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 - 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 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.
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 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 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 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.
This document is the fourth quarter and fiscal year 2012 earnings presentation for Teekay Corporation. It highlights recent company results including a slight increase in total cash flow from vessel operations in Q4-12 and an 18% increase for fiscal year 2012 compared to the prior year. It also summarizes key recent developments for Teekay Corporation and its three publicly-traded subsidiaries - Teekay LNG Partners, Teekay Offshore Partners, and Teekay Tankers Ltd. These include new charter contracts, acquisitions, vessel deliveries, and declared distributions. The presentation emphasizes the company's growing consolidated fixed-rate cash flows from its offshore and gas businesses through recent investments.
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 - 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 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.
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 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 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 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.
This document is the fourth quarter and fiscal year 2012 earnings presentation for Teekay Corporation. It highlights recent company results including a slight increase in total cash flow from vessel operations in Q4-12 and an 18% increase for fiscal year 2012 compared to the prior year. It also summarizes key recent developments for Teekay Corporation and its three publicly-traded subsidiaries - Teekay LNG Partners, Teekay Offshore Partners, and Teekay Tankers Ltd. These include new charter contracts, acquisitions, vessel deliveries, and declared distributions. The presentation emphasizes the company's growing consolidated fixed-rate cash flows from its offshore and gas businesses through recent investments.
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 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 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
Teekay Corporation reported its earnings for the second quarter of 2015. Some key highlights include:
- Teekay Parent generated $49.5 million in free cash flow in Q2-15, an increase of 57% from Q1-15.
- Teekay Parent increased its dividend by 75% to $0.55 per share for Q2-15.
- On July 1st, Teekay Parent completed the sale of the Knarr FPSO to Teekay Offshore for $1.26 billion, reducing its net debt by $1 billion.
- Teekay's daughters reported strong results in Q2-15, with distribution increases expected to support continued
- 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
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.
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 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 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 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.
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 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 LNG Partners generated distributable cash flow of $40.6 million in Q2 2017, with a distribution coverage ratio of 3.6x.
- The Partnership has $6.8 billion in forward fee-based revenues from its existing fleet and growth projects, with a weighted average charter length of 13 years.
- Teekay LNG has 18 LNG carrier newbuildings on order that will add an average of 18 years of charter duration upon delivery through 2020. Financing for the newbuildings and growth projects remains on track for completion by the end of 2017.
Teekay Corporation reported its Q2-2016 earnings. It generated $350.5 million in cash flow from vessel operations. It also reported adjusted net income of $0.7 million. Teekay completed $1 billion in financing initiatives in June to further deleverage its balance sheet and increase liquidity. It sold the Shoshone Spirit VLCC for $63 million, expected to close in September/October 2016.
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.
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
Teekay LNG Partners reported its Q2-2016 earnings. Key highlights included:
- Generated $76.1 million in distributable cash flow and $135.1 million in cash flow from vessel operations.
- Both new MEGI LNG carriers delivered to Cheniere Energy and commenced 5-year charters.
- Exmar LPG joint venture took delivery of its seventh new mid-size LPG carrier for a 5-year charter to Statoil.
- Over $900 million in new debt financings secured for committed growth projects through lender credit approvals.
Teekay Corporation Fourth Quarter and Fiscal 2013 Earnings PresentationTeekay Corporation
Teekay Corporation reported its financial results for the fourth quarter of 2013. Key highlights included:
- Teekay LNG and Teekay Offshore both increased their cash distributions by 2.5% in Q4.
- Teekay Parent agreed to sell its last four directly owned tankers to the new joint venture Tanker Investments Ltd.
- Construction of the Petrojarl Knarr FPSO project remains on schedule, with the unit expected to begin its charter in late Q4 2014.
- The company reported consolidated adjusted net income of $1.1 million, compared to $2.9 million in Q4 2012.
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 Third Quarter 2012 Earnings PresentationTeekay Corporation
This document provides an earnings presentation for Teekay Corporation for the third quarter of 2012. It highlights recent financial results including total cash flow from vessel operations in Q3-12 compared to Q3-11. It also summarizes recent transactions including the sale of the Voyageur Spirit FPSO to Teekay Offshore and bond offerings. Updates are provided on performance of specific vessels and contracts across Teekay's business segments. Forward-looking statements are presented along with various risk factors that could affect results.
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 Corporation Fourth Quarter and Fiscal 2014 Earnings PresentationTeekay Corporation
Teekay Corporation reported its financial results for the fourth quarter of 2014. Key highlights included:
- Generated $308 million in total cash flow from vessel operations, an increase of 25% year-over-year.
- Reported adjusted net income of $30.7 million, or $0.42 per share, compared to $1.1 million, or $0.02 per share in Q4 2013.
- Completed the sale of the Petrojarl I FPSO to Teekay Offshore for $57 million, which will commence a new contract in mid-2016 following an upgrade.
- Remain committed to a new dividend policy targeting an initial level of $2.20-$
Teekay Corporation Third Quarter 2014 Earnings PresentationTeekay Corporation
Teekay Corporation reported its third quarter 2014 earnings. Key highlights included:
- Generated $252 million in cash flow, up 29% year-over-year. Reported adjusted net loss of $12.6 million.
- Announced new dividend policy to increase dividend to $2.20-$2.30 per share upon sale of the Knarr FPSO to Teekay Offshore.
- Offered the Knarr FPSO for sale to Teekay Offshore for $1.16 billion. It is expected to generate $70 million in annual cash flow.
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 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
Teekay Corporation reported its earnings for the second quarter of 2015. Some key highlights include:
- Teekay Parent generated $49.5 million in free cash flow in Q2-15, an increase of 57% from Q1-15.
- Teekay Parent increased its dividend by 75% to $0.55 per share for Q2-15.
- On July 1st, Teekay Parent completed the sale of the Knarr FPSO to Teekay Offshore for $1.26 billion, reducing its net debt by $1 billion.
- Teekay's daughters reported strong results in Q2-15, with distribution increases expected to support continued
- 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
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.
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 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 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 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.
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 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 LNG Partners generated distributable cash flow of $40.6 million in Q2 2017, with a distribution coverage ratio of 3.6x.
- The Partnership has $6.8 billion in forward fee-based revenues from its existing fleet and growth projects, with a weighted average charter length of 13 years.
- Teekay LNG has 18 LNG carrier newbuildings on order that will add an average of 18 years of charter duration upon delivery through 2020. Financing for the newbuildings and growth projects remains on track for completion by the end of 2017.
Teekay Corporation reported its Q2-2016 earnings. It generated $350.5 million in cash flow from vessel operations. It also reported adjusted net income of $0.7 million. Teekay completed $1 billion in financing initiatives in June to further deleverage its balance sheet and increase liquidity. It sold the Shoshone Spirit VLCC for $63 million, expected to close in September/October 2016.
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.
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
Teekay LNG Partners reported its Q2-2016 earnings. Key highlights included:
- Generated $76.1 million in distributable cash flow and $135.1 million in cash flow from vessel operations.
- Both new MEGI LNG carriers delivered to Cheniere Energy and commenced 5-year charters.
- Exmar LPG joint venture took delivery of its seventh new mid-size LPG carrier for a 5-year charter to Statoil.
