We could not find any results for:
Make sure your spelling is correct or try broadening your search.
Share Name | Share Symbol | Market | Type |
---|---|---|---|
Teekay Corporation | NYSE:TK | NYSE | Common Stock |
Price Change | % Change | Share Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|
-0.145 | -1.92% | 7.395 | 7.53 | 7.365 | 7.52 | 85,718 | 16:03:32 |
|
Indicate by check mark whether the registrant files or will file annual reports under cover Form 20-F or Form 40-F.
|
Form 20-F
ý
Form 40- F
¨
|
Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(1).
|
Yes
¨
No
ý
|
Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(7).
|
Yes
¨
No
ý
|
|
|
PAGE
|
|
|
|
|
|
Three Months Ended
June 30,
|
|
Six Months Ended
June 30,
|
||||||||
|
2016
|
|
2015
|
|
2016
|
|
2015
|
||||
|
$
|
|
$
|
|
$
|
|
$
|
||||
Revenues
|
587,619
|
|
|
592,797
|
|
|
1,228,727
|
|
|
1,138,659
|
|
Voyage expenses
|
(28,299
|
)
|
|
(23,890
|
)
|
|
(59,889
|
)
|
|
(49,560
|
)
|
Vessel operating expenses
|
(205,655
|
)
|
|
(201,370
|
)
|
|
(421,516
|
)
|
|
(385,573
|
)
|
Time-charter hire expenses
|
(38,314
|
)
|
|
(30,333
|
)
|
|
(77,917
|
)
|
|
(55,260
|
)
|
Depreciation and amortization
|
(141,079
|
)
|
|
(128,199
|
)
|
|
(285,236
|
)
|
|
(240,903
|
)
|
General and administrative
|
(29,871
|
)
|
|
(33,730
|
)
|
|
(62,838
|
)
|
|
(71,684
|
)
|
Asset impairments
(note 7
)
|
(62,605
|
)
|
|
(500
|
)
|
|
(62,605
|
)
|
|
(15,996
|
)
|
(Loss) gain on sale of vessels, equipment and other assets
(note 7)
|
—
|
|
|
—
|
|
|
(27,619
|
)
|
|
1,643
|
|
Restructuring (charges) reversals
(note 12)
|
(5,818
|
)
|
|
742
|
|
|
(19,804
|
)
|
|
(8,384
|
)
|
Income from vessel operations
|
75,978
|
|
|
175,517
|
|
|
211,303
|
|
|
312,942
|
|
Interest expense
|
(73,255
|
)
|
|
(62,388
|
)
|
|
(145,458
|
)
|
|
(113,734
|
)
|
Interest income
|
1,042
|
|
|
1,199
|
|
|
2,364
|
|
|
2,729
|
|
Realized and unrealized (loss) gain on non-designated derivative instruments
(note 15)
|
(89,272
|
)
|
|
63,752
|
|
|
(196,893
|
)
|
|
(19,634
|
)
|
Equity income
|
37,219
|
|
|
39,901
|
|
|
52,636
|
|
|
60,650
|
|
Foreign exchange (loss) gain
(notes 8 and 15)
|
(15,157
|
)
|
|
(1,604
|
)
|
|
(25,671
|
)
|
|
15,906
|
|
Other loss
(note 13)
|
(21,436
|
)
|
|
(389
|
)
|
|
(21,286
|
)
|
|
(14
|
)
|
Net (loss) income before income taxes
|
(84,881
|
)
|
|
215,988
|
|
|
(123,005
|
)
|
|
258,845
|
|
Income tax (expense) recovery
(note 16)
|
(1,423
|
)
|
|
(752
|
)
|
|
(2,499
|
)
|
|
243
|
|
Net (loss) income
|
(86,304
|
)
|
|
215,236
|
|
|
(125,504
|
)
|
|
259,088
|
|
Less: Net loss (income) attributable to non-controlling interests
|
8,495
|
|
|
(149,324
|
)
|
|
(1,088
|
)
|
|
(202,940
|
)
|
Net (loss) income attributable to shareholders of Teekay Corporation
|
(77,809
|
)
|
|
65,912
|
|
|
(126,592
|
)
|
|
56,148
|
|
Per common share of Teekay Corporation
(note 17)
|
|
|
|
|
|
|
|
||||
• Basic (loss) income attributable to shareholders of Teekay Corporation
|
(1.14
|
)
|
|
0.91
|
|
|
(1.81
|
)
|
|
0.77
|
|
• Diluted (loss) income attributable to shareholders of Teekay Corporation
|
(1.14
|
)
|
|
0.90
|
|
|
(1.81
|
)
|
|
0.77
|
|
• Cash dividends declared
|
0.0550
|
|
|
0.3163
|
|
|
0.1100
|
|
|
0.6325
|
|
Weighted average number of common shares outstanding
(note 17)
|
|
|
|
|
|
|
|
||||
• Basic
|
72,945,635
|
|
|
72,697,121
|
|
|
72,844,031
|
|
|
72,623,503
|
|
• Diluted
|
72,945,635
|
|
|
73,477,680
|
|
|
72,844,031
|
|
|
73,379,228
|
|
|
Three Months Ended
June 30,
|
|
Six Months Ended
June 30,
|
||||||||
|
2016
|
|
2015
|
|
2016
|
|
2015
|
||||
|
$
|
|
$
|
|
$
|
|
$
|
||||
Net (loss) income
|
(86,304
|
)
|
|
215,236
|
|
|
(125,504
|
)
|
|
259,088
|
|
Other comprehensive (loss) income:
|
|
|
|
|
|
|
|
||||
Other comprehensive (loss) income before reclassifications
|
|
|
|
|
|
|
|
||||
Unrealized (loss) gain on marketable securities
|
(25
|
)
|
|
(217
|
)
|
|
10
|
|
|
(429
|
)
|
Unrealized (loss) gain on qualifying cash flow hedging instruments
|
(12,547
|
)
|
|
328
|
|
|
(38,193
|
)
|
|
(644
|
)
|
Pension adjustments, net of taxes
|
209
|
|
|
(96
|
)
|
|
431
|
|
|
(188
|
)
|
Foreign exchange (loss) gain on currency translation
|
(44
|
)
|
|
(174
|
)
|
|
87
|
|
|
(653
|
)
|
Amounts reclassified from accumulated other comprehensive (loss) income to equity income:
|
|
|
|
|
|
|
|
||||
Realized loss on qualifying cash flow hedging instruments
|
892
|
|
|
591
|
|
|
1,821
|
|
|
953
|
|
Other comprehensive (loss) income
|
(11,515
|
)
|
|
432
|
|
|
(35,844
|
)
|
|
(961
|
)
|
Comprehensive (loss) income
|
(97,819
|
)
|
|
215,668
|
|
|
(161,348
|
)
|
|
258,127
|
|
Less: Comprehensive loss (income) attributable to non-controlling interests
|
16,947
|
|
|
(149,934
|
)
|
|
23,914
|
|
|
(203,144
|
)
|
Comprehensive (loss) income attributable to shareholders of Teekay Corporation
|
(80,872
|
)
|
|
65,734
|
|
|
(137,434
|
)
|
|
54,983
|
|
|
As at
June 30, 2016 |
|
As at
December 31, 2015 |
||
|
$
|
|
$
|
||
ASSETS
|
|
|
|
||
Current
|
|
|
|
||
Cash and cash equivalents
(note 8)
|
789,708
|
|
|
678,392
|
|
Restricted cash
|
17,530
|
|
|
61,818
|
|
Accounts receivable, including non-trade of $15,968 (2015 – $12,305) and related party balance of $31,873 (2015 – $65,936)
|
363,783
|
|
|
395,013
|
|
Assets held for sale
(note 7)
|
75,562
|
|
|
55,450
|
|
Net investment in direct financing leases
(note 6)
|
25,095
|
|
|
26,542
|
|
Prepaid expenses and other
|
116,270
|
|
|
102,429
|
|
Total current assets
|
1,387,948
|
|
|
1,319,644
|
|
Restricted cash – non-current
|
125,509
|
|
|
114,619
|
|
Vessels and equipment
(note 8)
|
|
|
|
||
At cost, less accumulated depreciation of $3,107,437 (2015 – $2,894,097)
|
7,953,534
|
|
|
8,460,500
|
|
Vessels under capital leases, at cost, less accumulated amortization of $61,087 (2015 – $56,316)
|
289,797
|
|
|
88,215
|
|
Advances on newbuilding contracts and conversion costs
(notes 10a)
|
889,617
|
|
|
817,878
|
|
Total vessels and equipment
|
9,132,948
|
|
|
9,366,593
|
|
Net investment in direct financing leases - non-current
(note 6)
|
647,653
|
|
|
657,587
|
|
Loans to equity-accounted investees and joint venture partners, bearing interest between nil and LIBOR plus margins up to 3%
|
191,271
|
|
|
184,390
|
|
Equity-accounted investments
(notes 4a and 10b)
|
984,601
|
|
|
905,159
|
|
Other non-current assets
|
220,740
|
|
|
232,776
|
|
Intangible assets – net
|
95,698
|
|
|
111,909
|
|
Goodwill
|
176,631
|
|
|
168,571
|
|
Total assets
|
12,962,999
|
|
|
13,061,248
|
|
LIABILITIES AND EQUITY
|
|
|
|
||
Current
|
|
|
|
||
Accounts payable
|
63,952
|
|
|
64,212
|
|
Accrued liabilities
|
410,084
|
|
|
412,278
|
|
Current portion of derivative liabilities
(note 15)
|
154,166
|
|
|
267,539
|
|
Current portion of long-term debt
(note 8)
|
1,059,354
|
|
|
1,106,104
|
|
Current obligation under capital leases
|
62,973
|
|
|
4,546
|
|
Current portion of in-process revenue contracts
|
32,876
|
|
|
32,109
|
|
Total current liabilities
|
1,783,405
|
|
|
1,886,788
|
|
Long-term debt
(note 8)
|
5,941,283
|
|
|
6,277,982
|
|
Long-term obligation under capital leases
|
166,270
|
|
|
54,581
|
|
Derivative liabilities
(note 15)
|
612,437
|
|
|
414,084
|
|
In-process revenue contracts
|
103,491
|
|
|
118,690
|
|
Other long-term liabilities
(note 10c)
|
359,345
|
|
|
352,378
|
|
Total liabilities
|
8,966,231
|
|
|
9,104,503
|
|
Commitments and contingencies
(notes 4a, 6, 8, 10 and 15)
|
|
|
|
||
Redeemable non-controlling interest
(note 10d)
|
248,317
|
|
|
255,671
|
|
Equity
|
|
|
|
||
Common stock and additional paid-in capital ($0.001 par value; 725,000,000 shares authorized; 84,832,824 shares outstanding (2015 – 72,711,371); 84,832,824 shares issued (2015 – 72,711,371)) (
note 9
)
|
875,275
|
|
|
775,018
|
|
Retained earnings
|
31,892
|
|
|
158,898
|
|
Non-controlling interest
|
2,866,027
|
|
|
2,782,049
|
|
Accumulated other comprehensive loss
(note 14)
|
(24,743
|
)
|
|
(14,891
|
)
|
Total equity
|
3,748,451
|
|
|
3,701,074
|
|
Total liabilities and equity
|
12,962,999
|
|
|
13,061,248
|
|
|
Six Months Ended June 30,
|
||||
|
2016
|
|
2015
|
||
|
$
|
|
$
|
||
Cash and cash equivalents provided by (used for)
|
|
|
|
||
OPERATING ACTIVITIES
|
|
|
|
||
Net (loss) income
|
(125,504
|
)
|
|
259,088
|
|
Non-cash items:
|
|
|
|
||
Depreciation and amortization
|
285,236
|
|
|
240,903
|
|
Amortization of in-process revenue contracts
|
(14,432
|
)
|
|
(12,149
|
)
|
Unrealized loss (gain) on derivative instruments
|
82,807
|
|
|
(2,968
|
)
|
Loss (gain) on sale of vessels and equipment
|
27,619
|
|
|
(1,643
|
)
|
Asset impairments
(note 7)
|
62,605
|
|
|
15,996
|
|
Equity income, net of dividends received
|
(44,972
|
)
|
|
(14,667
|
)
|
Income tax expense (recovery)
|
2,499
|
|
|
(243
|
)
|
Unrealized foreign exchange gain and other
|
61,459
|
|
|
(82,598
|
)
|
Change in operating assets and liabilities
|
(14,570
|
)
|
|
(54,303
|
)
|
Expenditures for dry docking
|
(15,905
|
)
|
|
(11,102
|
)
|
Net operating cash flow
|
306,842
|
|
|
336,314
|
|
FINANCING ACTIVITIES
|
|
|
|
||
Proceeds from issuance of long-term debt, net of issuance costs
|
1,147,647
|
|
|
1,143,442
|
|
Prepayments of long-term debt
|
(1,068,937
|
)
|
|
(395,199
|
)
|
Scheduled repayments of long-term debt
(note 8)
|
(496,034
|
)
|
|
(282,391
|
)
|
Decrease in restricted cash
|
34,681
|
|
|
4,296
|
|
Net proceeds from equity and warrant issuances of subsidiaries to non-controlling interests
(note 5)
|
168,752
|
|
|
187,576
|
|
Net proceeds from equity issuance of Teekay Corporation
|
96,163
|
|
|
—
|
|
Distributions paid from subsidiaries to non-controlling interests
|
(62,403
|
)
|
|
(164,808
|
)
|
Cash dividends paid
|
(8,003
|
)
|
|
(45,910
|
)
|
Other financing activities
|
(8,570
|
)
|
|
780
|
|
Net financing cash flow
|
(196,704
|
)
|
|
447,786
|
|
INVESTING ACTIVITIES
|
|
|
|
||
Expenditures for vessels and equipment
|
(269,109
|
)
|
|
(873,274
|
)
|
Proceeds from sale of vessels and equipment
|
149,582
|
|
|
8,918
|
|
Proceeds from sale-lease back of a vessel
|
179,434
|
|
|
—
|
|
Investment in equity-accounted investments
|
(56,578
|
)
|
|
(8,604
|
)
|
Loan repayments from joint ventures and joint venture partners
|
(13,536
|
)
|
|
16,768
|
|
Increase (decrease) in restricted cash
|
4
|
|
|
(42,048
|
)
|
Other investing activities
|
11,381
|
|
|
15,121
|
|
Net investing cash flow
|
1,178
|
|
|
(883,119
|
)
|
Increase (decrease) in cash and cash equivalents
|
111,316
|
|
|
(99,019
|
)
|
Cash and cash equivalents, beginning of the period
|
678,392
|
|
|
806,904
|
|
Cash and cash equivalents, end of the period
|
789,708
|
|
|
707,885
|
|
|
TOTAL EQUITY
|
|
|
|||||||||||||||||
|
Thousands
of Shares
of Common
Stock
Outstanding
#
|
|
Common
Stock and
Additional
Paid-in
Capital
$
|
|
Retained
Earnings
$
|
|
Accumulated
Other
Compre-
hensive
Loss
$
|
|
Non-
controlling
Interests
$
|
|
Total
$
|
|
Redeemable
Non-
controlling
Interest
$
|
|||||||
Balance as at December 31, 2015
|
72,711
|
|
|
775,018
|
|
|
158,898
|
|
|
(14,891
|
)
|
|
2,782,049
|
|
|
3,701,074
|
|
|
255,671
|
|
Net loss
|
|
|
|
|
(126,592
|
)
|
|
|
|
1,088
|
|
|
(125,504
|
)
|
|
|
||||
Reclassification of redeemable non-controlling interest in net income (
note 5
)
|
|
|
|
|
|
|
|
|
(9,492
|
)
|
|
(9,492
|
)
|
|
9,492
|
|
||||
Other comprehensive loss
|
|
|
|
|
|
|
(10,842
|
)
|
|
(25,002
|
)
|
|
(35,844
|
)
|
|
|
||||
Dividends declared
|
|
|
|
|
(8,072
|
)
|
|
|
|
(51,653
|
)
|
|
(59,725
|
)
|
|
(10,750
|
)
|
|||
Reinvested dividends
|
1
|
|
|
2
|
|
|
|
|
|
|
|
|
2
|
|
|
|
||||
Exercise of stock options and other
(note 9)
|
102
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Employee stock compensation
(note 9)
|
|
|
4,092
|
|
|
|
|
|
|
|
|
4,092
|
|
|
|
|||||
Proceeds from equity offering, net of offering costs
|
12,019
|
|
|
96,163
|
|
|
|
|
|
|
|
|
|
96,163
|
|
|
|
|||
Dilution losses on equity issuances of subsidiaries
|
|
|
|
|
12,651
|
|
|
|
|
|
|
12,651
|
|
|
|
|||||
Additions to non-controlling interest from equity contributions and other
|
|
|
|
|
(4,993
|
)
|
|
990
|
|
|
169,037
|
|
|
165,034
|
|
|
(6,096
|
)
|
||
Balance as at June 30, 2016
|
84,833
|
|
|
875,275
|
|
|
31,892
|
|
|
(24,743
|
)
|
|
2,866,027
|
|
|
3,748,451
|
|
|
248,317
|
|
1.
