In June 2011, Teekay Offshore signed an agreement with BG for four shuttle tankers in Brazil. This contract marks a key milestone in Teekay’s growth strategy, with BG being the first international oil company we will be serving in Brazilian waters.

The four suezmax-size DP2 shuttle tankers will be constructed by Samsung Heavy Industries in South Korea. Upon delivery in mid- to late-2013, the vessels will commence operations under 10-year time-charters.

"These strategic new long-term shuttle tanker time-charters with BG further strengthen the Partnership's position in the fast-growing Brazilian offshore market," commented Peter Evensen, Chief Executive Officer of Teekay Offshore GP L.L.C. "In addition to increasing our Brazil based shuttle tanker fleet size by approximately 30 percent, this transaction is expected to be accretive upon delivery of the vessels and will provide Teekay Offshore with additional customer diversification and cash flow stability."