Teekay Offshore Partners L.P. Declares Distribution

Teekay Offshore GP LLC, the general partner of Teekay Offshore Partners L.P., has declared a cash distribution of $0.40 per unit for the quarter ended December 31, 2007, an increase of $0.015 per unit, or 3.9%, from the third quarter of 2007. Teekay Offshore Partners L.P.’s quarterly distributions have increased by 14% since its initial public offering in December 2006. The cash distribution is payable on February 14, 2008 to all unitholders of record on February 8, 2008.