Teekay Offshore (TOO) Unit Issues 1.7M Units in Private Placement

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Teekay Offshore GP L.L.C., the general partner of Teekay Offshore Partners L.P. (Teekay Offshore or the Partnership) (NYSE: TOO), announced today that it has issued approximately 1.7 million common units in a private placement to a group of institutional investors for proceeds of approximately $45 million (excluding its general partner's proportionate capital contribution). The Partnership intends to use the proceeds from the sale of common units to partially fund its previously announced acquisition of four newbuilding shuttle tankers that are scheduled to deliver in mid-2013. The institutional investors participating in the private placement are funds managed by Salient Capital Advisors, LLC, ClearBridge Advisors, LLC and Harvest Fund Advisors LLC.

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