Teekay Q1 2013 Results

First quarter 2013 total cash flow from vessel operations of $193.0 million.

First quarter 2013 adjusted net loss attributable to stockholders of Teekay of $11.7 million, or $0.17 per share (excluding specific items which decreased GAAP net loss by $5.5 million, or $0.08 per share).

Completed sale of Voyageur Spirit FPSO unit to Teekay Offshore for $540 million on May 2, 2013.

Cidade de Itajai FPSO unit achieved first oil and commenced nine-year time-charter with Petrobras in mid-February 2013;

Teekay Parent's 50 percent ownership interest recently offered to Teekay Offshore.

Teekay Offshore's first quarter common unit distribution increase of 2.5 percent moves Teekay Parent's general partnership incentive distribution rights into the 50 percent tier.

Total consolidated liquidity of approximately $1.5 billion as at March 31, 2013, pro forma for Teekay Offshore's equity offerings completed in April 2013.