This document provides an investor presentation by Teekay Offshore Partners. It highlights Teekay Offshore's market leadership positions in harsh weather FPSOs and shuttle tankers. It also outlines the partnership's growth strategy of acquiring additional vessels and offshore projects from its sponsor Teekay Corporation. This includes potential acquisitions of 7 FPSO units and 4 new shuttle tankers. The presentation notes industry fundamentals are strong, with record oil drilling and development planned, driving increased demand for offshore production, storage and transportation assets like FPSOs and shuttle tankers.
Teekay Offshore Partners and Teekay LNG Partners are MLPs owned by Teekay Corporation. Teekay Offshore focuses on deepwater offshore oil production and transportation projects, with a portfolio of 40 shuttle tankers, 7 FPSO units, 5 FSO units, and 10 conventional tankers. Teekay LNG focuses on LNG and LPG shipping, with a portfolio of 27 LNG carriers and 5 LPG carriers operating under long-term fixed-rate contracts. Both MLPs have strong growth opportunities through acquisitions from Teekay Corporation and new offshore oil and gas project developments.
- Teekay LNG Partners owns and operates liquefied natural gas (LNG) and liquefied petroleum gas (LPG) carriers under long-term, fixed-rate charters and is focused on expanding its fleet through acquisitions and new project opportunities.
- The presentation discusses Teekay LNG's growth opportunities through bidding on new LNG shipping and regasification projects and securing long-term contracts for two new LNG carrier newbuildings.
- Forward-looking statements note factors like availability of LNG shipping projects, changes in LNG/LPG production or trading patterns, and market fundamentals that could impact Teekay LNG's growth opportunities and ability to secure new
Third Quarter Earnings Presentation by Teekay Corporation:
1) Teekay reported $157 million in cash flow from vessel operations and an adjusted net loss of $40.6 million, or $0.58 per share, for Q3 2011.
2) Teekay agreed to acquire 3 FPSO units from Sevan Marine and invest in Sevan, and Teekay LNG agreed to acquire 8 LNG carriers from Maersk through a joint venture, increasing Teekay's forward fixed revenues to over $16 billion.
3) For Q4 2011, Teekay expects higher net revenues from the Sevan FPSO acquisitions and growth projects, offset by lower
Teekay Corporation reported financial results for the fourth quarter and full year of 2011. Recent highlights included generating $189.9 million in cash flow from vessel operations in Q4-2011. Q4-2011 adjusted net income was $1.6 million, or $0.02 per share, compared to an adjusted net loss of $0.58 per share in Q3-2011. Teekay completed the acquisition of FPSO units and ownership interests from Sevan Marine, which will enhance fixed-rate cash flows. Teekay LNG's pending acquisition of six LNG carriers from Maersk is fully financed and expected to close on February 28, 2012.
Teekay Corporation reported its first quarter 2012 earnings. While net revenues were similar to Q4 2011, adjusted net loss was $20.8 million compared to a $1.6 million adjusted net income in Q4 2011. Key factors negatively impacting results were lower fixed-rate revenues from tanker and LNG fleet changes and fewer spot tanker days. However, Teekay expects to sell 13 tankers to Teekay Tankers which will simplify its structure and reduce debt. Spot tanker rates were also higher in Q1 than previous quarter.
Teekay Corporation First Quarter 2013 Earnings PresentationTeekay Corporation
- Teekay Corporation reported financial results for the first quarter of 2013, with a consolidated adjusted net loss of $11.7 million compared to a $20.8 million loss in Q1 2012.
- Recent highlights included the acquisition of the Voyageur Spirit FPSO and offering to sell a 50% interest in the Cidade de Itajai FPSO to Teekay Offshore.
- For the second quarter of 2013, Teekay expects a $18 million increase in net revenues from the Voyageur Spirit FPSO and about $6 million higher vessel operating expenses.
Teekay Corporation - Second Quarter 2012 Earnings Results PresentationTeekay Corporation
Teekay Corporation reported its financial results for the second quarter of 2012. It generated $208 million in cash flow from vessel operations but reported a consolidated adjusted net loss of $17 million compared to a loss of $51 million in the same period last year. Some of the key events in the quarter included the sale of 13 conventional tankers to Teekay Tankers and an offer to sell the Voyageur Spirit FPSO to Teekay Offshore. For the third quarter, Teekay expects a decrease in revenues from its fixed-rate fleet and spot rates to be flat to higher compared to the previous quarter.
Teekay Corporation Fourth Quarter and Fiscal 2012 Earnings PresentationTeekay Corporation
1) Teekay Corporation reported Q4-12 consolidated adjusted net income of $2.9 million, or $0.04 per share, compared to $1.6 million in Q4-11.
2) Key events in Q4-12 included the Cidade de Itajai FPSO achieving first oil and commencing its charter, as well as a $429 million non-cash vessel impairment charge primarily related to Suezmax tankers at Teekay Tankers.
3) Looking ahead, the company expects growth in fixed-rate cash flows from offshore and LNG projects coming online through 2016 which should improve profitability.
Teekay Offshore Partners and Teekay LNG Partners are MLPs owned by Teekay Corporation. Teekay Offshore focuses on deepwater offshore oil production and transportation projects, with a portfolio of 40 shuttle tankers, 7 FPSO units, 5 FSO units, and 10 conventional tankers. Teekay LNG focuses on LNG and LPG shipping, with a portfolio of 27 LNG carriers and 5 LPG carriers operating under long-term fixed-rate contracts. Both MLPs have strong growth opportunities through acquisitions from Teekay Corporation and new offshore oil and gas project developments.
- Teekay LNG Partners owns and operates liquefied natural gas (LNG) and liquefied petroleum gas (LPG) carriers under long-term, fixed-rate charters and is focused on expanding its fleet through acquisitions and new project opportunities.
- The presentation discusses Teekay LNG's growth opportunities through bidding on new LNG shipping and regasification projects and securing long-term contracts for two new LNG carrier newbuildings.
- Forward-looking statements note factors like availability of LNG shipping projects, changes in LNG/LPG production or trading patterns, and market fundamentals that could impact Teekay LNG's growth opportunities and ability to secure new
Third Quarter Earnings Presentation by Teekay Corporation:
1) Teekay reported $157 million in cash flow from vessel operations and an adjusted net loss of $40.6 million, or $0.58 per share, for Q3 2011.
2) Teekay agreed to acquire 3 FPSO units from Sevan Marine and invest in Sevan, and Teekay LNG agreed to acquire 8 LNG carriers from Maersk through a joint venture, increasing Teekay's forward fixed revenues to over $16 billion.
3) For Q4 2011, Teekay expects higher net revenues from the Sevan FPSO acquisitions and growth projects, offset by lower
Teekay Corporation reported financial results for the fourth quarter and full year of 2011. Recent highlights included generating $189.9 million in cash flow from vessel operations in Q4-2011. Q4-2011 adjusted net income was $1.6 million, or $0.02 per share, compared to an adjusted net loss of $0.58 per share in Q3-2011. Teekay completed the acquisition of FPSO units and ownership interests from Sevan Marine, which will enhance fixed-rate cash flows. Teekay LNG's pending acquisition of six LNG carriers from Maersk is fully financed and expected to close on February 28, 2012.
Teekay Corporation reported its first quarter 2012 earnings. While net revenues were similar to Q4 2011, adjusted net loss was $20.8 million compared to a $1.6 million adjusted net income in Q4 2011. Key factors negatively impacting results were lower fixed-rate revenues from tanker and LNG fleet changes and fewer spot tanker days. However, Teekay expects to sell 13 tankers to Teekay Tankers which will simplify its structure and reduce debt. Spot tanker rates were also higher in Q1 than previous quarter.
Teekay Corporation First Quarter 2013 Earnings PresentationTeekay Corporation
- Teekay Corporation reported financial results for the first quarter of 2013, with a consolidated adjusted net loss of $11.7 million compared to a $20.8 million loss in Q1 2012.