- Over $900 million in new debt financings secured for committed growth projects through lender credit approvals.
Teekay Corporation Fourth Quarter and Fiscal 2013 Earnings PresentationTeekay Corporation
Teekay Corporation reported its financial results for the fourth quarter of 2013. Key highlights included:
- Teekay LNG and Teekay Offshore both increased their cash distributions by 2.5% in Q4.
- Teekay Parent agreed to sell its last four directly owned tankers to the new joint venture Tanker Investments Ltd.
- Construction of the Petrojarl Knarr FPSO project remains on schedule, with the unit expected to begin its charter in late Q4 2014.
- The company reported consolidated adjusted net income of $1.1 million, compared to $2.9 million in Q4 2012.
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 Third Quarter 2012 Earnings PresentationTeekay Corporation
This document provides an earnings presentation for Teekay Corporation for the third quarter of 2012. It highlights recent financial results including total cash flow from vessel operations in Q3-12 compared to Q3-11. It also summarizes recent transactions including the sale of the Voyageur Spirit FPSO to Teekay Offshore and bond offerings. Updates are provided on performance of specific vessels and contracts across Teekay's business segments. Forward-looking statements are presented along with various risk factors that could affect results.
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 Corporation Fourth Quarter and Fiscal 2014 Earnings PresentationTeekay Corporation
Teekay Corporation reported its financial results for the fourth quarter of 2014. Key highlights included:
- Generated $308 million in total cash flow from vessel operations, an increase of 25% year-over-year.
- Reported adjusted net income of $30.7 million, or $0.42 per share, compared to $1.1 million, or $0.02 per share in Q4 2013.
- Completed the sale of the Petrojarl I FPSO to Teekay Offshore for $57 million, which will commence a new contract in mid-2016 following an upgrade.
- Remain committed to a new dividend policy targeting an initial level of $2.20-$
Teekay Corporation Third Quarter 2014 Earnings PresentationTeekay Corporation
Teekay Corporation reported its third quarter 2014 earnings. Key highlights included:
- Generated $252 million in cash flow, up 29% year-over-year. Reported adjusted net loss of $12.6 million.
- Announced new dividend policy to increase dividend to $2.20-$2.30 per share upon sale of the Knarr FPSO to Teekay Offshore.
- Offered the Knarr FPSO for sale to Teekay Offshore for $1.16 billion. It is expected to generate $70 million in annual cash flow.
Teekay Corporation held an earnings presentation for Q1-2016. It reported adjusted net loss of $6 million compared to adjusted net income of $16 million in Q1-2015. Teekay and its daughter companies Teekay Tankers, Teekay Offshore, and Teekay LNG are pursuing various financing initiatives to strengthen their balance sheets and address near-term debt maturities. These initiatives include refinancing existing debt facilities, obtaining new debt financing, selling assets, and issuing equity. Successful completion of the financing plans is expected to improve the companies' liquidity and financial positions.
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 reported earnings for Q3 2015. Key highlights include:
- Teekay Parent generated $59.8 million in free cash flow in Q3 2015, a 21% increase over Q2 2015, with a strong coverage ratio of 1.49x.
- Teekay Parent completed the sale of the Knarr FPSO to Teekay Offshore for $1.26 billion, increasing its dividend by 75% and reducing net debt by $900 million.
- Teekay's daughter entities continued to perform well, with all declaring distribution increases in Q3 2015, providing stable cash flows to Teekay Parent.
- Looking ahead, Teekay Parent expects higher net revenues
Teekay Corporation reported its financial results for the third quarter of 2018. Consolidated total cash flow from vessel operations increased to $196.4 million in Q3-18 compared to $164.2 million in Q2-18. Consolidated adjusted net loss was $11.4 million in Q3-18, an improvement from an adjusted net loss of $21.6 million in Q2-18. Several of Teekay's subsidiaries saw increases in cash flow from vessel operations in Q3-18 compared to Q2-18 due to higher tanker rates, vessel deliveries, and oil price-linked revenues. Teekay continues to focus on strengthening its financial position through refinancing
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 reported its Q1-2018 earnings. Key points include:
- Consolidated cash flow from vessel operations of $168.4 million and adjusted net loss of $18.3 million.
- Teekay LNG Partners delivered 4 LNG carriers and 1 LPG carrier and extended several charters. Cash flow is expected to grow with additional project deliveries through 2020.
- Teekay Tankers took steps to strengthen its balance sheet including a $36 million sale-leaseback financing and eliminating its minimum quarterly dividend.
- Teekay Offshore delivered its final growth projects which are expected to provide $200 million in additional annual cash flow.
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.
Teekay Corporation reported its Q4 2018 earnings. Consolidated adjusted net loss decreased from $11.4 million in Q3 2018 to $2.0 million in Q4 2018. Teekay LNG contributed to the improved results through higher revenues from new charter contracts and spot rates. Teekay Tankers also saw higher revenues due to improved spot rates. Teekay Parent's results were impacted by unplanned shutdowns on two FPSO units, lowering revenues, but it benefited from a settlement with Petrobras recognized by Teekay Offshore.
Teekay Corporation reported its Q4-2017 earnings. It generated $183.6 million in consolidated cash flow from vessel operations. It reported an adjusted net loss of $9.5 million, or $0.11 per share. In January 2018, Teekay completed $222.5 million in capital issuances to address upcoming bond maturities and create financial flexibility. Teekay LNG delivered 6 new LNG carriers and secured long-term financing for the vessels. Teekay Offshore commenced charters on its largest projects and secured contract extensions. Teekay Tankers completed a merger and refinancing to position itself for a tanker market recovery.
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 Corporation reported its Q2-2018 earnings. Some key highlights:
- Consolidated cash flow from vessel operations was $164.2 million. Adjusted net loss was $21.6 million.
- Teekay Parent secured a one-year charter extension for the Banff FPSO to August 2019. Cash flow from its three directly-owned FPSOs provides upside exposure to rising oil prices.
- Teekay LNG continues executing its portfolio of growth projects delivering through 2020, which are expected to increase annual cash flow by $240 million.
- Teekay Tankers signed term sheets for $110 million in additional liquidity to improve its financial position as tanker rates are expected
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 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 Corporation's Q4-2016 earnings presentation highlights recent financial results across its subsidiaries Teekay LNG Partners, Teekay Offshore Partners, and Teekay Tankers. It also outlines key priorities for 2017/2018, which include completing newbuild financings, delivering growth projects on-time and on-budget, and strengthening financial and operational positions. The presentation provides an overview of Teekay Group's major growth projects through 2020, demonstrating its role in developing oil and gas fields and expanding global LNG and LPG transportation.
Similar to TK Q4 2011: Teekay Corporation Fourth Quarter 2011 Earnings Presentation (20)
- Teekay Corporation reported GAAP net income of $35.4 million and adjusted EBITDA of $127.2 million for Q4 2023, with full year 2023 GAAP net income of $150.6 million and adjusted EBITDA of $618.9 million.
- Spot tanker rates remained strong in Q4 2023 for Teekay Tankers, though lower than the previous year, with average daily rates of $37,000 for Suezmax vessels and $44,500 for Aframax vessels.
