Teekay Shipping Corp. Selects XRT Enterprise Suite to Streamline Treasury Operations and Improve Global Visibility of Cash

KING OF PRUSSIA, Pa, USA, March 14, 2005 - Teekay Shipping Corp. (NYSE: TK), the world's largest operator of midsized oil tankers, has selected the XRT Enterprise Suite to centrally manage its global treasury operations, including cash, liquidity and risk.

"We chose the XRT Enterprise Suite because of its integrated communications module and its ability to manage cash," said Vince Lok, senior vice president and treasurer of Teekay Shipping. "XRT's extensive experience in dealing with foreign banks and its strong presence in Europe, which will provide us with localized support on a global scale, were also important considerations in our decision."

With operations in 14 countries, Teekay will utilize XES to automatically link information from Teekay's banks to its corporate accounting system in Canada. This includes debt, investments, foreign exchange and other treasury activities - all in an airtight secure environment. As a result, Teekay expects to be able to eliminate a number of manual processes, which will improve data integrity and save time and money.

"XES integrates and delivers critical financial information across the organization to streamline collaboration and provide extended visibility into key business operations," said Glen Solimine, vice president of XRT North America. "We are excited to be working with Teekay to help improve global visibility of the company's cash."

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