Teekay Corporation authorizes a Buyback Plan.

Teekay Corporation (Teekay) is a provider of international crude oil and other marine transportation services. The Company provides these services directly and through its controlling ownership interest in Teekay Tankers Ltd. (Teekay Tankers), which is the owner and operator of mid-sized crude tankers. The consolidated Teekay entities manage and operate approximately 65 conventional tankers and other marine assets. It has two primary lines of business: conventional tankers and operational and maintenance marine services. The primary business of Teekay Tankers is to own and operate crude oil and refined product tankers. Its services include commercial management, fuel services and lightering & ship-to-ship services. It also provides a set of marine services for the energy companies and the Australian government. Its customers include energy and utility companies, oil traders, large oil consumers and petroleum product producers, government agencies, and various other entities.