- Teekay continued repurchasing its own shares in Q4 2023, bringing total repurchases to $65.8 million since August 2022
Teekay Corporation reported its highest third quarter adjusted net income per share in 15 years. Key highlights included GAAP net income of $26.2 million and adjusted net income of $24.8 million for the quarter. Since the start of the third quarter, Teekay Parent repurchased $4.6 million of its common shares, bringing total repurchases to $63 million. Teekay Tankers declared a $0.25 per share dividend and continued to benefit from strong spot tanker rates in its fleet trading on the spot market.
- Teekay Corporation reported GAAP net income of $40.3 million and adjusted net income of $42.8 million for Q2 2023, driven by higher earnings from Teekay Tankers due to strong spot tanker rates.
- Teekay Tankers secured average Q3 2023 spot rates of $42,800/day for Suezmax fleet and $48,300/day for Aframax fleet, well above historical Q3 levels.
- Teekay Parent repurchased $12.5 million of its shares in Q2 2023, bringing total repurchased since August 2022 to $58.3 million, and authorized a new $25 million rep
Teekay Corporation reported its financial results for the first quarter of 2023, with GAAP net income of $48.8 million and adjusted net income of $51 million. Teekay Tankers secured high spot rates in the quarter of $62,400 per day for Suezmax vessels and $58,500 per day for Aframax vessels. Teekay Parent completed its $30 million share repurchase program and announced a new $30 million program. Teekay Tankers announced an updated capital allocation plan that includes implementing a $0.25 per share quarterly dividend and a $1 per share special dividend, as well as authorizing a $100 million share repurchase program.
Teekay Corporation reported financial results for the fourth quarter and full year of 2022. The company's adjusted net income increased in the fourth quarter compared to the prior year period, driven by stronger earnings from Teekay Tankers due to higher spot tanker rates. Teekay Parent also benefited from lower interest expense due to debt repurchases completed in 2022. For the full year, adjusted EBITDA was $341.7 million. Teekay Tankers has secured strong spot tanker rates for the first quarter of 2023 to date and remains well positioned given current tanker market fundamentals. Teekay Parent also continued repurchasing its common shares and has become debt free.
- Teekay Corporation reported GAAP net income of $33.1 million in Q3 2022, compared to a net loss in Q3 2021, driven by higher earnings from Teekay Tankers due to increased spot tanker rates and lower interest costs for Teekay Parent.
- Teekay successfully completed the sale of its last remaining FPSO unit, the Petrojarl Foinaven, in October 2022, with proceeds from asset sales expected to fully offset decommissioning and recycling costs.
- Spot tanker rates were significantly higher in Q3 2022 compared to the same period in 2021, with rates for Teekay Tankers' Suezmax, Aframax and
Teekay Corporation reported higher adjusted net income in Q2 2022 than Q2 2021, driven by higher earnings from its subsidiary Teekay Tankers from increased spot tanker rates. Teekay Tankers saw spot rates reach their highest level in two years during Q2 2022. While consolidated earnings increased in Q2 2022, results were partially offset by the sale of Teekay LNG in January 2022. Looking ahead, management expects to substantially complete the wind-down of its FPSO segment by the end of 2022.
Teekay Tankers presented its third quarter 2021 earnings. Key highlights included:
- Adjusted EBITDA of ($15.8) million, down from the previous quarter, due to weak spot tanker rates.
- Pro forma liquidity of $209 million providing financial resilience.
- Tanker market fundamentals remain positive with an expected recovery, supported by increasing oil demand and tight fleet supply.
- Spot tanker rates improved in early Q4 but remained weak in Q3 due to oil demand impacts from COVID variants and OPEC+ supply cuts.
Teekay Corporation presented its third quarter 2021 earnings. Key highlights included:
- Total adjusted EBITDA was $165 million, down slightly from $172 million last quarter.
- Consolidated adjusted net income was $95 thousand, up from $30 thousand last quarter.
- Teekay LNG's pending merger with Stonepeak was announced, valued at $6.2 billion including Teekay Parent receiving $640 million in proceeds.
- A new long-term contract was secured to provide marine services to Australian government vessels.
Teekay LNG Partners reported second quarter 2021 earnings. Adjusted net income was $57.0 million, or $0.57 per unit, down slightly from the previous quarter due to more scheduled drydockings. The partnership's liquefied natural gas fleet is substantially fixed, with 98% of capacity booked for the remainder of 2021 and 89% for 2022. Strong LNG shipping fundamentals are expected to continue into 2022, supported by firm gas prices and growing global LNG demand and trade.
Teekay Tankers reported weak financial results in Q2 2021 due to persistently low spot tanker rates. However, the company signed contracts to refinance higher-cost debt on eight vessels, which is expected to save $11 million in interest per year. While tanker markets remain weak in the near term, key indicators like rising oil demand, falling inventories, and increasing OPEC+ supply point to a recovery starting in the coming quarters. Teekay Tankers has a strong financial position with $274 million in pro forma liquidity to withstand current market conditions.
Teekay Corporation reported its second quarter 2021 earnings. Key highlights included:
- Reversing a $33 million asset retirement obligation associated with the Banff FPSO, reducing remaining FPSO exposure.
- Teekay LNG reported $57 million in adjusted net income for the quarter despite higher drydocking. Rates for LNG shipping remain strong.
- Teekay Tankers reported a loss due to weak tanker spot rates and expired contracts, but sees signs of a market recovery.
- Teekay Corporation's sum-of-the-parts valuation leaves upside given its interests in Teekay LNG and Teekay Tankers trading at a discount to estimated net asset value.
Teekay Corporation reported stronger financial results in the first quarter of 2021 compared to the previous quarter, despite ongoing weakness in tanker markets due to the COVID-19 pandemic's impact on oil demand. Total adjusted EBITDA was $202 million in Q1-21 compared to $201 million in Q4-20. Consolidated adjusted net income was $11 million, or $0.11 per share, in Q1-21 compared to $3 million, or $0.03 per share, in Q4-20. Teekay has made significant progress winding down its FPSO segment and expects to reduce accrued asset retirement obligations. Teekay LNG maintained a high fleet utilization rate and increased its
Teekay LNG Partners reported strong first quarter 2021 results, with adjusted net income slightly higher than the previous quarter. The partnership secured three new charter contracts in March and April and its LNG fleet is now fully chartered through 2021 and over 89% chartered through 2022. Global LNG demand is expected to double by 2040 due to growth in Asia and the increasing role of LNG in the global transition to lower emissions. Spot and term LNG shipping rates have strengthened in recent months due to high demand, low inventories, and charterers looking to secure tonnage ahead of potential winter volatility.
Teekay Tankers reported financial results for the first quarter of 2021 that showed an increase in adjusted EBITDA compared to the previous quarter. While spot tanker rates remained weak in Q1 2021, rates spiked in March due to bad weather and the Suez Canal blockage. Looking forward, several key indicators point to a tanker market recovery in the second half of 2021 as oil demand increases and inventories normalize. Teekay Tankers maintains a strong financial position with $372 million in liquidity to capitalize on an expected market recovery.
