Sustainability Report 2 3

TEEKAY OFFSHORE PRODUCTION SUSTAINABILITY REPORT 2 3 TABLE OF CONTENTS 3 PRESIDENT’S INTRODUCTION 6 SUSTAINABILITY IN TEEKAY OFFSHORE PRODUCTION 10 FACTS AND HISTORY 14 2016-2018 HIGHLIGHTS 2O PEOPLE Recruitment and growth Diversity Training and Development Safety PRESIDENT’S INTRODUCTION Occupational health BY PRESIDENT CHRIS BRETT Corporate Social Responsibility 28 PLANET Welcome to Teekay Offshore Production’s 2018 Climate change Sustainability Report. At Teekay Offshore Production (TOP) Environmental impact we believe that our long-term operational and commercial 36 PROFIT success is directly linked to our ability to deliver safe and Operational Excellence sustainable operations and manage risk and opportunities. Business ethics Our goal is to be industry leaders in the areas which we Early phase and innovation operate and to deliver operational excellence. Supply chain Business and Commercial Development 40 KEY FIGURES May 2018 marked a milestone for us, as our existing facilities where ever possible. we successfully achieved first oil with the Safety is always our top priority and we aim Petrojarl I on the Atlanta field in Brazil and for zero harm. Teekay Offshore Production dedicated crew ensured that we had a safe works continuously to achieve our goal TEEKAY OFFSHORE PRODUCTION 2018 SUSTAINABILITY REPORT OFFSHORE PRODUCTION 2018 SUSTAINABILITY TEEKAY REPORT OFFSHORE PRODUCTION 2018 SUSTAINABILITY TEEKAY commissioning. For the Petrojarl I this is the together with dedicated people at all levels. 11th field of operations, after starting as a Notwithstanding our persistent work, we pioneer in the FPSO industry over 30 years unfortunately experienced two serious gas ago in the cold North Sea waters on the leaks on the Petrojarl Foinaven in 2018 Layout and design: Klipp og Lim AS Oseberg field in 1986 – and now operating in and we have investigated these incidents Photos: Trond Arne Hageland, Ernst Ståle Apeland, tropical waters off Brazil. This is sustainability thoroughly to find the root causes. Teekay Morten Mehli, Alf H. Hansen, Marit Gystøl, in practice and when we think of the Offshore Production is transparent about our Fabio Sauvedo, Elisabeth Hamstad, Jørgen Westrum mammoth scale and environmental impact lessons learned so we produced a film which Thorsen, Teekay Offshore Production & Yammer. of old infrastructure decommissioning facing we shared within the oil and gas industry to You will find the report online at the oil and gas industry globally, we must prevent similar incidents happening again. teekay.com/sustainability continue to look for ways to extend and reuse We are also on a digital journey like many 4 5 «WE WANT TO BE INDUSTRY SHAPERS AND MARKET LEADERS, BEING THE COSTUMER CHOICE AND CONTINUE BUILDING AN EVEN STRONGER TEAM TO MEET THE NEXT WAVE OF GROWTH IN THE FPSO INDUSTRY.» in our industry and our digitalization strategy services businesses such as ours, and we is an integrated part of our overall business are committed to play our part in this critical strategy. Making the operations data more initiative for humanity. transparent and easily available for the Teekay Offshore Production is the largest entire organization improves experience FPSO lease and contract provider in the North transfer across the fleet. We are currently Sea. We have a strong presence in Brazil, improving the remote access to our FPSOs where we also operate through a local joint and project sites and this will enable instant venture. Teekay Offshore Production will support and response, increased efficiency continue to hold and strengthen our presence in troubleshooting and the lowering of our in these regions that we define as our core environmental footprint. markets. We want to be industry shapers and Teekay Offshore Production is in the market leaders, being the costumer choice process of identifying and incorporating the and continue building an even stronger team United Nation’s Sustainable Development to meet the next wave of growth in the FPSO TEEKAY OFFSHORE PRODUCTION 2018 SUSTAINABILITY REPORT OFFSHORE PRODUCTION 2018 SUSTAINABILITY TEEKAY Goals (UN SDGs) to our business strategy and industry. REPORT OFFSHORE PRODUCTION 2018 SUSTAINABILITY TEEKAY value creation model. We will contribute to Teekay Offshore Production – a pioneering the SDGs through improvement, innovation FPSO solutions provider. and high corporate ethics in all aspects of our value chain. We recognize that our business has a negative impact on climate change, so we have already identified Climate Action as one of the SDGs that we will focus upon. We CHRIS BRETT President strongly believe that all in society have a role to play as we transition to more sustainable and alternative forms of energy, including oil 6 7 support a fair business