Teekay Offshore Partners; Highlights - Signed Master Agreement with Statoil ASA That Replaces an Existing Volume-Dependent, Life-Of-Field Contract of Affreightment, And Covers Fixed-Rate, Life-Of-Field Time-Charter Contracts for Seven Shuttle Tankers; Signed New Time-Charter Contracts for Two Shuttle Tankers with Petroleo Brasileiro SA; Renewed Contracts for Two Shuttle Tankers Serving the Heidrun Field in the North Sea

ENPNewswire-2 September 2010-Teekay Offshore Partners; Highlights - Signed master agreement with Statoil ASA that replaces an existing volume-dependent, life-of-field contract of affreightment, and covers fixed-rate, life-of-field time-charter contracts for seven shuttle tankers; Signed new time-charter contracts for two shuttle tankers with Petroleo Brasileiro SA; Renewed contracts for two shuttle tankers serving the Heidrun field in the North Sea(C)2010 ENPublishing - http://www.enpublishing.co.uk Release date- 31082010 - Hamilton, Bermuda - Teekay Corporation (Teekay or the Company) (NYSE: TK) today announced that its subsidiary, Teekay Offshore Operating L.P. (OPCO), signed a master agreement with Statoil ASA (Statoil) that replaces an existing volume-dependent, life-of-field contract of affreightment (CoA), and covers fixed-rate, life-of-field time-charter contracts for seven dedicated shuttle tankers. This new master agreement is effective September 1, 2010.