UNITED STATES
SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

FORM 6-K

Report of Foreign Private Issuer

Pursuant to Rule 13a-16 or 15d-16 of
the Securities Exchange Act of 1934

Date of Report: November 25, 2008

Commission file number 1- 12874

TEEKAY CORPORATION

(Exact name of Registrant as specified in its charter)

4th Floor
Belvedere Building
69 Pitts Bay Road
Hamilton, HM08 Bermuda
(Address of principal executive office)

     Indicate by check mark whether the registrant files or will file annual reports under cover Form 20-F or Form 40-F.

Form 20-F  þ		Form 40-F  o

     Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(1).

Yes  o		No  þ

     Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(7).

Yes  o		No  þ

     Indicate by check mark whether the registrant by furnishing the information contained in this Form is also thereby furnishing the information to the Commission pursuant to Rule 12g3-2(b) under the Securities Exchange Act of 1934.

Yes  o		No  þ

     If “Yes” is marked, indicate below the file number assigned to the registrant in connection with Rule 12g3-2(b):82-                    

 

 

Item 1 — Information Contained in this Form 6-K Report

Attached as Exhibit I is a copy of an announcement of Teekay Corporation dated November 25, 2008.

SIGNATURES

     Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

		TEEKAY CORPORATION 4th Floor, Belvedere Building, 69 Pitts Bay Road Hamilton, HM 08, Bermuda

NEWS RELEASE

TEEKAY CORPORATION REPORTS
PRELIMINARY RESTATED HISTORICAL RESULTS

Highlights

•		Teekay Corporation has substantially completed its previously announced financial restatement.
•		As anticipated, there is no impact from any restatement adjustments on the Company’s actual cash flows or liquidity in any period.
•		All restatement adjustments are non-cash in nature and do not affect the economics of the Company.
•		The Company will host a conference call on Tuesday, November 25, 2008 to discuss its preliminary restated results and key elements of its financial position and outlook.

Hamilton, Bermuda, November 25, 2008 — Teekay Corporation (Teekay or the Company) (NYSE: TK) today reported preliminary results for its previously announced financial restatement, including results for fiscal years 2003 through 2007 and the first and second quarters of 2008, to adjust for:

	•		its accounting treatment for certain derivative transactions under the Statement of Financial Accounting Standards No. 133, Accounting for Derivative Instruments and Hedging (SFAS 133), as more fully discussed below under “Restatement for Accounting under SFAS 133”; and
	•		its financial statement presentation for the Company’s interests in the RasGas joint ventures, whereby certain assets and liabilities have been grossed-up for accounting presentation purposes, as more fully discussed below under “Restatement for Gross-up Presentation of RasGas Joint Ventures and Other.”

In addition, the Company is currently finalizing the review of an outstanding item pertaining to the timing of the expense recognition relating to the Company’s long-term incentive program. As such, all restated results included in this release, including results for fiscal years 2003 through 2007 and the first and second quarters of 2008, should be considered preliminary, subject to finalization of the review of the Company’s long-term incentive program and completion of Ernst & Young LLP’s procedures associated with the Company’s restated financial statements. Any adjustments relating to expense accruals related to the Company’s long-term incentive program will be non-cash in nature and will not impact the total cost of the program.

“It is important to emphasize that adjustments to the Company’s preliminary reported net income as a result of these restatements are due to changes in the Company’s accounting treatment only and have no impact on the Company’s actual cash flows,” stated Vince Lok, Teekay Corporation’s Chief Financial Officer. “Any adjustments to net income as a result of the change in the Company’s hedge accounting are exclusively due to unrealized gains or losses from the change in the mark-to-market value of our derivative instruments at the end of each reporting period, which have no cash impact. The change in the Company’s hedge accounting treatment does not affect the economics of our hedging transactions.”

Mr. Lok continued, “In addition, the gross-up of assets and liabilities related to the Company’s RasGas joint venture interests, which came into scope as a result of the Company’s detailed and thorough restatement audit, does not impact stockholders’ equity and does not result in any change to the Company’s net exposure in these joint ventures.”

A summary of financial information reflecting the preliminary restatement adjustments for the three and six months ended June 30, 2008 and 2007 is presented below. Appendix C to this release provides a summary of the impact of the preliminary restatements on reported net income for the fiscal years ended December 31, 2003 through 2007. Please see “Information on SEC Filings” below for information about the Company’s upcoming filings with the U.S. Securities and Exchange Commission (SEC) relating to the restatements.

-more-

Summary of Preliminary Restated Second Quarter 2008 Results

The tables below summarize the impact of the preliminary restatements on previously reported net income, and net income excluding specific items which are detailed in Appendix A⁽¹⁾ to this release, for the three and six months ended June 30, 2008 and 2007. The restatement adjustments are all non-cash in nature and, thus, have no impact on net income excluding the specific items in Appendix A⁽¹⁾. Details of the preliminary restatement adjustments for each of the three and six month periods ended June 30, 2008 and 2007 are included in the summary financial statements provided in this release.

			Three Months Ended June 30, 2008 (2)
							Adjustments
											Gross-Up				As
			As Previously				Derivative				Presentation and				Preliminarily
			Reported				Instruments (3)				Other (4)				Restated
(in thousands of U.S. dollars)			(unaudited)				(unaudited)				(unaudited)				(unaudited)
Net Income				104,467				75,191				2,903				182,561
Appendix A Items (1)				(27,390	)			(75,191	)			(2,903	)			(105,484	)
Net Income excluding Appendix A Items				77,077				—				—				77,077
			Three Months Ended June, 2007(2)
							Adjustments
											Gross-Up				As
			As Previously				Derivative				Presentation				Preliminarily
			Reported				Instruments (3)				and Other (4)				Restated
(in thousands of U.S. dollars)			(unaudited)				(unaudited)				(unaudited)				(unaudited)
Net Income				78,411				90,426				154				168,991
Appendix A Items (1)				(10,752	)			(90,426	)			(154	)			(101,332	)
Net Income excluding Appendix A Items				67,659				—				—				67,659

For the three months ended June 30, 2008, the Company now preliminarily reports net income of $182.6 million, (or $2.49 per share), compared to net income of $169.0 million, (or $2.24 per share), for the same period last year. The results for the three months ended June 30, 2008 and 2007 include a number of specific items which have the net effect of increasing net income by $105.5 million (or $1.44 per share) and $101.3 million (or $1.34 per share), respectively, as detailed in Appendix A to this release. Net revenues⁽⁵⁾ for the second quarter of 2008 increased to $579.9 million from $443.2 million for the same period in 2007, and income from vessel operations decreased to $97.6 million from $127.0 million for such periods.

