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<TITLE>REGISTRATION STATEMENT ON FORM S-8</TITLE>
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<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>As filed with the Securities and Exchange Commission on November&nbsp;28, 2007</B>
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<DIV align="right" style="font-size: 10pt; margin-top: 12pt"><B>Registration No.&nbsp;333-</B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</DIV>


<DIV style="width: 100%; border-bottom: 2pt solid black; font-size: 1pt">&nbsp;</DIV>
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<DIV align="center" style="font-size: 14pt; margin-top: 12pt"><B>SECURITIES AND EXCHANGE COMMISSION</B>
</DIV>

<DIV align="center" style="font-size: 12pt"><B>Washington, D.C. 20549</B>
</DIV>

<DIV align="center"><DIV style="font-size: 3pt; margin-top: 16pt; width: 26%; border-top: 1px solid #000000">&nbsp;</DIV></DIV>

<DIV align="center" style="font-size: 18pt; margin-top: 12pt"><B>FORM S-8</B>
</DIV>


<DIV align="center" style="font-size: 12pt; margin-top: 12pt"><B>REGISTRATION STATEMENT<BR>
UNDER<BR>
THE SECURITIES ACT OF 1933</B>
</DIV>

<DIV align="center"><DIV style="font-size: 3pt; margin-top: 16pt; width: 26%; border-top: 1px solid #000000">&nbsp;</DIV></DIV>

<DIV align="center" style="font-size: 24pt; margin-top: 12pt"><B>TEEKAY CORPORATION</B>
</DIV>

<DIV align="center" style="font-size: 10pt">(Exact name of Registrant as specified in its charter)</DIV>


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    <TD align="center" valign="top"><B>Republic of the Marshall Islands</B><BR>
(State or other jurisdiction of incorporation or organization)
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top"><B>Not Applicable</B><BR>
(I.R.S. Employer Identification No.)</TD>
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<DIV align="center" style="font-size: 10pt; margin-top: 12pt"><B>Bayside House<BR>
Bayside Executive Park<BR>
West Bay Street &#038; Blake Road<BR>
P.O. Box AP-59212, Nassau<BR>
THE BAHAMAS</B><BR>
(Address of principal executive offices, including zip code)</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 12pt"><B>TEEKAY CORPORATION<BR>
2003 EQUITY INCENTIVE PLAN</B><BR>
(Full title of the plans)</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 12pt"><B>Watson, Farley &#038; Williams (New York) LLP<BR>
Attn: Daniel C. Rodgers<BR>
100 Park Avenue, 31st Floor<BR>
New York, New York 10017<BR>
(212)&nbsp;922-2200</B></DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 12pt">(Name, address and telephone number, including area code, of agent for service)</DIV>

<DIV align="center"><DIV style="font-size: 3pt; margin-top: 16pt; width: 26%; border-top: 1px solid #000000">&nbsp;</DIV></DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 12pt"><B>Copies to:</B></DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 12pt"><B>DAVID S. MATHESON<BR>
DANIELLE BENDERLY<BR>
Perkins Coie LLP<BR>
1120 N.W. Couch Street, 10</B><SUP style="font-size: 85%; vertical-align: text-top"><B>th</B></SUP><B> Floor<BR>
Portland, Oregon 97209</B></DIV>

<DIV align="center"><DIV style="font-size: 3pt; margin-top: 16pt; width: 26%; border-top: 1px solid #000000">&nbsp;</DIV></DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 12pt"><B>CALCULATION OF REGISTRATION FEE</B></DIV>

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    <TD width="1%">&nbsp;</TD>
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    <TD nowrap align="center"><B>Title of Securities</B></TD>
    <TD style="border-right: 2px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><B>Number to Be</B></TD>
    <TD style="border-right: 2px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><B>Proposed Maximum</B></TD>
    <TD style="border-right: 2px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><B>Proposed Maximum</B></TD>
    <TD style="border-right: 2px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><B>Amount of</B></TD>
    <TD width="1%">&nbsp;</TD>
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    <TD nowrap align="center" style="border-bottom: 0px solid #000000"><B>to Be Registered</B></TD>
    <TD style="border-right: 2px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" style="border-bottom: 0px solid #000000"><B>Registered(1)</B></TD>
    <TD style="border-right: 2px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" style="border-bottom: 0px solid #000000"><B>Offering Price(2)</B></TD>
    <TD style="border-right: 2px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" style="border-bottom: 0px solid #000000"><B>Aggregate Offering Price(2)</B></TD>
    <TD style="border-right: 2px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" style="border-bottom: 0px solid #000000"><B>Registration Fee(3)</B></TD>
    <TD width="1%">&nbsp;</TD>
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                    <TD style="border-top: 2px solid #000000"><DIV style="margin-left:15px; text-indent:-15px">Common Stock, par
value $0.001 per
share, together with
associated common
stock purchase rights
issuable under the
2003 Equity Incentive
Plan</DIV></TD>
    <TD style="border-right: 2px solid #000000; border-top: 2px solid #000000">&nbsp;</TD>
    <TD style="border-top: 2px solid #000000">&nbsp;</TD>
    <TD align="center" valign="bottom" style="border-top: 2px solid #000000">3,000,000</TD>
    <TD style="border-right: 2px solid #000000; border-top: 2px solid #000000">&nbsp;</TD>
    <TD style="border-top: 2px solid #000000">&nbsp;</TD>
    <TD align="center" valign="bottom" style="border-top: 2px solid #000000">$54.93</TD>
    <TD style="border-right: 2px solid #000000; border-top: 2px solid #000000">&nbsp;</TD>
    <TD style="border-top: 2px solid #000000">&nbsp;</TD>
    <TD align="center" valign="bottom" style="border-top: 2px solid #000000">$164,775,000.00</TD>
    <TD style="border-right: 2px solid #000000; border-top: 2px solid #000000">&nbsp;</TD>
    <TD style="border-top: 2px solid #000000">&nbsp;</TD>
    <TD align="center" valign="bottom" style="border-top: 2px solid #000000">$5,058.59</TD>
    <TD width="1%" style="border-top: 2px solid #000000">&nbsp;</TD>
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<TR style="font-size: 1px" valign="bottom">
    <TD nowrap align="left" colspan="15" style="border-top: 3px double #000000">&nbsp;</TD>
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    <TD width="3%" nowrap align="left">(1)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Includes an indeterminate number of additional shares which may be necessary to adjust the
number of shares reserved for issuance pursuant to such employee benefit plan as the result of
any future stock split, stock dividend or similar adjustment of the Registrant&#146;s outstanding
Common Stock.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left">(2)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Estimated solely for the purpose of calculating the registration fee pursuant to Rule 457(c)
or 457(h)(1) under the Securities Act of 1933, as amended, based on the average of the high
($56.33) and low ($53.52) sales prices for the Common Stock on November&nbsp;26, 2007, as reported
for such date on the New York Stock Exchange.</TD>
</TR>