- Recent highlights included the acquisition of the Voyageur Spirit FPSO and offering to sell a 50% interest in the Cidade de Itajai FPSO to Teekay Offshore.
- For the second quarter of 2013, Teekay expects a $18 million increase in net revenues from the Voyageur Spirit FPSO and about $6 million higher vessel operating expenses.
Teekay Corporation - Second Quarter 2012 Earnings Results PresentationTeekay Corporation
Teekay Corporation reported its financial results for the second quarter of 2012. It generated $208 million in cash flow from vessel operations but reported a consolidated adjusted net loss of $17 million compared to a loss of $51 million in the same period last year. Some of the key events in the quarter included the sale of 13 conventional tankers to Teekay Tankers and an offer to sell the Voyageur Spirit FPSO to Teekay Offshore. For the third quarter, Teekay expects a decrease in revenues from its fixed-rate fleet and spot rates to be flat to higher compared to the previous quarter.
Teekay Corporation Fourth Quarter and Fiscal 2012 Earnings PresentationTeekay Corporation
1) Teekay Corporation reported Q4-12 consolidated adjusted net income of $2.9 million, or $0.04 per share, compared to $1.6 million in Q4-11.
2) Key events in Q4-12 included the Cidade de Itajai FPSO achieving first oil and commencing its charter, as well as a $429 million non-cash vessel impairment charge primarily related to Suezmax tankers at Teekay Tankers.
3) Looking ahead, the company expects growth in fixed-rate cash flows from offshore and LNG projects coming online through 2016 which should improve profitability.
Teekay Corporation reported financial results for the second quarter of 2011.
- Generated $149 million in cash flow from vessel operations. Reported an adjusted net loss of $36.3 million or $0.51 per share compared to a $0.39 loss in the previous quarter.
- Awarded new offshore contracts expected to contribute over $2.7 billion in future fixed-rate revenue.
- Repurchased 1.9 million shares for $62 million under the existing $200 million repurchase program.
Teekay Corporation First Quarter Earnings PresentationTeekay Corporation
Teekay Corporation reported its Q1-2015 earnings, with the following highlights:
- Consolidated cash flow from vessel operations increased 21% compared to Q1-2014.
- Adjusted net income was $15.7 million, up from $3.5 million in Q1-2014.
- The Knarr FPSO commenced operations in March and is expected to be sold to Teekay Offshore in Q2-2015.
- Teekay expects to implement a new dividend policy in Q2-2015, increasing its dividend by approximately 75% to $0.55 per share annually.
The proposed merger between Teekay Tankers Ltd. (TNK) and Tanker Investments Ltd. (TIL) will create the largest publicly-listed mid-sized tanker company. The merger is expected to be accretive to TNK's earnings per share, strengthen its balance sheet and liquidity position, reduce its average fleet age, and lower its cash breakeven rates. The combined fleet will total 62 vessels consisting of tankers from both companies operating under the Teekay brand.
TOO Q4 2011: Teekay Offshore Partners Fourth Quarter 2011 Earnings Presentation Altera Infrastructure
December 31, 2011 September 30, 2011
1) Teekay Offshore reported higher distributable cash flow and net income in Q4 2011 compared to Q3 2011. Voyage revenues $ 93,200 $ 89,100
2) Recent acquisitions like the Piranema Spirit FPSO helped increase cash flow. Teekay Offshore intends to recommend a distribution increase for Q1 2012. Voyage expenses (11,700) (11,400)
3) Teekay Offshore has secured growth opportunities in the North Sea through the Sevan transaction and exploration successes are yielding large oil discoveries in Norway.
Teekay Tankers reported financial results for Q1-2017 and provided an outlook for Q2-2017. Key highlights include:
- Generated $7.0 million in adjusted net income and $34.4 million in free cash flow for Q1-2017.
- Spot tanker rates were lower in Q1 compared to previous years due to high fleet growth and OPEC supply cuts.
- Signed a sale-leaseback deal for 4 Suezmax tankers that will increase liquidity by $30 million.
- Expect revenues to decrease in Q2 due to the redelivery of some in-chartered vessels, while expenses are forecast to be lower.
The document summarizes a strategic partnership between Teekay Offshore Partners L.P. and Brookfield Asset Management. Brookfield will invest $640 million in TOO's equity, significantly strengthening TOO's balance sheet and improving liquidity. The investment will fully finance TOO's existing growth projects, extend debt maturities, and position TOO for future growth opportunities through Brookfield's operational expertise and access to capital. The partnership creates one of the world's strongest offshore infrastructure companies by combining TOO's operational platform with Brookfield's global business reach.
Teekay Tankers reported an adjusted net loss of $7.1 million in Q2-2017. It declared a $0.03 per share dividend. The company agreed to a share-for-share merger with Tanker Investments Ltd., which owns 18 mid-sized tankers, to modernize its fleet and realize cost synergies. The merger is expected to be 10% accretive to earnings per share and strengthen the balance sheet by decreasing leverage and increasing liquidity by $100 million. Spot tanker rates were at 4-year lows in Q2-2017 due to high fleet growth and OPEC supply cuts, but a recovery is expected in late 2018 as scrapping increases and oil supply
Teekay Offshore (NYSE: TOO) Investor Day Presentation September 30 2014Altera Infrastructure
This document provides an overview of Teekay Offshore Partners' investor day presentation on September 30, 2014. It discusses Teekay Offshore's business segments of floating production and offshore logistics. Teekay Offshore is well positioned for growth with $3.2 billion in known growth projects delivering through 2017, driven by strong industry fundamentals as offshore oil production, especially deepwater production, is expected to significantly increase in coming years. The presentation outlines Teekay Offshore's growth opportunities across segments like FPSOs, shuttle tankers and floating accommodation units.
Teekay Corporation reported its Q1-2017 earnings. It generated $275 million in cash flow from vessel operations. It reported an adjusted net loss of $35.7 million. Two new contracts are expected to increase Teekay Parent's cash flow, including extending the Hummingbird Spirit FPSO charter until 2020 and securing a new charter for the Polar Spirit LNG carrier. Recent highlights from Teekay's daughter companies included generating distributable cash flow for Teekay LNG and Teekay Offshore, and adjusted net income for Teekay Tankers. The outlook for Q2-2017 includes higher revenues from new contracts and maintenance activities, offset by lower time charter hire expenses.
The document is Teekay Offshore Partners' Q1-2017 earnings presentation. It highlights recent developments including taking delivery of the 50% owned Libra FPSO unit for a 12-year charter in Brazil, securing two new North Sea shuttle tanker contracts, and extending the Falcon Spirit FSO charter for five years. It also notes notification from Petrobras to terminate the Arendal Spirit UMS charter contract, which Teekay is disputing. The presentation provides an overview of Teekay Offshore's growth projects and priorities for 2017 including maintaining safety and operations, delivering growth projects, and strengthening its balance sheet.
Teekay Offshore Partners reported its Q2-2016 earnings. It generated $45.9 million in distributable cash flow and $144.2 million in cash flow from vessel operations. In June 2016, it completed $600 million in financing initiatives to fund its growth projects and address upcoming debt maturities, increasing its total liquidity to $421 million. Its three-year growth pipeline is fully financed and expected to contribute $200 million annually in additional cash flow from vessel operations.
Teekay Group presents at the 2013 Citi One-on-One MLP / Midstream ConferenceAltera Infrastructure
Teekay Offshore is a leading provider of offshore oilfield services, including floating production, storage and transportation. It has a fleet of 52 offshore vessels serving long-term contracts in the North Sea and Brazil. Recent acquisitions and new contracts are expected to drive cash flow growth. Potential future growth opportunities include vessels offered by parent company Teekay Corporation and new projects developed through joint ventures. However, contract delays and oil production volume changes could negatively impact cash flow.
Teekay Group presents at the 2013 Citi One-on-One MLP / Midstream ConferenceTeekay LNG Partners L.P.
