EXHIBIT I

TEEKAY CORPORATION Bayside House, Bayside Executive Park, West Bay Street & Blake Road P.O. Box AP-59212,  Nassau, Bahamas

NEWS RELEASE

TEEKAY ANNOUNCES FOURTH QUARTER AND FY2007

EARNINGS CONFERENCE CALL

Nassau, The Bahamas, February 20, 2008 – Teekay Corporation (NYSE: TK) plans to release its financial results for the fourth quarter and FY2007 after market close on Wednesday, February 27, 2008.

The Company plans to host a conference call on Thursday, February 28, 2008 at 11:00 a.m. (ET) to discuss the results for the quarter and fiscal year 2007.  All shareholders and interested parties are invited to listen to the live conference call through the Company’s web site at www.teekay.com.

A recording of the conference call will be available until Thursday, March 6, 2008, by dialing (888) 203-1112 or (647) 436-0148 and entering access code 7547068.  Alternatively, an archive of the conference call will remain on the Company’s web site until March 27, 2008.

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 over 200 vessels, offices in 16 countries and 6,300 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”.

For Investor Relations enquiries contact:

Dave Drummond

Tel: +1 (604) 844-6654

For Media enquiries contact:

Alana Duffy

Tel: +1 (604) 844-6605

Web site: www.teekay.com

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