(1)		Appendix A to this release lists specific items affecting net income which are typically excluded by securities analysts in their published estimates of the Company’s financial results.
(2)		The Company is currently reviewing the accounting for its long-term incentive program. This review may result in additional accrual adjustments which are not reflected in the preliminary results included in this release.
(3)		Please refer to “Restatement for Accounting under SFAS 133” included in this release.
(4)		Please refer to “Restatement for Gross-up Presentation of RasGas Joint Ventures and Other” included in this release.
(5)		Net revenues represents revenues less voyage expenses. Net revenues is a non-GAAP financial measure used by certain investors to measure the financial performance of shipping companies. Please see the Company’s web site at www.teekay.com for a reconciliation of this non-GAAP measure as used in this release to the most directly comparable financial measure under United States generally accepted accounting principles (GAAP).

-more-

			Six Months Ended June 30, 2008 (1)
							Adjustments
											Gross-Up				As
			As Previously				Derivative				Presentation and				Preliminarily
			Reported				Instruments (2)				Other (3)				Restated
(in thousands of U.S. dollars)			(unaudited)				(unaudited)				(unaudited)				(unaudited)
Net Income				119,645				(46,000	)			2,270				75,915
Appendix A Items (4)				18,177				46,000				(2,270	)			61,907
Net Income excluding Appendix A Items				137,822				—				—				137,822

			Six Months Ended June 30, 2007(1)
							Adjustments
											Gross-Up				As
			As Previously				Derivative				Presentation and				Preliminarily
			Reported				Instruments (2)				Other (3)				Restated
(in thousands of U.S. dollars)			(unaudited)				(unaudited)				(unaudited)				(unaudited)
Net Income				154,786				102,110				(864	)			256,032
Appendix A Items (4)				(3,383	)			(102,110	)			864				(104,629	)
Net Income excluding Appendix A Items				151,403				—				—				151,403

Preliminary net income for the six months ended June 30, 2008 is now $75.9 million, (or $1.03 per share), compared to $256.0 million, (or $3.42 per share), for the same period last year. The results for the six months ended June 30, 2008 and 2007 include a number of specific items which have the net effect of decreasing net income by $61.9 million (or $0.85 per share) and increasing net income by $104.6 million (or $1.40 per share), respectively, as detailed in Appendix A to this release. Net revenues⁽⁵⁾ for the six months ended June 30, 2008 increased to $1.2 billion from $904.0 million for the same period in 2007, and income from vessel operations decreased to $219.1 million from $258.0 million for the such periods.

Since the preliminary restatement adjustments are all non-cash in nature, they have no impact on the Company’s cash dividends. On October 7, 2008, the Company declared a 15 percent increase to its quarterly cash dividend to $0.31625 per share for the three months ended September 30, 2008. The dividend was paid on October 31, 2008, to all shareholders of record on October 17, 2008.

Further Information Regarding Restatement Items

Restatement for Accounting under SFAS 133

On August 7, 2008, the Company announced that it would restate its historical financial statements to adjust its accounting treatment for certain derivative transactions under SFAS 133. This restatement adjusts for certain interest rate swap agreements, foreign exchange forward contracts, freight forward agreements and synthetic time charters that did not qualify for hedge accounting treatment under SFAS 133 as aspects of the Company’s hedge documentation did not meet the strict technical requirements of the standard.

(1)		The Company is currently reviewing the accounting for its long-term incentive program. This review may result in additional accrual adjustments which are not reflected in the preliminary results included in this release.
(2)		Please refer to “Restatement for Accounting under SFAS 133” included in this release.
(3)		Please refer to “Restatement for Gross-up Presentation of RasGas Joint Ventures and Other” included in this release.
(4)		Appendix A to this release lists specific items affecting net income which are typically excluded by securities analysts in their published estimates of the Company’s financial results.
(5)		Net revenues represents revenues less voyage expenses. Net revenues is a non-GAAP financial measure used by certain investors to measure the financial performance of shipping companies. Please see the Company’s web site at www.teekay.com for a reconciliation of this non-GAAP measure as used in this release to the most directly comparable financial measure under United States generally accepted accounting principles (GAAP).

-more-

Accordingly, the Company has now recognized changes in the fair value of these derivatives through the statement of income (loss) rather than directly to stockholders’ equity on the balance sheet. This restatement, which is non-cash in nature, has resulted in adjustments to Teekay’s previously reported net income, but does not affect the economics of any hedging transactions nor the Company’s actual cash flows or liquidity. The Company believes that the applicable derivative transactions were consistent with its risk management policies and that its overall hedging strategy continues to be sound.

The Company has decided to discontinue the use of hedge accounting for its derivative instruments, except for certain foreign currency forward contracts. As a result, the unrealized gains and losses due to the change in the fair values of its non-designated derivative instruments will be reflected as increases or decreases to the Company’s net income going forward. This change will not impact the economics of these hedging transactions nor the Company’s actual cash flows or liquidity in any future period.