|
Basis of Presentation
|
2.
|
Accounting Pronouncements
|
3.
|
Segment Reporting
|
|
Revenues
|
|||||||
|
Three Months Ended
|
Six Months Ended
|
||||||
|
June 30,
|
June 30,
|
||||||
|
2016
|
2015
|
2016
|
2015
|
||||
|
$
|
$
|
$
|
$
|
||||
Teekay Offshore
|
|
|
|
|
||||
Offshore Logistics
(1)
|
155,095
|
|
161,267
|
|
320,205
|
|
319,913
|
|
Offshore Production
|
124,715
|
|
141,722
|
|
257,499
|
|
239,997
|
|
Conventional Tankers
(1)
|
4,654
|
|
8,245
|
|
13,468
|
|
16,307
|
|
|
284,464
|
|
311,234
|
|
591,172
|
|
576,217
|
|
|
|
|
|
|
||||
Teekay LNG
|
|
|
|
|
||||
Liquefied Gas Carriers
(1)
|
84,497
|
|
77,466
|
|
163,082
|
|
153,400
|
|
Conventional Tankers
|
14,744
|
|
21,142
|
|
31,930
|
|
42,534
|
|
|
99,241
|
|
98,608
|
|
195,012
|
|
195,934
|
|
|
|
|
|
|
||||
Teekay Tankers
(2)
|
|
|
|
|
||||
Conventional Tankers
(1)
|
139,621
|
|
107,594
|
|
304,571
|
|
211,472
|
|
|
|
|
|
|
||||
Teekay Parent
|
|
|
|
|
||||
Offshore Production
|
58,600
|
|
66,394
|
|
113,806
|
|
135,327
|
|
Conventional Tankers
(1)
|
9,534
|
|
18,413
|
|
23,584
|
|
34,886
|
|
Other
|
14,970
|
|
17,153
|
|
43,440
|
|
35,913
|
|
|
83,104
|
|
101,960
|
|
180,830
|
|
206,126
|
|
|
|
|
|
|
||||
Eliminations and other
|
(18,811
|
)
|
(26,599
|
)
|
(42,858
|
)
|
(51,090
|
)
|
|
587,619
|
|
592,797
|
|
1,228,727
|
|
1,138,659
|
|
(1)
|
Certain vessels are chartered between the Daughter Companies and Teekay Parent. The amounts in the table below represent revenue earned by each segment from other segments within the group. Such intersegment revenue for the
three and six
months ended
June 30
is as follows:
|
|
Three Months Ended
|
Six Months Ended
|
||||||
|
June 30,
|
June 30,
|
||||||
|
2016
|
2015
|
2016
|
2015
|
||||
|
$
|
$
|
$
|
$
|
||||
Teekay Offshore - Offshore Logistics
|
10,129
|
|
9,245
|
|
18,508
|
|
18,511
|
|
Teekay Offshore - Conventional Tankers
|
—
|
|
8,245
|
|
6,410
|
|
16,307
|
|
Teekay LNG - Liquefied Gas Carriers
|
8,933
|
|
10,600
|
|
18,646
|
|
20,009
|
|
Teekay Tankers - Conventional Tankers
|
2,453
|
|
—
|
|
4,988
|
|
—
|
|
|
21,515
|
|
28,090
|
|
48,552
|
|
54,827
|
|
(2)
|
Financial information for Teekay Tankers includes operations of the SPT Explorer and Navigator Spirit from December 18, 2015, the date Teekay Tankers acquired the vessels from Teekay Offshore.
|
|
Income (Loss) from Vessel Operations
(1)
|
|||||||
|
Three Months Ended
|
Six Months Ended
|
||||||
|
June 30,
|
June 30,
|
||||||
|
2016
|
2015
|
2016
|
2015
|
||||
|
$
|
$
|
$
|
$
|
||||
Teekay Offshore
|
|
|
|
|
||||
Offshore Logistics
|
(11,954
|
)
|
45,908
|
|
30,552
|
|
78,681
|
|
Offshore Production
|
36,412
|
|
46,602
|
|
76,024
|
|
78,685
|
|
Conventional Tankers
|
(187
|
)
|
3,902
|
|
5,994
|
|
8,096
|
|
|
24,271
|
|
96,412
|
|
112,570
|
|
165,462
|
|
|
|
|
|
|
||||
Teekay LNG
|
|
|
|
|
||||
Liquefied Gas Carriers
|
42,484
|
|
37,821
|
|
82,673
|
|
75,818
|
|
Conventional Tankers
|
5,070
|
|
6,035
|
|
(18,136
|
)
|
13,135
|
|
|
47,554
|
|
43,856
|
|
64,537
|
|
88,953
|
|
|
|
|
|
|
||||
Teekay Tankers
(2)
|
|
|
|
|
||||
Conventional Tankers
|
30,751
|
|
43,668
|
|
84,589
|
|
83,972
|
|
|
|
|
|
|
||||
Teekay Parent
|
|
|
|
|
||||
Offshore Production
|
(8,343
|
)
|
(10,091
|
)
|
(26,043
|
)
|
(22,239
|
)
|
Conventional Tankers
|
(12,176
|
)
|
2,414
|
|
(13,281
|
)
|
3,516
|
|
Other
|
(8,277
|
)
|
(2,659
|
)
|
(16,254
|
)
|
(8,612
|
)
|
|
(28,796
|
)
|
(10,336
|
)
|
(55,578
|
)
|
(27,335
|
)
|
|
|
|
|
|
||||
Eliminations and other
|
2,198
|
|
1,917
|
|
5,185
|
|
1,890
|
|
|
75,978
|
|
175,517
|
|
211,303
|
|
312,942
|
|
(1)
|
Includes direct general and administrative expenses and indirect general and administrative expenses (allocated to each segment based on estimated use of corporate resources).
|
(2)
|
Financial information for Teekay Tankers includes operations of the SPT Explorer and Navigator Spirit from December 18, 2015, the date Teekay Tankers acquired the vessels from Teekay Offshore.
|
|
June 30, 2016
|
December 31, 2015
|
||
|
$
|
$
|
||
Teekay Offshore - Offshore Logistics
|
2,634,188
|
|
2,591,489
|
|
Teekay Offshore - Offshore Production
|
2,710,632
|
|
2,717,193
|
|
Teekay Offshore - Conventional Tankers
|
14,552
|
|
63,900
|
|
Teekay LNG - Liquefied Gas Carriers
|
3,703,244
|
|
3,550,396
|
|
Teekay LNG - Conventional Tankers
|
211,282
|
|
360,527
|
|
Teekay Tankers - Conventional Tankers
|
2,005,712
|
|
2,073,059
|
|
Teekay Parent - Offshore Production
|
670,632
|
|
710,533
|
|
Teekay Parent - Conventional Tankers
|
120,642
|
|
142,236
|
|
Teekay Parent - Other
|
18,302
|
|
17,256
|
|
Cash
|
789,708
|
|
678,392
|
|
Other assets not allocated
|
230,614
|
|
301,586
|
|
Eliminations
|
(146,509
|
)
|
(145,319
|
)
|
Consolidated total assets
|
12,962,999
|
|
13,061,248
|
|
4.
|
Investments
|
a)
|
Teekay LNG - Bahrain LNG Joint Venture
|
b)
|
Teekay Tankers - Principal Maritime
|
c)
|
Teekay Tankers - Ship-to-Ship Transfer Business
|
(1)
|
The customer relationships and customer contracts are being amortized over a weighted average amortization period of
10
years and
7.6
years, respectively. As at
June 30, 2016
, the gross carrying amount, accumulated amortization and net carrying amount were
$22.5 million
,
$3.1 million
and
$19.4 million
, respectively.
|
(2)
|
Goodwill recognized from this acquisition attributed to the Company’s Teekay Tankers Segment - Conventional tankers.
|
(3)
|
Prior to the SPT acquisition date, SPT had in-chartered the SPT Explorer from the Company. Of the SPT acquisition purchase price,
$1.4 million
was allocated to the settlement of this pre-existing relationship. Such amount has been accounted for as a reduction to revenue on the SPT acquisition date.
|
5.
|
Equity Financing Transactions of the Daughter Companies
|
|
Total Proceeds
Received
$
|
|
Less:
Teekay
Corporation
Portion
$
|
|
Offering
Expenses
$
|
|
Net Proceeds
Received
$
|
Six Months ended June 30, 2016
|
|
|
|
|
|
|
|
Teekay Offshore Preferred Units Offering
|
100,000
|
|
(26,000)
|
|
(2,750)
|
|
71,250
|
Teekay Offshore Common Units Offering
|
102,041
|
|
(2,041)
|
|
(2,550)
|
|
97,450
|
6.
|
Vessel Charters
|
Vessel Charters
(1)
|
Remainder
of 2016 |
|
2017
|
|
2018
|
|
2019
|
|
2020
|
|||||
|
(in millions of U.S. Dollars)
|
|||||||||||||
Charters-in – operating leases
|
50.6
|
|
|
74.6
|
|
|
28.1
|
|
|
21.7
|
|
|
8.3
|
|
Charters-in – capital leases
(2)
|
11.5
|
|
|
46.2
|
|
|
42.6
|
|
|
15.3
|
|
|
15.3
|
|
|
62.1
|
|
|
120.8
|
|
|
70.7
|
|
|
37.0
|
|
|
23.6
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Charters-out – operating leases
(3)
|
696.6
|
|
|
1,412.9
|
|
|
1,214.1
|
|
|
993.4
|
|
|
903.0
|
|
Charters-out – direct financing leases
|
39.6
|
|
|
208.8
|
|
|
174.6
|
|
|
40.0
|
|
|
40.1
|
|
|
736.2
|
|
|
1,621.7
|
|
|
1,388.7
|
|
|
1,033.4
|
|
|
943.1
|
|
(1)
|
Teekay LNG owns a
99%
interest in Teekay Tangguh Borrower LLC (or
Teekay Tangguh
), which owns a
70%
interest in Teekay BLT Corporation (or the
Teekay Tangguh Joint Venture
), giving Teekay LNG a
69%
interest in the Teekay Tangguh Joint Venture. The joint venture is a party to operating leases whereby it is leasing
two
LNG carriers (or the
Tangguh LNG Carriers
) to a third party, which is in turn leasing the vessels back to the joint venture. This table does not include Teekay LNG’s minimum charter hire payments to be paid and received under these leases for the Tangguh LNG Carriers (which are described in Note 9 to the audited consolidated financial statements filed with the Company’s Annual Report on Form 20-F for the year ended
December 31, 2015
).