- Teekay Tankers reported an adjusted net loss of $40.7 million for Q4-2020, compared to an adjusted net income of $3.1 million in Q3-2020. This was primarily due to lower spot tanker rates in Q4-2020.
- The company reduced its net debt by $419 million in 2020 to $510 million through strong cash flows and asset sales. It had liquidity of $373 million as of December 31, 2020.
- Spot tanker rates remained weak in Q4-2020 due to the second wave of COVID-19 and oversupply of tankers returning from floating storage. Rates are expected to improve in the second half of 2021 as oil
Teekay Corporation reported its fourth quarter and annual 2020 earnings. Total adjusted EBITDA was $201 million in Q4-20, down from $227 million in Q3-20, primarily due to weaker results at Teekay Tankers from a lower tanker market. Consolidated adjusted net income was $3 million in Q4-20, down from $15 million in Q3-20. For the full year 2020, total adjusted EBITDA increased 14% to $1.086 billion and consolidated adjusted net income was $83 million, compared to an adjusted net loss of $19 million in 2019.
Teekay LNG Partners reported record-high 2020 results, with adjusted net income up 39% and total adjusted EBITDA up 11% from 2019. The company also announced a 15% increase to its common unit distribution commencing in Q1 2021. Teekay LNG's fleet has 97% of available days fixed for 2021 and 89% fixed for 2022, providing stable cash flow. Global demand for LNG is expected to grow substantially over the next decades, driven by Asia and the transition away from coal, supporting strong long-term LNG shipping dynamics.
The document is a presentation by Teekay LNG Partners providing an overview of their recent financial and operational performance as well as outlook. Some key points:
- Teekay LNG reported adjusted net income of $58.9 million for Q3 2020 and their earnings are expected to increase in Q4 2020.
- Their liquidity was $431 million as of the end of Q3 2020 and their financial leverage continues to decrease.
- Over 96% of their LNG fleet is fixed for 2021 providing stable long-term cash flows.
- Natural gas is expected to remain a key part of the global energy transition and increasing demand for LNG is driving the need for LNG shipping.
UnityNet World Environment Day Abraham Project 2024 Press ReleaseLHelferty
June 12, 2024 UnityNet International (#UNI) World Environment Day Abraham Project 2024 Press Release from Markham / Mississauga, Ontario in the, Greater Tkaronto Bioregion, Canada in the North American Great Lakes Watersheds of North America (Turtle Island).
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ZKsync airdrop of 3.6 billion ZK tokens is scheduled by ZKsync for next week.pdfSOFTTECHHUB
The world of blockchain and decentralized technologies is about to witness a groundbreaking event. ZKsync, the pioneering Ethereum Layer 2 network, has announced the highly anticipated airdrop of its native token, ZK. This move marks a significant milestone in the protocol's journey, empowering the community to take the reins and shape the future of this revolutionary ecosystem.
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Methanex is the world's largest producer and supplier of methanol. We create value through our leadership in the global production, marketing and delivery of methanol to customers. View our latest Investor Presentation for more details.
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: tanker market
fundamentals, including the balance of supply and demand in the tanker market and the impact of seasonal factors on spot tanker charter
rates; future operating results, including increasing cash flows and cost reductions and related lower cash flow break-even levels, results of
managing spot exposure; the timing and certainty of the Company’s pending acquisition of the Voyageur FPSO from Sevan and the estimated
remaining cost to complete the Voyageur FPSO upgrade; the Teekay LNG-Marubeni Joint Venture’s pending acquisition of the Maersk LNG
Carriers, including the timing and certainty of closing of the transaction, expected results of the transaction to the Company, the purchase price
for such vessels, and the financing associated with the transaction; the expected timing of newbuilding deliveries and in-chartered vessel
redeliveries; the future revenue contribution of the Foinaven FPSO; offhire duration, repairs and future operations of the Banff FPSO, including
expected losses of operating cash flow during 2012 and 2013, and anticipated insurance recoveries relating to damage to the unit; the
Company’s future capital expenditure commitments and the debt financings that the Company expects to obtain for its remaining unfinanced
capital expenditure commitments; and the Company’s future business priorities. 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: changes in production of or demand for oil, petroleum products, LNG and LPG, either generally or in particular
regions; greater or less than anticipated levels of tanker newbuilding orders or greater or less than anticipated rates of tanker scrapping;
changes in trading patterns significantly affecting overall vessel tonnage requirements; changes in applicable industry laws and regulations
and the timing of implementation of new laws and regulations; changes in the typical seasonal variations in tanker charter rates; changes in
the offshore production of oil or demand for shuttle tankers, FSOs and FPSOs; decreases in oil production by or increased operating expenses
for FPSO units; trends in prevailing charter rates for shuttle tanker and FPSO contract renewals; failure to satisfy the closing conditions for the
acquisition of the Maersk LNG carriers, including obtaining approvals from the charters and relevant regulatory authorities; obtaining financing
for the Maersk LNG carrier transaction; potential delays in repairs to the Banff FPSO unit, failure to implement expected vessel operating
expense reductions, or challenges to insurance coverage for its storm damage; the potential for early termination of long-term contracts and
inability of the Company to renew or replace long-term contracts or complete existing contract negotiations; changes affecting the offshore
tanker market; shipyard production delays and cost overruns; changes in the Company’s expenses; the Company’s future capital expenditure
requirements and the inability to secure financing for such requirements; the inability of the Company to complete vessel sale transactions to
its public company subsidiaries or to third parties; conditions in the United States capital markets; and other factors discussed in Teekay’s
filings from time to time with the SEC, including its Report on Form 20-F for the fiscal year ended December 31, 2010. The Company
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 Company’s expectations with respect thereto or any change in events, conditions or circumstances on
which any such statement is based.
2
3. Recent Highlights
TEEKAY CORP
NYSE: TK
» Generated consolidated Q4-11 $189.9m of cash flow from vessel operations1
» Q4-11 consolidated adjusted net income attributable to Teekay of $1.6m, or
$0.02 per share2 compared to $0.58 adjusted net loss per share in Q3-113
» Completed Sevan transaction
TEEKAY LNG TEEKAY OFFSHORE TEEKAY TANKERS
PARTNERS L.P. PARTNERS L.P. LTD.
NYSE: TGP NYSE: TOO NYSE: TNK
» Maersk LNG transaction fully » Completed accretive acquisition » Completed $66m public equity
financed and expected to close of the Piranema FPSO from offering – pro forma liquidity of
February 28, 2012 Sevan Marine and financed by ~$360m available for
NYSE: TOO
$170m private placement investment
» Paid Q4-11 distribution of $0.63
per unit – expect 7% » Paid Q4-11 distribution of $0.50 » Fixed cover now at 58% for
distribution increase effective in per unit Q1-12 and 47% for 2012
Q1-12 » Declared Q4-11 dividend of
$0.11 per share
1 Cash flow from vessel operations (CFVO) is a non-GAAP financial measure used by certain investors to measure the financial performance of shipping companies. Please see the Company’s website at
www.teekay.com for a reconciliation of this non-GAAP measure as used in this presentation to the most directly comparable GAAP financial measure.
2 Adjusted net income attributable to stockholders of Teekay excludes specific items which increased GAAP net income by $46.8m, or $0.67 per share, as detailed in Appendix A of the Q4-11 earnings release.
