December 1, 2006: TRONDHEIM, NORWAY - Teekay Petrojarl ASA ("Teekay Petrojarl" or the "Company") (OSE: PETRO) announced today that Graham Westgarth has been appointed President and Chief Executive Officer (CEO) of Teekay Petrojarl. The appointment is effective immediately. Graham Westgarth has been with Teekay since 1999 and is currently President of Teekay Marine Services, a division of Teekay Shipping Corporation. Mr. Westgarth has previous FPSO experience from his time with Maersk. While serving as CEO of Teekay Petrojarl, he will be based in Trondheim. However, as this appointment is intended to be temporary, he will also remain as President of Teekay Marine Services. Bjørn Møller President and CEO of Teekay and newly elected Chairman of Teekay Petrojarl commented: "The appointment of Graham Westgarth as President and CEO of Teekay Petrojarl on a temporary basis will allow Teekay to work with Teekay Petrojarl's management team to build the necessary linkages, thereby benefiting from the rest of Teekay's global organization." During a board meeting held earlier today, Petrojarl's current President and CEO, Espen Klitzing, tendered his resignation. Citing his reason for leaving Petrojarl, Mr. Klitzing stated, "My main attraction to Petrojarl was the opportunity to head up a publicly listed company; with Teekay now owing a majority share, I felt it was time to move on to new challenges. I will remain with Teekay Petrojarl throughout the transition and expect to seek other challenges in the New Year. Bjorn Moller said, "I would like to thank Espen Klitzing for the great job he has done leading Petrojarl, including managing the demerger of the Company from PGS and the subsequent public listing of the Company on the Oslo Stock Exchange." **** The information included herein contains certain forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. These statements are based on various assumptions made by the Company which are beyond its control and are subject to certain additional risks and uncertainties. As a result of these factors, actual events may differ materially from those indicated in or implied by such forward-looking statements. Teekay Petrojarl ASA (Petrojarl ASA until December 1, 2006) is one of the largest operators of floating production storage and offloading vessels in the North Sea. Teekay Petrojarl owns and operates four FPSO vessels in addition to operating two shuttle tankers and one storage tanker. Teekay Petrojarl is currently evaluating projects outside of the North Sea and has ambitions to double its fleet within 2010. Teekay Petrojarl's revenues for the year ended 31 December 2005 amounted to USD 280.7 million. The company employs approximately 524 people. The headquarters are located in Trondheim. Teekay Petrojarl also has an operations office in Aberdeen. For more information about Petrojarl visit www.petrojarl.com. FOR DETAILS, CONTACT: Kim Barbero Director, Corporate Communications and Branding Teekay Shipping Canada Tel: + 1 (604) 609-4703 Espen Klitzing Former Chief Executive Officer Teekay Petrojarl ASA Phone: +47 928 26 166 Hege Njå Bjørkmann Communications Manager Teekay Petrojarl ASA Phone: +47 911 85 029