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<TR><TD colspan="9"><A HREF="#000">PART II<BR> INFORMATION REQUIRED IN REGISTRATION STATEMENT</A></TD></TR>
<TR><TD colspan="9"><A HREF="#001">SIGNATURES</A></TD></TR>
<TR><TD colspan="9"><A HREF="#002">POWER OF ATTORNEY</A></TD></TR>
<TR><TD colspan="9"><A HREF="#003">INDEX TO EXHIBITS</A></TD></TR>
<TR><TD colspan="9"><A HREF="o38611exv5w1.htm">OPINION OF WATSON, FARLEY, & WILLIAMS</A></TD></TR>
<TR><TD colspan="9"><A HREF="o38611exv23w1.htm">CONSENT OF ERNST & YOUNG</A></TD></TR>
<TR><TD colspan="9"><A HREF="o38611exv99w1.htm">TEEKAY CORPORATION 2003 EQUITY INCENTIVE PLAN</A></TD></TR>
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<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>PART II<BR>
INFORMATION REQUIRED IN REGISTRATION STATEMENT</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Item&nbsp;3. Incorporation of Certain Documents by Reference</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The following documents filed with the Securities and Exchange Commission (the &#147;Commission&#148;)
are hereby incorporated by reference in this Registration Statement:
</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;Annual Report of Teekay Corporation (the &#147;Registrant&#148;) on Form 20-F for the year ended
December&nbsp;31, 2006, which contains audited consolidated financial statements of the Registrant;
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;The description of the Registrant&#146;s Common Stock contained in the Registration Statement
on Form 20-F filed with the Commission on July&nbsp;10, 1995, including any amendments or reports filed
for the purpose of updating such description; and
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;All other reports filed by the Registrant pursuant to Section 13(a) or 15(d) of the
Securities Exchange Act of 1934, as amended (the &#147;Exchange Act&#148;), since the end of the period
covered by the Annual Report on Form 20-F referenced above.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;All documents filed by the Registrant pursuant to Sections&nbsp;13(a), 13(c), 14 and 15(d) of the
Securities Exchange Act of 1934, as amended (the &#147;Exchange Act&#148;), after the date hereof, and prior
to the filing of a post-effective amendment which indicates that the securities offered hereby have
been sold or which deregisters the securities covered hereby then remaining unsold, shall also be
deemed to be incorporated by reference into this Registration Statement and to be a part hereof
commencing on the respective dates on which such documents are filed.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Item&nbsp;4. Description of Securities</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Not applicable.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Item&nbsp;5. Interests of Named Experts and Counsel</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Not applicable.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Item&nbsp;6. Indemnification of Directors and Officers</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Registrant is a Marshall Islands corporation. The Marshall Islands Business Corporations
Act (&#147;MIBCA&#148;) provides that a Marshall Islands corporation shall have the power to indemnify any
person who was or is a party or is threatened to be made a party to any threatened, pending or
completed action, suit or proceeding whether civil, criminal, administrative or investigative
(other than an action by or in the right of the corporation) by reason of the fact that he is or
was a director or officer of the corporation, or is or was serving at the request of the
corporation as a director or officer of another corporation, partnership, joint venture, trust or
other enterprise, against expenses (including attorneys&#146; fees, judgments, fines and amounts paid in
settlement) actually and reasonably incurred by him in connection with such action, suit or
proceeding if he acted in good faith and in a manner he reasonably believed to be in or not opposed
to the best interests of the corporation, and, with respect to any criminal action or proceeding,
had no reasonable cause to believe his conduct was unlawful. The termination of any action, suit
or proceeding by judgment, order, settlement, conviction, or upon a plea of no contest, or its equivalent, shall not, of itself, create a presumption that the person did not act in good
faith and in a
</DIV>