Restatement for Gross-up Presentation of RasGas Joint Ventures and Other

Subsequent to the release of its preliminary second quarter financial results in August 2008, the Company reviewed and revised its financial statement presentation of debt and interest rate swap agreements related to its joint venture interests in the three RasGas II and four RasGas 3 LNG carriers. As a result, certain of the Company’s assets and liabilities have been grossed up for accounting presentation purposes. These adjustments, which do not affect the Company’s net income, net cash flows, liquidity or stockholders’ equity in any period, are described below. All of the RasGas II and RasGas 3 LNG carriers have now been delivered and are currently operating under long-term, fixed-rate contracts.

In January 2006, the Company entered into a sale and 30-year leaseback arrangement pertaining to shipbuilding contracts for its 70 percent interest in the three RasGas II LNG carriers. In accordance with Emerging Issues Task Force Issue 97-10, The Effect of Lessee Involvement in Asset Construction, the Company has now recorded on its December 31, 2006 balance sheet the accumulated construction cost of these vessels and related capital lease obligations for the period subsequent to the RasGas II sale-leaseback transaction as the Company retained certain construction period risks. This adjustment does not impact the accounting treatment for these vessels in any period following their delivery in the first quarter of 2007. The Company has restated its consolidated balance sheet as at December 31, 2006 to record the accumulated cost of approximately $295 million for these vessels under construction, and related capital lease obligations.

Through a wholly-owned subsidiary, the Company owns a 40 percent interest in the four RasGas 3 LNG carriers. The joint venture partner, a wholly-owned subsidiary of Qatar Gas Transport Company, owns the remaining 60 percent interest. Both wholly-owned subsidiaries are joint and several co-borrowers with respect to the RasGas 3 term loan and related interest rate swap agreements. Previously, the Company recorded 40 percent of the RasGas 3 term loan and interest rate swap agreements in its financial statements. As the Company is a joint and several borrower, it has now made adjustments to its balance sheet to reflect 100 percent of the RasGas 3 term loan and interest rate swap agreements, as well as offsetting increases in assets, for the fourth quarter of 2006 through the second quarter of 2008. The Company has also made an adjustment to its statement of income to reflect 100 percent of the interest expense on the RasGas 3 term loan with an offsetting amount to interest income from its loan to the joint venture. These adjustments do not result in any increase to the Company’s net exposure in these joint ventures.

The Company has also restated certain other items primarily relating to amounts attributable to minority interests.

Information on SEC Filings

More detailed financial information relating to the restatements will be included in the amended Form 20-F/A for the year ended December 31, 2007 (certain financial information will be included for annual fiscal periods from 2003 through 2007), in the amended Form 6-K/A for the quarter ended March 31, 2008 and in the Form 6-K for the quarter ended June 30, 2008, which the Company will file with or furnish to, as applicable, the SEC and make available on its website at www.teekay.com once the final restatement has been completed. For a summary of the impact of the preliminary restatements on reported net income for the fiscal years ended December 31, 2003 through 2007, please refer to Appendix C of this release.

-more-

About Teekay

Teekay Corporation transports more than 10 percent of the world’s seaborne oil, has built a significant presence in the liquefied natural gas shipping sector through its publicly-listed subsidiary, Teekay LNG Partners L.P. (NYSE: TGP), is further growing its operations in the offshore oil production, storage and transportation sector through its publicly-listed subsidiary, Teekay Offshore Partners L.P. (NYSE: TOO), and continues to expand its conventional tanker business through its publicly-listed subsidiary, Teekay Tankers Ltd. (NYSE: TNK). With a fleet of approximately 190 vessels, offices in 22 countries and 6,400 seagoing and shore-based employees, Teekay provides a comprehensive set of marine services to the world’s leading oil and gas companies, helping them seamlessly link their upstream energy production to their downstream processing operations. Teekay’s reputation for safety, quality and innovation has earned it a position with its customers as The Marine Midstream Company.

Teekay’s common stock is listed on the New York Stock Exchange where it trades under the symbol “TK”.

Conference Call

The Company plans to host a conference call at 11:00 a.m. ET on Tuesday, November 25, 2008, to discuss the Company’s preliminary restated results. In addition, the Company will take the opportunity to discuss key elements of its financial position and outlook. All shareholders and interested parties are invited to listen to the live conference call at www.teekay.com or by dialing (866) 322-1159, or (416) 640-3404 if outside North America, and quoting confirmation code 1428377. The Company plans to make available a recording of the conference call until midnight December 2, 2008 by dialing (888) 203-1112 or (647) 436-0148, and entering access code 1428377, or via the Company’s web site until December 24, 2008.

An investor presentation to accompany this conference call will be made available on the Company’s web site at www.teekay.com prior to the start of the call.

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

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

Web site: www.teekay.com

-more-

TEEKAY CORPORATION
SUMMARY PRELIMINARY RESTATED CONSOLIDATED STATEMENT OF INCOME⁽¹⁾
(in thousands of U.S. dollars, except share and per share data)

			Three Months Ended June 30, 2008
							Adjustments
											Gross-Up
			As Previously				Derivative				Presentation and
			Reported				Instruments (2)				Other (3)				As Restated
			(unaudited)				(unaudited)				(unaudited)				(unaudited)
REVENUES (4)				790,530				(21,131	)			—				769,399
OPERATING EXPENSES (5)
Voyage expenses (6)				190,859				(1,344	)			—				189,515
Vessel operating expenses				158,948				522				—				159,470
Time-charter hire expense				142,702				(20	)			—				142,682
Depreciation and amortization				106,700				—				—				106,700
General and administrative				69,899				1,841				—				71,740
Gain on sale of vessels and equipment				(2,925	)			—				—				(2,925	)
Restructuring charge				4,617				—				—				4,617
Total operating expenses				670,800				999				—				671,799
Income from vessel operations				119,730				(22,130	)			—				97,600
OTHER ITEMS
Interest (expense) gain (7)				(25,398	)			143,691				(4,331	)			113,962
Interest income (loss) (7)				16,703				(23,183	)			4,331				(2,149	)
Income tax recovery (expense)				10,160				(559	)			1,600				11,201
Equity loss from joint ventures				(2,063	)			—				—				(2,063	)
Foreign currency exchange gain (loss) (5)				958				(2,765	)			—				(1,807	)
Minority interest (expense) income				(20,951	)			(19,174	)			1,303				(38,822	)
Other — net				5,328				(689	)							4,639
Total other items				(15,263	)			97,321				2,903				84,961
Net income				104,467				75,191				2,903				182,561
Earnings per common share
- Basic			$	1.44											$	2.52
- Diluted			$	1.43											$	2.49
Weighted average number of common shares outstanding:
- Basic				72,377,684												72,377,684
- Diluted				73,279,213												73,279,213