Teekay Offshore is a leading provider of offshore oilfield services, including floating production, storage and transportation. It has a fleet of 52 offshore vessels serving long-term contracts in the North Sea and Brazil. Recent acquisitions and new contracts are expected to drive cash flow growth. Potential future growth opportunities include additional vessels from parent company Teekay Corp and new projects developed through joint ventures. However, contract delays and oil production volume changes could negatively impact cash flow.
Teekay Offshore Partners L.P. Q4-2015 Earnings and Business Outlook PresentationAltera Infrastructure
Teekay Offshore Partners provides a presentation on its Q4-2015 earnings and business outlook. It generated $172.9 million in cash flow from vessel operations in Q4-2015, up 19% from Q3-2015. It temporarily reduced its quarterly cash distribution to $0.11 per unit to fund growth projects. The presentation outlines the company's financial results in 2015, growth projects completed, diversified portfolio of contracted revenues, forecasted cash flows for 2016-2017, and alternatives to address remaining funding needs such as debt financing and asset sales. It also discusses opportunities in the floating production, storage and offloading vessel market as new oilfield development is expected to increase.
Teekay Tankers reported its Q4-2016 earnings. Key highlights included generating adjusted income of $5.1 million and free cash flow of $34.2 million. The dividend was maintained at $0.03 per share. Net debt to capitalization was reduced from 50% to 47%. Spot tanker rates increased in Q4-2016 due to seasonal factors and increased oil exports, though have since softened. Teekay Tankers expects revenues to decrease in Q1-2017 due to fewer spot revenue days from vessel sales and employment changes, while expenses are also expected to decrease from timing of repairs and maintenance.
Teekay Corporation Second Quarter 2014 Earnings PresentationTeekay Corporation
Teekay Corporation held a presentation on its second quarter 2014 earnings. Some of the key highlights included:
- Teekay Corporation generated $224 million in total cash flow from vessel operations in Q2-14, an increase of 22% from Q2-13. It reported an adjusted net loss of $20.1 million for Q2-14.
- Teekay Offshore Partners took delivery of the Knarr FPSO and it is currently being transported to the North Sea to begin its charter. Teekay LNG Partners finalized agreements to provide six icebreaker LNG carriers through a new joint venture.
- For Q3-14, Teekay Corporation expects higher net revenues
Teekay Corporation provides a Q3 2017 outlook for its consolidated financial results, expecting a net revenue increase of $2-4 million across its segments. Operating expenses are expected to increase $10-6 million primarily due to planned maintenance. Recent transactions have strengthened Teekay's financial position by fully financing growth projects and reducing debt. The outlook expects each daughter company to benefit from market recoveries in their respective sectors.
Teekay Offshore Partners and Teekay LNG Partners are MLPs owned by Teekay Corporation. Teekay Offshore focuses on deepwater offshore oil production and transportation projects, with assets including FPSO units and shuttle tankers. Teekay LNG focuses on LNG and LPG projects, owning one of the world's largest fleets of LNG carriers with long-term fixed contracts from major oil and gas companies. Both MLPs offer stable cash flows, growth opportunities through acquisitions, and high quarterly distributions to unitholders.
Teekay Corporation owns 30% of Teekay Offshore Partners L.P. (TOO), an offshore oil marine logistics company. TOO operates in oil production (FPSOs), storage (FSOs), and transportation (shuttle tankers). It has a large global fleet of 52 vessels across these segments and $4.8 billion in long-term contracts. Teekay Corporation also owns and controls other marine logistics daughters and may offer additional vessels to TOO for acquisition in the future to further expand its operations and support continued revenue growth.
Teekay Corporation owns 30% of Teekay Offshore Partners L.P. (TOO), an offshore oil marine logistics company. TOO operates in oil production (FPSOs), storage (FSOs), and transportation (shuttle tankers). It has a large global fleet of vessels serving long-term contracts in the North Sea and Brazil. Teekay Corporation also owns and controls two other publicly traded daughters, Teekay LNG Partners and Teekay Tankers, and may offer additional vessels to TOO in the future.
Teekay Group Presents at the 2013 Citi One-on-One MLP / Midstream ConferenceTeekay Corporation
Teekay Offshore is a leading provider of offshore oilfield services, including floating production, storage and transportation. It has a fleet of 52 offshore vessels serving long-term contracts in the North Sea and Brazil. Recent acquisitions and new contracts are expected to drive cash flow growth. Potential future growth opportunities include acquiring additional vessels from parent company Teekay Corporation or developing new offshore projects. However, actual growth depends on factors such as oil prices, production volumes, and contract terms.
Teekay Corporation is an international provider of marine services to the global oil and gas industry. It owns interests in several publicly-traded subsidiaries, including Teekay LNG Partners, Teekay Offshore Partners, and Teekay Tankers. The document discusses Teekay's diversified business model and leading market positions across its segments. It also outlines the company's growth strategies and financial flexibility provided by its corporate structure.
Teekay Corporation reported financial results for the second quarter of 2011.
- Generated $149 million in cash flow from vessel operations. Reported an adjusted net loss of $36.3 million or $0.51 per share compared to a $0.39 loss in the previous quarter.
- Awarded new offshore contracts expected to contribute over $2.7 billion in future fixed-rate revenue.
- Repurchased 1.9 million shares for $62 million under the existing $200 million repurchase program.
Teekay Corporation First Quarter Earnings PresentationTeekay Corporation
Teekay Corporation reported its Q1-2015 earnings, with the following highlights:
- Consolidated cash flow from vessel operations increased 21% compared to Q1-2014.
- Adjusted net income was $15.7 million, up from $3.5 million in Q1-2014.
- The Knarr FPSO commenced operations in March and is expected to be sold to Teekay Offshore in Q2-2015.
- Teekay expects to implement a new dividend policy in Q2-2015, increasing its dividend by approximately 75% to $0.55 per share annually.
The proposed merger between Teekay Tankers Ltd. (TNK) and Tanker Investments Ltd. (TIL) will create the largest publicly-listed mid-sized tanker company. The merger is expected to be accretive to TNK's earnings per share, strengthen its balance sheet and liquidity position, reduce its average fleet age, and lower its cash breakeven rates. The combined fleet will total 62 vessels consisting of tankers from both companies operating under the Teekay brand.
TOO Q4 2011: Teekay Offshore Partners Fourth Quarter 2011 Earnings Presentation Altera Infrastructure
December 31, 2011 September 30, 2011
1) Teekay Offshore reported higher distributable cash flow and net income in Q4 2011 compared to Q3 2011. Voyage revenues $ 93,200 $ 89,100
2) Recent acquisitions like the Piranema Spirit FPSO helped increase cash flow. Teekay Offshore intends to recommend a distribution increase for Q1 2012. Voyage expenses (11,700) (11,400)
3) Teekay Offshore has secured growth opportunities in the North Sea through the Sevan transaction and exploration successes are yielding large oil discoveries in Norway.
Teekay Tankers reported financial results for Q1-2017 and provided an outlook for Q2-2017. Key highlights include:
- Generated $7.0 million in adjusted net income and $34.4 million in free cash flow for Q1-2017.
- Spot tanker rates were lower in Q1 compared to previous years due to high fleet growth and OPEC supply cuts.
- Signed a sale-leaseback deal for 4 Suezmax tankers that will increase liquidity by $30 million.
- Expect revenues to decrease in Q2 due to the redelivery of some in-chartered vessels, while expenses are forecast to be lower.
The document summarizes a strategic partnership between Teekay Offshore Partners L.P. and Brookfield Asset Management. Brookfield will invest $640 million in TOO's equity, significantly strengthening TOO's balance sheet and improving liquidity. The investment will fully finance TOO's existing growth projects, extend debt maturities, and position TOO for future growth opportunities through Brookfield's operational expertise and access to capital. The partnership creates one of the world's strongest offshore infrastructure companies by combining TOO's operational platform with Brookfield's global business reach.