|
(2)
|
As at
June 30, 2016
, Teekay LNG was a party to capital leases on
two
Suezmax tankers, the
Teide Spirit
and the
Toledo Spirit
. Under these capital leases, the owner has the option to require Teekay LNG to purchase the
two
vessels. The charterer, who is also the owner, also has the option to cancel the charter contracts. The amounts in the table assume the owner will not exercise its options to require Teekay LNG to purchase either of the vessels from the owner, but rather it assumes the owner will cancel the charter contracts when the cancellation right is first exercisable, which is the
thirteenth
year anniversary of each respective contract in 2017 and 2018.
|
(3)
|
The minimum scheduled future operating lease revenues should not be construed to reflect total charter hire revenues for any of the years. Minimum scheduled future revenues do not include revenue generated from new contracts entered into after
June 30, 2016
, revenue from unexercised option periods of contracts that existed on
June 30, 2016
or variable or contingent revenues. In addition, minimum scheduled future operating lease revenues presented in the table have been reduced by estimated off-hire time for any period maintenance. The amounts may vary given unscheduled future events such as vessel maintenance.
|
7.
|
Vessel Sales and Asset Impairments
|
8.
|
Long-Term Debt
|
|
June 30, 2016
|
|
December 31, 2015
|
||
|
$
|
|
$
|
||
Revolving Credit Facilities
|
1,365,156
|
|
|
1,500,848
|
|
Senior Notes (8.5%) due January 15, 2020
|
592,657
|
|
|
592,657
|
|
Norwegian Kroner-denominated Bonds due through May 2020
|
597,845
|
|
|
621,957
|
|
U.S. Dollar-denominated Term Loans due through 2028
|
3,828,077
|
|
|
4,020,665
|
|
U.S. Dollar Bonds due through 2024
|
474,839
|
|
|
502,449
|
|
Euro-denominated Term Loans due through 2023
|
239,792
|
|
|
241,798
|
|
Total Principal
|
7,098,366
|
|
|
7,480,374
|
|
Unamortized discount and debt issuance costs
|
(97,729
|
)
|
|
(96,288
|
)
|
Total debt
|
7,000,637
|
|
|
7,384,086
|
|
Less current portion
|
(1,059,354
|
)
|
|
(1,106,104
|
)
|
Long-term portion
|
5,941,283
|
|
|
6,277,982
|
|
9.
|
Capital Stock
|
10.
|
Commitments and Contingencies
|
a.
|
Vessels Under Construction
|
b.
|
Joint Ventures
|
|
Total
|
Remainder of 2016
|
2017
|
2018
|
2019
|
2020
|
||||||
|
$
|
$
|
$
|
$
|
$
|
$
|
||||||
Equity accounted joint ventures
(i)
|
1,509,394
|
|
153,174
|
|
325,496
|
|
548,923
|
|
278,801
|
|
203,000
|
|
(i)
|
The commitment amounts relating to Teekay LNG’s share of costs for newbuilding and other construction contracts in Teekay LNG’s equity accounted joint ventures are based on Teekay LNG’s ownership percentage in each respective joint venture as of
June 30, 2016
. These commitments are described in more detail in Note 16 of the Company’s audited consolidated financial statements filed with its Annual Report on Form 20-F for the year-ended
December 31, 2015
. As of
June 30, 2016
, based on the Teekay LNG's ownership percentage in each respective joint venture, Teekay LNG's equity accounted joint ventures have secured
$197 million
of financing related to
$187 million
of LNG and LPG carrier newbuilding commitments included in the table above.
|
c.
|
Legal Proceedings and Claims
|
d.
|
Redeemable Non-Controlling Interest
|
e.
|
Other
|
11.
|
Financial Instruments
|
a.
|
Fair Value Measurements
|
|
|
|
June 30, 2016
|
|
December 31, 2015
|
|||||||||
|
Fair
Value
Hierarchy
Level
|
|
Carrying
Amount
Asset
(Liability)
$
|
|
Fair
Value
Asset
(Liability)
$
|
|
Carrying
Amount
Asset
(Liability)
$
|
|
Fair
Value
Asset
(Liability)
$
|
|||||
Recurring
|
|
|
|
|
|
|
|
|
|
|||||
Cash and cash equivalents, restricted cash, and marketable securities
|
Level 1
|
|
|
933,034
|
|
|
933,034
|
|
|
855,107
|
|
|
855,107
|
|
Derivative instruments
(note 15)
|
|
|
|
|
|
|
|
|
|
|||||
Interest rate swap agreements – assets
(1)
|
Level 2
|
|
|
2,122
|
|
|
2,122
|
|
|
6,136
|
|
|
6,136
|
|
Interest rate swap agreements – liabilities
(1)
|
Level 2
|
|
|
(521,617
|
)
|
|
(521,617
|
)
|
|
(370,952
|
)
|
|
(370,952
|
)
|
Cross currency interest swap agreement
(1)
|
Level 2
|
|
|
(258,568
|
)
|
|
(258,568
|
)
|
|
(312,110
|
)
|
|
(312,110
|
)
|
Foreign currency contracts
|
Level 2
|
|
|
(3,762
|
)
|
|
(3,762
|
)
|
|
(18,826
|
)
|
|
(18,826
|
)
|
Stock purchase warrants
|
Level 3
|
|
|
1,833
|
|
|
1,833
|
|
|
10,328
|
|
|
10,328
|
|
Time charter swap agreement
|
Level 3
|
|
|
1,345
|
|
|
1,345
|
|
|
—
|
|
|
—
|
|
Logitel contingent consideration
(see below)
|
Level 3
|
|
|
—
|
|
|
—
|
|
|
(14,830
|
)
|
|
(14,830
|
)
|
Non-recurring
|
|
|
|
|
|
|
|
|
|
|||||
Vessels and equipment
|
Level 2
|
|
|
—
|
|
|
—
|
|
|
100,600
|
|
|
100,600
|
|
Vessels held for sale (
note 7
)
|
Level 2
|
|
|
75,562
|
|
|
75,562
|
|
|
55,450
|
|
|
55,450
|
|
Other
|
|
|
|
|
|
|
||||||||
Loans to equity-accounted investees and joint venture partners – Current
|
(2
|
)
|
|
17,740
|
|
|
(2
|
)
|
|
7,127
|
|
|
(2
|
)
|
Loans to equity-accounted investees and joint venture partners – Long-term
|
(2
|
)
|
|
191,271
|
|
|
(2
|
)
|
|
184,390
|
|
|
(2
|
)
|
Long-term receivable included in accounts receivable and other assets
(3)
|
Level 3
|
|
|
14,406
|
|
|
14,366
|
|
|
16,453
|
|
|
16,427
|
|
Long-term debt – public
(note 8)
|
Level 1
|
|
|
(1,471,093
|
)
|
|
(1,299,169
|
)
|
|
(1,493,915
|
)
|
|
(1,161,729
|
)
|
Long-term debt – non-public
(note 8)
|
Level 2
|
|
|
(5,529,544
|
)
|
|
(5,383,777
|
)
|
|
(5,890,171
|
)
|
|
(5,881,483
|
)
|
(1)
|
The fair value of the Company's interest rate swap agreements at
June 30, 2016
includes
$18.1 million
(
December 31, 2015
-
$21.7 million
) accrued interest expense which is recorded in accrued liabilities on the consolidated balance sheets.
|
(2)
|
In the consolidated financial statements, the Company’s loans to and equity investments in equity-accounted investees form the aggregate carrying value of the Company’s interests in entities accounted for by the equity method. In addition, the loans to joint venture partners together with the joint venture partner’s equity investment in joint ventures form the net aggregate carrying value of the Company’s interest in the joint ventures. The fair value of the individual components of such aggregate interests is not determinable.
|
(3)
|
As at
June 30, 2016
the estimated fair value of the non-interest bearing receivable from BG Norge Limited (or
BG
) was based on the remaining future fixed payments as well as an estimated discount rate. The estimated fair value of this receivable as of
June 30, 2016
was
$14.4 million
(
December 31, 2015
–
$16.4 million
) using a discount rate of
8.0%
.
As there is no market rate for the equivalent of an unsecured non-interest bearing receivable from BG, the discount rate is based on unsecured debt instruments of similar maturity held, adjusted for a liquidity premium. A higher or lower discount rate would result in a lower or higher fair value asset.
|
|
|
Three and Six Months
|
|
|
Ended
|
|
|
June 30, 2016
|
|
|
$
|
Fair value asset - beginning of the period
|
|
—
|
Settlements
|
|
(126)
|
Realized and unrealized gain
|
|
1,471
|
Fair value asset - at the end of the period
|
|
1,345
|
|
Three Months Ended
June 30,
|
|
Six Months Ended
June 30,
|
||||||||
|
2016
|
|
2015
|
|
2016
|
|
2015
|
||||
|
$
|
|
$
|
|
$
|
|
$
|
||||
Fair value at the beginning of the period
|
6,107
|
|
|
9,234
|
|
|
10,328
|
|
|
9,314
|
|
Unrealized (loss) gain included in earnings
|
(4,274
|
)
|
|
1,817
|
|
|
(8,495
|
)
|
|
1,737
|
|
Fair value at the end of the period
|
1,833
|
|
|
11,051
|
|
|
1,833
|
|
|
11,051
|
|
|
Three Months Ended June 30,
|
|
Six Months Ended June 30,
|
||||||||
|
2016
|
|
2015
|
|
2016
|
|
2015
|
||||
|
$
|
|
$
|
|
$
|
|
$
|
||||
Balance at beginning of period
|
(15,221
|
)
|
|
(21,562
|
)
|
|
(14,830
|
)
|
|
(21,448
|
)
|
Adjustment to Liability
|
—
|
|
|
2,569
|
|
|
—
|
|
|
2,569
|
|
Settlement of liability
|
—
|
|
|
3,540
|
|
|
—
|
|
|
3,540
|
|
Gain included in Other income - net (
note 13
)
|
15,221
|
|
|
161
|
|
|
14,830
|
|
|
47
|
|
Balance at end of period
|
—
|
|
|
(15,292
|
)
|
|
—
|
|
|
(15,292
|
)
|
b.
|
Financing Receivables
|
Class of Financing Receivable
|
|
Credit Quality Indicator
|
|
Grade
|
|
June 30, 2016
|
|
December 31, 2015
|
||
$
|
|
$
|
||||||||
Direct financing leases
|
|
Payment activity
|
|
Performing
|
|
672,748
|
|
|
684,129
|
|
Other loan receivables
|
|
|
|
|
|
|
|
|
||
Loans to equity-accounted investees and joint venture partners
|
|
Other internal metrics
|
|
Performing
|
|
209,011
|
|
|
191,517
|
|
Long-term receivable included in other assets
|
|
Payment activity
|
|
Performing
|
|
20,213
|
|
|
37,032
|
|
|
|
|
|
|
|
901,972
|
|
|
912,678
|
|
12.
|
Restructuring (Charges) Reversals
|
13.
|
Other Loss
|
|
Three Months Ended June 30,
|
|
Six Months Ended June 30,
|
||||||||
|
2016
|
|
2015
|
|
2016
|
|
2015
|
||||
|
$
|
|
$
|
|
$
|
|
$
|
||||
Write-off of contingent consideration (
note 10c
)
|
36,333
|
|
|
—
|
|
|
36,333
|
|
|
—
|
|
Accrual of contingent liability (
note 10c
)
|
(57,950
|
)
|
|
—
|
|
|
(57,950
|
)
|
|
—
|
|
Miscellaneous income (loss)
|
181
|
|
|
(389
|
)
|
|
331
|
|
|
(14
|
)
|
Other loss
|
(21,436
|
)
|
|
(389
|
)
|
|
(21,286
|
)
|
|
(14
|
)
|
14.
|
Accumulated Other Comprehensive Loss
|
|
June 30,
|
|
December 31,
|
||
|
2016
|
|
2015
|
||
|
$
|
|
$
|
||
Unrealized loss on qualifying cash flow hedging instruments
|
(10,799
|
)
|
|
(419
|
)
|
Pension adjustments, net of tax recoveries
|
(15,418
|
)
|
|
(15,850
|
)
|
Unrealized loss on marketable securities
|
(454
|
)
|
|
(463
|
)
|
Foreign exchange gain on currency translation
|
1,928
|
|
|
1,841
|
|
|
(24,743
|
)
|
|
(14,891
|
)
|
15.
