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June 15, 2005

Boeing signs Teekay as launch customer for maritime communications service

Teekay Shipping Corporation (NYSE: TK) and Connexion by Boeing, a unit of The Boeing Company (NYSE: BA), have signed an agreement that makes Teekay the international launch customer for the Connexion by Boeing Maritime Service.

This is the maritime version of the global high speed communications service the Boeing unit offers the aviation industry.

The agreement calls for the high-speed communications service to be fitted on 50 of Teekay's vessels, with an option to install on an additional 40. Financial terms of the arrangement were not disclosed.

"As we worked closely with Connexion by Boeing during the service trial last year, we were very impressed by the power and potential the technology provides," said Graham Westgarth, president of Teekay Marine Services, a business unit of Teekay Shipping Corporation. "The trial gave us a glimpse of the future where our vessels will become a virtual extension of our offices ashore. Our sea staff will benefit from the latest information and technology solutions available, contributing to their lifestyle on board, while enhancing the efficiency of our operations. The service will also complement our existing communications infrastructure, enabling us to explore innovative business opportunities and solutions with our customers."

The service will provide data rates up to 256 kbps from the vessel to the satellite and data rates up to 5 mbps from the satellite to the vessel. The high data rate enables multiple, simultaneous users to access the Internet, corporate intranet, and e-mail, get the news, weather or destination information via a simple portal interface.

"Teekay shares our vision of a high-speed connectivity solution that provides superior economics, while improving ship-to-shore communications for operators. This tool opens up the maritime market to new possibilities and improved communications flexibility," said Laurette Koellner, president of Connexion by Boeing. "Supplying high-speed connectivity solutions to maritime customers is a natural complement to our commercial airline service and leverages the existing satellite, ground-based and customer support network we have established," Koellner added.

"Connexion by Boeing is bringing revolutionary new capabilities to the commercial shipping industry--affordable, high-speed data communications, voice services and live television--all on a global scale," said Sean Schwinn, director of Maritime for Connexion by Boeing. "We're confident the industry will quickly find ways to put this technology to work, to provide a more productive and connected on-board environment."

Installations and service commencement are expected in the fourth quarter of 2005.

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