition of the Voyageur FPSO unit in May 2013.

FORWARD LOOKING STATEMENTS

This release contains forward-looking statements (as defined in Section 21E of the Securities Exchange Act of 1934, as amended) which reflect management's current views with respect to certain future events and performance, including statements regarding: future growth opportunities and market conditions; the timing and certainty of the sale of assets from Teekay Parent to its daughter entities and the impact on the cash flows received by Teekay Parent and on Teekay Parent's balance sheet as a result of such transactions; expected growth of Teekay Offshore and Teekay LNG and its impact on Teekay Parent; the total cost and timing for the delivery of newbuilding and conversion projects and the commencement of associated time-charter contracts; the timing and certainty of entering into charter contracts for the FAU newbuildings prior to their deliveries; Teekay Offshore's intention to exercise its option on the third FAU unit; Teekay LNG's agreement to provide, through a new 50/50 joint venture with China LNG, six icebreaker LNG carriers for the Yamal LNG project; the timing of the start-up of the Yamal LNG project and the expected total LNG production capacity of the project, if completed; the timing and certainty of Teekay Offshore's joint venture with Odebrecht completing final contract negotiations for the Libra FPSO project with Petrobras; and the completion and terms of the proposed agreement between Teekay and CarVal relating to a new dry bulk shipping company.

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: changes in production of or demand for oil, petroleum products, LNG and LPG, either generally or in particular regions; greater or less than anticipated levels of tanker newbuilding orders or greater or less than anticipated rates of tanker scrapping; changes in trading patterns significantly affecting overall vessel tonnage requirements; changes in applicable industry laws and regulations and the timing of implementation of new laws and regulations; changes in the typical seasonal variations in tanker charter rates; changes in the offshore production of oil or demand for shuttle tankers, FSO and FPSO units; decreases in oil production by or increased operating expenses for FPSO units; trends in prevailing charter rates for shuttle tanker and FPSO contract renewals; the potential for early termination of long-term contracts and inability of the Company to renew or replace long-term contracts or complete existing contract negotiations; delays in commencement of operations of FPSO and FSO units at designated fields; changes in the Company's expenses; the Company and its publicly-traded subsidiaries' future capital expenditure requirements and the inability to secure financing for such requirements; failure by Teekay Offshore to secure charter contracts for FAU newbuildings; failure by Teekay Offshore to complete documentation related to the third FAU unit; potential failure of the Yamal LNG Project to be completed for any reason, including due to lack of funding as a result of existing or future sanctions against Russian entities and individuals, which may affect partners in the project; potential delays or cancellation of the Yamal LNG project; failure by Teekay Offshore's joint venture with Odebrecht to complete final contract negotiations with Petrobras for the Libra FPSO project; failure of Teekay and CarVal to reach agreement on the formation and management relating to a new dry bulk shipping company; potential delays in the commencement of operations of the Petrojarl Knarr FPSO unit; the inability of the Company to complete vessel sale transactions to its public-traded subsidiaries or to third parties; failure of the respective Board of Directors of the general partners of Teekay Offshore and Teekay LNG to approve future distribution increases; conditions in the United States capital markets; and other factors discussed in Teekay's filings from time to time with the SEC, including its Report on Form 20-F for the fiscal year ended December 31, 2013.

The Company 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 Company's expectations with respect thereto or any change in events, conditions or circumstances on which any such statement is based.

Contacts:
Teekay Corporation
Ryan Hamilton
Investor Relations Enquiries
+1 (604) 844-6654
www.teekay.com

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