(1)		The Company is currently reviewing the accounting for its long-term incentive program. This review may result in additional accrual adjustments which are not reflected in the preliminary results included in this release.
(2)		Please refer to “Restatement for Accounting under SFAS 133” included in this release.
(3)		Please refer to “Restatement for Gross-up Presentation of RasGas Joint Ventures and Other” included in this release.
(4)		Revenues have been restated to reflect the unrealized loss due to changes in the mark-to-market value of non-designated freight forward agreements (FFAs) and synthetic time charters (STCs) that do not qualify as effective hedges for accounting purposes. FFAs and STCs are agreements put in place to economically hedge a portion of the Company’s exposure to changes in spot tanker charter rates.
(5)		Vessel operating expenses, time-charter hire expense, general and administrative and foreign currency exchange gain (loss) have been restated to reflect the unrealized gains or losses due to changes in the mark-to-market value of non-designated foreign exchange forward contracts that do not qualify as effective hedges for accounting purposes.
(6)		Voyage expenses have been restated to reflect the unrealized gain due to changes in the mark-to-market value of non-designated bunker fuel swap contracts that do not qualify as effective hedges for accounting purposes. Bunker fuel swap contracts are used as economic hedges to protect against changes in forecasted bunker fuel costs for certain time-chartered-out vessels and for vessels servicing certain contracts of affreightment.
(7)		Adjustments to interest (expense) gain and interest income (loss) reflect the unrealized gains and losses from the change in fair value of certain interest rate swap agreements that do not qualify as effective hedges for accounting purposes.

-more-

TEEKAY CORPORATION
SUMMARY PRELIMINARY RESTATED CONSOLIDATED
STATEMENT OF INCOME (LOSS)⁽¹⁾
(in thousands of U.S. dollars, except share and per share data)

			Three Months Ended March 31, 2008
							Adjustments
											Gross-Up
			As Previously				Derivative				Presentation and
			Reported				Instruments (2)				Other (3)				As Restated
			(unaudited)				(unaudited)				(unaudited)				(unaudited)
REVENUES (4)				736,391				6,981				—				743,372
OPERATING EXPENSES (5)
Voyage expenses (6)				168,723				738				—				169,461
Vessel operating expenses				145,443				(2,394	)			—				143,049
Time-charter hire expense				144,921				(437	)			—				144,484
Depreciation and amortization				97,707				—				—				97,707
General and administrative				67,671				(1,515	)			—				66,156
Gain on sale of vessels and equipment				(496	)			—				—				(496	)
Restructuring charge				1,500				—				—				1,500
Total operating expenses				625,469				(3,608	)			—				621,861
Income from vessel operations				110,922				10,589				—				121,511
OTHER ITEMS
Interest expense (7)				(87,188	)			(190,429	)			(4,631	)			(282,248	)
Interest income (7)				18,359				37,619				4,631				60,609
Income tax recovery (expense)				(2,726	)			243				—				(2,483	)
Equity loss from joint ventures				(3,609	)			—				—				(3,609	)
Foreign currency exchange loss (5)				(29,483	)			(2,509	)			—				(31,992	)
Minority interest (expense) income				3,472				23,721				(633	)			26,560
Other — net				5,431				(425	)			—				5,006
Total other items				(95,744	)			(131,780	)			(633	)			(228,157	)
Net income (loss)				15,178				(121,191	)			(633	)			(106,646	)
Earnings (loss) per common share
- Basic			$	0.21												($1.47	)
- Diluted			$	0.21												($1.47	)
Weighted average number of common shares outstanding:
- Basic				72,644,397												72,644,397
- Diluted				73,435,167												72,644,397

(1)		The Company is currently reviewing the accounting for its long-term incentive program. This review may result in additional accrual adjustments which are not reflected in the preliminary results included in this release.
(2)		Please refer to “Restatement for Accounting under SFAS 133” included in this release.
(3)		Please refer to “Restatement for Gross-up Presentation of RasGas Joint Ventures and Other” included in this release.
(4)		Revenues have been restated to reflect the unrealized gain due to changes in the mark-to-market value of non-designated freight forward agreements (FFAs) and synthetic time charters (STCs) that do not qualify as effective hedges for accounting purposes. FFAs and STCs are agreements put in place to economically hedge a portion of the Company’s exposure to changes in spot tanker charter rates.
(5)		Vessel operating expenses, time-charter hire expense, general and administrative and foreign currency exchange loss have been restated to reflect the unrealized gains or losses due to changes in the mark-to-market value of non-designated foreign exchange forward contracts that do not qualify as effective hedges for accounting purposes.
(6)		Voyage expenses have been restated to reflect the unrealized loss due to changes in the mark-to-market value of non-designated bunker fuel swap contracts that do not qualify as effective hedges for accounting purposes. Bunker fuel swap contracts are used as economic hedges to protect against changes in forecasted bunker fuel costs for certain time-chartered-out vessels and for vessels servicing certain contracts of affreightment.
(7)		Adjustments to interest expense and interest income reflect the unrealized gains and losses from the change in fair value of certain interest rate swap agreements that do not qualify as effective hedges for accounting purposes.