Teekay Tankers reported an adjusted net loss of $7.1 million in Q2-2017. It declared a $0.03 per share dividend. The company agreed to a share-for-share merger with Tanker Investments Ltd., which owns 18 mid-sized tankers, to modernize its fleet and realize cost synergies. The merger is expected to be 10% accretive to earnings per share and strengthen the balance sheet by decreasing leverage and increasing liquidity by $100 million. Spot tanker rates were at 4-year lows in Q2-2017 due to high fleet growth and OPEC supply cuts, but a recovery is expected in late 2018 as scrapping increases and oil supply
Teekay Offshore (NYSE: TOO) Investor Day Presentation September 30 2014Altera Infrastructure
This document provides an overview of Teekay Offshore Partners' investor day presentation on September 30, 2014. It discusses Teekay Offshore's business segments of floating production and offshore logistics. Teekay Offshore is well positioned for growth with $3.2 billion in known growth projects delivering through 2017, driven by strong industry fundamentals as offshore oil production, especially deepwater production, is expected to significantly increase in coming years. The presentation outlines Teekay Offshore's growth opportunities across segments like FPSOs, shuttle tankers and floating accommodation units.
Teekay Corporation reported its Q1-2017 earnings. It generated $275 million in cash flow from vessel operations. It reported an adjusted net loss of $35.7 million. Two new contracts are expected to increase Teekay Parent's cash flow, including extending the Hummingbird Spirit FPSO charter until 2020 and securing a new charter for the Polar Spirit LNG carrier. Recent highlights from Teekay's daughter companies included generating distributable cash flow for Teekay LNG and Teekay Offshore, and adjusted net income for Teekay Tankers. The outlook for Q2-2017 includes higher revenues from new contracts and maintenance activities, offset by lower time charter hire expenses.
The document is Teekay Offshore Partners' Q1-2017 earnings presentation. It highlights recent developments including taking delivery of the 50% owned Libra FPSO unit for a 12-year charter in Brazil, securing two new North Sea shuttle tanker contracts, and extending the Falcon Spirit FSO charter for five years. It also notes notification from Petrobras to terminate the Arendal Spirit UMS charter contract, which Teekay is disputing. The presentation provides an overview of Teekay Offshore's growth projects and priorities for 2017 including maintaining safety and operations, delivering growth projects, and strengthening its balance sheet.
Teekay Offshore Partners reported its Q2-2016 earnings. It generated $45.9 million in distributable cash flow and $144.2 million in cash flow from vessel operations. In June 2016, it completed $600 million in financing initiatives to fund its growth projects and address upcoming debt maturities, increasing its total liquidity to $421 million. Its three-year growth pipeline is fully financed and expected to contribute $200 million annually in additional cash flow from vessel operations.
Teekay Group presents at the 2013 Citi One-on-One MLP / Midstream ConferenceAltera Infrastructure
Teekay Offshore is a leading provider of offshore oilfield services, including floating production, storage and transportation. It has a fleet of 52 offshore vessels serving long-term contracts in the North Sea and Brazil. Recent acquisitions and new contracts are expected to drive cash flow growth. Potential future growth opportunities include vessels offered by parent company Teekay Corporation and new projects developed through joint ventures. However, contract delays and oil production volume changes could negatively impact cash flow.
Teekay Group presents at the 2013 Citi One-on-One MLP / Midstream ConferenceTeekay LNG Partners L.P.
Teekay Offshore is a leading provider of offshore oilfield services, including floating production, storage and transportation. It has a fleet of 52 offshore vessels serving long-term contracts in the North Sea and Brazil. Recent acquisitions and new contracts are expected to drive cash flow growth. Potential future growth opportunities include additional vessels from parent company Teekay Corp and new projects developed through joint ventures. However, contract delays and oil production volume changes could negatively impact cash flow.
Teekay Offshore Partners L.P. Q4-2015 Earnings and Business Outlook PresentationAltera Infrastructure
Teekay Offshore Partners provides a presentation on its Q4-2015 earnings and business outlook. It generated $172.9 million in cash flow from vessel operations in Q4-2015, up 19% from Q3-2015. It temporarily reduced its quarterly cash distribution to $0.11 per unit to fund growth projects. The presentation outlines the company's financial results in 2015, growth projects completed, diversified portfolio of contracted revenues, forecasted cash flows for 2016-2017, and alternatives to address remaining funding needs such as debt financing and asset sales. It also discusses opportunities in the floating production, storage and offloading vessel market as new oilfield development is expected to increase.
Teekay Tankers reported its Q4-2016 earnings. Key highlights included generating adjusted income of $5.1 million and free cash flow of $34.2 million. The dividend was maintained at $0.03 per share. Net debt to capitalization was reduced from 50% to 47%. Spot tanker rates increased in Q4-2016 due to seasonal factors and increased oil exports, though have since softened. Teekay Tankers expects revenues to decrease in Q1-2017 due to fewer spot revenue days from vessel sales and employment changes, while expenses are also expected to decrease from timing of repairs and maintenance.
Teekay Corporation Second Quarter 2014 Earnings PresentationTeekay Corporation
Teekay Corporation held a presentation on its second quarter 2014 earnings. Some of the key highlights included:
- Teekay Corporation generated $224 million in total cash flow from vessel operations in Q2-14, an increase of 22% from Q2-13. It reported an adjusted net loss of $20.1 million for Q2-14.
- Teekay Offshore Partners took delivery of the Knarr FPSO and it is currently being transported to the North Sea to begin its charter. Teekay LNG Partners finalized agreements to provide six icebreaker LNG carriers through a new joint venture.
- For Q3-14, Teekay Corporation expects higher net revenues
Teekay Corporation provides a Q3 2017 outlook for its consolidated financial results, expecting a net revenue increase of $2-4 million across its segments. Operating expenses are expected to increase $10-6 million primarily due to planned maintenance. Recent transactions have strengthened Teekay's financial position by fully financing growth projects and reducing debt. The outlook expects each daughter company to benefit from market recoveries in their respective sectors.
Teekay Offshore Partners and Teekay LNG Partners are MLPs owned by Teekay Corporation. Teekay Offshore focuses on deepwater offshore oil production and transportation projects, with assets including FPSO units and shuttle tankers. Teekay LNG focuses on LNG and LPG projects, owning one of the world's largest fleets of LNG carriers with long-term fixed contracts from major oil and gas companies. Both MLPs offer stable cash flows, growth opportunities through acquisitions, and high quarterly distributions to unitholders.
Teekay Corporation owns 30% of Teekay Offshore Partners L.P. (TOO), an offshore oil marine logistics company. TOO operates in oil production (FPSOs), storage (FSOs), and transportation (shuttle tankers). It has a large global fleet of 52 vessels across these segments and $4.8 billion in long-term contracts. Teekay Corporation also owns and controls other marine logistics daughters and may offer additional vessels to TOO for acquisition in the future to further expand its operations and support continued revenue growth.
Teekay Corporation owns 30% of Teekay Offshore Partners L.P. (TOO), an offshore oil marine logistics company. TOO operates in oil production (FPSOs), storage (FSOs), and transportation (shuttle tankers). It has a large global fleet of vessels serving long-term contracts in the North Sea and Brazil. Teekay Corporation also owns and controls two other publicly traded daughters, Teekay LNG Partners and Teekay Tankers, and may offer additional vessels to TOO in the future.
Teekay Group Presents at the 2013 Citi One-on-One MLP / Midstream ConferenceTeekay Corporation
Teekay Offshore is a leading provider of offshore oilfield services, including floating production, storage and transportation. It has a fleet of 52 offshore vessels serving long-term contracts in the North Sea and Brazil. Recent acquisitions and new contracts are expected to drive cash flow growth. Potential future growth opportunities include acquiring additional vessels from parent company Teekay Corporation or developing new offshore projects. However, actual growth depends on factors such as oil prices, production volumes, and contract terms.