3 Adjusted net loss attributable to stockholders of Teekay excludes specific items which increased GAAP net loss by $250.6m, or $3.62 per share, as detailed in Appendix A of the Q3-11 earnings release.
3
4. Delivered on Value Creation in 2011
General
Investment in Return of
Partner
Higher-return Capital to
Value
Opportunities Shareholders
Growth
» Completed Acquisitions: » Acquisitions: » Share repurchases
• Remaining Teekay Parent • 40% shareholding in • $162m since Nov 2010
49% OPCO interest to TOO Sevan Marine ASA
• 4 Angola LNG carriers and • Hummingbird FPSO and » Dividends declared by all
Skaugen vessels to TGP agreed to purchase Teekay entities for 2011:
• Last 2 “Explorer” class Voyageur FPSO on • TK: $88m
newbuilding shuttle tankers to completion of upgrade
• TGP: $166m
TOO (5.0% increase per unit in 2011)
» Organic Growth:
• TOO: $139m
» Future Growth: • FPSO contract with BG (5.3% increase per unit in 2011)
• TGP-Marubeni JV to acquire for Knarr field • TNK: $46m
Maersk LNG fleet (6 vessels) • $70m fixed-return VLCC
• TOO acquired Piranema mortgage loan
FPSO
• New shuttle tanker contract
for 4 newbuilding shuttle
tankers in Brazil (2013
delivery)
4
5. Progress on Operational Initiatives
» Realized higher year-over-year revenue on the Foinaven FPSO contract due to strong
production and higher oil prices
» Negotiated improved rates for the Petrojarl1 FPSO
» Renewed contracts at higher rates and realized OPEX savings in shuttle tanker business
» Employed Arctic Spirit and rechartered Polar Spirit LNG carriers
» Achieved cost savings in conventional tanker fleet through slow steaming and other
initiatives
» Continued to redeliver time-chartered in conventional tankers
5
6. Strategic Sevan Transaction Completed
Transaction Recap:
» Piranema FPSO acquired by Teekay Offshore for ~$165m
and currently operating in Brazil
• Annual Cash Flow: $23-$27m
» Hummingbird FPSO acquired by Teekay Parent for ~$179m
and currently operating in the North Sea
• Annual Cash Flow: $22m, increasing to $33m from April 1, 2013
» Finance the upgrade of the Voyageur FPSO and will purchase
when the unit starts generating cash flow in early Q4-12
• Annual Cash Flow: ~$75m
» Teekay Parent invested $25m for a 40% ownership interest in
Sevan Marine (OSE:SEVAN)
Strategic Benefits:
» Industry consolidation in the harsh environment FPSO space
» Broadens Teekay FPSO offering to include both ship shape
and cylindrical FPSO solutions
» Additional source of growth for Teekay Offshore
» Sevan Marine continues to generate revenue as an
engineering house with proprietary technology
6
7. Potential Applications of Sevan Technology
FPSO GTW
Floating Gas
Production To
Wire
Storage (Offshore
Offloading powerplant)
MODU FDPSO
Mobile Floating
Offshore Drilling
Drilling Production
Unit Storage
Offloading
MSV FAU
Multipurpose Floating
Support FLNG Accomodation
Vessel Floating Unit
Liquefied
Natural
Gas production
7
8. Maersk LNG Transaction Update
» Teekay LNG – Marubeni jointly venture will now acquire ownership of 6 LNG carriers from
A.P. Moller-Maersk for $1.33 billion on February 28, 2012
• Pre-emption rights exercised on two previously included 26% owned vessels
LNG Carrier Year Ownership Time-Charter Extension
Delivered Expiry Date Options
Maersk Meridian 2010 100% November 2030 n/a Management intends
Woodside Donaldson 2009 100% June 2026 5 + 5 years to recommend a 7%
distribution increase
Maersk Magellan 2009 100% September 2013 n/a
commencing in Q1-12
Maersk Arwa 2008 100% April 2029 1 + 5 + 5 years
Maersk Marib 2008 100% March 2029 1 + 5 + 5 years
Maersk Methane 2008 100% March 2015 1 year
» 18-year extension option exercised by Total in November 2011 for the Maersk Meridian
contract
» Maersk Methane recently chartered for three
years at a rate of over $130,000 per day
» 6 acquired vessels expected to generate
~$40m of distributable cash flows for the
Partnership in 2012
8
9. Sevan and Maersk LNG Transactions Will Further Enhance Fixed-Rate Cash Flows
Teekay Annual Fixed-rate Cash Flow from Vessel Operations
$800
» Recent offshore and $700
LNG acquisitions and $600
$500
$ Millions
projects will drive $400
further fixed-rate cash $300
$200
flow growth $100
$0
2006 2007 2008 2009 2010 1 2011
Fixed-rate Conventional Tanker Shuttle & FSO FPSO Gas
Total Forward Fixed-Rate Consolidated Revenues
» Including Sevan and Maersk # of Vessels on Average Contract Forward Fixed-Rate
Segment Fixed Charters Duration (years) Revenues ($b)
LNG transactions, total Gas Carriers 32 14.7 $6.5
forward fixed-rate revenues Shuttle Tankers 40 5.6 2.7
will increase to ~$17 billion, FSO 5 3.6 0.2
with an average contract FPSO 10 5.6 5.4
Conventional Tankers 41 3.8 1.2
length of over 9 years2
2
Weighted Average 9.1 years $16.8 billion
1 Excludes $59 million of catch-up payments related to prior periods under the amended Foinaven FPSO contract.
2 Does not include charterers’ options.
9
10. Offshore Market Outlook: Positive Shuttle Tanker and FPSO Fundamentals in the North Sea
Norwegian Exploration Wells Drilled Exploration Is Yielding Significant Results
Record high level » Johan Sverdrup discovery off Norway
of exploration
estimated at 1.7-3.3 billion barrels
• World’s largest oil discovery in 2011
• Higher end of estimate would make it
the 3rd largest Norwegian oilfield
» Skrugard / Havis discovery in Barents
Sea estimated at 400-600 million barrels
*Source: Norwegian Petroleum Directorate
Several Fields Progressing Towards Development
» Norway approved 11 PDOs (Plan for
Development and Operation) in 2011
• 9 potential PDOs in 2012 / 13
» 15 North Sea oil projects currently in the
planning phase may utilize an FPSO
*Source: International Maritime Associates • Expected to come online 2013-18
10
11. LNG Market Outlook: Wave of Projects Coming 2015+
Expected LNG Supply Increase By Region*
500
7.7% p.a. growth in LNG
Others
supply 2015-20;
Potential upside from US
450 Middle
export projects
East
LNG Supply (MTPA)
Canada
400 4.1% p.a. growth in LNG
supply 2011-15;
Other Asia
Japanese nuclear restarts
a key demand variable
350 Africa
USA
300
Russia
250 Australia
Existing
200
2011 2012 2013 2014 2015 2016 2017 2018 2019 2020
*Excludes high risk / unlikely projects; assumes some project start-up delays
11
12. Tanker Market Outlook: Improved Fundamentals From End-2012/Early-2013
Demand Range Supply Range
Source: Platou / Internal estimates
Global Floating Slowdown in Moving towards Tanker market
recession; storage demand; balance by end recovery on
of 2012 –
accelerating steadied the fleet growth the back of
economy /
fleet growth market dominates demand is the lower fleet
wild card growth
12
13. 2012 Teekay Corporation Priorities
» Continue to meet market leading » Banff FPSO repair and delivery
HSE and operational KPIs » Tiro Sidon FPSO conversion and
delivery
» Integrate Sevan and Maersk LNG
» Voyageur FPSO upgrade and
transactions delivery
» Project execution » Knarr FPSO construction
» BG shuttle tanker construction
» Re-charter existing assets
» Continue to grow general » Re-employment of Magellan LNG
carrier (September 2013)
partnership value
» Re-employment of Hummingbird
» Continue to drive profitability of FPSO
existing operations » Progress negotiations to redeploy
assets at higher rates (e.g.
