Teekay and Det norske announced today the signing of a cooperation agreement to jointly develop further the Teekay FlexShuttle concept, a patented export solution for advanced future offshore operations.

The two-year Research and Development Program is co-funded by The Research Council of Norway and supported by Marine Cybernetics and Ship Manoeuvring Simulator Centre A/S.

The Teekay FlexShuttle will meet the transportation challenges that arise from the development of more marginal fields as North Sea oil production is declining. The concept will include a stern loading solution allowing for offshore export operations to be performed directly from the production facility.

“This cooperation will further strengthen our position as industry leader and forerunner in research and development”, commented Stein Rynning, Senior Vice President, Teekay Shipping Norway AS. The Teekay Flex Shuttle will offer a cost effective export solution with improved dynamic positing performance that further reduces the impact of our vessels on the environment, as the loading operation requires less power and the vessel will be gas powered.”

Stein Fines – Vice President Technology and Development says:

"This project is bringing together four companies working in different arenas within the Norwegian oil & gas and maritime industry. We are convinced that the outcome of the work will contribute to making it economically viable to develop the more marginal fields on the Norwegian continental shelf, and also contribute to strengthening the Norwegian offshore industry."

About Teekay

Teekay Corporation transports more than 10 percent of the world’s seaborne oil, has built a significant presence in the liquefied natural gas shipping sector through its publicly-listed subsidiary, Teekay LNG Partners L.P. (NYSE: TGP), is further growing its operations in the offshore oil production, storage and transportation sector through its publicly-listed subsidiary, Teekay Offshore Partners L.P. (NYSE: TOO), and continues to expand its conventional tanker business through its publicly-listed subsidiary, Teekay Tankers Ltd. (NYSE: TNK).

With a fleet of over 160 vessels, offices in 16 countries and approximately 6,300 seagoing and shore-based employees, Teekay provides a comprehensive set of marine services to the world’s leading oil and gas companies, helping them seamlessly link their upstream energy production to their downstream processing operations. Teekay’s reputation for safety, quality and innovation has earned it a position with its customers as The Marine Midstream Company.

Teekay’s common stock is listed on the New York Stock Exchange where it trades under the symbol “TK”.


About Det norske:

Det norske oljeselskap ASA has interests in a total of 81 licenses, with 36 operatorships.

Det norske is the second-largest operating company on the Norwegian Continental Shelf both considering number of operatotships and exploration activity. I 2009 the company operated nine exploration wells, and the high activity will continue in 2010. Det norske runs its activities in a safe and responsible manner in close cooperation with the authorities.

Det norske currently employs a staff of 180. The company`s registered office is located in Trondheim. The company also has offices in Oslo,Harstad, and Stavanger. Det norske is listed on the Oslo Stock Exchange (DETNOR).


For Media Enquiries:
Teekay - Axel Wiedenmann, Tel: + 47 5144 2844
Det norske – Torgeir Anda, Tel: +47 9911 2203
Websites:
www.teekay.com
www.detnor.no