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1. Maersk for oil and gas shipping.

2. The Kinder Morgan for oil and gas at sea.

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• Crude Oil Tanker Shipping: Providing marine transportation services for crude oil on a global basis.
• Product Tanker Shipping: Providing marine transportation services for refined petroleum products on a global basis.

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Teekay Corporation (TK) primarily operates through its majority ownership in Teekay Tankers Ltd. (TNK), which provides seaborne transportation of crude oil and refined petroleum products. As such, Teekay sells its services primarily to other companies in the energy sector.

Teekay's major customers and types of customers include:

• Shell plc (SHEL): Through its subsidiary Shell International Trading and Shipping Company Ltd., Shell has consistently been a significant direct customer of Teekay Tankers, accounting for approximately 12-13% of Teekay Tankers' revenue in recent years.
• Other major international oil companies that frequently charter tankers, such as:
  • ExxonMobil Corporation (XOM)
  • Chevron Corporation (CVX)
  • BP p.l.c. (BP)
  • TotalEnergies SE (TTE)
• National oil companies (NOCs), including entities like:
  • Petróleo Brasileiro S.A. (Petrobras) (PBR)
  • Other state-owned oil companies (many of which are not publicly traded).
• Global oil traders and commodity houses that facilitate the movement of crude oil and refined products, such as:
  • Glencore plc (GLEN.L or GLCNF, traded on the London Stock Exchange and OTC in the US)
  • Vitol, Trafigura, and Gunvor (which are privately held).

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• Korea Shipbuilding & Offshore Engineering Co., Ltd. (KRX: 009540)
• Samsung Heavy Industries Co., Ltd. (KRX: 010140)
• Hanwha Ocean Co., Ltd. (KRX: 042660)
• Wärtsilä Oyj Abp (HEL: WRT1V)
• Volkswagen AG (XTRA: VOW3)

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Kenneth Hvid was appointed President and Chief Executive Officer of Teekay Corporation in 2017 and also assumed the role of President and Chief Executive Officer of Teekay Tankers Ltd. in August 2024. He joined Teekay in 2000 and has held various leadership positions, including Senior Vice President, Teekay Gas Services; President of the Teekay Navion Shuttle Tankers and Offshore division; Chief Strategy Officer and Executive Vice President; and President and CEO of Teekay Offshore Group Ltd. Mr. Hvid possesses over 35 years of global shipping experience, including 12 years with A.P. Moller. He also served as a director and chairman of Teekay GP L.L.C., the general partner of Teekay LNG Partners L.P. (now known as Seapeak LLC), which was acquired by Stonepeak Infrastructure Partners.

Brody Speers was appointed Chief Financial Officer of both Teekay Corporation and Teekay Tankers Ltd. in August 2024. He joined Teekay in 2008 and has held several senior financial roles, including Vice President, Finance, and Treasurer of Teekay Corporation. Notably, he served as Chief Financial Officer of Teekay Gas Group Ltd., a company providing services to Teekay LNG Partners L.P., from 2017 to 2018. Prior to his tenure at Teekay, Mr. Speers worked as a Chartered Professional Accountant for an accounting firm in Vancouver, Canada, and was a Senior Financial Analyst for Grant Thornton LLP.

Heidi Locke Simon became Chairman of Teekay Corporation and Teekay Tankers Ltd. in December 2024. She joined Teekay Corporation's board in 2017 and brings over 30 years of experience. Ms. Simon's background includes serving as a partner at Bain & Company from 1993 to 2012 and as an Investment Banking Analyst at Goldman Sachs. She also served as a Director of Teekay GP L.L.C., the general partner of Teekay LNG Partners L.P.

Anne Liversedge was appointed General Counsel and Company Secretary of Teekay Corporation and Teekay Tankers Ltd. in July 2025. She joined Teekay in 2006 as Associate General Counsel and has managed Teekay offices in the Netherlands and Bermuda. Ms. Liversedge has over 35 years of experience in the maritime and offshore energy legal and insurance industry.

Mikkel Seidelin was appointed Chief Commercial Officer of Teekay Tankers Ltd. in August 2024, having previously served as its Head of Chartering & Commercial Operations since 2023. He joined Teekay in 2003 and has held various commercial roles across the globe, including Pool Manager for Taurus Tankers (LR2) and Chartering Director for Teekay Tankers Ltd.'s Suezmax business. Mr. Seidelin holds an Executive MBA from INSEAD.

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The key risks to Teekay's (TK) business primarily stem from the inherent volatility of the crude oil marine transportation industry and broader global factors.

1. Cyclicality of the Tanker Industry and Volatile Global Energy Market: Teekay's core business, international crude oil marine transportation, operates within a highly competitive and cyclical industry. The company's financial performance is significantly affected by fluctuations in crude oil prices, global demand for oil, and prevailing tanker freight rates, which can lead to volatile changes in vessel utilization and profitability. This cyclicality is identified as a core challenge and a significant near-term risk.
2. Geopolitical Volatility: External geopolitical events pose a substantial risk to Teekay's operations. Such events can lead to economic instability, increased operational costs, and business disruptions. Furthermore, geopolitical shifts directly influence global oil demand and supply dynamics, which in turn impact the tanker market and freight rates.
3. Reliance on a Limited Number of Key Customers: Teekay Corporation's revenue is overwhelmingly concentrated in its core tanker business, primarily through its controlling ownership in Teekay Tankers Ltd. Teekay Tankers faces a notable business risk due to its reliance on a limited number of significant customers for a substantial portion of its revenues. The potential loss of a key customer, or their inability to meet payment obligations, could materially and adversely affect Teekay Tankers' financial performance and, by extension, Teekay Corporation's overall financial stability.

