Teekay and TORM Complete Acquisition of OMI

Teekay Corporation A/S Dampskibsselskabet TORM and OMI Corporation announced the completion of Teekay and TORM's acquisition of OMI through their jointly owned subsidiary, Omaha, Inc. (Omaha). As a result of the acquisition, all the remaining outstanding OMI shares (other than shares owned by Teekay, TORM or Omaha, or any of their respective subsidiaries) were cancelled and converted into the right to receive $29.25 per share, net to the seller in cash without interest, less any required withholding taxes. Effective as of the close of business today, OMI's shares are no longer traded on the New York Stock Exchange. As a result of the acquisition, the previously announced annual meeting of OMI shareholders, scheduled to be held on June 28, 2007, has been cancelled.