EXHIBIT 8.1

List of Significant Subsidiaries

The following is a list of the Company’s significant subsidiaries as at March 15, 2008.

	State or	Proportion of
	Jurisdiction of	Ownership
Name of Significant Subsidiary	Incorporation	Interest
TEEKAY CHARTERING LIMITED	MARSHALL ISLANDS		100	%
TEEKAY HOLDINGS LIMITED	MARSHALL ISLANDS		100	%
SINGLE SHIP LIMITED LIABILITY COMPANIES	MARSHALL ISLANDS		100	%
TEEKAY LNG PARTNERS LP	MARSHALL ISLANDS		64	%(1)
TEEKAY OFFSHORE PARTNERS LP	MARSHALL ISLANDS		60	%(1)
TEEKAY OFFSHORE OPERATING LP	MARSHALL ISLANDS		90	%(1)
TEEKAY NAVION OFFSHORE LOADING PTE LTD	SINGAPORE		90	%(1)
TEEKAY PETROJARL ASA	NORWAY		65	%
TEEKAY TANKERS LTD	MARSHALL ISLANDS		54	%(2)

(1)	Partnership is controlled by the General Partner. Teekay Corporation has a 100% beneficial ownership in the General Partner. In limited cases, approval of a majority or supermajority of the common unit holders (in some cases excluding units held by the General Partner and its affiliates) is required to approve certain actions.
(2)	Proportion of voting power held is 53%.