<P align="center" style="font-size: 10pt">&nbsp;
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">manner which he reasonably believed to be in or not opposed to the best interests of
the corporation, and, with respect to any criminal action or proceeding, had reasonable cause to
believe his conduct was unlawful.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A Marshall Islands corporation also has the power to indemnify any person who was or is a
party or is threatened to be made a party to any threatened, pending or completed action or suit by
or in the right of the corporation to procure a judgment in its favor by reason of the fact that he
is or was a director or officer of the corporation, or is or was serving at the request of the
corporation as a director or officer of another corporation, partnership, joint venture, trust or
other enterprise against expenses (including attorneys&#146; fees) actually and reasonably incurred by
him or in connection with the defense or settlement of such action or suit if he acted in good
faith and in a manner he reasonably believed to be in or not opposed to the best interests of the
corporation and except that no indemnification shall be made in respect of any claim, issue or
matter as to which such person shall have been adjudged to be liable for negligence or misconduct
in the performance of his duty to the corporation unless and only to the extent that the court in
which such action or suit was brought shall determine upon application that, despite the
adjudication of liability but in view of all the circumstances of the case, such person is fairly
and reasonably entitled to indemnity for such expenses which the court shall deem proper.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;To the extent that a director or officer of a Marshall Islands corporation has been successful
on the merits or otherwise in defense of any action, suit or proceeding referred to in the
preceding paragraphs, or in the defense of a claim, issue or matter therein, he shall be
indemnified against expenses (including attorneys&#146; fees) actually and reasonably incurred by him in
connection therewith. Expenses incurred in defending a civil or criminal action, suit or
proceeding may be paid in advance of the final disposition of such action, suit or proceeding as
authorized by the board of directors in the specific case upon receipt of an undertaking by or on
behalf of the director or officer to repay such amount unless it shall ultimately be determined
that he is entitled to be indemnified by the corporation as authorized in the MIBCA.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In addition, a Marshall Islands corporation has the power to purchase and maintain insurance
on behalf of any person who is or was a director or officer of the corporation or is or was serving
at the request of the corporation as a director or officer against any liability asserted against
him and incurred by him in such capacity whether or not the corporation would have the power to
indemnify him against such liability under the provisions of the MIBCA.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section&nbsp;F of the Registrant&#146;s Articles of Incorporation, as amended, provides that to the
fullest extent permitted under the MIBCA, a director of the Registrant shall not be liable to the
Registrant or its shareholders for monetary damages for breach of fiduciary duty as a director.
Section&nbsp;10.00 of the Registrant&#146;s Bylaws provides that any person who is made party to a proceeding
by virtue of being an officer or director of the Registrant or, being or having been such a
director or officer or an employee of the Registrant, serving at the request of the Registrant as a
director, officer, employee or agent of another corporation or other enterprise, shall be
indemnified and held harmless to the fullest extent permitted by the MIBCA against any and all
expense, liability, loss (including attorneys&#146; fees, judgments, fines or penalties and amounts paid
in settlement) actually incurred or suffered by such person in connection with the proceeding.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Registrant maintains a directors&#146; and officers&#146; liability insurance policy that, subject
to the limitations and exclusions stated therein, covers the Registrant&#146;s officers and directors
for certain actions or inactions that they may take or omit in their capacities as officers and
directors of the Registrant.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In addition, the Registrant has entered into separate indemnification agreements with some of
its officers and directors. These indemnification agreements provide for indemnification of the
director or officer against all expenses, judgments, fines and amounts paid in settlement actually and
reasonably incurred by him in connection with any threatened, pending or completed action, suit or
proceeding,
</DIV>

<P align="center" style="font-size: 10pt">&nbsp;
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">whether civil, criminal, administrative or investigative, except to the extent that
such person is otherwise indemnified, such action, suit or proceeding arose out of such person&#146;s
intentional misconduct, knowing violation of law or out of a transaction in which such director or
officer is finally judicially determined to have derived an improper personal benefit, or if it
shall be determined by a final judgment or other final adjudication that such indemnification was
not lawful.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Item&nbsp;7. Exemption From Registration Claimed</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Not applicable.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Item&nbsp;8. Exhibits</B>
</DIV>

<DIV align="center">
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    <TD width="15%">&nbsp;</TD>
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    <TD width="85%">&nbsp;</TD>
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<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="center">Exhibit</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="center" style="border-bottom: 1px solid #000000">Number</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" style="border-bottom: 1px solid #000000">Description</TD>
</TR>