|
Derivative Instruments and Hedging Activities
|
|
|
|
|
|
Fair Value /
Carrying Amount Of Asset (Liability) $ |
|
Expected Maturity
|
|||||||
|
Contract Amount in
Foreign Currency |
|
Average
Forward Rate (1) |
|
|
2016
|
|
2017
|
||||||
|
|
|
|
$
|
|
$
|
||||||||
Euro
|
4,500
|
|
|
0.92
|
|
|
124
|
|
|
4,886
|
|
|
—
|
|
Norwegian Kroner
|
762,500
|
|
|
8.02
|
|
|
(3,869
|
)
|
|
47,151
|
|
|
47,947
|
|
Singapore Dollar
|
19,637
|
|
|
1.35
|
|
|
(17
|
)
|
|
14,592
|
|
|
—
|
|
|
|
|
|
|
(3,762
|
)
|
|
66,629
|
|
|
47,947
|
|
(1)
|
Average contractual exchange rate represents the contracted amount of foreign currency one U.S. Dollar will buy.
|
|
|
|
|
|
|
|
|
|
|
Fair Value /
Carrying Amount of Asset / (Liability) $ |
|
|
|||||
Notional
Amount NOK |
|
Notional
Amount USD |
|
Floating Rate Receivable
|
|
|
|
|
|
||||||||
|
|
Reference
Rate |
|
Margin
|
|
Fixed Rate
Payable |
|
|
Remaining
(Term (years) |
||||||||
700,000
|
|
125,000
|
|
|
NIBOR
|
|
5.25
|
%
|
|
6.88
|
%
|
|
(44,079
|
)
|
|
0.8
|
|
900,000
|
|
150,000
|
|
|
NIBOR
|
|
4.35
|
%
|
|
6.43
|
%
|
|
(48,959
|
)
|
|
2.2
|
|
1,000,000
|
|
134,000
|
|
|
NIBOR
|
|
3.70
|
%
|
|
5.92
|
%
|
|
(20,923
|
)
|
|
3.9
|
|
600,000
(1)(2)
|
|
101,351
|
|
|
NIBOR
|
|
5.75
|
%
|
|
8.84
|
%
|
|
(34,817
|
)
|
|
2.4
|
|
800,000
(1)(3)
|
|
143,536
|
|
|
NIBOR
|
|
5.75
|
%
|
|
7.58
|
%
|
|
(55,132
|
)
|
|
2.5
|
|
1,000,000
|
|
162,200
|
|
|
NIBOR
|
|
4.25
|
%
|
|
7.45
|
%
|
|
(54,658
|
)
|
|
2.6
|
|
|
|
|
|
|
|
|
|
|
|
(258,568
|
)
|
|
|
(1)
|
Notional amount reduces equally with NOK bond repayments (see note 8).
|
(2)
|
Excludes an economic hedge on the foreign currency exposure for a
three
percent premium upon maturity of the NOK bonds which exchanges NOK
7.2 million
for
$1.2 million
(see note 8).
|
(3)
|
Excludes an economic hedge on the foreign currency exposure for a
three
percent premium upon maturity of the NOK bonds which exchanges NOK
19.2 million
for
$3.4 million
(see note
8
).
|
|
Interest
Rate
Index
|
|
Principal
Amount
|
|
Fair Value /
Carrying
Amount of
Asset /
(Liability)
$
|
|
Weighted-
Average Remaining Term (years) |
|
Fixed
Interest
Rate
(%)
(1)
|
|||
LIBOR-Based Debt:
|
|
|
|
|
|
|
|
|
|
|||
U.S. Dollar-denominated interest rate swaps
(2)
|
LIBOR
|
|
3,219,730
|
|
|
(411,210
|
)
|
|
4.9
|
|
|
3.3
|
U.S. Dollar-denominated interest rate swaps
(3)
|
LIBOR
|
|
762,957
|
|
|
(47,498
|
)
|
|
4.9
|
|
|
2.6
|
U.S. Dollar-denominated interest rate swaption
(4)
|
LIBOR
|
|
155,000
|
|
|
(8,404
|
)
|
|
0.8
|
|
|
2.2
|
U.S. Dollar-denominated interest rate swaption
(4)
|
LIBOR
|
|
155,000
|
|
|
113
|
|
|
0.8
|
|
|
3.3
|
U.S. Dollar-denominated interest rate swaption
(5)
|
LIBOR
|
|
160,000
|
|
|
(7,168
|
)
|
|
1.6
|
|
|
2.0
|
U.S. Dollar-denominated interest rate swaption
(5)
|
LIBOR
|
|
160,000
|
|
|
742
|
|
|
1.6
|
|
|
3.1
|
U.S. Dollar-denominated interest rate swaption
(6)
|
LIBOR
|
|
160,000
|
|
|
(6,091
|
)
|
|
2.0
|
|
|
1.8
|
U.S. Dollar-denominated interest rate swaption
(6)
|
LIBOR
|
|
160,000
|
|
|
1,268
|
|
|
2.0
|
|
|
2.9
|
EURIBOR-Based Debt:
|
|
|
|
|
|
|
|
|
|
|||
Euro-denominated interest rate swaps
(7) (8)
|
EURIBOR
|
|
239,792
|
|
|
(41,247
|
)
|
|
4.5
|
|
|
3.1
|
|
|
|
|
|
(519,495
|
)
|
|
|
|
|
(1)
|
Excludes the margins the Company pays on its variable-rate debt, which, as of
June 30, 2016
, ranged from
0.3%
to
4.00%
.
|
(2)
|
Includes a swap in which the principal amount of
$200 million
is fixed at
2.14%
, unless LIBOR exceeds
6%
, in which case the Company pays a floating rate of interest.
|
(3)
|
Inception dates range from July 2016 to April 2018. Interest rate swaps with an aggregate principal amount of
$320 million
are being used to economically hedge expected interest payments on new debt that is planned to be outstanding from 2017 to 2024. These interest rate swaps are subject to mandatory early termination in 2017 and 2018 whereby the swaps will be settled based on their fair value at that time.
|
(4)
|
During June 2015, as part of its hedging program, Teekay LNG entered into interest rate swaption agreements whereby it has a one-time option in April 2017 to enter into an interest rate swap at a fixed rate of
3.34%
with a third party, and the third party has a one-time option in April 2017 to require Teekay LNG to enter into an interest swap at a fixed rate of
2.15%
. If Teekay LNG or the third party exercises its option, there will be a cash settlement in April 2017 for the fair value of the interest rate swap, in lieu of taking delivery of the actual interest rate swap.
|
(5)
|
During August 2015, as part of its hedging program, Teekay LNG entered into interest rate swaption agreements whereby it has a one-time option in January 2018 to enter into an interest rate swap at a fixed rate of
3.10%
with a third party, and the third party has a one-time option in January 2018 to require Teekay LNG to enter into an interest rate swap at a fixed rate of
1.97%
. If Teekay LNG or the third party exercises its option, there will be a cash settlement in January 2018 for the fair value of the interest rate swap in lieu of taking delivery of the actual interest rate swap.
|
(6)
|
During October 2015, as part of its hedging program, Teekay LNG entered into interest rate swaption agreements whereby it has a one-time option in July 2018 to enter into an interest rate swap at a fixed rate of
2.935%
with a third party, and the third party has a one-time option in July 2018 to require Teekay LNG to enter into an interest rate swap at a fixed rate of
1.83%
. If Teekay LNG or the third party exercises its option, there will be a cash settlement in July 2018 for the fair value of the interest rate swap in lieu of taking delivery of the actual interest rate swap.
|
(7)
|
Principal amount reduces monthly to
70.1 million
Euros (
$77.9 million
) by the maturity dates of the swap agreements.
|
(8)
|
Principal amount is the U.S. Dollar equivalent of
215.9 million
Euros.
|
|
Prepaid Expenses and Other
|
|
Other Non-Current Assets
|
|
Accrued
Liabilities
|
|
Current
Portion of
Derivative
Liabilities
|
|
Derivative
Liabilities
|
|||||
|
$
|
|
$
|
|
$
|
|
$
|
|
$
|
|||||
As at June 30, 2016
|
|
|
|
|
|
|
|
|
|
|||||
Derivatives designated as a cash flow hedge:
|
|
|
|
|
|
|
|
|
|
|||||
Interest rate swap agreements
|
—
|
|
|
—
|
|
|
(184
|
)
|
|
(760
|
)
|
|
(14,436
|
)
|
Derivatives not designated as a cash flow hedge:
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
Foreign currency contracts
|
432
|
|
|
347
|
|
|
—
|
|
|
(4,513
|
)
|
|
(28
|
)
|
Interest rate swap agreements
|
113
|
|
|
2,009
|
|
|
(14,891
|
)
|
|
(79,293
|
)
|
|
(412,053
|
)
|
Cross currency swap agreements
|
—
|
|
|
—
|
|
|
(3,048
|
)
|
|
(69,600
|
)
|
|
(185,920
|
)
|
Stock purchase warrants
|
—
|
|
|
1,833
|
|
|
—
|
|
|
—
|
|
|
—
|
|
Time-charter swap agreement
|
1,345
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
1,890
|
|
|
4,189
|
|
|
(18,123
|
)
|
|
(154,166
|
)
|
|
(612,437
|
)
|
As at December 31, 2015
|
|
|
|
|
|
|
|
|
|
|||||
Derivatives designated as a cash flow hedge:
|
|
|
|
|
|
|
|
|
|
|||||
Interest rate swap agreements
|
—
|
|
|
—
|
|
|
—
|
|
|
(338
|
)
|
|
(777
|
)
|
Derivatives not designated as a cash flow hedge:
|
|
|
|
|
|
|
|
|
|
|||||
Foreign currency contracts
|
80
|
|
|
—
|
|
|
—
|
|
|
(16,372
|
)
|
|
(2,534
|
)
|
Interest rate swap agreements
|
—
|
|
|
7,516
|
|
|
(18,348
|
)
|
|
(198,196
|
)
|
|
(154,673
|
)
|
Cross currency swap agreements
|
—
|
|
|
—
|
|
|
(3,377
|
)
|
|
(52,633
|
)
|
|
(256,100
|
)
|
Stock purchase warrants
|
—
|
|
|
10,328
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
80
|
|
|
17,844
|
|
|
(21,725
|
)
|
|
(267,539
|
)
|
|
(414,084
|
)
|
|
Three Months Ended
June 30, |
|
Six Months Ended
June 30, |
||||||||
|
2016
|
|
2015
|
|
2016
|
|
2015
|
||||
|
$
|
|
$
|
|
$
|
|
$
|
||||
Realized (losses) gains relating to:
|
|
|
|
|
|
|
|
||||
Interest rate swap agreements
|
(22,409
|
)
|
|
(27,205
|
)
|
|
(45,589
|
)
|
|
(55,094
|
)
|
Interest rate swap agreement terminations
|
—
|
|
|
—
|
|
|
(8,140
|
)
|
|
—
|
|
Foreign currency forward contracts
|
(2,336
|
)
|
|
(4,232
|
)
|
|
(7,332
|
)
|
|
(9,660
|
)
|
Time charter swap agreement
|
126
|
|
|
—
|
|
|
126
|
|
|
—
|
|
|
(24,619
|
)
|
|
(31,437
|
)
|
|
(60,935
|
)
|
|
(64,754
|
)
|
Unrealized (losses) gains relating to:
|
|
|
|
|
|
|
|
||||
Interest rate swap agreements
|
(62,817
|
)
|
|
83,986
|
|
|
(143,871
|
)
|
|
40,326
|
|
Foreign currency forward contracts
|
1,093
|
|
|
9,386
|
|
|
15,064
|
|
|
3,057
|
|
Stock purchase warrants
|
(4,274
|
)
|
|
1,817
|
|
|
(8,496
|
)
|
|
1,737
|
|
Time charter swap agreement
|
1,345
|
|
|
—
|
|
|
1,345
|
|
|
—
|
|
|
(64,653
|
)
|
|
95,189
|
|
|
(135,958
|
)
|
|
45,120
|
|
Total realized and unrealized (losses) gains on derivative instruments
|
(89,272
|
)
|
|
63,752
|
|
|
(196,893
|
)
|
|
(19,634
|
)
|
|
Three Months Ended
June 30,
|
|
Six Months Ended
June 30,
|
||||||||
|
2016
|
|
2015
|
|
2016
|
|
2015
|
||||
|
$
|
|
$
|
|
$
|
|
$
|
||||
Realized losses on termination of cross currency swaps
|
—
|
|
|
—
|
|
|
(32,628
|
)
|
|
—
|
|
Realized losses
|
(5,000
|
)
|
|
(3,771
|
)
|
|
(9,939
|
)
|
|
(7,934
|
)
|
Unrealized (losses) gains
|
(20,993
|
)
|
|
13,501
|
|
|
53,213
|
|
|
(42,152
|
)
|
Total realized and unrealized (losses) gains on cross currency swaps
|
(25,993
|
)
|
|
9,730
|
|
|
10,646
|
|
|
(50,086
|
)
|
16.
|
Income Tax (Expense) Recovery
|
|
Three Months Ended June 30,
|
|
Six Months Ended June 30,
|
||||||||
|
2016
|
|
2015
|
|
2016
|
|
2015
|
||||
|
$
|
|
$
|
|
$
|
|
$
|
||||
Current
|
(4,082
|
)
|
|
(2,630
|
)
|
|
(8,712
|
)
|
|
(2,828
|
)
|
Deferred
|
2,659
|
|
|
1,878
|
|
|
6,213
|
|
|
3,071
|
|
Income tax (expense) recovery
|
(1,423
|
)
|
|
(752
|
)
|
|
(2,499
|
)
|
|
243
|
|
17.