Petrojarl1 FPSO, Banff FPSO,
shuttle tankers, etc.)
» Charter-out conventional tankers
13
14. Q4-2011 Consolidated Adjusted Income Statement
Three Months Ended Three Months Ended
December 31, 2011 September 30, 2011
Reclass for
(in thousands of US dollars, except Realized Gains/
per share amounts) Losses
As Reported Appendix A Items (1) on Deriviatives (2) As Adjusted As Adjusted
NET REVENUES
Revenues 512,730 - - 512,730 468,100
Voyage expenses 40,005 - - 40,005 39,595
Net revenues 472,725 - - 472,725 428,505
OPERATING EXPENSES
Vessel operating expense 169,021 (49) (870) 168,102 168,139
Time charter hire expense 50,301 (2,651) - 47,650 47,433
Depreciation and amortization 110,590 - - 110,590 107,746
General and administrative 53,324 (1,947) - 51,377 48,509
Asset impairments/net loss on sale of vessels
and equipment 49,845 (49,845) - - -
Bargain purchase gain (58,235) 58,235 - - -
Total operating expenses 374,846 3,743 (870) 377,719 371,827
Income from vessel operations 97,879 (3,743) 870 95,006 56,678
OTHER ITEMS
Interest expense (37,645) - (34,464) (72,109) (66,872)
Interest income 2,762 - - 2,762 2,394
Realized and unrealized (loss) gain on
derivative instrum ents (44,269) 11,336 32,933 - -
Equity incom e 4,971 1,197 - 6,168 5,374
Income tax recovery (expense) 31 - - 31 (1,487)
Foreign exchange gain 13,921 (14,582) 661 - -
Other - net 10,540 (9,545) - 995 766
Total other items (49,689) (11,594) (870) (62,153) (59,825)
Net income (loss) 48,190 (15,337) - 32,853 (3,147)
Less: Net (income) loss attributable to non-
controlling interest 160 (31,420) - (31,260) (37,421)
NET INCOME (LOSS) ATTRIBUTABLE TO
STOCKHOLDERS OF TEEKAY CORP. 48,350 (46,757) - 1,593 (40,568)
Fully diluted earnings (loss) per share 0.69 0.02 (0.58)
1 See Appendix to this presentation for description of Appendix A items.
2 Please refer to footnote (1) to the Summary Consolidated Statements of Income (Loss) in the Q4-11 earnings release.
14
15. Q1-2012 Outlook – Teekay Consolidated
Income Q1-2012
Statement Item Outlook
» Fixed-Rate Fleet (expected changes from Q4-11):
• $35m decrease from Foinaven FPSO due to annual recognition of
operational and oil price tariff revenue in Q4-11
• $10m decrease from Banff FPSO unit off-hire
• $25m increase from full quarter impact of the two Sevan FPSO units
Net Revenues
• $3m increase from Polar Spirit drydocking in Q4-11
» Spot Fleet:
• Approximately two-thirds of Q1-12 spot revenue days fixed at $10,000/day
and $21,000/day, respectively, for Aframaxes and Suezmaxes compared to
$9,300/day and $12,600/day, respectively, in Q4-11
» Increase of approximately $8m to $10m (from Q4-11) due to full quarter impact of
Vessel Operating Expenses (OPEX)
Sevan FPSO units, partially offset by cost savings from Banff FPSO unit
» Decrease of approximately $7m to $9m (from Q4-11) due to vessel redeliveries and
Time-charter Hire Expense
less spot-in chartering activity in shuttle tanker fleet
» Increase of approximately $2m (from Q4-11) due to full quarter impact of Sevan
Depreciation & Amortization
FPSO units, partially offset by the impact of Q4-11 vessel write-downs
General & Administrative » Expected range: $52m - $54m
» Increase of $2m (from Q4-11) due to full quarter impact of Sevan FPSO units and
Net Interest Expense
Teekay Offshore Norwegian bond offering completed in January 2012
» Increase of $3m to $4m (from Q4-11) due to Maersk LNG transaction (end-Feb close)
Equity Income and delivery of final Angola LNG carrier
» Will increase further in Q2-12 from full quarter of Maersk LNG
Income Tax Expense » Expected total: $2m
Non-controlling Interest Expense » Expected range: $37m - $39m
15
16. Parent and Daughter Companies Are Financially Well Positioned
Teekay Parent
Includes:
($ millions) Total Debt 1,747 • $462m construction
Cash (403) installments
1
Net Debt 1,344 • $220m Voyageur
2
Adjusted Net Debt 1,124 FPSO VIE debt
Net Debt/Total Capitalization 48% • $180m Hummingbird
2
Adj. Net Debt/Total Capitalization 44% FPSO purchase
Liquidity:
As at Dec. 31, 2011 461
As at Feb. 22, 2012 620
Teekay LNG Partners Teekay Offshore Partners Teekay Tankers
1
Total Debt 1,467 Total Debt 2,029 Total Debt 349
Cash (94) Cash (180) Cash (16)
1
Net Debt 1,373 Net Debt 1,849 Net Debt 333
4
Net Debt/CFVO
3
4.8x Net Debt/CFVO
3
4.5x Adjusted Net Debt 267
Liquidity: Liquidity: Net Debt/Total Capitalization 40%
4
As at Dec. 31, 2011 539 As at Dec. 31, 2011 202 Adj Net Debt/Total Capitalization 32%
As at Feb. 22, 2012 500 As at Feb. 22, 2012 400
Liquidity:
As at Dec. 31, 2011 293
As at Feb. 22, 2012 360
Note: All figures as of December 31, 2011.
1 Net of restricted cash.
2 Adjusted to exclude $220m of VIE debt pertaining to the Voyageur Spirit FPSO will not be acquired by Teekay Parent until the unit commences its time-charter
contract in Q4-12.
3 Cash flow from vessel operations (CFVO) is a non-GAAP financial measure used by certain investors to measure the financial performance of shipping companies.
Please see the Company’s website at www.teekay.com for a reconciliation of this non-GAAP measure as used in this presentation to the most directly comparable GAAP financial
measure. CFVO figures based on Q4-11 amounts, annualized.
