Teekay Offshore Partners Announces Changes to Board of Directors

HAMILTON, Bermuda, July 08, 2019 (GLOBE NEWSWIRE) -- Teekay Offshore Partners L.P. (Teekay Offshore or the Partnership) (NYSE:TOO) announced today the following change to the Board of Directors of Teekay Offshore GP LLC (TOO GP), the general partner of the Partnership:

• Brookfield Business Partners L.P. (Brookfield Business Partners) (NYSE:BBU) (TSX:BBU.UN), together with its institutional partners (collectively Brookfield), appointed Gregory Morrison as a member of the TOO GP Board of Directors, replacing Walter Weathers, who was appointed by Brookfield in September 2017. 

“On behalf of our board and leadership team, I want to welcome Greg to the board. We look forward to leveraging his expertise and experience as we continue to develop the Partnership strategies. At the same time, we thank Walter for his contributions to the board over the last two years,” commented Bill Utt, TOO GP’s Chairman. 

Gregory Morrison has more than 35 years of experience in the insurance and reinsurance industries. He served as CEO of Trisura Group Ltd. (TSX:TSU) and Platinum Underwriters Holdings Ltd., previously traded on the NYSE, both multi-line insurance and reinsurance companies.  Mr. Morrison also served as CEO of London Reinsurance Group Inc. and Imagine Group Holdings Ltd, reinsurers in the life and property casualty markets. Mr. Morrison currently sits on a number of boards including Trisura Group Ltd., Aetna Life & Casualty (Bermuda) Limited, Weston Insurance Holdings Corporation, Aspen Bermuda Limited, Multi-Strat Holdings and various international subsidiaries of Brookfield Asset Management. He is a Fellow of the Society of Actuaries (retired) and is an active member of various audit and risk committees.

About Teekay Offshore

Teekay Offshore Partners L.P. is a leading international midstream services provider to the offshore oil production industry, primarily focused on the ownership and operation of critical infrastructure assets in offshore oil regions of the North Sea, Brazil and the East Coast of Canada. Teekay Offshore has consolidated assets of approximately $5.2 billion, comprised of 57 offshore assets, including floating production, storage and offloading (FPSO) units, shuttle tankers (including six newbuildings), floating storage and offtake (FSO) units, long-distance towing and offshore installation vessels, and a unit for maintenance and safety (UMS). The majority of Teekay Offshore’s fleet is employed on medium-term, stable contracts.

Teekay Offshore's common units and preferred units trade on the New York Stock Exchange under the symbols "TOO", "TOO PR A", "TOO PR B" and “TOO PR E”, respectively.

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