|
Net (Loss) Income Per Share
|
|
Three Months Ended
June 30,
|
|
Six Months Ended
June 30,
|
||||||||
|
2016
|
|
2015
|
|
2016
|
|
2015
|
||||
|
$
|
|
$
|
|
$
|
|
$
|
||||
Net (loss) income attributable to shareholders of Teekay Corporation
|
(77,809
|
)
|
|
65,912
|
|
|
(126,592
|
)
|
|
56,148
|
|
The Company's portion of the Inducement Premium and Exchange Contribution charged to retained earnings by Teekay Offshore (
note 10d
)
|
(4,993
|
)
|
|
—
|
|
|
(4,993
|
)
|
|
—
|
|
Net (loss) income attributable to shareholders of Teekay Corporation - basic and diluted
|
(82,802
|
)
|
|
65,912
|
|
|
(131,585
|
)
|
|
56,148
|
|
Weighted average number of common shares
|
72,945,635
|
|
|
72,697,121
|
|
|
72,844,031
|
|
|
72,623,503
|
|
Dilutive effect of stock-based compensation
|
—
|
|
|
780,559
|
|
|
—
|
|
|
755,725
|
|
Common stock and common stock equivalents
|
72,945,635
|
|
|
73,477,680
|
|
|
72,844,031
|
|
|
73,379,228
|
|
(Loss) income per common share:
|
|
|
|
|
|
|
|
||||
– Basic
|
(1.14
|
)
|
|
0.91
|
|
|
(1.81
|
)
|
|
0.77
|
|
– Diluted
|
(1.14
|
)
|
|
0.90
|
|
|
(1.81
|
)
|
|
0.77
|
|
18.
|
Subsequent Event
|
(in thousands of U.S. dollars)
|
Revenues
|
|
Income (loss) from Vessel Operations
|
||||||||||||||||||||
Three Months Ended
|
|
Six Months Ended
|
|
Three Months Ended
|
|
Six Months Ended
|
|||||||||||||||||
|
June 30,
|
|
June 30,
|
|
June 30,
|
|
June 30,
|
||||||||||||||||
|
2016
|
|
2015
|
|
2016
|
|
2015
|
|
2016
|
|
2015
|
|
2016
|
|
2015
|
||||||||
Teekay Offshore
|
284,464
|
|
|
311,234
|
|
|
591,172
|
|
|
576,217
|
|
|
24,271
|
|
|
96,412
|
|
|
112,570
|
|
|
165,462
|
|
Teekay LNG
|
99,241
|
|
|
98,608
|
|
|
195,012
|
|
|
195,934
|
|
|
47,554
|
|
|
43,856
|
|
|
64,537
|
|
|
88,953
|
|
Teekay Tankers
(1)
|
139,621
|
|
|
107,594
|
|
|
304,571
|
|
|
211,472
|
|
|
30,751
|
|
|
43,668
|
|
|
84,589
|
|
|
83,972
|
|
Teekay Parent
|
83,104
|
|
|
101,960
|
|
|
180,830
|
|
|
206,126
|
|
|
(28,796
|
)
|
|
(10,336
|
)
|
|
(55,578
|
)
|
|
(27,335
|
)
|
Elimination of intercompany
(2)(3)
|
(18,811
|
)
|
|
(26,599
|
)
|
|
(42,858
|
)
|
|
(51,090
|
)
|
|
2,198
|
|
|
1,917
|
|
|
5,185
|
|
|
1,890
|
|
Teekay Corporation Consolidated
|
587,619
|
|
|
592,797
|
|
|
1,228,727
|
|
|
1,138,659
|
|
|
75,978
|
|
|
175,517
|
|
|
211,303
|
|
|
312,942
|
|
(1)
|
In December 2015, Teekay Offshore sold two Aframax Tankers to Teekay Tankers and the results of the two vessels are included in Teekay Offshore up to the date of sale and in Teekay Tankers from the date of acquisition.
|
(2)
|
During the three and six months ended
June 30, 2016
, Teekay chartered in three floating storage and off-take (or FSO) units, two shuttle tankers and one Aframax tankers from Teekay Offshore, two liquefied natural gas (or LNG) carriers from Teekay LNG, and one Aframax tanker from Teekay Tankers. During the three and six months ended
June 30, 2015
, Teekay chartered in three FSO units, two shuttle tankers and four Aframax tankers from Teekay Offshore, two LNG carriers from Teekay LNG and two Aframax tankers from Teekay Tankers. Internal charter hire between Teekay Parent and the Daughter Companies are eliminated upon consolidation.
|
(3)
|
During August 2014, Teekay sold to Teekay Tankers a
50%
interest in Teekay Tankers Operations Ltd (or TTOL), which owns our conventional tanker commercial management and technical management operations, including direct ownership in three commercially managed tanker pools of the Teekay group. Teekay Tankers and Teekay Parent each account for their
50%
interests in TTOL as equity-accounted investments and, as such, TTOL’s results are reflected in equity income of Teekay Tankers and Teekay Parent. Upon consolidation of Teekay Tankers into Teekay, the results of TTOL are accounted for on a consolidated basis by Teekay. The impact on income from vessel operations of consolidating TTOL for the three and six months ended
June 30, 2016
, was an increase of
$2.2 million
and
$5.2 million
, respectively. The impact on income from vessel operations of consolidating TTOL for the three and six months ended
June 30, 2015
, was an increase of
$1.9 million
.
|
(in thousands of U.S. Dollars, except calendar-ship-days)
|
Offshore Logistics
|
|
Offshore Production
|
|
Conventional
|
|
Teekay Offshore
|
||||||||||||||||
|
|
|
|
|
|
|
|
Tankers
|
|
Total
|
|||||||||||||
|
Three Months Ended June 30,
|
||||||||||||||||||||||
|
2016
|
|
2015
|
|
2016
|
|
2015
|
|
2016
|
|
2015
|
|
2016
|
|
2015
|
||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
Revenues
|
155,095
|
|
|
161,267
|
|
|
124,715
|
|
|
141,722
|
|
|
4,654
|
|
|
8,245
|
|
|
284,464
|
|
|
311,234
|
|
Voyage expenses
|
(16,978
|
)
|
|
(20,069
|
)
|
|
—
|
|
|
—
|
|
|
(610
|
)
|
|
(647
|
)
|
|
(17,588
|
)
|
|
(20,716
|
)
|
Net revenues
|
138,117
|
|
|
141,198
|
|
|
124,715
|
|
|
141,722
|
|
|
4,044
|
|
|
7,598
|
|
|
266,876
|
|
|
290,518
|
|
Vessel operating expenses
|
(49,196
|
)
|
|
(42,864
|
)
|
|
(41,365
|
)
|
|
(50,445
|
)
|
|
(166
|
)
|
|
(1,514
|
)
|
|
(90,727
|
)
|
|
(94,823
|
)
|
Time-charter hire expense
|
(14,764
|
)
|
|
(10,762
|
)
|
|
—
|
|
|
—
|
|
|
(4,065
|
)
|
|
—
|
|
|
(18,829
|
)
|
|
(10,762
|
)
|
Depreciation and amortization
|
(36,823
|
)
|
|
(32,345
|
)
|
|
(37,234
|
)
|
|
(37,783
|
)
|
|
—
|
|
|
(1,675
|
)
|
|
(74,057
|
)
|
|
(71,803
|
)
|
General and administrative
(1)
|
(5,604
|
)
|
|
(8,684
|
)
|
|
(8,217
|
)
|
|
(6,892
|
)
|
|
—
|
|
|
(507
|
)
|
|
(13,821
|
)
|
|
(16,083
|
)
|
Asset impairments
|
(43,650
|
)
|
|
(500
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(43,650
|
)
|
|
(500
|
)
|
Restructuring charges
|
(34
|
)
|
|
(135
|
)
|
|
(1,487
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(1,521
|
)
|
|
(135
|
)
|
(Loss) Income from vessel operations
|
(11,954
|
)
|
|
45,908
|
|
|
36,412
|
|
|
46,602
|
|
|
(187
|
)
|
|
3,902
|
|
|
24,271
|
|
|
96,412
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
Equity income
|
—
|
|
|
—
|
|
|
3,626
|
|
|
9,720
|
|
|
—
|
|
|
—
|
|
|
3,626
|
|
|
9,720
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
Calendar-Ship-Days
(2)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
Shuttle Tankers
|
2,953
|
|
|
3,057
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
2,953
|
|
|
3,057
|
|
FSO Units
|
637
|
|
|
567
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
637
|
|
|
567
|
|
FPSO Units
|
—
|
|
|
—
|
|
|
546
|
|
|
546
|
|
|
—
|
|
|
—
|
|
|
546
|
|
|
546
|
|
Towage Units
|
546
|
|
|
402
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
546
|
|
|
402
|
|
UMS Unit
|
91
|
|
|
91
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
91
|
|
|
91
|
|
Conventional Tankers
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
182
|
|
|
364
|
|
|
182
|
|
|
364
|
|
(in thousands of U.S. Dollars, except calendar-ship-days)
|
Offshore Logistics
|
|
Offshore Production
|
|
Conventional
|
|
Teekay Offshore
|
||||||||||||||||
|
|
|
|
|
|
|
|
Tankers
|
|
Total
|
|||||||||||||
|
Six Months Ended June 30,
|
||||||||||||||||||||||
|
2016
|
|
2015
|
|
2016
|
|
2015
|
|
2016
|
|
2015
|
|
2016
|
|
2015
|
||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
Revenues
|
320,205
|
|
|
319,913
|
|
|
257,499
|
|
|
239,997
|
|
|
13,468
|
|
|
16,307
|
|
|
591,172
|
|
|
576,217
|
|
Voyage expenses
|
(34,645
|
)
|
|
(42,018
|
)
|
|
—
|
|
|
—
|
|
|
(1,287
|
)
|
|
(1,215
|
)
|
|
(35,932
|
)
|
|
(43,233
|
)
|
Net revenues
|
285,560
|
|
|
277,895
|
|
|
257,499
|
|
|
239,997
|
|
|
12,181
|
|
|
15,092
|
|
|
555,240
|
|
|
532,984
|
|
Vessel operating expenses
|
(96,116
|
)
|
|
(84,291
|
)
|
|
(88,279
|
)
|
|
(87,211
|
)
|
|
(1,504
|
)
|
|
(2,888
|
)
|
|
(185,899
|
)
|
|
(174,390
|
)
|
Time-charter hire expense
|
(29,575
|
)
|
|
(17,745
|
)
|
|
—
|
|
|
—
|
|
|
(4,576
|
)
|
|
—
|
|
|
(34,151
|
)
|
|
(17,745
|
)
|
Depreciation and amortization
|
(74,161
|
)
|
|
(64,180
|
)
|
|
(74,818
|
)
|
|
(62,268
|
)
|
|
—
|
|
|
(3,349
|
)
|
|
(148,979
|
)
|
|
(129,797
|
)
|
General and administrative
(1)
|
(11,227
|
)
|
|
(18,510
|
)
|
|
(16,891
|
)
|
|
(11,833
|
)
|
|
(172
|
)
|
|
(759
|
)
|
|
(28,290
|
)
|
|
(31,102
|
)
|
Asset impairments
|
(43,650
|
)
|
|
(15,996
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(43,650
|
)
|
|
(15,996
|
)
|
Net gain on sale of vessels and equipment
|
(245
|
)
|
|
1,643
|
|
|
—
|
|
|
—
|
|
|
65
|
|
|
—
|
|
|
(180
|
)
|
|
1,643
|
|
Restructuring charges
|
(34
|
)
|
|
(135
|
)
|
|
(1,487
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(1,521
|
)
|
|
(135
|
)
|
Income from vessel operations
|
30,552
|
|
|
78,681
|
|
|
76,024
|
|
|
78,685
|
|
|
5,994
|
|
|
8,096
|
|
|
112,570
|
|
|
165,462
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
Equity income
|
—
|
|
|
—
|
|
|
8,909
|
|
|
13,811
|
|
|
—
|
|
|
—
|
|
|
8,909
|
|
|
13,811
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
Calendar-Ship-Days
(2)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
Shuttle Tankers
|
5,931
|
|
|
6,108
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
5,931
|
|
|
6,108
|
|
FSO Units
|
1,274
|
|
|
1,107
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
1,274
|
|
|
1,107
|
|
FPSO Units
|
—
|
|
|
—
|
|
|
1,092
|
|
|
1,018
|
|
|
—
|
|
|
—
|
|
|
1,092
|
|
|
1,018
|
|
Towage Units
|
1,092
|
|
|
509
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
1,092
|
|
|
509
|
|
UMS unit
|
182
|
|
|
134
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
182
|
|
|
134
|
|
Conventional Tankers
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
364
|
|
|
724
|
|
|
364
|
|
|
724
|
|
(1)
|
Includes direct general and administrative expenses and indirect general and administrative expenses allocated to offshore logistics, offshore production and conventional tankers based on estimated use of corporate resources.
|
(2)
|
Calendar-ship-days presented relate to owned and in-chartered consolidated vessels.
