Teekay Corporation (TK) and Teekay Offshore Partners (TOO) Announce Changes to Boards of Directors – StreetInsider.com

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Teekay Corporation (NYSE: TK), and Teekay Offshore Partners L.P. (NYSE: TOO) today announced the following changes to their respective Boards of Directors:

"I am very pleased that Bill Utt will be taking over the Chairmanship of both the Teekay and Teekay Offshore Boards of Directors," commented Mr. Day. "After 18 years chairing the Teekay Corporation Board, and 11 years chairing the Teekay Offshore Board, I believe now is the right time for me to pass on the Board leadership to Bill, who has extensive experience in the energy industry and an appreciation of Teekay's culture." Mr. Day continued, "Since joining the Teekay Board in 2015, Bill has brought his deep project management knowledge to bear on Board deliberations and I have no doubt he will lead with enthusiasm and skill in his new role. I remain committed to both Teekay and Teekay Offshore and am pleased to continue serving as a Board member of each entity and offer my support to Bill, Teekay CEO Kenneth Hvid, and the rest of the Teekay team."

Mr. Utt responded "I am honored to succeed Sean as Chair of both the Teekay Corporation Board and the Teekay Offshore Board. Sean has done an excellent job of leading the Board and I am delighted that he will continue to serve on the Board as I take on this important leadership role."

Mr. Axel Karlshoej, Chairman Emeritus of the Teekay Corporation Board and brother of the founder, Torben Karlshoej, said, "I want to thank Sean for his extraordinary leadership over the past 18 years. During his tenure, he has overseen enormous growth in the Teekay Group, including the establishment Teekay LNG Partners L.P., Teekay Offshore Partners L.P. and Teekay Tankers Ltd. In each case, he has been instrumental in establishing strong, cohesive boards with a focus on corporate governance best practices. I am pleased that Bill Utt has agreed to take on the Chairmanship of both the Teekay Corporation and Teekay Offshore Boards. Bill has been a strong contributor to the Teekay Board since he joined in December 2015 and I am confident that his expertise and strong leadership skills make him an excellent successor to Sean Day."

Mr. Utt has been a Teekay Board member since December 2015, and has over 30 years of engineering and energy industry experience. Until his retirement in 2014, he served as Chairman, President and Chief Executive Officer of KBR Inc., a global engineering, construction and services company. Before that, Mr. Utt served as the President and CEO of SUEZ Energy North America and President and CEO of Tractebel's North American energy businesses. Mr. Utt also currently serves as Chairman on the Board of Directors at Cobalt International Energy, a position he has held since June 2016, and is a member of the Board of Directors for Brand Energy & Infrastructure Services, a Clayton, Dubilier & Rice, LLC portfolio company.

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Teekay Corporation (TK) and Teekay Offshore Partners (TOO) Announce Changes to Boards of Directors - StreetInsider.com