-more-

TEEKAY CORPORATION
SUMMARY PRELIMINARY RESTATED CONSOLIDATED STATEMENT OF INCOME⁽¹⁾
(in thousands of U.S. dollars, except share and per share data)

			Three Months Ended June 30, 2007
							Adjustments
											Gross-Up
			As Previously				Derivative				Presentation and
			Reported				Instruments (2)				Other(3)				As Restated
			(unaudited)				(unaudited)				(unaudited)				(unaudited)
REVENUES (4)				566,127				(391	)							565,736
OPERATING EXPENSES (5)
Voyage expenses (6)				123,554				(1,046	)			—				122,508
Vessel operating expenses				108,851				(4,948	)			—				103,903
Time-charter hire expense				101,247				(289	)			—				100,958
Depreciation and amortization				68,095				—				—				68,095
General and administrative				58,358				(3,467	)			—				54,891
Gain on sale of vessels and equipment				(11,613	)			—				—				(11,613	)
Restructuring charge				—				—				—				—
Total operating expenses				448,492				(9,750	)			—				438,742
Income from vessel operations				117,635				9,359				—				126,994
OTHER ITEMS
Interest (expense) gain (7)				(64,158	)			137,193				(4,079	)			68,956
Interest income (loss) (7)				23,390				(27,047	)			4,079				422
Income tax recovery (expense)				(287	)			(558	)			—				(845	)
Equity loss from joint ventures				(2,092	)			—				—				(2,092	)
Foreign currency exchange gain (loss) (5)				1,214				(9,849	)			—				(8,635	)
Minority interest (expense) income				(6,341	)			(17,889	)			154				(24,076	)
Other — net				9,050				(783	)			—				8,267
Total other items				(39,224	)			81,067				154				41,997
Net income (loss)				78,411				90,426				154				168,991
Earnings per common share
- Basic			$	1.06											$	2.29
- Diluted			$	1.04											$	2.24
Weighted average number of common shares outstanding:
- Basic				73,843,784												73,843,784
- Diluted				75,310,567												75,310,567

(1)		The Company is currently reviewing the accounting for its long-term incentive program. This review may result in additional accrual adjustments which are not reflected in the preliminary results included in this release.
(2)		Please refer to “Restatement for Accounting under SFAS 133” included in this release.
(3)		Please refer to “Restatement for Gross-up Presentation of RasGas Joint Ventures and Other” included in this release.
(4)		Revenues have been restated to reflect the unrealized loss due to changes in the mark-to-market value of non-designated freight forward agreements (FFAs) that do not qualify as effective hedges for accounting purposes. FFAs are agreements put in place to economically hedge a portion of the Company’s exposure to changes in spot tanker charter rates.
(5)		Vessel operating expenses, time-charter hire expense, general and administrative and foreign currency exchange gain (loss) have been restated to reflect the unrealized gains or losses due to changes in the mark-to-market value of non-designated foreign exchange forward contracts that do not qualify as effective hedges for accounting purposes.
(6)		Voyage expenses have been restated to reflect the unrealized gain due to changes in the mark-to-market value of non-designated bunker fuel swap contracts that do not qualify as effective hedges for accounting purposes. Bunker fuel swap contracts are used as economic hedges to protect against changes in forecasted bunker fuel costs for certain time-chartered-out vessels and for vessels servicing certain contracts of affreightment.
(7)		Adjustments to interest (expense) gain and interest income (loss) reflect the unrealized gains and losses from the change in fair value of certain interest rate swap agreements that do not qualify as effective hedges for accounting purposes.

-more-

TEEKAY CORPORATION
SUMMARY PRELIMINARY RESTATED CONSOLIDATED STATEMENT OF INCOME⁽¹⁾
(in thousands of U.S. dollars, except share and per share data)

			Six Months Ended June 30, 2008
							Adjustments
											Gross-Up
			As Previously				Derivative				Presentation and
			Reported				Instruments (2)				Other (3)				As Restated
			(unaudited)				(unaudited)				(unaudited)				(unaudited)
REVENUES (4)				1,526,921				(14,150	)			—				1,512,771
OPERATING EXPENSES (5)
Voyage expenses (6)				359,582				(606	)			—				358,976
Vessel operating expenses				304,391				(1,872	)			—				302,519
Time-charter hire expense				287,623				(457	)			—				287,166
Depreciation and amortization				204,407				—				—				204,407
General and administrative				137,570				326				—				137,896
Gain on sale of vessels and equipment				(3,421	)			—				—				(3,421	)
Restructuring charge				6,117				—				—				6,117
Total operating expenses				1,296,269				(2,609	)			—				1,293,660
Income from vessel operations				230,652				(11,541	)			—				219,111
OTHER ITEMS
Interest expense (7)				(112,586	)			(46,738	)			(8,962	)			(168,286	)
Interest income (7)				35,062				14,436				8,962				58,460
Income tax recovery (expense)				7,434				(316	)			1,600				8,718
Equity loss from joint ventures				(5,672	)			—				—				(5,672	)
Foreign currency exchange loss (5)				(28,525	)			(5,274	)			—				(33,799	)
Minority interest (expense) income				(17,479	)			4,547				670				(12,262	)
Other — net				10,759				(1,114	)			—				9,645
Total other items				(111,007	)			(34,459	)			2,270				(143,196	)
Net income				119,645				(46,000	)			2,270				75,915
Earnings per common share
- Basic			$	1.65											$	1.05
- Diluted			$	1.63											$	1.03
Weighted average number of common shares outstanding:
- Basic				72,511,041												72,511,041
- Diluted				73,357,190												73,357,190