|
•
|
decreases of $52.8 million and $49.1 million, respectively, for the three and six months ended
June 30, 2016
, in the UMS fleet primarily due to the write-downs relating to the cancellation of the two UMS newbuilding contracts, lower revenue from the
Arendal Spirit
being off-hire from mid-April 2016 until early-July 2016 due to damage suffered to the gangway of the unit, and higher repairs and maintenance costs also relating to the gangway incident;
|
•
|
decreases of $9.2 million and $22.6 million, respectively, for the
three and six
months ended
June 30, 2016
, mainly due to the expiration during the second quarter of 2015 of a long-term contract at the Heidrun field serviced by the contracts of affreightment fleet;
|
•
|
decreases of $4.5 million and $8.7 million, respectively, for the three and six months ended
June 30, 2016
, due to higher depreciation expense for Teekay Offshore's shuttle tankers due to the change in the estimated useful life of the shuttle component for all shuttle tankers from 25 to 20 years as well as the accelerated amortization of the tanker component for eight older shuttle tankers during the first quarter of 2016, partially offset by lower depreciation expense due to the write-down of the carrying values of seven shuttle tankers during 2015, and the cost of the
Navion Europa
and the dry-dock costs of the
Stena Alexita
being fully amortized in the second quarter of 2015 and the first quarter of 2016, respectively;
|
•
|
decreases of $3.5 million and $5.5 million, respectively, for the
three and six
months ended
June 30, 2016
, due to lower average rates and fewer opportunities to trade excess shuttle tanker capacity in the conventional tanker spot market;
|
•
|
decreases of $2.9 million and $5.3 million, respectively, for the three and six months ended
June 30, 2016
, in the towage fleet mainly due to a decrease in rates and utilization of the towing and offshore installation vessels during the first and second quarters of
2016
, and an increase in repairs and maintenance expense due to engine overhauls on the
ALP Winger
and
ALP Centre
during the first quarter of 2016;
|
•
|
a decrease of $2.3 million for the six months ended
June 30, 2016
, due to the sale of the
Navion Svenita
shuttle tanker in March 2015;
|
•
|
a decrease of $1.8 million for the
three and six
months ended
June 30, 2016
, due to the redelivery of the
Navion Anglia
to Teekay Offshore in June 2016 as it completed its time-charter-out agreement; and
|
•
|
decreases of $1.5 million and $7.6 million, respectively, for the
three and six
months ended
June 30, 2016
, due to the redelivery of one vessel to Teekay Offshore in April 2015 as it completed its time-charter-out agreement;
|
•
|
an increase of $13.9 million for the six months ended
June 30, 2016
due to a write-down of shuttle tankers of $15.5 million in the first quarter of 2015, partially offset by a gain of $1.6 million on the sale of a shuttle tanker in the first quarter of 2015;
|
•
|
increases of $5.0 million and $10.5 million, respectively, for the
three and six
months ended
June 30, 2016
, due to increases in rates as provided in certain contracts in our time-chartered-out fleet and an increase in revenues in our contract of affreightment fleet due to higher average rates and higher fleet utilization;
|
•
|
increases of $4.2 million and $8.2 million, respectively, for the three and six months ended
June 30, 2016
, due to the commencement of the East Coast of Canada shuttle tanker contract in June 2015;
|
•
|
increases of $1.8 million and $5.4 million, respectively, for the three and six months ended
June 30, 2016
, due to a reduction in operating expenses and amortization expense due to the commencement of the FSO conversion of the
Randgrid
in June 2015;
|
•
|
increases of $1.4 million and $3.2 million, respectively, for the three and six months ended
June 30, 2016
, in the FSO fleet due to lower crew costs on the
Navion Saga
and the
Dampier Spirit
mainly due to the strengthening of the U.S. Dollar against the Norwegian Kroner and Australian Dollar compared to the same periods last year, lower ship management fees, and lower depreciation expense primarily due to dry-dock costs for the
Navion Saga
being fully depreciated during the fourth quarter of 2015;
|
•
|
increases of $1.0 million and $2.3 million, respectively, for the three and six months ended
June 30, 2016
, from decreases in time-charter hire expenses for Teekay Offshore's shuttle tankers due to the redelivery by Teekay Offshore to its owner of the in-chartered
Grena Knutsen
in June 2015, partially offset by increased spot in-chartering of shuttle tankers; and
|
•
|
increases of $0.4 million and $3.3 million, respectively, for the three and six months ended
June 30, 2016
, from decreases in vessel operating expenses for Teekay Offshore’s shuttle tankers due to the timing of repairs and maintenance expenses and fleet overhead compared to the same periods last year, and the strengthening of the U.S. Dollar against the Norwegian Kroner, Euro and Brazilian Real, partially offset higher crew costs compared to the same periods last year due to a change in crew composition.
|
•
|
decreases of $8.3 million and $14.5 million, respectively, for the three and six months ended
June 30, 2016
, for the
Petrojarl Varg
FPSO unit, mainly from no longer receiving the capital portion of the charter hire since February 1, 2016, due to the termination of the charter contract by Repsol effective at the end of July 2016;
|
•
|
decreases of $5.1 million and $5.7 million, respectively, for the three and six months ended
June 30, 2016
, for the
Piranema Spirit
FPSO unit mainly due to a provision relating to a possible return of 2% of the charter hire to Petrobras, the charterer, in lieu of an agency fee owing for the period from November 2011 up to June 30, 2016; and
|
•
|
decreases of $1.3 million and $5.1 million, respectively, for the three and six months ended
June 30, 2016
, from increases in general and administrative expenses mainly due to the commencement of operations by the
Petrojarl Knarr
FPSO unit in March 2015;
|
•
|
increases of $3.3 million and $21.6 million, respectively, for the three and six months ended
June 30, 2016
, due to the
Petrojarl Knarr
FPSO unit commencing operations on March 9, 2015; and
|
•
|
increases of $1.5 million and $2.7 million, respectively, for the three and six months ended
June 30, 2016
, for the
Voyageur Spirit
FPSO unit mainly due to a decrease in operating expenses for the unit due to the strengthening of the U.S. Dollar against the British Pound, and lower repairs and maintenance expenses.
|
•
|
decreases of $1.4 million and $2.8 million, respectively, for the
three and six
months ended
June 30, 2016
, due to the sale of the
SPT Explorer
and
Navigator Spirit
in December 2015; and
|
•
|
a decrease of $3.2 million for the three months ended
June 30, 2016
, due to the sale of the
Kilimanjaro Spirit
and
Fuji Spirit
in March 2016, and the subsequent in-chartering of the vessels.
|
(in thousands of U.S. Dollars, except calendar-ship-days)
|
Liquefied Gas
|
|
Conventional
|
|
Teekay LNG
|
||||||||||||
Carriers
|
|
Tankers
|
|
Total
|
|||||||||||||
|
Three Months Ended June 30,
|
||||||||||||||||
|
2016
|
|
2015
|
|
2016
|
|
2015
|
|
2016
|
|
2015
|
||||||
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Revenues
|
84,497
|
|
|
77,466
|
|
|
14,744
|
|
|
21,142
|
|
|
99,241
|
|
|
98,608
|
|
Voyage expenses
|
(126
|
)
|
|
—
|
|
|
(416
|
)
|
|
(373
|
)
|
|
(542
|
)
|
|
(373
|
)
|
Net revenues
|
84,371
|
|
|
77,466
|
|
|
14,328
|
|
|
20,769
|
|
|
98,699
|
|
|
98,235
|
|
Vessel operating expenses
|
(16,734
|
)
|
|
(16,127
|
)
|
|
(5,678
|
)
|
|
(7,975
|
)
|
|
(22,412
|
)
|
|
(24,102
|
)
|
Depreciation and amortization
|
(20,474
|
)
|
|
(18,004
|
)
|
|
(2,395
|
)
|
|
(5,205
|
)
|
|
(22,869
|
)
|
|
(23,209
|
)
|
General and administrative
(1)
|
(4,679
|
)
|
|
(5,514
|
)
|
|
(1,185
|
)
|
|
(1,554
|
)
|
|
(5,864
|
)
|
|
(7,068
|
)
|
Income from vessel operations
|
42,484
|
|
|
37,821
|
|
|
5,070
|
|
|
6,035
|
|
|
47,554
|
|
|
43,856
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Equity income
|
29,567
|
|
|
29,002
|
|
|
—
|
|
|
—
|
|
|
29,567
|
|
|
29,002
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Calendar-Ship-Days
(2)
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Liquefied Gas Carriers
|
1,820
|
|
|
1,729
|
|
|
—
|
|
|
—
|
|
|
1,820
|
|
|
1,729
|
|
Conventional Tankers
|
—
|
|
|
—
|
|
|
607
|
|
|
728
|
|
|
607
|
|
|
728
|
|
(in thousands of U.S. Dollars, except calendar-ship-days)
|
Liquefied Gas
|
|
Conventional
|
|
Teekay LNG
|
||||||||||||
Carriers
|
|
Tankers
|
|
Total
|
|||||||||||||
|
Six Months Ended June 30,
|
||||||||||||||||
|
2016
|
|
2015
|
|
2016
|
|
2015
|
|
2016
|
|
2015
|
||||||
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Revenues
|
163,082
|
|
|
153,400
|
|
|
31,930
|
|
|
42,534
|
|
|
195,012
|
|
|
195,934
|
|
Voyage expenses
|
(243
|
)
|
|
—
|
|
|
(756
|
)
|
|
(691
|
)
|
|
(999
|
)
|
|
(691
|
)
|
Net revenues
|
162,839
|
|
|
153,400
|
|
|
31,174
|
|
|
41,843
|
|
|
194,013
|
|
|
195,243
|
|
Vessel operating expenses
|
(31,966
|
)
|
|
(30,433
|
)
|
|
(12,299
|
)
|
|
(15,303
|
)
|
|
(44,265
|
)
|
|
(45,736
|
)
|
Depreciation and amortization
|
(39,159
|
)
|
|
(36,310
|
)
|
|
(7,321
|
)
|
|
(10,468
|
)
|
|
(46,480
|
)
|
|
(46,778
|
)
|
General and administrative
(1)
|
(9,041
|
)
|
|
(10,839
|
)
|
|
(2,251
|
)
|
|
(2,937
|
)
|
|
(11,292
|
)
|
|
(13,776
|
)
|
Loss on sale of vessels
|
—
|
|
|
—
|
|
|
(27,439
|
)
|
|
—
|
|
|
(27,439
|
)
|
|
—
|
|
Income (loss) from vessel operations
|
82,673
|
|
|
75,818
|
|
|
(18,136
|
)
|
|
13,135
|
|
|
64,537
|
|
|
88,953
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Equity income
|
39,065
|
|
|
47,060
|
|
|
—
|
|
|
—
|
|
|
39,065
|
|
|
47,060
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Calendar-Ship-Days
(2)
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Liquefied Gas Carriers
|
3,592
|
|
|
3,439
|
|
|
—
|
|
|
—
|
|
|
3,592
|
|
|
3,439
|
|
Conventional Tankers
|
—
|
|
|
—
|
|
|
1,335
|
|
|
1,448
|
|
|
1,335
|
|
|
1,448
|
|
(1)
|
Includes direct general and administrative expenses and indirect general and administrative expenses allocated to the liquefied gas carriers and conventional tankers based on estimated use of corporate resources.
|
(2)
|
Calendar-ship-days presented relate to consolidated vessels.
|
|
Three Months Ended
|
|||||||||||||||||||
|
Angola
|
|
Exmar
|
|
Exmar
|
|
MALT
|
|
RasGas 3
|
|
|
|
Total
|
|||||||
|
LNG
|
|
LNG
|
|
LPG
|
|
LNG
|
|
LNG
|
|
|
|
Equity
|
|||||||
|
Carriers
|
|
Carriers
|
|
Carriers
|
|
Carriers
|
|
Carriers
|
|
Other
|
|
Income
|
|||||||
Three months ended June 30, 2016
|
253
|
|
|
2,170
|
|
|
5,315
|
|
|
16,519
|
|
|
5,473
|
|
|
(163
|
)
|
|
29,567
|
|
Three months ended June 30, 2015
|
12,149
|
|
|
2,291
|
|
|
9,563
|
|
|
18
|
|
|
5,028
|
|
|
(47
|
)
|
|
29,002
|
|
Difference
|
(11,896
|
)
|
|
(121
|
)
|
|
(4,248
|
)
|
|
16,501
|
|
|
445
|
|
|
(116
|
)
|
|
565
|
|
|
Six Months Ended
|
|||||||||||||||||||
|
Angola
|
|
Exmar
|
|
Exmar
|
|
MALT
|
|
RasGas 3
|
|
|
|
Total
|
|||||||
|
LNG
|
|
LNG
|
|
LPG
|
|
LNG
|
|
LNG
|
|
|
|
Equity
|
|||||||
|
Carriers
|
|
Carriers
|
|
Carriers
|
|
Carriers
|
|
Carriers
|
|
Other
|
|
Income
|
|||||||
Six months ended June 30, 2016
|
(1,766
|
)
|
|
4,182
|
|
|
11,818
|
|
|
14,144
|
|
|
10,905
|
|
|
(218
|
)
|
|
39,065
|
|
Six months ended June 30, 2015
|
12,098
|
|
|
4,284
|
|
|
16,538
|
|
|
3,897
|
|
|
10,383
|
|
|
(140
|
)
|
|
47,060
|
|
Difference
|
(13,864
|
)
|
|
(102
|
)
|
|
(4,720
|
)
|
|
10,247
|
|
|
522
|
|
|
(78
|
)
|
|
(7,995
|
)
|
•
|
a decrease of $27.4 million for the six months ended
June 30, 2016
, due to a loss on sale of vessels upon Centrofin exercising its purchase options on the
Bermuda Spirit
and
Hamilton Spirit
in February 2016 and March 2016, respectively;
|
•
|
a decrease of $1.7 million for the
six
months ended
June 30, 2016
due to an adjustment upon the finalization of Teekay LNG's 2015 profit share revenues relating to the
Toledo Spirit
recorded in the first quarter of 2016 compared to an increase from an adjustment upon finalization of its 2014 profit share recorded in the first quarter of 2015, which was based on the agreement between Teekay LNG and the charterer, and an adjustment upon finalization of its 2015 profit share revenues relating to the
Teide Spirit
recorded in the first quarter of 2016;
|
•
|
decreases of $1.1 million and $2.1 million for the
three and six
months ended
June 30, 2016
, respectively, from the
European Spirit
,
African Spirit
and
Asian Spirit
upon the charterer exercising its one-year options in September 2015, November 2015 and January 2016, respectively, resulting in current charter rates being lower than the original charter rates; and
|
•
|
a decrease of $0.8 million for the three and six months ended
June 30, 2016
, due to the sales of the
Bermuda Spirit
and
Hamilton Spirit
in April and May 2016, respectively.
