http://www.globenewswire.com/NewsRoom/AttachmentNg/e067cf7e-ec1a-4d05-a159-3b41e0486f54http://www.globenewswire.com/NewsRoom/AttachmentNg/0eeef828-276f-4bed-8d80-5d2a536c475a 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 $5.6 billion, comprised of 63 offshore assets, including floating production, storage and offloading ( FPSO) units, shuttle tankers, floating storage and offtake ( FSO) units, a unit 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 and Series A and B preferred units trade on the New York Stock Exchange under the symbols "TOO", "TOO PR A" and "TOO PR B", respectively. For Investor Relations enquiries contact: Ryan HamiltonTel: +1 (604) 609-2963Website: www.teekay.com For Media enquiries contact:Axel WiedenmannTel: +47 9516 3022Website: www.teekay.com Forward Looking Statements This release contains forward-looking statements (as defined in Section 21E of the U.S. Securities Exchange Act of 1934, as amended) which reflect management's current views with respect to certain future events and performance, including statements regarding: the size of the Libra field; and the impact of the Libra FPSO on the Partnership's future cash flows. The following factors are among those that could cause actual results to differ materially from the forward-looking statements, which involve risks and uncertainties, and that should be considered in evaluating any such statement: the operational performance of the Libra FPSO unit; variations in operating expenses; different-than-expected levels of oil production on the Libra field; potential early termination of the charter contract; and other factors discussed in Teekay Offshore's filings from time to time with the SEC, including its Report on Form 20-F for the fiscal year ended December 31, 2016. The Partnership expressly disclaims any obligation or undertaking to release publicly any updates or revisions to any forward-looking statements contained herein to reflect any change in the Partnership's expectations with respect thereto or any change in events, conditions or circumstances on which any such statement is based.