Subject: DIVIDENDS
Teekay Offshore Partners Declares Distributions on Series A, B, C-1 and D Preferred Units
HAMILTON, BERMUDA--(Marketwired - Jan. 3, 2017) - Teekay Offshore GP LLC, the general partner of Teekay Offshore Partners L.P. (Teekay Offshore or the Partnership) (NYSE:TOO), has declared the following distributions for the period from November 15, 2016 to February 14, 2017:
| Units | Amount | Record Date | Payment Date | Payment Type |
| Series A Preferred Units | $0.4531 per unit | February 8, 2017 | February 15, 2017 | Cash |
| Series B Preferred Units | $0.5313 per unit | February 8, 2017 | February 15, 2017 | Cash |
| Series C-1 Preferred Units | $0.5149 per unit | February 8, 2017 | February 15, 2017 | New common units |
| Series D Preferred Units | $0.6563 per unit | February 8, 2017 | February 15, 2017 | New common units |
About Teekay Offshore
Teekay Offshore Partners L.P. is an international provider of marine transportation, oil production, storage, long-distance towing and offshore installation and maintenance and safety services to the oil industry, primarily focusing on oil production-related activities of its customers and operating in offshore oil regions of the North Sea, Brazil and the East Coast of Canada. Teekay Offshore is structured as a publicly-traded master limited partnership (MLP) with consolidated assets of approximately $5.7 billion, comprised of 64 offshore assets, including shuttle tankers, floating production, storage and offloading (FPSO) units, floating storage and offtake (FSO) units, units for maintenance and safety (UMS), long-distance towing and offshore installation vessels and conventional tankers. The majority of Teekay Offshore's fleet is employed on medium-term, stable contracts.
Teekay Offshore Partners' common units and Series A and B preferred units trade on the New York Stock Exchange under the symbol "TOO", "TOO PR A" and "TOO PR B", respectively.
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