|
(in thousands of U.S. Dollars, except calendar-ship-days)
|
Three Months Ended
|
|
Six Months Ended
|
||||||||
June 30,
|
|
June 30,
|
|||||||||
|
2016
|
|
2015
|
|
2016
|
|
2015
|
||||
Revenues
|
139,621
|
|
|
107,594
|
|
|
304,571
|
|
|
211,472
|
|
Voyage expenses
|
(9,758
|
)
|
|
(3,545
|
)
|
|
(22,581
|
)
|
|
(7,379
|
)
|
Net revenues
|
129,863
|
|
|
104,049
|
|
|
281,990
|
|
|
204,093
|
|
Vessel operating expenses
|
(46,389
|
)
|
|
(26,201
|
)
|
|
(91,462
|
)
|
|
(48,642
|
)
|
Time-charter hire expense
|
(15,913
|
)
|
|
(16,793
|
)
|
|
(36,629
|
)
|
|
(31,796
|
)
|
Depreciation and amortization
|
(25,621
|
)
|
|
(15,227
|
)
|
|
(52,688
|
)
|
|
(28,899
|
)
|
General and administrative
(1)
|
(4,769
|
)
|
|
(3,039
|
)
|
|
(10,202
|
)
|
|
(6,339
|
)
|
Asset impairment
|
(6,420
|
)
|
|
—
|
|
|
(6,420
|
)
|
|
—
|
|
Restructuring charges (recovery)
|
—
|
|
|
879
|
|
|
—
|
|
|
(4,445
|
)
|
Income from vessel operations
|
30,751
|
|
|
43,668
|
|
|
84,589
|
|
|
83,972
|
|
|
|
|
|
|
|
|
|
||||
Equity income
|
4,740
|
|
|
3,587
|
|
|
8,554
|
|
|
6,169
|
|
|
|
|
|
|
|
|
|
||||
Calendar-Ship-Days
(2)
|
|
|
|
|
|
|
|
||||
Conventional Tankers
|
4,872
|
|
|
3,834
|
|
|
10,046
|
|
|
7,334
|
|
(1)
|
Calendar-ship-days presented relate to owned and in-chartered consolidated vessels.
|
|
Three Months Ended June 30, 2016
|
|||||||||||||||||
|
Revenues
|
Voyage Expenses
|
Adjustments
(1)
|
Net Revenues
|
Revenue Days
|
Average TCE per Revenue Day
(1)
|
||||||||||||
|
(in thousands)
|
(in thousands)
|
(in thousands)
|
(in thousands)
|
|
|
||||||||||||
|
|
|
|
|
|
|
|
|||||||||||
Voyage-charter contracts - Suezmax
|
|
$52,179
|
|
|
($1,720
|
)
|
|
$2,161
|
|
|
$52,620
|
|
1,695
|
|
|
$31,040
|
|
|
Voyage-charter contracts - Aframax
|
|
$28,109
|
|
|
($2,052
|
)
|
|
$928
|
|
|
$26,985
|
|
1,209
|
|
|
$22,314
|
|
|
Voyage-charter contracts - LR2
|
|
$14,851
|
|
|
($6
|
)
|
|
$454
|
|
|
$15,299
|
|
728
|
|
|
$21,015
|
|
|
Voyage-charter contracts - MR
|
|
$2,967
|
|
|
($4
|
)
|
|
$150
|
|
|
$3,113
|
|
182
|
|
|
$17,106
|
|
|
Time-charter out contracts - Suezmax
|
|
$5,998
|
|
|
($175
|
)
|
|
$75
|
|
|
$5,898
|
|
182
|
|
|
$32,404
|
|
|
Time-charter out contracts - Aframax
|
|
$14,214
|
|
|
($245
|
)
|
|
$197
|
|
|
$14,166
|
|
586
|
|
|
$24,174
|
|
|
Time-charter out contracts - LR2
|
|
$2,409
|
|
|
($118
|
)
|
|
$30
|
|
|
$2,321
|
|
91
|
|
|
$25,500
|
|
|
Total
(2)
|
|
$120,727
|
|
|
($4,320
|
)
|
|
$3,995
|
|
|
$120,402
|
|
4,673
|
|
|
$25,768
|
|
|
(1)
|
Average TCE per Revenue Day excludes a total of
$3.3 million
in pool management fees and commissions payable for commercial management for our vessels and
$0.7 million
in off-hire bunker and other expenses, all of which are included as part of the adjustments.
|
(2)
|
Excludes
$18.9 million
of revenues and
$5.4 million
of voyage expenses related to the full service lightering and lightering support services business for the three months ended
June 30, 2016
.
|
|
Three Months Ended June 30, 2015
|
|||||||||||||||||
|
Revenues
|
Voyage Expenses
|
Adjustments
(1)
|
Net Revenues
|
Revenue Days
|
Average TCE per Revenue Day
(1)
|
||||||||||||
|
(in thousands)
|
(in thousands)
|
(in thousands)
|
(in thousands)
|
|
|
||||||||||||
|
|
|
|
|
|
|
|
|||||||||||
Voyage-charter contracts - Suezmax
|
|
$33,531
|
|
|
($182
|
)
|
|
$1,361
|
|
|
$34,710
|
|
895
|
|
|
$38,767
|
|
|
Voyage-charter contracts - Aframax
|
|
$35,284
|
|
|
($2,513
|
)
|
|
$674
|
|
|
$33,445
|
|
1,150
|
|
|
$29,072
|
|
|
Voyage-charter contracts - LR2
|
|
$24,207
|
|
|
$53
|
|
|
$676
|
|
|
$24,936
|
|
860
|
|
|
$28,996
|
|
|
Voyage-charter contracts - MR
|
|
$5,255
|
|
|
$4
|
|
|
$284
|
|
|
$5,543
|
|
251
|
|
|
$22,040
|
|
|
Time-charter out contracts - Suezmax
|
|
($46
|
)
|
—
|
|
|
$46
|
|
—
|
|
—
|
|
—
|
|
|
|||
Time-charter out contracts - Aframax
|
|
$10,215
|
|
|
($792
|
)
|
|
$778
|
|
|
$10,201
|
|
544
|
|
|
$18,758
|
|
|
Time-charter out contracts - MR
|
|
$27
|
|
|
($115
|
)
|
|
$88
|
|
—
|
|
—
|
|
—
|
|
|
||
Total
(2)
|
|
$108,473
|
|
|
($3,545
|
)
|
|
$3,907
|
|
|
$108,835
|
|
3,700
|
|
|
$29,415
|
|
|
(1)
|
Average TCE per Revenue Day excludes a total of
$2.9 million
in pool management fees and commissions payable for commercial management for our vessels and
$1.0 million
in off-hire bunker and other expenses, all of which are included as part of the adjustments.
|
(2)
|
Excludes
$0.9 million
of crew redundancy costs adjustment from one of our customers for the three months ended
June 30, 2015
.
|
|
Six Months Ended June 30, 2016
|
|||||||||||||||||
|
Revenues
|
Voyage Expenses
|
Adjustments
(1)
|
Net Revenues
|
Revenue Days
|
Average TCE per Revenue Day
(1)
|
||||||||||||
|
(in thousands)
|
(in thousands)
|
(in thousands)
|
(in thousands)
|
|
|
|
|||||||||||
|
|
|
|
|
|
|
|
|||||||||||
Voyage-charter contracts - Suezmax
|
|
$113,031
|
|
|
($2,551
|
)
|
|
$3,435
|
|
|
$113,915
|
|
3,391
|
|
|
$33,593
|
|
|
Voyage-charter contracts - Aframax
|
|
$68,030
|
|
|
($4,973
|
)
|
|
$2,279
|
|
|
$65,336
|
|
2,675
|
|
|
$24,421
|
|
|
Voyage-charter contracts - LR2
|
|
$30,476
|
|
|
$22
|
|
|
$893
|
|
|
$31,391
|
|
1,407
|
|
|
$22,304
|
|
|
Voyage-charter contracts - MR
|
|
$6,237
|
|
|
($8
|
)
|
|
$271
|
|
|
$6,500
|
|
364
|
|
|
$17,858
|
|
|
Time-charter out contracts - Suezmax
|
|
$12,155
|
|
|
($335
|
)
|
|
$160
|
|
|
$11,980
|
|
371
|
|
|
$32,252
|
|
|
Time-charter out contracts - Aframax
|
|
$28,698
|
|
|
($494
|
)
|
|
$372
|
|
|
$28,576
|
|
1,219
|
|
|
$23,444
|
|
|
Time-charter out contracts - LR2
|
|
$4,773
|
|
|
($202
|
)
|
|
$60
|
|
|
$4,631
|
|
182
|
|
|
$25,444
|
|
|
Time-charter out contracts - MR
|
|
($18
|
)
|
—
|
|
|
$18
|
|
—
|
|
—
|
|
—
|
|
|
|||
Total
(2)
|
|
$263,382
|
|
|
($8,541
|
)
|
|
$7,488
|
|
|
$262,329
|
|
9,609
|
|
|
$27,300
|
|
|
(1)
|
Average TCE per Revenue Day excludes a total of
$6.9 million
in pool management fees and commissions payable for commercial management for our vessels and
$0.5 million
in off-hire bunker and other expenses, all of which are included as part of the adjustments.
|
(2)
|
Excludes
$40.0 million
of revenues and
$14.0 million
of voyage expenses related to the full service lightering and lightering support services business for the six months ended
June 30, 2016
and
$1.2 million
of in-process revenue contract revenue for the six months ended
June 30, 2016
.
|
|
Six Months Ended June 30, 2015
|
|||||||||||||||||
|
Revenues
|
Voyage Expenses
|
Adjustments
(1)
|
Net Revenues
|
Revenue Days
|
Average TCE per Revenue Day
(1)
|
||||||||||||
|
(in thousands)
|
(in thousands)
|
(in thousands)
|
(in thousands)
|
|
|
|
|||||||||||
|
|
|
|
|
|
|
|
|||||||||||
Voyage-charter contracts - Suezmax
|
|
$67,734
|
|
|
($243
|
)
|
|
$2,446
|
|
|
$69,937
|
|
1,788
|
|
|
$39,099
|
|
|
Voyage-charter contracts - Aframax
|
|
$69,184
|
|
|
($5,669
|
)
|
|
$1,503
|
|
|
$65,018
|
|
2,210
|
|
|
$29,418
|
|
|
Voyage-charter contracts - LR2
|
|
$40,768
|
|
|
$89
|
|
|
$1,262
|
|
|
$42,119
|
|
1,550
|
|
|
$27,172
|
|
|
Voyage-charter contracts - MR
|
|
$8,627
|
|
|
($6
|
)
|
|
$674
|
|
|
$9,295
|
|
451
|
|
|
$20,583
|
|
|
Time-charter out contracts - Suezmax
|
|
($46
|
)
|
|
$3
|
|
|
$43
|
|
—
|
|
—
|
|
—
|
|
|
||
Time-charter out contracts - Aframax
|
|
$18,762
|
|
|
($1,423
|
)
|
|
$1,116
|
|
|
$18,455
|
|
1,013
|
|
|
$18,228
|
|
|
Time-charter out contracts - MR
|
|
$1,997
|
|
|
($132
|
)
|
|
$105
|
|
|
$1,970
|
|
50
|
|
|
$39,036
|
|
|
Total
(2)
|
|
$207,026
|
|
|
($7,381
|
)
|
|
$7,149
|
|
|
$206,794
|
|
7,062
|
|
|
$29,281
|
|
|
(1)
|
Average TCE per Revenue Day excludes a total of
$5.6 million
in pool management fees and commissions payable for commercial management for our vessels and
$1.5 million
in off-hire bunker and other expenses, all of which are included as part of the adjustments.
|
(2)
|
Excludes
$4.4 million
of crew redundancy cost recovery from one of our customers for the six months ended
June 30, 2015
.