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<TR valign="bottom">
    <TD align="center"><DIV style="margin-left:23px; text-indent:-15px">5.1</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Opinion of Watson, Farley &#038; Williams (New York) LLP regarding legality of the Common Stock being registered</TD>
</TR>
<TR valign="bottom">
    <TD align="center"><DIV style="margin-left:15px; text-indent:-15px">23.1</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Consent of Ernst &#038; Young, LLP (Independent Registered Public Accounting Firm)</TD>
</TR>
<TR valign="bottom">
    <TD align="center"><DIV style="margin-left:15px; text-indent:-15px">23.2</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Consent of Watson, Farley &#038; Williams (New York) LLP (included in opinion filed as Exhibit 5.1)</TD>
</TR>
<TR valign="bottom">
    <TD align="center"><DIV style="margin-left:15px; text-indent:-15px">24.1</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Power of Attorney (see signature page)</TD>
</TR>
<TR valign="bottom">
    <TD align="center" valign="top"><DIV style="margin-left:15px; text-indent:-15px">99.1</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Teekay Corporation 2003 Equity Incentive Plan</TD>
</TR>
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</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Item&nbsp;9. Undertakings</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">A. The undersigned Registrant hereby undertakes:
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1)&nbsp;To file, during any period in which offers or sales are being made, a post-effective
amendment to this Registration Statement:
</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;To include any prospectus required by Section&nbsp;10(a)(3) of the Securities Act of 1933, as
amended (the &#147;Securities Act&#148;).
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;To reflect in the prospectus any facts or events arising after the effective date of this
Registration Statement (or the most recent post-effective amendment thereof) which, individually or
in the aggregate, represent a fundamental change in the information set forth in this Registration
Statement.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;To include any material information with respect to the plan of distribution not
previously disclosed in this Registration Statement or any material change to such information in
this Registration Statement.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><U>Provided</U>, <U>however</U>, that paragraphs (A)(1)(a) and (A)(1)(b) of this section do not
apply if the information required to be included in a post-effective amendment by those paragraphs
is contained in periodic reports filed with or furnished to the Commission by the Registrant
pursuant to Section&nbsp;13 or Section 15(d) of the Exchange Act of 1934 (the &#147;Exchange Act&#148;) that are incorporated by reference in this
Registration Statement.
</DIV>


<P align="center" style="font-size: 10pt">&nbsp;
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">




<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2)&nbsp;That, for the purpose of determining any liability under the Securities Act, each such
post-effective amendment shall be deemed to be a new registration statement relating to the
securities offered therein, and the offering of such securities at that time shall be deemed to be
the initial bona fide offering thereof.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3)&nbsp;To remove from registration by means of a post-effective amendment any of the securities
being registered which remain unsold at the termination of the offering.
</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">B. The undersigned Registrant hereby undertakes that, for purposes of determining any liability
under the Securities Act, each filing of the Registrant&#146;s annual report pursuant to Section 13(a)
or 15(d) of the Exchange Act (and, where applicable, each filing of an employee benefits plan&#146;s
annual report pursuant to Section 15(d) of the Exchange Act) that is incorporated by reference in
this Registration Statement shall be deemed to be a new registration statement relating to the
securities offered therein, and the offering of such securities at that time shall be deemed to be
the initial bona fide offering thereof.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">C. Insofar as indemnification for liabilities arising under the Securities Act may be permitted to
directors, officers and controlling persons of the Registrant pursuant to the foregoing provisions,
or otherwise, the Registrant has been advised that in the opinion of the Commission such
indemnification is against public policy as expressed in the Securities Act and is, therefore,
unenforceable. In the event that a claim for indemnification against such liabilities (other than
the payment by the Registrant of expenses incurred or paid by a director, officer or controlling
person of the Registrant in the successful defense of any action, suit or proceeding) is asserted
by such director, officer or controlling person in connection with the securities being registered,
the Registrant will, unless in the opinion of its counsel the matter has been settled by
controlling precedent, submit to a court of appropriate jurisdiction the question whether such
indemnification by it is against public policy as expressed in the Securities Act and will be
governed by the final adjudication of such issue.
</DIV>



<P align="center" style="font-size: 10pt">&nbsp;
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">

<!-- link1 "SIGNATURES" -->
<DIV align="left"><A NAME="001"></A></DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>SIGNATURES</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pursuant to the requirements of the Securities Act of 1933, the Registrant certifies that it
has reasonable grounds to believe that it meets all of the requirements for filing on Form S-8 and
has duly caused this Registration Statement to be signed on its behalf by the undersigned,
thereunto duly authorized, in the City of Vancouver, Province of British Columbia, on the 28th day
of November, 2007.
</DIV>

<TABLE width="100%" border="0" cellspacing="0" cellpadding="0" style="font-size: 10pt">
<TR>
    <TD width="48%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="35%">&nbsp;</TD>
    <TD width="15%">&nbsp;</TD>
</TR>
<TR>
    <TD valign="top" align="left">&nbsp;</TD>
    <TD colspan="3" align="left">TEEKAY CORPORATION<BR>
&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD valign="top">By:&nbsp;&nbsp;</TD>
    <TD colspan="2" style="border-bottom: 1px solid #000000" align="left">/s/ Bjorn Moller
&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="left">Bjorn Moller&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="left">President and Chief Executive Officer&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
</TABLE>
<!-- link1 "POWER OF ATTORNEY" -->
<DIV align="left"><A NAME="002"></A></DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>POWER OF ATTORNEY</B>
</DIV>



