Teekay Offshore Partners Declares Distribution

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 a distribution of $0.11 per unit for the quarter ended December 31, 2016. The limited partner and general partner distributions payable to Teekay Corporation will be paid in the form of new common units while distributions to third party investors will be paid in cash. The distributions are payable on February 10, 2017 to all unitholders of record on February 3, 2017. Teekay Offshore's cash distributions are reported on Form 1099 for United States tax purposes.

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's common units trade on the New York Stock Exchange under the symbol "TOO".