Teekay Offshore Partners (TOO) Says CEO, CFO Peter Evensen to Retire

October 27, 2016 5:45 PM EDT

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Teekay Offshore GP LLC, the general partner of Teekay Offshore Partners L.P. (Teekay Offshore or the Partnership) (NYSE: TOO), announced the following changes to its Board and management team:


-- Peter Evensen, CEO, CFO and a Director of Teekay Offshore GP LLC, has
informed the Partnership of his intention to retire from these positions
effective January 31, 2017, after 10 years with the Partnership. In
addition, Mr. Evensen will also retire from his positions as President
and Chief Executive Officer and a Director of Teekay Corporation
(Teekay), CEO, CFO and a Director of Teekay LNG Partners L.P.'s general
partner, and a Director of Teekay Tankers Ltd.

-- Kenneth Hvid, the current President and CEO of Teekay Offshore Group
Ltd. and a Director of Teekay Offshore, has been appointed to succeed
Mr. Evensen as President and CEO of Teekay upon Mr. Evensen's retirement
on January 31, 2017.

-- Ingvild Saether (48), will take over Mr. Hvid's position as President
and CEO of Teekay Offshore Group Ltd., a management services company
that will assume Mr. Evensen's operational and strategic roles by
providing services to the Partnership's subsidiaries (together with the
Partnership, the Teekay Offshore Group). Ms. Saether currently is an
Executive Committee Member and President, Teekay Offshore Logistics of
Teekay Offshore Group Ltd., overseeing Teekay's global shuttle tanker
business as well as initiatives in the floating storage offtake business
and related offshore activities. Ms. Saether joined Teekay in 2002 as a
result of Teekay's acquisition of Navion AS from Statoil ASA. Since
joining Teekay, Ms. Saether has held management positions in Teekay's
conventional tanker business until 2007, when she assumed the commercial
responsibility for Teekay's shuttle tanker activities in the North Sea
and in 2011, Ms. Saether assumed the position of President, Teekay
Offshore Logistics. Ms. Saether has over 25 years of experience in the
shipping and offshore sector, and has been engaged in a number of boards
and associations related to the industry.

"It has been an honor and a privilege to lead the Teekay Offshore Group, and I am confident that Ingvild Saether will continue that success," commented Mr. Evensen. "Ingvild has led a team that has consistently improved the results from our shuttle tanker business as well as strategically positioned us well for future opportunities within this segment. As a highly experienced leader, I am confident that Ingvild in this broader role will enable the teams to continue to create strong results."

"On behalf of the entire Teekay Offshore GP LLC Board, I would like to thank Mr. Evensen for the significant contributions he has made in growing Teekay Offshore to become one of the world's largest shuttle tanker and FPSO owners and operators since its initial public offering 10 years ago," commented Mr. Sean Day, Chairman of Teekay Offshore GP LLC's Board of Directors. "Ms. Saether's extensive experience in the industry will be instrumental as the Teekay Offshore Group continues to execute on its existing growth initiatives."

"I am honored to take on this new opportunity and continue building on the Teekay Offshore Group's success," commented Ms. Saether. "The Teekay Offshore Group is well-positioned with our market-leading businesses in the offshore oil production sector. We will continue to focus on providing strong operational performance, building our customer relationships, strengthening our balance sheet, and delivering our conversion and newbuilding projects, which are expected to provide significant cash flow growth in the future."



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