Reference is made to the stock exchange announcement from Teekay Service Holdings Cooperatief U.A. (“Teekay”) on 26 October 2018 regarding the launch of the secondary offering by Teekay of all of its 22,893,631 shares (the «Sale Shares») in Magnora ASA («Magnora» or the «Company») (the «Teekay Offering»).

The application period for the Teekay Offering will expire at 16:30 hours (CET) today, 9 November 2018. Allocation rights not used to apply for Sale Shares by expiry of the application period, will lapse without compensation to the holder.

Applicants who are Norwegian residents with a Norwegian personal identification number are recommended to apply for Sale Shares through the VPS online application system by following the link to such application system on the following website: www.magnoraasa.com.

Application for Sale Shares may also be made by using the application form attached to the prospectus dated 25 October 2018 prepared by Teekay in connection with the Teekay Offering (the «Prospectus») and published at www.magnoraasa.com. All applications must be made within 16:30 hours (CET) today, 9 November 2018.

The terms and conditions for the Teekay Offering are set out in the Prospectus which, subject to regulatory restrictions in certain jurisdictions, is available at www.magnoraasa.com.

DNB Bank ASA, Registrars Department is acting as receiving agent and settlement agent in connection with the Teekay Offering.

For further information, please refer to the Prospectus.

Contacts:

Ryan Hamilton
Tel: +1 (604) 609-2963
Website: www.teekay.com

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This announcement is not and does not form a part of any offer for sale of any securities, and is for release, publication or distribution, directly or indirectly, in the United States, or any other jurisdiction in which such distribution would be unlawful or would require registration or other measures. Securities may not be sold in the United States absent registration with the United States Securities and Exchange Commission or an exemption from registration under the U.S. Securities Act of 1933, as amended. The Company does not intend to register of its securities in the United States. The distribution of this announcement into jurisdictions other than Norway may be restricted by law. Persons into whose possession this announcement comes should inform themselves about and observe any such restrictions. Any failure to comply with these restrictions may constitute a violation of the securities laws of any such jurisdiction. This announcement has not been approved by any regulatory authority.