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Teekay (TK) operates in several key segments within the marine transportation and offshore oil and gas industries. The addressable market sizes for its main products and services, primarily focusing on global figures for 2025, are as follows:

Crude Oil Marine Transportation (Tankers)

The global crude oil tanker market is projected to reach approximately USD 189.6 billion in 2025. This market is anticipated to grow, with some projections indicating it could reach around USD 254.532 billion by 2033, exhibiting a compound annual growth rate (CAGR) of 3.75% from 2025 to 2033. Other estimates place the global crude oil carriers market revenue at nearly USD 273.39 billion in 2025, growing to USD 391.72 billion by 2035 at a CAGR of 3.66%.

Liquefied Natural Gas (LNG) Transportation (LNG Carriers)

The global LNG carrier market is projected to reach between USD 13.01 billion and USD 16.3 billion in 2025. This market is expected to experience growth, with forecasts suggesting it could reach USD 20.02 billion by 2032 at a CAGR of 6.36%, or USD 30.2 billion by 2035 at a CAGR of 6.4% from 2026-2035.

Offshore Oil Production, Storage, and Offloading Services (FPSO Units)

The global Floating Production Storage and Offloading (FPSO) market is estimated to be between USD 4.8 billion and USD 16.69 billion in 2025. Projections indicate significant growth, with the market expected to reach USD 15.7 billion by 2035 at a CAGR of 12.5%, or USD 32.12 billion by 2033 at a CAGR of 8.53%.

Liquefied Petroleum Gas (LPG) Transportation and Other Marine Services

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1. Increased Global Oil Demand and Seaborne Exports: Global oil demand is projected to increase by approximately 0.7 million barrels per day in both 2025 and 2026, primarily driven by non-OECD countries, particularly in Asia. This healthy growth is expected to push total oil demand to a record high of almost 105 million barrels per day, thereby increasing the overall demand for crude tanker services. New offshore oil production coming online in regions like Brazil and Guyana is also anticipated to boost overall volumes and support crude tanker ton-mile demand.
2. Unwinding of OPEC+ Production Cuts: The continued unwinding of OPEC+ supply cuts, which have been in place since late 2023, is expected to lead to rising crude oil production and seaborne exports, particularly from the Middle East. This anticipated increase in Middle East crude-oil exports after the summer months of 2025 is projected to create additional tanker demand during the latter part of the third quarter and into the fourth quarter of 2025, and potentially beyond.
3. Geopolitical Factors Leading to Longer-Haul Voyages: Ongoing geopolitical tensions, including the Russia-Ukraine conflict and instability in the Middle East, continue to influence global oil trade flows. These disruptions necessitate longer average voyages as countries seek alternative supply routes (e.g., Europe sourcing oil from the USA, the Middle East, and some African countries instead of Russia). Such extended voyages increase ton-mile demand for tankers, thereby supporting higher freight rates and revenue for shipping companies like Teekay.
4. Favorable Tanker Fleet Supply Fundamentals: The tanker market is characterized by a significantly slowed pace of new tanker orders since mid-2024, coupled with limited shipyard capacity available until the second half of 2028. This supply-side discipline, combined with a rapidly aging global tanker fleet, is expected to result in very manageable levels of tanker fleet growth over the next 2-3 years. This constrained supply environment helps to maintain a balanced market and supports stronger spot tanker rates, which directly impact Teekay's revenue generation.
5. Strategic Fleet Renewal and Acquisitions: Teekay Tankers, a key operating segment of Teekay Corporation, is focused on renewing and growing its fleet. While the company has recently sold older vessels, it plans to gradually increase its pace of buying modern tonnage over time. This strategy of acquiring modern, accretive vessels is intended to position the company for future earnings growth by enhancing its operational capabilities and efficiency within the evolving market landscape.

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Share Repurchases

• Since August 2022, Teekay has repurchased a total of 14.97 million common shares for $84.4 million, at an average price of $5.64 per share.
• In September 2024, Teekay announced the near completion of a $25 million share repurchase program and authorized a new program for up to $40 million of its outstanding common shares.
• In the first quarter of 2025, Teekay repurchased an additional $4.2 million worth of common shares, with approximately $28.1 million remaining in the authorized $40 million program.

Share Issuance

• Teekay's number of outstanding shares decreased from approximately 100 million in 2020 to 86.89 million by October 2025, indicating a net reduction primarily due to share repurchases.

Outbound Investments

• As part of Teekay Tankers' fleet renewal plan, in Q2 and Q3 2025, the company acquired one modern Suezmax tanker and the remaining 50% ownership interest in the Hong Kong Spirit VLCC tanker.
• In the first quarter of 2025, Teekay Tankers agreed to acquire one 2019-built LR2 vessel, expected to be delivered in the second quarter of 2025.
• In January 2022, Teekay sold its ownership interest in Teekay LNG Partners L.P.

Capital Expenditures

• Teekay's reported capital expenditures were $21 million in 2021, $15 million in 2022, $10 million in 2023, and $75 million in 2024.
• For the fourth quarter of 2025, expected capital expenditures include approximately $5.5 million for dry-docking and other capital projects.
• A primary focus of capital allocation has been Teekay Tankers' fleet renewal strategy, involving the acquisition of modern vessels and the sale of older vessels. Since the beginning of 2025, Teekay Tankers has sold or agreed to sell 11 vessels for total gross proceeds of approximately $340 million.