<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Each person whose individual signature appears below hereby authorizes Bjorn Moller and Peter
Evensen, or either of them, as attorneys-in-fact with full power of substitution, to execute in the
name and on the behalf of each person, individually and in each capacity stated below, and to file,
any and all amendments to this Registration Statement, including any and all post-effective
amendments, with exhibits thereto and other documents in connection therewith, with the Securities
and Exchange Commission, hereby ratifying and confirming all that said attorneys-in-fact or their
substitute or substitutes may do or cause to be done by virtue hereof.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pursuant to the requirements of the Securities Act of 1933, this Registration Statement has
been signed by the following persons in the capacities indicated below on the 28th day of November,
2007.
</DIV>
<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="40%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="40%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="center" style="border-bottom: 1px solid #000000"><B>Signature</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" style="border-bottom: 1px solid #000000"><B>Title</B></TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom"><!-- Blank Space -->
    <TD align="right">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" nowrap valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1em">
    <TD align="center" valign="top">/s/ Bjorn Moller
<DIV style="font-size: 1pt; border-bottom: 1px solid #000000">&nbsp;</DIV>
Bjorn Moller</TD>
    <TD>&nbsp;</TD>
    <TD align="left">
President, Chief Executive Officer and Director<BR>
(Principal Executive Officer)</TD>
</TR>
<TR valign="bottom" style="padding-top: 1em"><!-- Blank Space -->
    <TD align="right">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" nowrap valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1em">
    <TD align="center" valign="top">/s/ Vincent Lok
<DIV style="font-size: 1pt; border-bottom: 1px solid #000000">&nbsp;</DIV>
Vincent Lok</TD>
    <TD>&nbsp;</TD>
    <TD align="left">
Senior Vice President and Chief Financial
Officer<BR>(Principal Financial and Accounting
Officer)</TD>
</TR>
<TR valign="bottom" style="padding-top: 1em">
    <TD align="center" valign="top">/s/ C. Sean Day
<DIV style="font-size: 1pt; border-bottom: 1px solid #000000">&nbsp;</DIV>
C. Sean Day</TD>
    <TD>&nbsp;</TD>
    <TD align="left">
Director and Chairman of the Board</TD>
</TR>
<TR valign="bottom" style="padding-top: 1em"><!-- Blank Space -->
    <TD align="right">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" nowrap valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1em">
    <TD align="center" valign="top">/s/ Axel Karlshoej
<DIV style="font-size: 1pt; border-bottom: 1px solid #000000">&nbsp;</DIV>
Axel Karlshoej</TD>
    <TD>&nbsp;</TD>
    <TD align="left">
Director and Chairman Emeritus</TD>
</TR>
<TR valign="bottom" style="padding-top: 1em"><!-- Blank Space -->
    <TD align="right">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" nowrap valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1em">
    <TD align="center" valign="top">/s/ J.  Rod Clark
<DIV style="font-size: 1pt; border-bottom: 1px solid #000000">&nbsp;</DIV>
J. Rod Clark</TD>
    <TD>&nbsp;</TD>
    <TD align="left">
Director</TD>
</TR>
<TR valign="bottom" style="padding-top: 1em"><!-- Blank Space -->
    <TD align="right">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" nowrap valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1em">
    <TD align="center" valign="top">/s/ Dr. Ian D. Blackburne
<DIV style="font-size: 1pt; border-bottom: 1px solid #000000">&nbsp;</DIV>
Dr. Ian D. Blackburne</TD>
    <TD>&nbsp;</TD>
    <TD align="left">
Director</TD>
</TR>
<TR valign="bottom" style="padding-top: 1em"><!-- Blank Space -->
    <TD align="right">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" nowrap valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1em">
    <TD align="center" valign="top">/s/ Tore I. Sandvold
<DIV style="font-size: 1pt; border-bottom: 1px solid #000000">&nbsp;</DIV>
Tore I. Sandvold</TD>
    <TD>&nbsp;</TD>
    <TD align="left">
Director</TD>
</TR>
<TR valign="bottom" style="padding-top: 1em"><!-- Blank Space -->
    <TD align="right">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" nowrap valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1em">
    <TD align="center" valign="top">/s/ Peter S. Janson
<DIV style="font-size: 1pt; border-bottom: 1px solid #000000">&nbsp;</DIV>
Peter S. Janson</TD>
    <TD>&nbsp;</TD>
    <TD align="left">
Director</TD>
</TR>
<TR valign="bottom" style="padding-top: 1em"><!-- Blank Space -->
    <TD align="right">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" nowrap valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1em">
    <TD align="center" valign="top">/s/ Thomas Kuo-Yuen Hsu
<DIV style="font-size: 1pt; border-bottom: 1px solid #000000">&nbsp;</DIV>
Thomas Kuo-Yuen Hsu</TD>
    <TD>&nbsp;</TD>
    <TD align="left">
Director</TD>
</TR>
<TR valign="bottom" style="padding-top: 1em"><!-- Blank Space -->
    <TD align="right">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" nowrap valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1em">
    <TD align="center" valign="top">/s/ Eileen A. Mercier
<DIV style="font-size: 1pt; border-bottom: 1px solid #000000">&nbsp;</DIV>
Eileen A. Mercier</TD>
    <TD>&nbsp;</TD>
    <TD align="left">
Director</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


<P align="center" style="font-size: 10pt">&nbsp;
</DIV>

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<H5 align="left" style="page-break-before:always"><A HREF="#toc">Table of Contents</A></H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="40%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="40%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="center" style="border-bottom: 1px solid #000000"><B>Signature</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" style="border-bottom: 1px solid #000000"><B>Title</B></TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom" style="padding-top: 1em">
    <TD align="center" valign="top">/s/ Tore I. Sandvold
<DIV style="font-size: 1pt; border-bottom: 1px solid #000000">&nbsp;</DIV>
Tore I. Sandvold</TD>
    <TD>&nbsp;</TD>
    <TD align="left">
Director</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>



<P align="center" style="font-size: 10pt">&nbsp;
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">

<!-- link1 "INDEX TO EXHIBITS" -->
<DIV align="left"><A NAME="003"></A></DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>INDEX TO EXHIBITS</B>
</DIV>