(1)		The Company is currently reviewing the accounting for its long-term incentive program. This review may result in additional accrual adjustments which are not reflected in the preliminary results included in this release.
(2)		Please refer to “Restatement for Accounting under SFAS 133” included in this release.
(3)		Please refer to “Restatement for Gross-up Presentation of RasGas Joint Ventures and Other” included in this release.
(4)		Revenues have been restated to reflect the unrealized loss due to changes in the mark-to-market value of non-designated freight forward agreements (FFAs) and synthetic time charters (STCs) that do not qualify as effective hedges for accounting purposes. FFAs and STCs are agreements put in place to economically hedge a portion of the Company’s exposure to changes in spot tanker charter rates.
(5)		Vessel operating expenses, time-charter hire expense, general and administrative and foreign currency exchange loss have been restated to reflect the unrealized gains or losses due to changes in the mark-to-market value of non-designated foreign exchange forward contracts that do not qualify as effective hedges for accounting purposes.
(6)		Voyage expenses have been restated to reflect the unrealized gain due to changes in the mark-to-market value of non-designated bunker fuel swap contracts that do not qualify as effective hedges for accounting purposes. Bunker fuel swap contracts are used as economic hedges to protect against changes in forecasted bunker fuel costs for certain time-chartered-out vessels and for vessels servicing certain contracts of affreightment.
(7)		Adjustments to interest expense and interest income reflect the unrealized gains and losses from the change in fair value of certain interest rate swap agreements that do not qualify as effective hedges for accounting purposes.

-more-

TEEKAY CORPORATION
SUMMARY PRELIMINARY RESTATED CONSOLIDATED STATEMENT OF INCOME⁽¹⁾
(in thousands of U.S. dollars, except share and per share data)

			Six Months Ended June 30, 2007
							Adjustments
											Gross-Up
			As Previously				Derivative				Presentation and
			Reported				Instruments (2)				Other (3)				As Restated
			(unaudited)				(unaudited)				(unaudited)				(unaudited)
REVENUES (4)				1,144,522				(538	)			—				1,143,984
OPERATING EXPENSES (5)
Voyage expenses (6)				242,493				(2,506	)			—				239,987
Vessel operating expenses				206,292				(7,199	)			—				199,093
Time-charter hire expense				199,748				(433	)			—				199,315
Depreciation and amortization				147,358				—				—				147,358
General and administrative				117,155				(5,342	)			—				111,813
Gain on sale of vessels and equipment				(11,613	)			—				—				(11,613	)
Restructuring charge				—				—				—				—
Total operating expenses				901,433				(15,480	)			—				885,953
Income from vessel operations				243,089				14,942				—				258,031
OTHER ITEMS
Interest (expense) gain (7)				(124,541	)			144,518				(6,926	)			13,051
Interest income (loss) (7)				39,558				(31,108	)			6,926				15,376
Income tax recovery (expense)				3,795				(754	)			—				3,041
Equity loss from joint ventures				(3,687	)			—				—				(3,687	)
Foreign currency exchange loss (5)				(4,674	)			(5,637	)			—				(10,311	)
Minority interest (expense) income				(11,981	)			(18,986	)			(864	)			(31,831	)
Other — net				13,227				(865	)			—				12,362
Total other items				(88,303	)			87,168				(864	)			(1,999	)
Net income				154,786				102,110				(864	)			256,032
Earnings per common share
- Basic			$	2.11											$	3.48
- Diluted			$	2.07											$	3.42
Weighted average number of common shares outstanding:
- Basic				73,488,668												73,488,668
- Diluted				74,929,991												74,929,991

(1)		The Company is currently reviewing the accounting for its long-term incentive program. This review may result in additional accrual adjustments which are not reflected in the preliminary results included in this release.
(2)		Please refer to “Restatement for Accounting under SFAS 133” included in this release.
(3)		Please refer to “Restatement for Gross-up Presentation of RasGas Joint Ventures and Other” included in this release.
(4)		Revenues have been restated to reflect the unrealized loss due to changes in the mark-to-market value of non-designated freight forward agreements (FFAs) that do not qualify as effective hedges for accounting purposes. FFAs are agreements put in place to economically hedge a portion of the Company’s exposure to changes in spot tanker charter rates.
(5)		Vessel operating expenses, time-charter hire expense, general and administrative and foreign currency exchange loss have been restated to reflect the unrealized gains or losses due to changes in the mark-to-market value of non-designated foreign exchange forward contracts that do not qualify as effective hedges for accounting purposes.
(6)		Voyage expenses have been restated to reflect the unrealized gain due to changes in the mark-to-market value of non-designated bunker fuel swap contracts that do not qualify as effective hedges for accounting purposes. Bunker fuel swap contracts are used as economic hedges to protect against changes in forecasted bunker fuel costs for certain time-chartered-out vessels and for vessels servicing certain contracts of affreightment.
(7)		Adjustments to interest (expense) gain and interest income (loss) reflect the unrealized gains and losses from the change in fair value of certain interest rate swap agreements that do not qualify as effective hedges for accounting purposes.