Teekay Corporation is an international provider of marine services to the global oil and gas industry. It owns interests in several publicly-traded subsidiaries, including Teekay LNG Partners, Teekay Offshore Partners, and Teekay Tankers. The document discusses Teekay's diversified business model and leading market positions across its segments. It also outlines the company's growth strategies and financial flexibility provided by its corporate structure.
Teekay Corp group presentation September 2013TradeWindsnews
Teekay Corporation is a leading provider of marine services to the global oil and gas industry. It has a fleet of over 170 vessels across its business segments of offshore, liquefied gas, and tankers. The presentation discusses trends supporting continued growth in the offshore and liquefied natural gas markets. It also outlines Teekay's diversified business model and significant forward fixed contracts of over $15 billion. Teekay has been pursuing a strategy of growing its daughter companies like Teekay LNG and Teekay Offshore through organic projects and dropdown acquisitions, which benefit Teekay Corporation through increasing cash distributions.
Teekay Corporation is a leading provider of marine services to the global oil and gas industry. It has a fleet of over 170 vessels across its business segments of offshore, liquefied gas, and tankers. The presentation discusses trends supporting continued growth in the offshore and liquefied natural gas markets. It also outlines Teekay's diversified business model and significant forward fixed contracts of over $15 billion. Teekay has been pursuing a strategy of growing its daughter companies like Teekay LNG and Teekay Offshore through organic projects and dropdown acquisitions, which benefit Teekay Corporation through increasing cash distributions.
Teekay Offshore Partners First Quarter 2014 Earnings PresentationAltera Infrastructure
- Teekay Offshore generated distributable cash flow of $51.1 million in Q1 2014, a 22% increase over Q1 2013. It declared a Q1 2014 cash distribution of $0.5384 per unit.
- The company signed a letter of intent to acquire Logitel Offshore, which owns two floating accommodation units, expanding into that growing market.
- It extended the charter for its Dampier Spirit FSO by 10 years, providing stable cash flow through 2024.
Teekay Corporation First Quarter 2014 Earnings PresentationTeekay Corporation
Teekay Corporation reported its first quarter 2014 earnings. Key highlights included generating $265 million in total cash flow from vessel operations, up 37% from Q1 2013. Teekay Parent reported adjusted net income of $3.5 million compared to an adjusted net loss of $11.7 million in Q1 2013. Teekay Parent also completed the sale of four tankers to Tanker Investments Ltd. and agreed to sell an ownership interest in its tanker operations to Teekay Tankers Ltd. Teekay's daughter companies - Teekay Offshore Partners, Teekay LNG Partners, and Teekay Tankers Ltd. - also reported strong results in the first quarter and continued progress on
The document provides an earnings presentation for Teekay Offshore Partners for the fourth quarter of 2014. Some key points:
- Teekay Offshore generated distributable cash flow of $50 million in Q4 2014 and declared a distribution of $0.5384 per unit.
- They agreed to acquire the Petrojarl Knarr FPSO from Teekay Corporation, expected to drive a 4-5% increase in distributions.
- They were awarded a new FPSO contract in Brazil and acquired the Petrojarl I FPSO, with the new contract expected to generate $55-60 million annually.
- They continue progress on growth projects like towage vessels and floating
Teekay Corporation reported its Q3-2016 earnings. It generated consolidated cash flow from vessel operations of $285.5 million for the quarter. Teekay LNG Partners and Teekay Offshore Partners both declared cash distributions for Q3-2016. Teekay LNG is on track to complete $1.3 billion in new long-term financings over the next few months to fund its committed growth projects. Teekay Offshore is working with partners to resolve delays of the Petrojarl I FPSO upgrade project.
Teekay's Q3-2017 earnings presentation provides an overview of financial results for Teekay Corporation and its subsidiaries Teekay LNG, Teekay Tankers, and Teekay Offshore. Key highlights include:
- Teekay Corporation generated $238.1 million in cash flow from vessel operations in Q3-2017.
- Teekay LNG generated $40.2 million in distributable cash flow and $107.3 million in cash flow from vessel operations.
- Teekay Tankers reported an adjusted net loss of $14.0 million and cash flow from vessel operations of $20.6 million.
- Teekay Offshore
Teekay Tankers Ltd. Second Quarter 2013 Earnings PresentationTeekay Tankers Ltd
Teekay Tankers reported its second quarter 2013 earnings. It generated $0.07 per share in cash available for distribution, while reporting an adjusted net loss of $0.08 per share. It maintained approximately 40% fixed-rate coverage for the next 12 months. While tanker rates weakened in Q2 due to seasonal and structural factors, the outlook is for a seasonal improvement in the second half of 2013 and a better supply/demand balance in 2014. Teekay Tankers continues working to realize on its $122 million investment in two VLCC mortgage loans.
Teekay Tankers reported its second quarter 2013 earnings. It generated $0.07 per share in cash available for distribution and reported an adjusted net loss of $0.08 per share. Crude tanker rates weakened in Q2 due to seasonal and structural factors, while LR2 product tanker rates also softened. However, Suezmax rates have firmed in early Q3. The period of rapid crude tanker fleet growth is coming to an end, which sets up a better supply/demand balance in 2014. Teekay Tankers' financial position remains strong with $256 million in total liquidity.
Teekay Offshore Partners Third Quarter 2014 Earnings PresentationAltera Infrastructure
- Teekay Offshore Partners presented earnings results for Q3 2014, generating distributable cash flow of $45.2 million, up 5% from Q3 2013.
- ALP, a subsidiary of TOO, agreed to acquire six long-distance towing and anchor handling vessels for approximately $220 million.
- TOO's joint venture with Odebrecht signed a letter of intent with Petrobras for the Libra FPSO project, with $1 billion in total capex over 12 years starting early 2017.
- The Petrojarl Knarr FPSO is expected to achieve first oil in December 2014, and TOO is offering to acquire it from Teek
Teekay Offshore Partners provided an earnings presentation summarizing its Q4-2016 results and outlook for Q1 2017. Key points include:
- Q4-2016 DCF was $21.6 million and full year 2016 DCF was $161.3 million.
- A new five-year North Sea shuttle tanker contract of affreightment is being finalized.
- Discussions are ongoing with Petrobras regarding returning the Arendal Spirit UMS to operation.
- Growth projects over 2017-2018 are expected to provide $200 million in additional annual cash flow.
Teekay Corporation Fourth Quarter and Business Outlook 2015 PresentationTeekay Corporation
Teekay Corporation held a presentation on its Q4-2015 earnings and business outlook. It reported generating $401.4 million in cash flow in Q4-2015, up 30% year-over-year. For fiscal year 2015, it generated $1.4 billion in cash flow, up 35% over 2014. Teekay temporarily reduced its dividend to $0.055 per share to allow its two MLP subsidiaries, Teekay Offshore Partners and Teekay LNG Partners, to retain cash flows of around $450 million annually to fund growth projects without issuing new equity. This will increase the subsidiaries' distributable cash flow per unit in the future once projects are completed. Teekay
Teekay Offshore Partners expects future distribution growth from executing its visible growth pipeline, which includes over $3 billion in known growth projects through 2017
- Teekay Offshore generated distributable cash flow of $57.4 million in Q4 2013, a 25% increase over Q4 2012. It declared a quarterly cash distribution of $0.5384 per unit, up 2.5% from the previous quarter.
- It agreed to acquire ALP Maritime Services and ordered four new long-haul towing and anchor handling vessels for about $260 million total. It also took delivery of a new shuttle tanker for a 10-year contract with BG Group.
- The Voyageur Spirit FPSO received 93.4% of its full rate from the charterer in Q4 2013. Teekay Offshore continues to focus
Similar to Teekay Offshore Partners Investor Day Presentation 2012 (20)
This document provides an earnings presentation summary for Q4-20. It discusses forward-looking statements and risk factors. Recent highlights include adjusted EBITDA of $142M in Q4-20 and $599M for 2020. Segment performances for FPSO, shuttle tankers, FSO and towage are reviewed. Debt maturity and liquidity are summarized, including a securities repurchasing program. Priorities for 2021 include maintaining safety and operational excellence, securing charter extensions, positioning for shuttle tanker growth, and identifying energy transition opportunities.