4 Adjusted for $66m of proceeds received from the February 2012 equity offering.
16
17. $1.6 Billion of Debt Financings Completed Since November 2011
Project Name Amount Entity Status
• Completed
Tiro & Sidon FPSO (50% portion) $150 million Teekay Parent
(Drawn)
EUR150 million • Completed
Madrid Sprit (Refinancing) Teekay LNG
(USD 200 million) (Drawn)
• Completed
Piranema FPSO $130 million Teekay Offshore
(Drawn)
NOK 600 million • Completed
NOK 5-year Unsecured Bond Teekay Offshore
(USD 100 million) (Drawn)
• Completed
Hummingbird FPSO $200 million Teekay Parent
(Drawn)
• Completed
Voyageur FPSO $230 million Teekay Parent (To be Novated Upon
Acqusition)
Maersk LNG (Bridge Facility - 52% portion) $550 million Teekay LNG • Completed
(Drawdown on Feb 27)
Wah Kwong JV VLCC (50% portion) $34.3 million Teekay Tankers • In Final Documentation
(Drawdown in March)
Total $1.6 billion
Knarr FPSO (Construction Bridge Facility) $300 million Teekay Parent • In process
BG Shuttle Tankers $300-$350 million Teekay Offshore • In process
17
18. Maersk LNG and Sevan Assets will Enhance Teekay’s Sum-of-the-Parts Value
Teekay Parent Assets
($ millions, except per share amounts)
Conventional Tankers – Spot 1 $334
Conventional Tankers – Fixed 1 316
Voyageur FPSO not
FPSOs 1 600
2
yet reflected
Newbuildings 462
JVs and Other Investments 3 223
FMV of Teekay Parent Assets $1,935
Teekay Parent Net Debt 4 $(1,344)
Addback: Voyageur VIE Debt $220
Equity Value of Teekay Parent Assets $811
Teekay Parent Equity Investment in Daughters 5,6
TGP $960
TOO 664 GP contribution
TNK 68 from Maersk LNG
Implied value of GP equity 7 503
carriers and
Total Equity Investment in Daughters $2,195
Piranema FPSO not
yet reflected
Teekay Parent Net Asset Value $3,006
Teekay Corporation Shares Outstanding (millions) 68.7
Teekay Parent Net Asset Value per Share $43.75 vs. Share Price 6: $27.53
1 Management estimates. 5 Based on Teekay Parent’s current percentage ownership.
2 Progress payments on existing newbuildings as of December 31, 2011. 6 Closing share prices as of February 22, 2012.
3 Includes $70m investment in first priority VLCC mortgage loan. 7 Implied value calculated by annualizing Q4-11 GP cash flows of $6.0m and
4 As at December 31, 2011. multiplying by the current 21.1x average P/DCF multiple for publicly traded GPs.
18
20. Q4 2011 Appendix A Item Descriptions
Q4 - 2011
(in thousands of US dollars) Appendix A Items Explanation of Items
NET VOYAGE REVENUES
Revenues -
Voyage expenses -
Net revenues -
OPERATING EXPENSES
Vessel operating expense (49) Unrealized losses on derivative instruments
Time charter hire expense (2,651) In-charter early termination fee
Depreciation and amortization -
General and administrative (1,947) Sevan acquisition costs, office systems write-off and unrealized losses on derivative instruments
Asset impairments/net loss on vessel sales (49,845) Vessel and equipment impairments
Bargain purchase gain 58,235 Gain on Sevan acquisition
Restructuring charges -
Total operating expenses 3,743
Income from vessel operations (3,743)
OTHER ITEMS
Interest expense -
Interest income -
Realized and unrealized loss on derivative
instruments 11,336 Realized loss on interest rate swap termination and unrealized gains on derivative instruments
Equity income 1,197 Unrealized losses on derivative instruments in joint ventures and joint venture acquisition costs
Income tax recovery -
Foreign exchange gain (14,582) Unrealized foreign exchange gains
Other - net (9,545) Sale of marketable securities and non-recurring adjustments to accruals
Total other items (11,594)
Net Loss (15,337)
Less: Net income attributable to non-controlling (31,420) Non-controlling interest on applicable items noted above
interest
NET LOSS ATTRIBUTABLE TO STOCKHOLDERS
OF TEEKAY CORP. (46,757)
20
21. Q3 2011 Adjusted Net Income Reconciled to GAAP Net Income
Three Months Ended
September 30, 2011
Reclass for
(in thousands of US dollars, except Realized Gains/
per share amounts) Losses
As Reported Appendix A Items (1) on Deriviatives (2) As Adjusted
NET REVENUES
Revenues 468,106 - (6) 468,100
Voyage expenses 39,595 - - 39,595
Net revenues 428,511 - (6) 428,505
OPERATING EXPENSES
Vessel operating expense 172,372 (168) (4,065) 168,139
Time charter hire expense 47,433 - - 47,433
Depreciation and amortization 107,746 - - 107,746
General and administrative 48,801 (145) (147) 48,509
Asset impairments/net loss on vessel
sales 91,809 (91,809) - -
Goodwill impairment charge 36,652 (36,652) - -
Restructuring charges 69 (69) - -
Total operating expenses 504,882 (128,843) (4,212) 371,827
(Loss) income from vessel operations (76,371) 128,843 4,206 56,678
OTHER ITEMS
Interest expense (33,649) (33,223) (66,872)
Interest income 2,394 - - 2,394
Realized and unrealized (loss) gain on
derivative instruments (219,570) 191,329 28,241 -
Equity (loss) income (40,624) 45,998 - 5,374
Income tax expense (1,487) - - (1,487)
Foreign exchange gain (loss) 26,230 (27,006) 776 -
Other - net 766 - - 766
Total other items (265,940) 210,321 (4,206) (59,825)
Net (loss) income (342,311) 339,164 - (3,147)
Less: Net (income) loss attributable to non-
controlling interest 51,149 (88,570) - (37,421)
NET (LOSS) INCOME ATTRIBUTABLE TO
STOCKHOLDERS OF TEEKAY CORP. (291,162) 250,594 - (40,568)
Fully diluted loss per share (4.20) (0.58)
1 Please refer to Appendix A in the Q3-11 earnings release.
21
22. Teekay Parent – Conventional Tanker Fleet Employment (Q1-12 to Q4-13)
Three Months Ending
Mar. 31 Jun. 30 Sep. 30 Dec. 31 Mar. 31 Jun. 30 Sep. 30 Dec. 31
2012E 2012E 2012E 2012E 2013E 2013E 2013E 2013E
Suezmax
Spot revenue days 1 546 605 552 460 540 546 552 552
Average time-charter rate 2 23,525 20,366 20,858 20,858 20,825 20,827 20,829 20,584
Time-charter revenue days 3 364 299 276 276 180 182 184 166
Aframax
Spot revenue days 1 958 830 890 920 881 910 920 920
Average time-charter rate 2 18,712 18,496 18,573 18,583 17,368 15,375 17,673 20,400
Time-charter revenue days 3 651 637 582 552 454 364 301 258
LR2
1
Spot revenue days 425 405 276 276 270 273 276 276
MR
Spot revenue days 1 - - - - 6 140 184 184
Average time-charter rate 2 29,119 29,119 29,122 29,122 29,250 30,181 30,319 30,319
Time-charter revenue days 3 364 364 368 368 354 162 92 92
1 Spot revenue days include total owned and in-chartered vessels in the Teekay Parent fleet but exclude commercially managed vessels (of third parties) in the pools.