-more-

TEEKAY CORPORATION
SUMMARY PRELIMINARY RESTATED CONSOLIDATED BALANCE SHEET⁽¹⁾
(in thousands of U.S. dollars)

			As at June 30, 2008
							Adjustments
											Gross-Up
			As Previously				Derivative				Presentation and
			Reported				Instruments(2)				Other(3)				As Restated
			(unaudited)				(unaudited)				(unaudited)				(unaudited)
ASSETS
Cash and cash equivalents				498,933				—				—				498,933
Other current assets				538,833				—				22,673				561,506
Restricted cash — current				53,067				—				—				53,067
Vessels held for sale				18,203				—				—				18,203
Restricted cash — long-term				661,758				—				—				661,758
Vessels and equipment				6,664,153				—				—				6,664,153
Advances on newbuilding contracts				693,292				—				—				693,292
Other assets				893,160				—				465,209				1,358,369
Intangible assets				256,070				—				—				256,070
Goodwill				491,911				—				—				491,911
Total assets				10,769,380				—				487,882				11,257,262
LIABILITIES AND STOCKHOLDERS’ EQUITY
Accounts payable and accrued liabilities				438,867				—				3,401				442,268
Current portion of long-term debt				426,189				—				(94,547	)			331,642
Long-term debt				5,708,236				—				579,434				6,287,670
Other long-term liabilities / In process revenue contracts				792,472				—				5,903				798,375
Minority interest				588,916				—				83,246				672,162
Stockholders’ equity				2,814,700				—				(89,555	)			2,725,145
Total liabilities and stockholders’ equity				10,769,380				—				487,882				11,257,262

(1)		The Company is currently reviewing the accounting for its long-term incentive program. This review may result in additional accrual adjustments which are not reflected in the preliminary results included in this release.
(2)		Please refer to “Restatement for Accounting under SFAS 133” included in this release.
(3)		Please refer to “Restatement for Gross-up Presentation of RasGas Joint Ventures and Other” included in this release.

-more-

TEEKAY CORPORATION
SUMMARY PRELIMINARY RESTATED CONSOLIDATED BALANCE SHEET⁽¹⁾
(in thousands of U.S. dollars)

			As at December 31, 2007
							Adjustments
											Gross-Up
			As Previously				Derivative				Presentation and
			Reported				Instruments(2)				Other(3)				As Restated
			(unaudited)				(unaudited)				(unaudited)				(unaudited)
ASSETS
Cash and cash equivalents				442,673				—				—				442,673
Other current assets				461,546				—				7,512				469,058
Restricted cash — current				33,479				—				—				33,479
Vessels held for sale				79,689				—				—				79,689
Restricted cash — long-term				652,717				—				—				652,717
Vessels and equipment				6,229,809				—				—				6,229,809
Advances on newbuilding contracts				617,066				—				—				617,066
Other assets				848,632				—				354,524				1,203,156
Intangible assets				259,952				—				—				259,952
Goodwill				434,590				—				—				434,590
Total assets				10,060,153				—				362,036				10,422,189
LIABILITIES AND STOCKHOLDERS’ EQUITY
Accounts payable and accrued liabilities				364,635				—				—				364,635
Current portion of long-term debt				474,873				—				7,512				482,385
Long-term debt				5,285,397				—				353,082				5,638,479
Other long-term liabilities / In process revenue contracts				719,884				—				17,709				737,593
Minority interest				527,494				—				18,814				546,308
Stockholders’ equity				2,687,870				—				(35,081	)			2,652,789
Total liabilities and stockholders’ equity				10,060,153				—				362,036				10,422,189

(1)		The Company is currently reviewing the accounting for its long-term incentive program. This review may result in additional accrual adjustments which are not reflected in the preliminary results included in this release.
(2)		Please refer to “Restatement for Accounting under SFAS 133” included in this release.
(3)		Please refer to “Restatement for Gross-up Presentation of RasGas Joint Ventures and Other” included in this release.

-more-

TEEKAY CORPORATION
SUMMARY PRELIMINARY RESTATED CONSOLIDATED STATEMENT OF CASH FLOWS⁽¹⁾
(in thousands of U.S. dollars)

			Six Months Ended June 30, 2008
							Adjustments
											Gross-Up
			As Previously				Derivative				Presentation and
			Reported				Instruments(2)				Other(3)				As Restated
			(unaudited)				(unaudited)				(unaudited)				(unaudited)
Cash and cash equivalents provided by (used for)
OPERATING ACTIVITIES
Net operating cash flow				164,420				—				—				164,420
FINANCING ACTIVITIES
Net proceeds from long-term debt				1,155,095				—				124,293				1,279,388
Scheduled repayments of long-term debt				(198,320	)			—				—				(198,320	)
Prepayments of long-term debt				(645,321	)			—				—				(645,321	)
Increase in restricted cash				(11,503	)			—				—				(11,503	)
Repurchase of common stock				(20,512	)			—				—				(20,512	)
Net proceeds from the public offering of Teekay LNG				148,345				—				—				148,345
Net proceeds from the public offering of Teekay Offshore				134,265				—				—				134,265
Other				(36,188	)			—				—				(36,188	)
Net financing cash flow				525,861				—				124,293				650,154
INVESTING ACTIVITIES
Expenditures for vessels and equipment				(410,495	)			—				—				(410,495	)
Proceeds from sale of vessels and equipment				79,224				—				—				79,224
Purchase of marketable securities				(542	)			—				—				(542	)
Proceeds from sale of marketable securities				11,058				—				—				11,058
Purchase of Teekay Petrojarl ASA				(257,142	)			—				—				(257,142	)
Purchase of 50% of OMI Corporation				—				—				—				—
Loan to joint ventures				(87,198	)			—				(124,293	)			(211,491	)
Other				31,074				—				—				31,074
Net investing cash flow				(634,021	)			—				(124,293	)			(758,314	)
Increase in cash and cash equivalents				56,260				—				—				56,260
Cash and cash equivalents, beginning of the period				442,673				—				—				442,673
Cash and cash equivalents, end of the period				498,933				—				—				498,933

(1)		The Company is currently reviewing the accounting for its long-term incentive program. This review may result in additional accrual adjustments which are not reflected in the preliminary results included in this release.
(2)		Please refer to “Restatement for Accounting under SFAS 133” included in this release.
(3)		Please refer to “Restatement for Gross-up Presentation of RasGas Joint Ventures and Other” included in this release.