The document is a Q3 2020 earnings presentation for Altera Infrastructure. It provides the following key information:
- Adjusted EBITDA was $140 million for Q3 2020. Two new E-shuttle tankers were delivered on schedule.
- A settlement was reached regarding the Petrojarl I FPSO and the court ruled in favor of unpaid amounts for the Voyageur FPSO.
- Contract extensions and new contracts were signed for shuttle tankers and towage vessels. The presentation provides details on operations and recent highlights across its business segments.
- The document is Teekay Corporation's Q2 2020 earnings presentation which provides an overview of the company's financial results and recent business highlights.
- Key details include Q2 2020 adjusted EBITDA of $143 million, lower than the previous quarter due to non-recurring items. New shuttle tankers commenced operations.
- The company continues to focus on safety during COVID-19 while most revenues are secured under medium-term contracts and not expected to be significantly impacted.
This document provides an earnings presentation summary for Q1 2020. It includes the following key points:
- Adjusted EBITDA was $154 million in Q1 2020, down $13 million from Q4 2019, with decreases across the FPSO, shuttle tanker, and towage segments.
- Two new E-shuttle tankers were delivered in Q1 2020 and commenced operations, with the remaining four expected to deliver through 2021.
- A one-year extension was signed for the Knarr FPSO contract through 2022 with modified terms.
- Operations have not been materially impacted by COVID-19 so far, but the company is closely monitoring risks and tightening discretionary spending
The document is Teekay Offshore's Q4-19 earnings presentation. It discusses strong operational performance in Q4-19 with adjusted EBITDA increasing $9M from Q3-19 to $167M. It provides details on recent developments including the completion of the privatization by Brookfield, the delivery of the first newbuilding shuttle tanker, and financing initiatives including a $100M bridge loan and $125M green bond issuance. Appendices at the end summarize the company's FPSO and FSO contracts.
- The document is Teekay Offshore's Q3 2019 earnings presentation, which contains forward-looking statements and discusses risks and uncertainties.
- In Q3 2019, Teekay Offshore reported adjusted EBITDA of $158 million, consistent with the previous quarter. Key financing initiatives included placing $125 million in green bonds and a $214 million sale and leaseback transaction.
- Operationally, the FPSO segment saw increased adjusted EBITDA while the shuttle tanker and towage segments declined slightly. New contracts were announced for shuttle tankers serving East Coast Canada.
- The document is Teekay Offshore's Q2-19 earnings presentation which contains forward-looking statements and discusses risks that could impact results.
- It reports that Q2-19 adjusted EBITDA decreased from Q1-19 primarily due to non-cash items in the FPSO segment, and provides financial highlights from each business segment.
- It outlines recent financing initiatives including new debt facilities and refinancing, and notes that Brookfield made an unsolicited proposal to acquire Teekay Offshore's publicly held units.
Teekay Offshore reported adjusted EBITDA of $188 million in Q1 2019, down $101 million from Q4 2018 primarily due to a $91 million settlement from Petrobras recognized in Q4. The company is making progress on its 2019 financing plan, including a $414 million facility to finance four new LNG shuttle tankers. Teekay expects Q2 2019 adjusted EBITDA to be lower than Q1 due to the end of the Piranema FPSO contract and other factors, but anticipates positive full-year results from its fleet operations and ongoing projects.
Teekay Offshore reported strong financial results in Q4-2018, with Adjusted EBITDA increasing $117 million from Q3-2018 to $290 million in Q4-2018. A key driver was a $55 million cash payment received as part of a settlement with Petrobras. Additionally, the company announced an extension of up to three years for the Piranema FPSO contract, expected to improve 2019 EBITDA by $25 million. Looking ahead, Teekay Offshore expects Adjusted EBITDA to decline in Q1-2019 primarily due to the Petrobras settlement payment recognized in Q4-2018 and several FPSO contracts ending or extending at lower rates.
- Teekay Offshore Partners generated total cash flow from vessel operations of $167.3 million in Q3-18, up from $162.2 million in Q2-18.
- They reached a positive settlement agreement with Petrobras totaling $96 million, $55 million of which is expected to be received in Q4-18.
- They entered into a 7-year charter agreement with Alpha Petroleum for the Petrojarl Varg FPSO, subject to various conditions being met.
- For Q4-18, they expect adjusted net income to increase compared to Q3-18 mainly due to the $91 million revenue recognition from the Petrobras settlement in Q4
The document is the Q2 2018 earnings presentation for Teekay Offshore Partners.
The summary is:
- Teekay Offshore Partners generated $162 million in cash flow from vessel operations and $25 million in distributable cash flow in Q2 2018.
- They secured contract extensions for the Voyageur Spirit and Ostras FPSO units through 2020 and 2018 respectively.
- They ordered two new shuttle tankers to service the growing North Sea market, bringing their total newbuild orderbook to 6 shuttle tankers.
- They refinanced $700 million in debt maturities through 2023 with a private placement of 8.5% senior notes, improving their maturity
The document is Teekay Offshore Partners' Q1-2018 earnings presentation. The presentation highlights that Teekay generated $161.5 million in total cash flow from vessel operations (CFVO) and $39.4 million in distributable cash flow (DCF) in Q1-2018, up 11% and 14% respectively from Q4-2017. All of Teekay's near-term growth projects that were expected to generate $200 million in annual CFVO are now completed and generating cash flows. The presentation also notes several opportunities for further growth in Brazil and potential contract extensions.
The document is Teekay Offshore Partners' Q4-17 earnings presentation. It summarizes recent highlights including generating increased distributable cash flow and cash flow from vessel operations in Q4 compared to Q3. It provides details on growth projects that started operations in Q4 including the Randgrid FSO and two shuttle tankers, and projects expected to start in 2018. It also discusses contract extensions for the Voyageur Spirit and Ostras FPSOs and the positive macro environment for offshore oil and gas.
The document is the Q3 2017 earnings presentation for Teekay Offshore Partners. The summary is:
1) Teekay Offshore generated $13.4 million in distributable cash flow for Q3 2017.
2) Several growth projects that were delivered between 2013-2015 are now generating cash flow, including an FSO conversion and FPSO conversion.
3) The company is actively seeking redeployment opportunities for an FPSO unit after its existing charter was not extended.
Teekay Offshore Partners held an earnings presentation to discuss their Q2 2017 results and provide an outlook for Q3 2017. Some of the key points included:
- They announced a comprehensive financial transaction with Brookfield that will significantly strengthen their financial position and fully finance existing growth projects.
- They are focused on delivering existing projects including the Libra FPSO, Randgrid FSO, Petrojarl I FPSO, and East Coast Canada shuttle tankers.
- Distributable cash flow for Q2 2017 was $27.2 million compared to $30.6 million in Q1 2017 mainly due to lower utilization and higher expenses. The outlook for Q3 2017 was for higher revenues partially offset by
Brookfield has made a $640 million equity investment in Teekay Offshore Partners L.P. (TOO). This significantly strengthens TOO's balance sheet and fully finances TOO's existing growth projects. Brookfield and TOO will be co-sponsors of TOO, with Brookfield owning a majority stake. The transaction extends TOO's debt maturities, reduces its cost of capital, and positions it to better serve customers and pursue future growth opportunities through its partnership with Brookfield.
The document provides an earnings presentation for Teekay Offshore Partners for Q3-2016. Key highlights include:
- Generating $31.8 million in distributable cash flow for Q3-2016 and declaring a $0.11 per unit cash distribution.
- Awarding a new three-year North Sea shuttle tanker contract of affreightment that is expected to utilize approximately 2 shuttle tankers.
- Taking delivery of the first of four newbuilding towage vessels in September 2016.
