Port Security Conference

May 6, 2003

Teekay appoints new CFO
Peter Evensen is to join Teekay Shipping Corporation as Senior Vice President and Chief Financial Officer, effective May 15, 2003.

He succeeds Peter Antturi, who has been appointed President of Navion ASA, the shuttle tanker and shipping company recently acquired by Teekay.

Evensen started his career in 1983 with Manufacturers Hanover Trust, working in both New York and Oslo, specializing in shipping finance. In 1989 he was appointed Managing Director and Head of European Shipping Group in London, a position he retained after the mergers with Chemical Bank and subsequently Chase Manhattan Bank. Since 1997 he has been the Managing Director and Head of Global Shipping with JPMorgan Securities, Inc., the investment banking subsidiary of JPMorgan Chase located in New York. In the course of his career Evensen has led a wide variety of equity, debt and mergers and acquisitions transactions.

Bjorn Moller, President and CEO of Teekay, said, "We are very pleased that Peter Evensen, a well-known leader in the shipping industry, is joining us. His in-depth knowledge of the shipping industry and his extensive experience in the banking and capital markets will make him a valuable addition to our management team."

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