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="10%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="87%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="center" style="border-bottom: 1px solid #000000">Exhibit<br>Number</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" style="border-bottom: 1px solid #000000">Description</TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom"><!-- Blank Space -->
    <TD align="center" valign="bottom"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD align="center" valign="top"><DIV style="margin-left:0px; text-indent:-0px">5.1
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Opinion of Watson, Farley &#038; Williams (New York) LLP regarding legality of the Common Stock being registered</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD align="center" valign="bottom"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD align="center" valign="top"><DIV style="margin-left:0px; text-indent:-0px">23.1
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Consent of Ernst &#038; Young, LLP (Independent Registered Public Accounting Firm)</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD align="center" valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD align="center" valign="top"><DIV style="margin-left:0px; text-indent:-0px">23.2
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Consent of Watson, Farley &#038; Williams (New York) LLP (included in opinion filed as Exhibit&nbsp;5.1)</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD align="center" valign="bottom"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD align="center" valign="bottom"><DIV style="margin-left:0px; text-indent:-0px">24.1
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Power of Attorney (see signature page)</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD align="center" valign="bottom"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD align="center" valign="bottom"><DIV style="margin-left:0px; text-indent:-0px">99.1
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Teekay Corporation 2003 Equity Incentive Plan</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>



<P align="center" style="font-size: 10pt">
</DIV>

</BODY>
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REGISTRATION STATEMENT ON FORM S-8
Table of Contents
As filed with the Securities and Exchange Commission on November 28, 2007
Registration No. 333-
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM S-8
REGISTRATION STATEMENT
UNDER
THE SECURITIES ACT OF 1933
TEEKAY CORPORATION
(Exact name of Registrant as specified in its charter)
Republic of the Marshall Islands
(State or other jurisdiction of incorporation or organization)
Not Applicable
(I.R.S. Employer Identification No.)
Bayside House
Bayside Executive Park
West Bay Street & Blake Road
P.O. Box AP-59212, Nassau
THE BAHAMAS
(Address of principal executive offices, including zip code)
TEEKAY CORPORATION
2003 EQUITY INCENTIVE PLAN
(Full title of the plans)
Watson, Farley & Williams (New York) LLP
Attn: Daniel C. Rodgers
100 Park Avenue, 31st Floor
New York, New York 10017
(212) 922-2200
(Name, address and telephone number, including area code, of agent for service)
Copies to:
DAVID S. MATHESON
DANIELLE BENDERLY
Perkins Coie LLP
1120 N.W. Couch Street, 10
th
Floor
Portland, Oregon 97209
CALCULATION OF REGISTRATION FEE
Title of Securities
Number to Be
Proposed Maximum
Proposed Maximum
Amount of
to Be Registered
Registered(1)
Offering Price(2)
Aggregate Offering Price(2)
Registration Fee(3)
Common Stock, par
value $0.001 per
share, together with
associated common
stock purchase rights
issuable under the
2003 Equity Incentive
Plan
3,000,000
$54.93
$164,775,000.00
$5,058.59
(1)
Includes an indeterminate number of additional shares which may be necessary to adjust the
number of shares reserved for issuance pursuant to such employee benefit plan as the result of
any future stock split, stock dividend or similar adjustment of the Registrant's outstanding
Common Stock.
(2)
Estimated solely for the purpose of calculating the registration fee pursuant to Rule 457(c)
or 457(h)(1) under the Securities Act of 1933, as amended, based on the average of the high
($56.33) and low ($53.52) sales prices for the Common Stock on November 26, 2007, as reported
for such date on the New York Stock Exchange.
TABLE OF CONTENTS
PART II
INFORMATION REQUIRED IN REGISTRATION STATEMENT
SIGNATURES
POWER OF ATTORNEY
INDEX TO EXHIBITS
OPINION OF WATSON, FARLEY, & WILLIAMS
CONSENT OF ERNST & YOUNG
TEEKAY CORPORATION 2003 EQUITY INCENTIVE PLAN
Table of Contents
PART II
INFORMATION REQUIRED IN REGISTRATION STATEMENT
Item 3. Incorporation of Certain Documents by Reference
The following documents filed with the Securities and Exchange Commission (the "Commission")
are hereby incorporated by reference in this Registration Statement:
(a) Annual Report of Teekay Corporation (the "Registrant") on Form 20-F for the year ended
December 31, 2006, which contains audited consolidated financial statements of the Registrant;
(b) The description of the Registrant's Common Stock contained in the Registration Statement
on Form 20-F filed with the Commission on July 10, 1995, including any amendments or reports filed
for the purpose of updating such description; and
(c) All other reports filed by the Registrant pursuant to Section 13(a) or 15(d) of the
Securities Exchange Act of 1934, as amended (the "Exchange Act"), since the end of the period
covered by the Annual Report on Form 20-F referenced above.
All documents filed by the Registrant pursuant to Sections 13(a), 13(c), 14 and 15(d) of the
Securities Exchange Act of 1934, as amended (the "Exchange Act"), after the date hereof, and prior
to the filing of a post-effective amendment which indicates that the securities offered hereby have
been sold or which deregisters the securities covered hereby then remaining unsold, shall also be
deemed to be incorporated by reference into this Registration Statement and to be a part hereof
commencing on the respective dates on which such documents are filed.
Item 4. Description of Securities
Not applicable.
Item 5. Interests of Named Experts and Counsel
Not applicable.
Item 6. Indemnification of Directors and Officers
The Registrant is a Marshall Islands corporation. The Marshall Islands Business Corporations
Act ("MIBCA") provides that a Marshall Islands corporation shall have the power to indemnify any