environment which in turn will make us an attractive business partner and employer. We recognize that climate change is strongly connected with the human impact on our planet. We strive to operate with high energy efficiency and find new ways to improve our environmental footprint through lower emissions and discharges. Our management systems are certified in accordance with the International Safety Management Code, ISO 9001, ISO 14001 and OSHAS 18001. Our management systems are committed to continual improvement, responsible safety and environmental practices, as well as an innovative approach to the use of technology and the development of projects. In 2019, Teekay Offshore Production will start the process of incorporating the UN SDGs into our strategy and value creation model. We recognize that our business impacts the environment. We work to maximize the positive impact and reduce any negative impact on the SDGs. Sustainability is about managing risk and opportunities, taking into account all relevant aspects of the triple bottom line; People - Planet - Profit SUSTAINABILITY IN TEEKAY SUSTAINABILITY IN TEEKAY OFFSHORE PRODUCTION Sustainability is about the continued growth and success of Teekay TEEKAY OFFSHORE PRODUCTION 2018 SUSTAINABILITY REPORT OFFSHORE PRODUCTION 2018 SUSTAINABILITY TEEKAY Offshore Production and encompasses all aspects of People, REPORT OFFSHORE PRODUCTION 2018 SUSTAINABILITY TEEKAY Planet and Profit. This means that sustainability is at the core of how we do business. PEOPLE PLANET PROFIT ustainability is a widely used term reflecting the • Attract, retain and • Discharge to sea global challenges and opportunities we all are facing • Business growth develop talent today. For Teekay Offshore Production, sustainability • Emissions to air • Operation excellence • Health and Safety S translates to the long-term growth and success of our • Climate change • Supply chain efficiency • Human and Labor rights company by the responsible management of People, Planet and • Waste management • Transparency • Diversity Profit. Teekay Offshore Production promotes ethical behavior, • Ethical codes of conduct transparency and accountability in order to create trust and • Corporate Social Responsibility 8 9 MATERIALITY AND SCOPE This report focuses on the sustainability issues that MATERIALITY MAP significantly affect business performance and matter most to our key stakeholders. Teekay Offshore Production The materiality map provides an overview of the sustainability Offshore Production. However the report focuses primarily on has previously completed the process of identifying issues identified, and their significance to Teekay Offshore the issues material to the success of our company, our people sustainability issues material for our business success, Production and our key stakeholders. All identified issues on and our key stakeholders and the success of our stakeholders. Teekay Offshore the materiality map are relevant to and managed by Teekay Production will update our materiality map in 2020. In this report we have included reporting for all assets that are fully operated by Teekay Offshore Production, • HSE hence the FPSOs operated by the joint venture • Competence • Local content company TK Ocyan in Brazil are not a part of the report. • GHG emissions HIGH • Emissions air Furthermore, data from the Hummingbird FPSO in the • Business ethics period from 2016 to 2017 is not in this report, as it was • Reliability operated on our behalf by WoodGroup in that period. This report focuses on activities from 2016 - 2018, both onshore and offshore and includes many examples of • Transparency of how the company works with sustainability as a guideline • Technical innovation payments to throughout the entire organization. • Potential Partners governments MEDIUM • Security • Local community impact REPORTING BASIS • Public advocacy and This report contains Standard Disclosures from Lobbying the Global Reporting Initiative, GRI Standards • Philantrophy/ IMPORTANCE TOIMPORTANCE EXTERNAL STAKEHOLDERS • Workforce diversity and Sustainability Reporting Guidelines. The GRI Volunteerism LOW inclusion Standards guidelines are the most commonly TEEKAY OFFSHORE PRODUCTION 2018 SUSTAINABILITY REPORT OFFSHORE PRODUCTION 2018 SUSTAINABILITY TEEKAY REPORT OFFSHORE PRODUCTION 2018 SUSTAINABILITY TEEKAY used and recognizes guidelines for sustainability • End-of-life recycling reporting. • Waste LOW MEDIUM HIGH CONTACT US IMPORTANCE TO COMPANY We would appreciate your comments, feedback or queries on this report. Please get in touch at [email protected] Remember to mark the email “Sustainability Report 2018”. Visit our website at www.teekay.com 10 11 FACTS AND HISTORY TRONDHEIM PETROJARL FOINAVEN PETROJARL

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