TEEKAY CORP LTD

Teekay Corporation Ltd. is a provider of international crude oil marine transportation and other marine services. Teekay delivers these services through its controlling ownership interest in Teekay Tankers Ltd., which is an owner and operator of mid-sized crude tankers. The consolidated Teekay entities manage and operate approximately 54 conventional tankers and other marine assets, including vessels operated for the Australian government. Teekay has offices in eight countries and approximately 2,130 seagoing and shore-based employees, providing marine services to energy companies. Teekay's organizational structure consists of its controlling interest in Teekay Tankers and Teekay and its remaining subsidiaries (Teekay Parent). As of March 1, 2026, Teekay has an economic ownership interest of 30.7% in Teekay Tankers and holds 54.8% of its voting power through Class A and Class B common shares. Teekay Tankers encompasses all of Teekay's conventional crude oil and product tankers. These tankers primarily operate in the spot tanker market or are under time charters or contracts of affreightment priced on a spot market basis. Short-term contracts are defined as those with an original term of less than one year. Teekay Tankers also owns a ship-to-ship (STS) transfer business, performing full-service lightering and lightering support operations in the U.S. Gulf and Caribbean. Additionally, Teekay Tankers has direct business operations in Australia, providing operational and maintenance marine services to the Australian Government and Australian energy companies. Following the maturity of Teekay's convertible senior notes in January 2023, Teekay Parent repaid all its debt and is debt-free. As of December 31, 2025, Teekay Parent had a cash and short-term investments position of approximately $120 million.