person who was or is a party or is threatened to be made a party to any threatened, pending or
completed action, suit or proceeding whether civil, criminal, administrative or investigative
(other than an action by or in the right of the corporation) by reason of the fact that he is or
was a director or officer of the corporation, or is or was serving at the request of the
corporation as a director or officer of another corporation, partnership, joint venture, trust or
other enterprise, against expenses (including attorneys' fees, judgments, fines and amounts paid in
settlement) actually and reasonably incurred by him in connection with such action, suit or
proceeding if he acted in good faith and in a manner he reasonably believed to be in or not opposed
to the best interests of the corporation, and, with respect to any criminal action or proceeding,
had no reasonable cause to believe his conduct was unlawful. The termination of any action, suit
or proceeding by judgment, order, settlement, conviction, or upon a plea of no contest, or its equivalent, shall not, of itself, create a presumption that the person did not act in good
faith and in a
Table of Contents
manner which he reasonably believed to be in or not opposed to the best interests of
the corporation, and, with respect to any criminal action or proceeding, had reasonable cause to
believe his conduct was unlawful.
A Marshall Islands corporation also has the power to indemnify any person who was or is a
party or is threatened to be made a party to any threatened, pending or completed action or suit by
or in the right of the corporation to procure a judgment in its favor by reason of the fact that he
is or was a director or officer of the corporation, or is or was serving at the request of the
corporation as a director or officer of another corporation, partnership, joint venture, trust or
other enterprise against expenses (including attorneys' fees) actually and reasonably incurred by
him or in connection with the defense or settlement of such action or suit if he acted in good
faith and in a manner he reasonably believed to be in or not opposed to the best interests of the
corporation and except that no indemnification shall be made in respect of any claim, issue or
matter as to which such person shall have been adjudged to be liable for negligence or misconduct
in the performance of his duty to the corporation unless and only to the extent that the court in
which such action or suit was brought shall determine upon application that, despite the
adjudication of liability but in view of all the circumstances of the case, such person is fairly
and reasonably entitled to indemnity for such expenses which the court shall deem proper.
To the extent that a director or officer of a Marshall Islands corporation has been successful
on the merits or otherwise in defense of any action, suit or proceeding referred to in the
preceding paragraphs, or in the defense of a claim, issue or matter therein, he shall be
indemnified against expenses (including attorneys' fees) actually and reasonably incurred by him in
connection therewith. Expenses incurred in defending a civil or criminal action, suit or
proceeding may be paid in advance of the final disposition of such action, suit or proceeding as
authorized by the board of directors in the specific case upon receipt of an undertaking by or on
behalf of the director or officer to repay such amount unless it shall ultimately be determined
that he is entitled to be indemnified by the corporation as authorized in the MIBCA.
In addition, a Marshall Islands corporation has the power to purchase and maintain insurance
on behalf of any person who is or was a director or officer of the corporation or is or was serving
at the request of the corporation as a director or officer against any liability asserted against
him and incurred by him in such capacity whether or not the corporation would have the power to
indemnify him against such liability under the provisions of the MIBCA.
Section F of the Registrant's Articles of Incorporation, as amended, provides that to the
fullest extent permitted under the MIBCA, a director of the Registrant shall not be liable to the
Registrant or its shareholders for monetary damages for breach of fiduciary duty as a director.
Section 10.00 of the Registrant's Bylaws provides that any person who is made party to a proceeding
by virtue of being an officer or director of the Registrant or, being or having been such a
director or officer or an employee of the Registrant, serving at the request of the Registrant as a
director, officer, employee or agent of another corporation or other enterprise, shall be
indemnified and held harmless to the fullest extent permitted by the MIBCA against any and all
expense, liability, loss (including attorneys' fees, judgments, fines or penalties and amounts paid
in settlement) actually incurred or suffered by such person in connection with the proceeding.
The Registrant maintains a directors' and officers' liability insurance policy that, subject
to the limitations and exclusions stated therein, covers the Registrant's officers and directors
for certain actions or inactions that they may take or omit in their capacities as officers and
directors of the Registrant.
In addition, the Registrant has entered into separate indemnification agreements with some of
its officers and directors. These indemnification agreements provide for indemnification of the
director or officer against all expenses, judgments, fines and amounts paid in settlement actually and
reasonably incurred by him in connection with any threatened, pending or completed action, suit or
proceeding,
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whether civil, criminal, administrative or investigative, except to the extent that
such person is otherwise indemnified, such action, suit or proceeding arose out of such person's
intentional misconduct, knowing violation of law or out of a transaction in which such director or
officer is finally judicially determined to have derived an improper personal benefit, or if it
shall be determined by a final judgment or other final adjudication that such indemnification was
not lawful.
Item 7. Exemption From Registration Claimed
Not applicable.
Item 8. Exhibits
Exhibit
Number
Description
5.1
Opinion of Watson, Farley & Williams (New York) LLP regarding legality of the Common Stock being registered
23.1
