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Teekay Tankers Ltd. Declares Dividend

02/24/2009

Hamilton, Bermuda – February 24, 2009 – Teekay Tankers Ltd. today announced that its Board of Directors has voted to declare a cash dividend of $0.72 per share for the quarter ending December 31, 2008, representing a total cash dividend of $18.0 million.  The cash dividend is payable on March 13, 2009 to all shareholders of record on March 6, 2009.

About Teekay Tankers Ltd.
Teekay Tankers Ltd. was formed in December 2007 by Teekay Corporation (NYSE: TK) as part of its strategy to expand its conventional oil tanker business.  Teekay Tankers currently owns a fleet of nine double-hull Aframax tankers and two double-hull Suezmax tankers, 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 Corporation has agreed to offer to Teekay Tankers, prior to June 18, 2009, the opportunity to purchase an additional two existing Suezmax tankers.  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.

Teekay Tankers’ common stock trades on the New York Stock Exchange under the symbol “TNK”.

For Investor Relations enquiries contact:
Kent Alekson
Tel:  +1 (604) 844-6654

For Media enquiries contact:
Alana Duffy
Tel:  +1 (604) 844-6605

Related Information

General Enquiries

general.info@teekaytankers.com

Investor Contact

Kent Alekson
investor.relations@teekaytankers.com
Tel: +1 604 844 6654

Business Conduct Reporting

Anyone with a concern about questionable accounting, financial auditing, internal control or financial fraud related matters may file a report through the Business Conduct Reporting tool or toll-free hotline (in Canada and U.S.) at +1 877 507 8685.

Transfer Agent

BNY Mellon
Tel: +1 866 230 2915
Tel: +1 201 680 6685 (Outside U.S.)

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