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 expired today, 9 November 2018, at 16:30 hours (CET).

The preliminary results show that the Teekay Offering has been significantly oversubscribed, with applications for in total 179 190 364 shares in Magnora, equal to an oversubscription of 783% of the Teekay Offering.  As the Teekay Offering only comprise 22,893,631 Sale Shares, only 22,893,361 Sale Shares will be allocated and sold in the Teekay Offering.

Subject to satisfaction of all conditions precedent for completion, Teekay will hold 0 (nil) shares and 0 (nil) votes in Magnora.

Announcement of final results and allocation is expected to take place on 12 November 2018, subject to satisfaction of the conditions for completion of the Teekay Offering. Furthermore, subject to timely payment from the applications who will be allocated shares, it is expected that the Sale Shares will be delivered to the VPS accounts of the applicants on or about 19 November 2018.

For further information, please refer to the Prospectus.

Contacts:

Ryan Hamilton

Tel:  +1 (604) 609-2963

Website: www.teekay.com

***

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.