Consent of Ernst & Young, LLP (Independent Registered Public Accounting Firm)
23.2
Consent of Watson, Farley & Williams (New York) LLP (included in opinion filed as Exhibit 5.1)
24.1
Power of Attorney (see signature page)
99.1
Teekay Corporation 2003 Equity Incentive Plan
Item 9. Undertakings
A. The undersigned Registrant hereby undertakes:
(1) To file, during any period in which offers or sales are being made, a post-effective
amendment to this Registration Statement:
(a) To include any prospectus required by Section 10(a)(3) of the Securities Act of 1933, as
amended (the "Securities Act").
(b) To reflect in the prospectus any facts or events arising after the effective date of this
Registration Statement (or the most recent post-effective amendment thereof) which, individually or
in the aggregate, represent a fundamental change in the information set forth in this Registration
Statement.
(c) To include any material information with respect to the plan of distribution not
previously disclosed in this Registration Statement or any material change to such information in
this Registration Statement.
Provided
,
however
, that paragraphs (A)(1)(a) and (A)(1)(b) of this section do not
apply if the information required to be included in a post-effective amendment by those paragraphs
is contained in periodic reports filed with or furnished to the Commission by the Registrant
pursuant to Section 13 or Section 15(d) of the Exchange Act of 1934 (the "Exchange Act") that are incorporated by reference in this
Registration Statement.
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(2) That, for the purpose of determining any liability under the Securities Act, each such
post-effective amendment shall be deemed to be a new registration statement relating to the
securities offered therein, and the offering of such securities at that time shall be deemed to be
the initial bona fide offering thereof.
(3) To remove from registration by means of a post-effective amendment any of the securities
being registered which remain unsold at the termination of the offering.
B. The undersigned Registrant hereby undertakes that, for purposes of determining any liability
under the Securities Act, each filing of the Registrant's annual report pursuant to Section 13(a)
or 15(d) of the Exchange Act (and, where applicable, each filing of an employee benefits plan's
annual report pursuant to Section 15(d) of the Exchange Act) that is incorporated by reference in
this Registration Statement shall be deemed to be a new registration statement relating to the
securities offered therein, and the offering of such securities at that time shall be deemed to be
the initial bona fide offering thereof.
C. Insofar as indemnification for liabilities arising under the Securities Act may be permitted to
directors, officers and controlling persons of the Registrant pursuant to the foregoing provisions,
or otherwise, the Registrant has been advised that in the opinion of the Commission such
indemnification is against public policy as expressed in the Securities Act and is, therefore,
unenforceable. In the event that a claim for indemnification against such liabilities (other than
the payment by the Registrant of expenses incurred or paid by a director, officer or controlling
person of the Registrant in the successful defense of any action, suit or proceeding) is asserted
by such director, officer or controlling person in connection with the securities being registered,
the Registrant will, unless in the opinion of its counsel the matter has been settled by
controlling precedent, submit to a court of appropriate jurisdiction the question whether such
indemnification by it is against public policy as expressed in the Securities Act and will be
governed by the final adjudication of such issue.
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SIGNATURES
Pursuant to the requirements of the Securities Act of 1933, the Registrant certifies that it
has reasonable grounds to believe that it meets all of the requirements for filing on Form S-8 and
has duly caused this Registration Statement to be signed on its behalf by the undersigned,
thereunto duly authorized, in the City of Vancouver, Province of British Columbia, on the 28th day
of November, 2007.
TEEKAY CORPORATION
By:
/s/ Bjorn Moller
Bjorn Moller
President and Chief Executive Officer
POWER OF ATTORNEY
Each person whose individual signature appears below hereby authorizes Bjorn Moller and Peter
Evensen, or either of them, as attorneys-in-fact with full power of substitution, to execute in the
name and on the behalf of each person, individually and in each capacity stated below, and to file,
any and all amendments to this Registration Statement, including any and all post-effective
amendments, with exhibits thereto and other documents in connection therewith, with the Securities
and Exchange Commission, hereby ratifying and confirming all that said attorneys-in-fact or their
substitute or substitutes may do or cause to be done by virtue hereof.
Pursuant to the requirements of the Securities Act of 1933, this Registration Statement has
been signed by the following persons in the capacities indicated below on the 28th day of November,
2007.
Signature
Title
/s/ Bjorn Moller
Bjorn Moller
President, Chief Executive Officer and Director
(Principal Executive Officer)
/s/ Vincent Lok
Vincent Lok
Senior Vice President and Chief Financial
Officer
(Principal Financial and Accounting
Officer)
/s/ C. Sean Day
C. Sean Day
Director and Chairman of the Board
/s/ Axel Karlshoej
Axel Karlshoej
Director and Chairman Emeritus
/s/ J.  Rod Clark
J. Rod Clark
Director
/s/ Dr. Ian D. Blackburne
Dr. Ian D. Blackburne
Director
/s/ Tore I. Sandvold
Tore I. Sandvold
Director
/s/ Peter S. Janson
Peter S. Janson
Director
/s/ Thomas Kuo-Yuen Hsu
Thomas Kuo-Yuen Hsu
Director
/s/ Eileen A. Mercier
Eileen A. Mercier
Director
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Signature
Title
/s/ Tore I. Sandvold
Tore I. Sandvold
Director
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INDEX TO EXHIBITS
Exhibit
Number
Description
5.1
Opinion of Watson, Farley & Williams (New York) LLP regarding legality of the Common Stock being registered
23.1
Consent of Ernst & Young, LLP (Independent Registered Public Accounting Firm)
23.2
Consent of Watson, Farley & Williams (New York) LLP (included in opinion filed as Exhibit 5.1)
24.1
Power of Attorney (see signature page)
99.1
Teekay Corporation 2003 Equity Incentive Plan