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Teekay Offshore Partners L.P. Declares Distribution

HAMILTON, BERMUDA -- (Marketwire) -- 01/18/13 -- Teekay Offshore GP LLC, the general partner of Teekay Offshore Partners L.P. (Teekay Offshore or the Partnership) (NYSE:TOO), has declared a cash distribution of $0.5125 per unit for the quarter ended December 31, 2012. The cash distribution is payable on February 14, 2013 to all unitholders of record on February 1, 2013.

About Teekay Offshore Partners L.P.

Teekay Offshore Partners L.P. is an international provider of marine transportation, oil production and storage services to the offshore oil industry focusing on the fast-growing, deepwater offshore oil regions of the North Sea and Brazil. Teekay Offshore owns interests in 37 shuttle tankers (including four chartered-in vessels and four committed newbuildings), five floating storage and offtake (FSO) units, six conventional oil tankers, and three floating production, storage and offloading (FPSO) units. Teekay Offshore also has rights to participate in certain other FPSO and shuttle tanker opportunities provided by Teekay Corporation (NYSE:TK) and Sevan Marine ASA (Oslo Bors:SEVAN). The Partnership has recently accepted an offer from Teekay Corporation to acquire the Voyageur Spirit FPSO and has entered into an agreement to acquire a 2010-built HiLoad Dynamic Positioning unit from Remora AS. The majority of Teekay Offshore's fleet trades on long-term, stable contracts and it is structured as a publicly-traded master limited partnership (MLP).

Teekay Offshore Partners' common units trade on the New York Stock Exchange under the symbol "TOO".

Contacts:
Teekay Offshore Partners L.P.
Kent Alekson
Investor Relations Enquiries
+1 (604) 609-6442
www.teekayoffshore.com

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