-more-

TEEKAY CORPORATION
APPENDIX A — SPECIFIC ITEMS AFFECTING NET INCOME
(PRELIMINARY RESTATED)⁽¹⁾⁽²⁾
(in thousands of U.S. dollars, except per share data)

Set forth below are some of the significant items of income and expense that affected the Company’s net income for the three and six months ended June 30, 2008, all of which items are typically excluded by securities analysts in their published estimates of the Company’s financial results:

		Three Months Ended								Six Months Ended
		June 30, 2008								June 30, 2008
		(unaudited)								(unaudited)
						$ Per								$ Per
		$				Share				$				Share
Gain on sale of vessels and equipment			2,925				0.04				3,421				0.05
Foreign currency exchange losses (3)			(2,764	)			(0.04	)			(36,987	)			(0.50	)
Deferred income tax expense on unrealized foreign exchange gains (4)			(284	)			—				(8,680	)			(0.12	)
Unrealized gains from derivative instruments (5)			48,092				0.66				36,637				0.50
Net effect from non-cash changes in purchase price allocation for the acquisition of Teekay Petrojarl ASA (6)			(6,398	)			(0.09	)			(6,398	)			(0.09	)
Net effect from non-cash changes in purchase price allocation for the acquisition of 50 percent of OMI Corporation (7)			(3,084	)			(0.04	)			(7,028	)			(0.10	)
Restructuring charge (8)			(4,617	)			(0.06	)			(4,617	)			(0.06	)
Other (9)			(712	)			(0.01	)			(4,810	)			(0.07	)
Minority owners’ share of items above (10)			(5,768	)			(0.08	)			10,285				0.14
Total as previously reported			27,390				0.38				(18,177	)			(0.25	)
Preliminary restatement adjustments:
Foreign currency exchange gains (5)			957				0.01				1,648				0.02
Unrealized gains (losses) from derivative instruments (5)			93,408				1.27				(52,195	)			(0.71	)
Other (9)			1,600				0.02				1,600				0.02
Minority owners’ share of items above (10)			(17,871	)			(0.24	)			5,217				0.07
Total as preliminarily restated			105,484				1.44				(61,907	)			(0.85	)

-more-

TEEKAY CORPORATION
APPENDIX A — SPECIFIC ITEMS AFFECTING NET INCOME
(PRELIMINARY RESTATED)⁽¹⁾⁽²⁾
(in thousands of U.S. dollars, except per share data)

Set forth below are some of the significant items of income and expense that affected the Company’s net income for the three and six months ended June 30, 2007, all of which items are typically excluded by securities analysts in their published estimates of the Company’s financial results:

		Three Months Ended								Six Months Ended
		June 30, 2007								June 30, 2007
		(unaudited)								(unaudited)
						$ Per								$ Per
		$				Share				$				Share
Gain on sale of vessels			11,613				0.16				11,613				0.16
Gain on sale of marketable securities			4,836				0.06				4,836				0.06
Foreign currency exchange gains (losses) (3)			1,214				0.02				(4,674	)			(0.06	)
Deferred income tax expense on unrealized foreign exchange gains (4)			(4,382	)			(0.06	)			(7,713	)			(0.10	)
Net effect from non-cash changes in purchase price allocation for acquisition of Teekay Petrojarl ASA (5)			(4,240	)			(0.06	)			(4,240	)			(0.06	)
Minority owners’ share of items above (6)			1,711				0.02				3,561				0.05
Total as previously reported			10,752				0.14				3,383				0.05
Preliminary restatement adjustments:
Foreign currency exchange losses (7)			(9,849	)			(0.13	)			(5,637	)			(0.08	)
Unrealized gains from derivative instruments (7)			118,164				1.57				126,733				1.69
Minority owners’ share of items above (6)			(17,735	)			(0.24	)			(19,850	)			(0.26	)
Total as preliminarily restated			101,332				1.34				104,629				1.40

-more-

TEEKAY CORPORATION
APPENDIX B — PRELIMINARY RESTATED SUPPLEMENTAL FINANCIAL INFORMATION⁽¹⁾⁽²⁾
SUMMARY BALANCE SHEET AS AT JUNE 30, 2008
(in thousands of U.S. dollars)

(unaudited)

																						Consoli-
																		Teekay				dation
		Teekay				Teekay				Teekay				Teekay				Corp.				Adjust-
		Offshore				LNG				Tankers				Petrojarl				Standalone				ments				Total
ASSETS
Cash and cash equivalents			113,021				78,811				19,706				44,155				243,240				—				498,933
Other current assets			112,456				40,058				25,655				73,217				328,323				—				579,709
Restricted cash (current & non-current)			—				695,128				—				2,745				16,952				—				714,825
Other assets (3)			70,906				867,431				994				(13,055	)			432,093				—				1,358,369
Vessels and equipment			1,751,281				1,810,796				441,135				1,413,694				1,247,247				—				6,664,153
Advances on vessels			—				322,897				—				—				370,395				—				693,292
Equity investment in subsidiaries			—				—				—				—				1,628,137				(1,628,137	)			—
Intangibles and goodwill			177,436				185,650				—				273,859				111,036				—				747,981
TOTAL ASSETS			2,225,100				4,000,771				487,490				1,794,615				4,377,423				(1,628,137	)			11,257,262
LIABILITIES AND EQUITY
Accounts payable and accrued liabilities			73,973				67,537				11,899				78,503				210,356				—				442,268
Current portion of debt and leases			96,988				159,288				3,600				47,100				24,666				—				331,642
Long-term debt and capital leases			1,521,519				2,826,465				317,028				398,900				1,223,758				—				6,287,670
Other long-term liabilities / in process revenue contracts			111,168				71,018				6,792				420,114				189,283				—				798,375
Minority interest (4)			31,513				20,288				—				534				4,215				615,612				672,162
Equity			389,939				856,175				148,171				849,464				2,725,145				(2,243,749	)			2,725,145
TOTAL LIABILITIES AND EQUITY			2,225,100				4,000,771				487,490				1,794,615				4,377,423				(1,628,137	)			11,257,262