Teekay Offshore Partners Declares Distributions on Series A, B and E Preferred Units

Teekay Offshore GP LLC, the general partner of Teekay Offshore Partners L.P. (Teekay Offshore or the Partnership) (NYSE:TOO), has declared the following distributions:

Units	Distribution Period	Amount (Per Unit)		Record Date	Payment Date
Series A Preferred Units	November 15, 2018 to February 14, 2019	$0.4531		February 8, 2019	February 15, 2019
Series B Preferred Units	November 15, 2018 to February 14, 2019	$0.5313		February 8, 2019	February 15, 2019
Series E Preferred Units	November 15, 2018 to February 14, 2019	$0.5547		February 8, 2019	February 15, 2019

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 is structured as a publicly-traded master limited partnership with consolidated assets of approximately $5.4 billion, comprised of 63 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, a unit for maintenance and safety (UMS) and conventional tankers. The majority of Teekay Offshore’s fleet is employed on medium-term, stable contracts. Brookfield Business Partners L.P. (NYSE:BBU)(TSX:BBU.UN), together with its institutional partners (collectively Brookfield), and Teekay Corporation (NYSE:TK) own 51 percent and 49 percent, respectively, of Teekay Offshore’s general partner.

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.

For Investor Relationsenquiries contact:

Ryan HamiltonTel:  [phone]Website: www.teekay.com