- Expecting stronger results for Q4-2016 across several segments, with higher shuttle tanker utilization following seasonal maintenance.
Teekay Offshore Production aims to manage sustainability challenges and opportunities effectively. In 2015, the company had over 1,000 permanent employees across offices in Norway, Scotland, Brazil, and project offices in the Netherlands and Singapore. While striving to improve diversity and maintain a healthy and safe workforce, the company also seeks to give back to local communities. Key priorities include recruitment and training, occupational health and safety, and community investments.
Teekay Offshore Partners reported its Q1-2016 earnings. Key highlights included generating $62 million in distributable cash flow and $166.1 million in cash flow from vessel operations. The company is nearing completion of financing initiatives to address its 2016-2017 funding requirements and fully finance $1.6 billion in growth projects through 2018. This includes refinancing debt, issuing equity, and potentially deferring deliveries of two new units. The company expects these initiatives to extend its debt maturity runway to late-2018 and significantly delever its balance sheet over time.
Teekay Offshore Partners generated distributable cash flow of $58.8 million in Q3-2015, an increase from $58.3 million in Q2-2015. The coverage ratio was 0.86x. Revenues increased due to the acquisition of the Petrojarl Knarr FPSO unit and a full quarter of operations for other assets. Distributions increased to $68.3 million due to common unit financing for the Knarr acquisition and a 4% distribution increase.
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2. Forward Looking Statements
This presentation contains forward-looking statements (as defined in Section 21E of the Securities
Exchange Act of 1934, as amended) which reflect management’s current views with respect to certain
future events and performance, including statements regarding: the Partnership’s future growth
prospects, cash flows and distributions to unitholders; the timing of delivery of vessels under
construction or conversion; the industry fundamentals for deepwater offshore oil production, storage
and transportation; the potential for Teekay to offer additional vessels to the Partnership and the
Partnership’s acquisition of any such vessels, including the Petrojarl Foinaven, the Petrojarl Cidade de
Itajai, the Voyageur Spirit, the Hummingbird Spirit and the newbuilding FPSO unit that will service the
Knarr field under contract with BG Norge Limited; and the potential for the Partnership to acquire other
vessels or offshore projects from Teekay or third parties. The following factors are among those that
could cause actual results to differ materially from the forward-looking statements, which involve risks
and uncertainties, and that should be considered in evaluating any such statement: vessel operations
and oil production volumes; significant changes in oil prices; variations in expected levels of field
maintenance; increased operating expenses; variability in shuttle tanker tonnage requirements under
the Statoil master agreement; different-than-expected levels of oil production in the North Sea and
Brazil offshore fields; potential early termination of contracts; failure of Teekay to offer to the Partnership
additional vessels; the inability of the joint venture between Teekay and Odebrecht to secure new Brazil
FPSO projects that may be offered for sale to the Partnership; failure to obtain required approvals by
the Conflicts Committee of Teekay Offshore’s general partner to acquire other vessels or offshore
projects from Teekay or third parties; the Partnership’s ability to raise financing to purchase additional
assets; and other factors discussed in Teekay Offshore’s filings from time to time with the SEC,
including its Report on Form 20-F for the fiscal year ended December 31, 2011. The Partnership
expressly disclaims any obligation or undertaking to release publicly any updates or revisions to any
forward-looking statements contained herein to reflect any change in the Partnership’s expectations
with respect thereto or any change in events, conditions or circumstances on which any such statement
is based.
2 www.teekayoffshore.com
3. Investment Highlights
• Leading market positions
○ Market leader in harsh weather FPSOs and shuttle tankers
• Stable operating model
○ Diversified portfolio of fixed-rate contracts with major oil companies
• Visible growth through accretive acquisitions and projects
○ Seven FPSO units will be available for purchase from Sponsor, Teekay
Corporation
○ Four advanced shuttle tankers scheduled for delivery in 2013
• Strong fundamentals driving industry growth
○ High E&P spending driving record number of planned FPSO projects
• Advantageous tax structure
○ Teekay Offshore is a 1099 filer – no K-1 reporting requirements
3 www.teekayoffshore.com
4. Teekay Offshore Overview
• Teekay Offshore completed IPO
in Dec. 2006 by Teekay Corp.
• $1.9bn* Market Cap
• Strong Sponsor
○ Teekay Corp. ownership: 33%
(incl. 2% GP interest)
• Core focus: Deepwater offshore
production, floating storage and
transport projects
• 56 vessels in global fleet (Shuttle
tankers, FSOs, FPSOs, oil
tankers)
• 3 -10 years fixed-rate contracts
*As at June 8, 2012
4 www.teekayoffshore.com
5. Strong Industry Fundamentals Support Our
Business Strategy
Increase distributions per unit by executing on the following strategies:
• Expand presence in high-growth regions
○ Focus on leadership positions in Brazil and North Sea
• Continue to pursue new high-return projects in the FPSO, FSO and
shuttle tanker segments
• Opportunistically acquire existing assets on long-term fixed-rate
contracts
○ Preference for assets with contracts provides immediate accretion
○ Several FPSOs at Sponsor – received offer to acquire Voyageur Spirit
FPSO from Teekay Corp
• Provide superior customer service by maintaining high reliability,
safety, environmental and quality standards
○ Operational expertise is a competitive advantage
5 www.teekayoffshore.com
6. Market Leader in Core Segments
Control More Than
40
Number of Shuttle Tankers
4
22
Existing Newbuildings on Order
50% Fleet
of the World’s
36 4
9
18 5 3
7
2 3
Teekay Knutsen Transpetro Viken / Lauritzen
Offshore NYK PJMR
Number of FPSO Units
7
Leading Operator of 2 3
Leased FPSOs in the 2 1
5
North Sea Teekay Bluewater Maersk BW
Offshore / Offshore
Teekay
Corp.
Source: Clarkson Research Services, Platou, Company Websites, Industry Sources.
6 www.teekayoffshore.com
7. Expertise in Deepwater and Harsh Environments
North Sea
• 20 shuttle tankers owned,
4 in-chartered
• 1 FPSO + 6 owned
by Sponsor
Brazil
• 16 shuttle tankers owned
• 2 FPSOs + 1 owned by
Sponsor
7 www.teekayoffshore.com
8. Attractive Contract Portfolio
• Substantial portfolio of long-term, fixed-rate contracts with high quality
oil and gas companies
○ Total forward fixed-rate revenues of $3.8 billion
○ Weighted average remaining contract life of over 5.0 years
Shuttle Tankers FPSO Units FSO Units Conventional Tankers
# of units 40 3 5 8
Average
Contract Life 5.4 years 4.1 years 3.2 years 2.8 years
Forward
Revenues $2.6 bn $0.7 bn $0.2 bn $0.3 bn
High
Quality
Customers
8 www.teekayoffshore.com
9. Conventional Tanker Portfolio Rolling-off
• Expect reduction in conventional tanker fleet
○ Do not anticipate renewing conventional tanker charters
○ Will keep some conventional hulls for future redeployment as FSOs
- Two hulls currently tendered for FSO project in Asia
• Acquisition of FPSOs will replace lost cash flow
○ Example: cash flow from Piranema FPSO = approximately 4 conventional tankers
2012 2013 2014 2015 2016 2017 2018
Vessel Built 2 3 4 1 2 3 4 1 2 3 4 1 2 3 4 1 2 3 4 1 2 3 4 1 2 3 4
Fuji Spirit 2003
Kilimanjaro Spirit 2004
SPT Navigator 2008
SPT Explorer 2008
Poul Spirit 1995
Gotland Spirit 1986
Hamane Spirit 1997 Sold
Torben Spirit 1994 For sale
Leyte Spirit 1992 In lay-up, FSO candidate
Luzon Spirit 1992 In lay-up, FSO candidate
9 www.teekayoffshore.com
10. TOO’s Business Mix is Evolving
• Since IPO, greater proportion of TOO’s cash flow has come from high-
growth FPSO sector
○ Higher risk-adjusted returns
○ With roll-off of conventional tanker contracts, TOO is becoming a true ‘pure-play’ in
the build-out of offshore crude oil
TOO Q1-12 CFVO*
By Segment
TOO Q1-07 CFVO*
By Segment
27%
29%
66% 10% 56%
5% 7%
Conventional Tankers FPSOs Shuttle Tankers FSOs
*Cash flow from vessel operations represents income from vessel operations before depreciation and amortization expense, write-down of vessels and amortization of deferred gains and in-process
revenue contract, includes the realized gains (losses) on the settlement of foreign exchange forward contracts and adjusting for direct financing leases to a cash basis. Cash flow from vessel operations
is a non-GAAP financial measure used by certain investors to measure the financial performance of shipping companies. Please see the Partnership’s web site at www.teekayoffshore.com for a
reconciliation of this non-GAAP measure as used in this release to the most directly comparable GAAP financial measure.
