Teekay Tankers Declares Cash Dividend

Teekay Tankers Ltd. — a subsidiary of Bermuda’s Teekay Corporation — yesterday [Nov.9] announced that its board of directors has voted to declare a cash dividend of $0.15 per share for the quarter ended September 30, 2011.

The cash dividend is payable on November 28, 2011 to all shareholders of record on November 21, 2011.

Teekay Tankers Ltd. was formed in December 2007 by Teekay Corporation as part of its strategy to expand its conventional oil tanker business.

Teekay Tankers owns a fleet of nine double-hull Aframax tankers and six double-hull Suezmax tankers, and has time-chartered in two Aframax tankers, all of which an affiliate of Teekay Corporation manages through a mix of short- or medium-term fixed-rate time-charter contracts and spot tanker market trading.

In addition, Teekay Tankers owns a VLCC newbuilding, through a 50 percent joint venture which is scheduled to deliver in April 2013.

Teekay Tankers intends to distribute on a quarterly basis all of its Cash Available for Distribution, subject to any reserves established by its board of directors.

The Teekay Corporation is headquartered on Pitts Bay Road.

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