2 Average time-charter rates exclude the cost of spot in-chartering vessels for contract of affreightment cargoes.
3 Time-charter days are adjusted for synthetic time-charters and forward freight agreements (FFAs) and short-term time-charters and fixed-rate contracts of affreightment that are
initially one year or greater in duration. Estimated rates do not include adjustments for deferred revenue. For vessel classes in which STCs and FFAs are, a corresponding reduction
in spot revenue days is made in each of the respective periods.
22
23. Teekay Parent – Q4-2011 In-chartered Fleet
Three Months Ended
Dec. 31 Sept.30 31-Dec
2011 2011 2010
Suezmax 1
Average in-charter rate 28,792 29,466 32,502
In-charter days 182 113 361
Aframax - external in-charters
Average in-charter rate 21,022 20,774 22,147
In-charter days 465 460 434
Average bareboat-in rate 2 17,753 14,453 15,698
Bareboat-in days 400 468 828
Aframax - intra-group in-charters 3
Average in-charter rate 4 27,765 31,694 31,070
In-charter days 661 776 740
LR2
Average in-charter rate 21,924 22,387 20,402
In-charter days 179 178 118
MR
Average bareboat-in rate 2 13,875 14,089 14,743
Bareboat-in days 151 184 134
Other intra-group in-charters 5
Average in-charter rate 28,299 29,066 27,926
In-charter days 515 548 526
1 Includes one in-chartered VLCC at a rate of $35,000 per day from June 14, 2010 through May 14, 2011. Excludes four vessels on back-to-back spot in-charter.
2 Includes amortization of deferred gains, drydocking and capital upgrades; excludes adjustments to carrying value of deferred drydock costs.
3 Includes eight Aframax tankers owned by Teekay Offshore and, prior to August 2011, one additional Aframax tanker owned by Teekay Offshore, all of which were in-chartered to
Teekay Parent fleet.
4 Includes adjustments for bunker costs.
5 Includes two LNG carriers, two shuttle tankers and two FSOs in-chartered to the Teekay Parent fleet.
23
24. Teekay Parent – In-chartered Fleet (Q1-12 to Q4-13)
Three Months Ending
Mar. 31 Jun. 30 Sep. 30 Dec. 31 Mar. 31 Jun. 30 Sep. 30 Dec. 31
2012E 2012E 2012E 2012E 2013E 2013E 2013E 2013E
Suezmax 1
Average in-charter rate 28,750 28,750 28,750 - - - - -
In-charter days 182 176 92 - - - - -
Aframax - external in-charters
Average in-charter rate 23,005 17,020 19,867 19,867 20,010 20,010 20,010 20,010
In-charter days 393 397 276 276 270 273 276 276
Average bareboat-in rate 2 12,969 11,833 11,625 11,625 11,924 12,437 12,437 12,437
Bareboat-in days 364 284 276 276 228 182 184 184
Aframax - intra-group in-charters 3
Average in-charter rate 4 27,516 27,687 27,687 27,687 27,687 27,687 27,687 27,687
In-charter days 546 364 368 368 360 364 368 368
LR2
Average in-charter rate 22,100 21,020 - - - - - -
In-charter days 182 132 - - - - - -
MR
Average bareboat-in rate 2 17,000 17,000 17,000 17,000 17,000 17,000 - -
Bareboat-in days 91 91 92 92 90 29 - -
Other intra-group in-charters 5
Average in-charter rate 30,764 30,701 30,701 31,508 32,955 35,601 35,601 35,601
In-charter days 543 546 552 510 439 364 368 368
1 Excludes four vessels on back-to-back spot charter-in.
2 Excludes amortization of deferred gains, drydocking and capital upgrades which are included in historical period rates provided in the Appendix to this presentation.
3 Prior to December 2011, included eight Aframax tankers owned by Teekay Offshore chartered-in to the Teekay Parent fleet. Subsequently, includes six Aframax tankers owned by
Teekay Offshore chartered-in to the Teekay Parent fleet.
4 Excludes adjustments for bunker costs which are included in historical period rates provided in the Appendix to this presentation.
5 Includes two LNG carriers, two shuttle tankers and two FSOs chartered-in to the Teekay Parent fleet.
24
25. 2012 Drydock Schedule
March 31, 2012 (E) June 30, 2012 (E) September 30, 2012 (E) December 31, 2012 (E) Total 2012 (E)
Total Total Total Total Total
Vessels Vessels Vessels Vessels Vessels
Offhire Offhire Offhire Offhire Offhire
Drydocked Drydocked Drydocked Drydocked Drydocked
Entity Segment Days Days Days Days Days
Teekay Parent Spot Tanker - - - - - - - - - -
Fixed-Rate Tanker - - - - - - - - - -
- - - - - - - - - -
Teekay LNG Fixed-Rate Tanker - - - - - - 1 24 1 24
Liquefied Gas - - - - 1 37 - - 1 37
- - - - 1 37 1 24 2 61
Teekay Offshore Spot Tanker - - - - - - - - - -
Fixed-Rate Tanker - - - - - - - - - -
FSO - - - - 1 38 - - 1 38
Shuttle Tanker - - 4 116 4 39 1 9 9 164
- - 4 116 5 77 1 9 10 202
Teekay Tankers Spot Tanker - - - - - - - - - -
Fixed-Rate Tanker - - - - 2 88 - - 2 88
- - - - 2 88 - - 2 88
Teekay Consolidated Spot Tanker - - - - - - - - - -
Fixed-Rate Tanker - - - - 2 88 1 24 3 112
Liquefied Gas - - - - 1 37 - - 1 37
FSO - - - - 1 38 - - 1 38
Shuttle Tanker - - 4 116 4 39 1 9 9 164
- - 4 116 8 202 2 33 14 351
Note: In the case that a vessel drydock straddles between quarters, the drydock has been allocated to the quarter in which the majority of drydock days occur.
25
26. Daughter Cash Flows from Teekay Parent Common Share/Unit Ownership
Three Months Ended
December 31, September 30, June 30, March 31, December 31,
2011 2011 2011 2011 2010
Teekay LNG Partners
Distribution per common unit $0.63 $0.63 $0.63 $0.63 $0.63
Common units owned by Teekay Parent 25,208,274 25,208,274 25,208,274 25,208,274 25,208,274
Total distribution $15,881,213 $15,881,213 $15,881,213 $15,881,213 $15,881,213
Teekay Offshore Partners
Distribution per common unit $0.50 $0.50 $0.50 $0.50 0.475
Common units owned by
Teekay Parent 22,362,814 22,362,814 22,362,814 22,362,814 14,800,000
Total distribution $11,181,407 $11,181,407 $11,181,407 $11,181,407 $7,030,000
Teekay Tankers
Dividend per share $0.11 $0.15 $0.21 $0.25 $0.22
1
Shares owned by Teekay Parent 16,112,244 16,112,244 16,112,244 16,112,244 16,112,244
Total dividend $1,772,347 $2,416,837 $3,383,571 $4,028,061 $3,544,694
1 Includes Class A and Class B shareholdings.
26