10 www.teekayoffshore.com
11. Significant Visible Growth Opportunities
Acquisition Candidates
Assets and Contracts Following Contract
Suitable for Acquisition Renewal / Amendment
Cidade de Itajai Knarr FPSO Petrojarl Hummingbird
(50%)(Petrobras) (BG) Foinaven (BP) Spirit (Centrica)
Voyageur Spirit 4 Shuttle Petrojarl I Petrojarl Banff
(E.ON) Tankers (BG) (Statoil) (CNR)
Received offer Directly ordered
from Teekay Corp by TOO
Omnibus agreements with Teekay & Sevan provide additional opportunities
11 www.teekayoffshore.com
12. Voyageur Spirit FPSO (ex. Sevan Voyageur)
• Charterer: E-ON Ruhrgas
• Year Built: 2009
• Upgrade in progress at Nymo
Shipyard in Arendal, Norway
• Expected First-Oil: Oct. 2012
• Cylindrical hull design by Sevan
Marine
• Firm Contract Length:5 years
• Contract Options:
evergreen with 12-month
cancellation
• Expected CFVO ~$75m p.a.
• Operating Water Depth +120m
• Processing Capacity: 30,000
bbls/d
• Storage Capacity: 270,000 bbls
• Field Application: Oil production,
Gas export and water injection
• Huntington Field North Sea, U.K.
12 www.teekayoffshore.com
13. Four BG Shuttle Tankers
• Charterer: BG Group
• Delivery Dates:
○ Hull 2037, Q2-2013
○ Hull 2038, Q2-2013
○ Hull 2039, Q3-2013
○ Hull 2040, Q4-2013
• Suezmax-sized DP2 shuttle tankers
• Delivered Cost: ~$120m / vessel
• Being constructed at Samsung
Shipyard, South Korea
• Contract Length:
10 years plus 2 x 5-year options
• Will service BG’s pre-salt
requirements
• BG is one of the largest
international oil companies
operating in Brazil
13 www.teekayoffshore.com
14. Petrojarl Cidade de Itajai FPSO (ex. Tiro & Sidon)
• Charterer: Petrobras
• Expected First-Oil: December 2012
• Aframax conversion at Jurong
Shipyard, Singapore
• 50/50 Joint Venture with Brazil-
based Odebrecht
• Firm Contract Length: 9 years
• Extension Options: 6 x 1 years
• Expected CFVO: $25m (50% basis)
• 80% Project Financing arranged
with syndicate of International Banks
• Designed Water Depth:
up to 1,000m
• Operating Depth: ~250m
• Processing Capacity: 80,000 bbls/d
• Storage Capacity: 650,000 bbls
• Tiro & Sidon fields on Block BM-S-
40, Santos Basin, offshore Brazil
○ +150 million barrels of recoverable oil
14 www.teekayoffshore.com
15. Knarr FPSO
• Charterer: BG Group
• Expected First-Oil: 1H 2014
• Purpose built in South Korea by
Samsung Heavy Industries
• Firm Contract Length: 6 or 10
years
• Extension Options:
up to 20 years (total)
• Processing Capacity: 63,000
bbls/d
• Designed to handle a wide-range
of LPGs
• Operating Water Depth: ~400m
• Est. Recoverable Reserves:
70-150 mmbbls
• Knarr Field, North Sea
15 www.teekayoffshore.com
16. Linking Rig to Refinery
Leading indicators for offshore
Teekay’s role in the
production, storage and
offshore value chain
transportation demand
16 www.teekayoffshore.com
17. Drilling Activity a Key Leading Indicator
• 81 mobile drilling unit (MODU) orders placed in 2011
○ Highest since 1980
• Growth strongest in the deepwater / ultra-deepwater drilling fleet
• Deepwater wells yielding the biggest results
○ Average discovery size in 2010 for wells >1,500m depth was 1,000+ mboe
MODU Orders Versus Oil Price
100 120
Jack Ups Semi-subs and Drillships Oil Price (USD)
80 100
$ / BBL Oil Price
MODU Orders
80
60
60
40
40
20 20
0 0
Source: Clarksons, Douglas Westwood, BP
17 www.teekayoffshore.com
18. North Sea Market – Resurgent Activity
• Resurgence in North Sea Norwegian Exploration Wells Drilled*
drilling activity yielding Record high level
of exploration
results
○ 1.7 - 3.3 billion barrel Johan
Sverdrup find was biggest of
2011
• New finds tend to suit an
FPSO and shuttle tanker
solution *Source: Norwegian Petroleum Directorate
•
Barents Sea
Enhanced Oil Recovery (emerging
shuttle region)
leading to renewed
production in mature areas
Norwegian Sea
• Move into Barents Sea (existing shuttle
region)
requires high-specification
North Sea
shuttle tankers and FPSOs (existing shuttle
area)
18 www.teekayoffshore.com
19. Brazil Market – More Growth to Come
Brazil Offshore Production Fleet Development
140
120
100
Installed On Order Planned
80
60
40
20
0
2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018
Source: IMA
• Brazilian offshore production fleet set to double in 2011-18
○ Growth in offshore production drives demand for shuttle tankers and FPSOs
• Petrobras is aggressively increasing its production capability
• Other oil companies also have shuttle requirements in offshore Brazil
19 www.teekayoffshore.com
20. Strong Future Demand for FPSOs
FPSOs in the Planning Stage FPSO Forecast (Next 5 Years)
30 28
Source: IMA Source: IMA 24
End-06 68 25
20
20
15
End-08 96 15
10
10
5
Apr-12 141
0
Avg.
Avg. Orders
Orders Low
Low Base
Base High
High
Orders Jan-Apr Case Case Case
0 50 100 150 Orders
per year
Jan-Apr
2012
Case Case Case
per year 2012
Next 5 Years
(2007 – 2011)
• The number of projects which could require an FPSO has doubled in
the past five years
• Estimate of 20-28 FPSO orders per year over the next five years
depending on the global economy, oil demand and energy prices
• Operational and engineering expertise required to be successful in
the leased FPSO business creates a high barrier to entry
20 www.teekayoffshore.com
21. Increased Demand for FSO Solutions
• Resurgence in offshore activity creating new FSO opportunities
○ Re-emergence of FSO demand in the North Sea
○ New development in S.E. Asia
• 22 projects currently considering the use of an FSO
○ 11 in Asia; 4 in North Sea
Planned FSO Projects Top Leased FSO Operators
12 10
11 4 Owners with 2 units
10 19 Owners with 1 unit
8
7
8
6 5
6
4 4
4 4
4 3 3
2
2 1 1 2
0 0
S.E. Asia North MED GoM Brazil Africa Tanker Teekay Modec Trada MISC
Sea Pacific Maritime
21 www.teekayoffshore.com
22. Investment Highlights
• Leading market positions
• Stable operating model
• Visible growth through accretive acquisitions and projects
• Strong fundamentals driving industry growth
• Advantageous tax structure – no K-1 reporting requirements
22 www.teekayoffshore.com