|
•
|
decreases of $22.9 million and $30.8 million in revenues for the three and six months ended
June 30, 2016
, respectively, resulting from lower average realized TCE rates earned by Suezmax, Aframax, LR2 and MR tankers for the first half of 2016;
|
•
|
a decrease of $6.4 million for the three and six months ended
June 30, 2016
resulting from a write-down of one MR product tanker to its agreed sales price;
|
•
|
decreases of $1.8 million and $3.8 million for the three and six months ended
June 30, 2016
, respectively, due to ship management fees relating to the five vessels acquired during the first quarter of 2015 and 12 vessels acquired in the second half of 2015;
|
•
|
decreases of $1.7 million and $3.4 million for the three and six months ended
June 30, 2016
, respectively, due to increase in amortization of dry-docking costs during the first half of 2016 resulting from high dry-docking activity during the second half of 2015;
|
•
|
decreases of $0.6 million and $1.6 million for the three and six months ended
June 30, 2016
, respectively, as a result of higher corporate expenses incurred during the first quarter of 2016, primarily as a result of legal expenses related to financing activities and the STX arbitration, and higher administrative, strategic management and other fees; and
|
•
|
decreases of $0.2 million and $1.7 million for the three and six months ended
June 30, 2016
, respectively, due to higher time-charter rates related to the profit sharing components and options exercised to extend the in-charter contracts, at higher rates, associated with four Aframax tankers and one LR2 product tanker;
|
•
|
increases of $11.7 million and $30.8 million for the three and six months ended
June 30, 2016
, respectively, primarily due to the addition of 11 Suezmax tankers (excluding one which was in dry dock for the first half of 2016) that Teekay Tankers acquired during the second half of 2015, the addition of three Aframax in-charters and one LR2 in-charter that were delivered to Teekay Tankers at various times during 2015 and 2016, the addition of two Aframax tankers acquired from Teekay Offshore during the second half of 2016 and changes of employment between fixed-rate charters and spot voyage charters, partially offset by the redeliveries of five in-charters to their owners in the first half of 2016 and the sale of one MR product tanker in late 2015;
|
•
|
increases of $3.9 million and $6.6 million for the three and six months ended
June 30, 2016
, respectively, due to fewer net off-hire days in the first half of 2016;
|
•
|
increases of $3.3 million and $5.0 million for the three and six months ended
June 30, 2016
, respectively, due to higher rates earned from out-chartered Aframax tankers;
|
•
|
net increases of $2.5 million and $4.2 million for the three and six months ended
June 30, 2016
, respectively, due to results from the ship-to-ship transfer business which Teekay Tankers acquired during the third quarter of 2015;
|
•
|
an increase of $1.2 million for the six months ended
June 30, 2016
due to in-process revenue contract amortization recognized in revenue in the first quarter of 2016; and
|
•
|
an increase of $1.1 million for the six months ended
June 30, 2016
due to one additional calendar day during the first quarter as 2016 is a leap year.
|
•
|
increases of $1.4 million and $1.2 million, respectively, for the three and six months ended
June 30, 2016
from the High-Q joint venture resulting from profit share recognized in the second quarter of 2016 as VLCC rates averaged above certain thresholds triggering a profit sharing with the customer; and
|
•
|
an increase of $1.1 million for the six months ended
June 30, 2016
, due to higher equity earnings from the 50% interest of Teekay Tankers in Teekay Tankers Operations Ltd. (or
TTOL
), primarily related to its share of cancellation fees paid to Anglo-Eastern during the first quarter of 2015 for acquiring its 49% share in Teekay Marine Ltd.
|
(in thousands of U.S. Dollars, except calendar-ship-days)
|
Offshore
|
|
Conventional
|
|
Other and
|
|
Teekay Parent
|
||||||||||||||||
Production
|
|
Tankers
|
|
Corporate G&A
|
|
Total
|
|||||||||||||||||
|
Three Months Ended June 30,
|
||||||||||||||||||||||
|
2016
|
|
2015
|
|
2016
|
|
2015
|
|
2016
|
|
2015
|
|
2016
|
|
2015
|
||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
Revenues
|
58,600
|
|
|
66,394
|
|
|
9,534
|
|
|
18,413
|
|
|
14,970
|
|
|
17,153
|
|
|
83,104
|
|
|
101,960
|
|
Voyage expenses
|
(9
|
)
|
|
(133
|
)
|
|
(50
|
)
|
|
(169
|
)
|
|
(882
|
)
|
|
(13
|
)
|
|
(941
|
)
|
|
(315
|
)
|
Net revenues
|
58,591
|
|
|
66,261
|
|
|
9,484
|
|
|
18,244
|
|
|
14,088
|
|
|
17,140
|
|
|
82,163
|
|
|
101,645
|
|
Vessel operating expenses
|
(38,004
|
)
|
|
(46,801
|
)
|
|
(2,693
|
)
|
|
(4,192
|
)
|
|
(6,131
|
)
|
|
(5,251
|
)
|
|
(46,828
|
)
|
|
(56,244
|
)
|
Time-charter hire expense
|
(7,448
|
)
|
|
(7,119
|
)
|
|
(5,384
|
)
|
|
(10,375
|
)
|
|
(11,521
|
)
|
|
(12,522
|
)
|
|
(24,353
|
)
|
|
(30,016
|
)
|
Depreciation and amortization
|
(17,798
|
)
|
|
(17,359
|
)
|
|
(847
|
)
|
|
(713
|
)
|
|
113
|
|
|
112
|
|
|
(18,532
|
)
|
|
(17,960
|
)
|
General and administrative
(1)
|
(3,110
|
)
|
|
(5,073
|
)
|
|
(201
|
)
|
|
(550
|
)
|
|
(1,104
|
)
|
|
(2,138
|
)
|
|
(4,415
|
)
|
|
(7,761
|
)
|
Asset impairments
|
—
|
|
|
—
|
|
|
(12,535
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(12,535
|
)
|
|
—
|
|
Restructuring charges
|
(574
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(3,722
|
)
|
|
—
|
|
|
(4,296
|
)
|
|
—
|
|
(Loss) income from vessel operations
|
(8,343
|
)
|
|
(10,091
|
)
|
|
(12,176
|
)
|
|
2,414
|
|
|
(8,277
|
)
|
|
(2,659
|
)
|
|
(28,796
|
)
|
|
(10,336
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
Equity (loss) income
|
(394
|
)
|
|
(2,631
|
)
|
|
2,139
|
|
|
2,387
|
|
|
(223
|
)
|
|
(224
|
)
|
|
1,522
|
|
|
(468
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
Calendar-Ship-Days
(2)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
FPSO Units
|
273
|
|
|
273
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
273
|
|
|
273
|
|
Conventional Tankers
|
—
|
|
|
—
|
|
|
358
|
|
|
637
|
|
|
—
|
|
|
—
|
|
|
358
|
|
|
637
|
|
Gas Carriers
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
182
|
|
|
182
|
|
|
182
|
|
|
182
|
|
FSO Units
|
91
|
|
|
91
|
|
|
—
|
|
|
—
|
|
|
182
|
|
|
182
|
|
|
273
|
|
|
273
|
|
Shuttle Tankers
|
182
|
|
|
182
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
182
|
|
|
182
|
|
Bunker Barges
|
—
|
|
|
—
|
|
|
|
|
—
|
|
|
182
|
|
|
—
|
|
|
182
|
|
|
—
|
|
(in thousands of U.S. Dollars, except calendar-ship-days)
|
Offshore
|
|
Conventional
|
|
Other and
|
|
Teekay Parent
|
||||||||||||||||
Production
|
|
Tankers
|
|
Corporate G&A
|
|
Total
|
|||||||||||||||||
|
Six Months Ended June 30,
|
||||||||||||||||||||||
|
2016
|
|
2015
|
|
2016
|
|
2015
|
|
2016
|
|
2015
|
|
2016
|
|
2015
|
||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
Revenues
|
113,806
|
|
|
135,327
|
|
|
23,584
|
|
|
34,886
|
|
|
43,440
|
|
|
35,913
|
|
|
180,830
|
|
|
206,126
|
|
Voyage expenses
|
(18
|
)
|
|
(142
|
)
|
|
(148
|
)
|
|
(247
|
)
|
|
(1,655
|
)
|
|
(13
|
)
|
|
(1,821
|
)
|
|
(402
|
)
|
Net revenues
|
113,788
|
|
|
135,185
|
|
|
23,436
|
|
|
34,639
|
|
|
41,785
|
|
|
35,900
|
|
|
179,009
|
|
|
205,724
|
|
Vessel operating expenses
|
(82,852
|
)
|
|
(98,161
|
)
|
|
(5,109
|
)
|
|
(7,826
|
)
|
|
(12,630
|
)
|
|
(10,818
|
)
|
|
(100,591
|
)
|
|
(116,805
|
)
|
Time-charter hire expense
|
(13,881
|
)
|
|
(14,203
|
)
|
|
(16,886
|
)
|
|
(20,811
|
)
|
|
(23,811
|
)
|
|
(23,829
|
)
|
|
(54,578
|
)
|
|
(58,843
|
)
|
Depreciation and amortization
|
(35,596
|
)
|
|
(34,228
|
)
|
|
(1,717
|
)
|
|
(1,426
|
)
|
|
224
|
|
|
225
|
|
|
(37,089
|
)
|
|
(35,429
|
)
|
General and administrative
(1)
|
(6,657
|
)
|
|
(10,832
|
)
|
|
(470
|
)
|
|
(1,060
|
)
|
|
(4,385
|
)
|
|
(8,308
|
)
|
|
(11,512
|
)
|
|
(20,200
|
)
|
Asset impairments
|
—
|
|
|
—
|
|
|
(12,535
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(12,535
|
)
|
|
—
|
|
Restructuring charges
|
(845
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(17,437
|
)
|
|
(1,782
|
)
|
|
(18,282
|
)
|
|
(1,782
|
)
|
(Loss) income from vessel operations
|
(26,043
|
)
|
|
(22,239
|
)
|
|
(13,281
|
)
|
|
3,516
|
|
|
(16,254
|
)
|
|
(8,612
|
)
|
|
(55,578
|
)
|
|
(27,335
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
Equity (loss) income
|
(3,052
|
)
|
|
(7,704
|
)
|
|
4,945
|
|
|
3,912
|
|
|
(563
|
)
|
|
(525
|
)
|
|
1,330
|
|
|
(4,317
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
Calendar-Ship-Days
(2)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
FPSO Units
|
546
|
|
|
543
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
546
|
|
|
543
|
|
Conventional Tankers
|
—
|
|
|
—
|
|
|
798
|
|
|
1,267
|
|
|
—
|
|
|
—
|
|
|
798
|
|
|
1,267
|
|
Gas Carriers
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
364
|
|
|
362
|
|
|
364
|
|
|
362
|
|
FSO Units
|
182
|
|
|
181
|
|
|
—
|
|
|
—
|
|
|
364
|
|
|
362
|
|
|
546
|
|
|
543
|
|
Shuttle Tankers
|
364
|
|
|
362
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
364
|
|
|
362
|
|
Bunker Barges
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
364
|
|
|
—
|
|
|
364
|
|
|
—
|
|
(1)
|
Includes direct general and administrative expenses and indirect general and administrative expenses allocated to offshore production, conventional tankers and other and corporate G&A based on estimated use of corporate resources.
|
(2)
|
Apart from three FPSO units and one conventional tanker, all remaining calendar-ship-days presented relate to in-chartered days.
|
•
|
increases in losses of $1.3 million and $8.1 million, respectively, for the three and six months ended
June 30, 2016
, compared with the same periods last year, from the
Petrojarl Banff
FPSO
as a result of off-hire in the first quarter of 2016 and higher repairs and maintenance costs due to the temporary loss of two mooring lines in the first quarter of 2016;
|
•
|
increases in losses of $1.3 million and $2.0 million, respectively, for the three and six months ended
June 30, 2016
compared with the same periods last year, from the
Petrojarl
Foinaven
FPSO as a result of lower production and lower incentive revenues earned in 2016, partially offset by lower operating costs in 2016;
|
•
|
decreases in losses of $3.1 million and $3.3 million, respectively, for the three and six months ended
June 30, 2016
compared with the same periods last year, relating to the
Hummingbird
Spirit
FPSO, primarily due to lower operating costs from cost-saving initiatives in 2016; and
|
•
|
decreases in losses of $2.0 million and $4.2 million, respectively, for the three and six months ended
June 30, 2016
compared with the same periods last year, from a decrease in general and administrative expenses, primarily due to legal costs incurred in 2015 associated with the
Petrojarl Banff
FPSO unit relating to repairs and upgrades after the storm event in December 2011.
|
•
|
a decrease of $12.5 million for the three and six months ended
June 30, 2016
due to the write-down of one VLCC to its agreed sales price;
|
•
|
a decrease of $4.0 million for the six months ended
June 30, 2016
due to a cancellation fee paid by Teekay Parent to Teekay Offshore related to the termination of a time-charter contract in the first quarter of 2016;
|
•
|
decreases of $1.3 million and $2.6 million for the three and six months ended
June 30, 2016
, respectively, due to a higher time-charter hire rate for an Aframax in-charter in the first quarter of 2016;
|
•
|
decreases of $1.3 million and $1.1 million for the three and six months ended
June 30, 2016
, respectively, due to lower average realized TCE rate for the first half of 2016; and
|
•
|
decreases of $0.6 million and $1.1 million for the three and six months ended
June 30, 2016
, respectively, due to changes of employment between fixed-rate charters and spot voyage charters;
|
•
|
an increase of $2.0 million for the six months ended
June 30, 2016
due to a distribution received from Gemini Pool L.L.C.; and
|
•
|
net increases of $1.6 million and $2.6 million for the three and six months ended
June 30, 2016
, respectively, due to lower vessel operating expenses from the termination of bareboat contracts of two Aframax tankers that Teekay Parent in-chartered from Teekay Offshore and lower time-charter hire expense from the redeliveries of three in-chartered conventional tankers to Teekay Offshore, partially offset by the loss of revenue due to the redeliveries of those tankers.
|
•
|
increases in losses of $8.9 million and $18.3 million, respectively, for the three and six months ended
June 30, 2016
compared to the same periods in the prior year, mainly due to less revenues earned as a result of the terminations of time charters and the lay-up of
Polar Spirit
and
Arctic Spirit
in 2016; and
|
•
|
increases in losses of $3.7 million and $2.0 million, respectively, for the three and six months ended
June 30, 2016
compared to the same period in the prior year, mainly due to the closure of offices and seafarers' severance amounts relating to tug businesses in Western Australia;
|
•
|
a decrease in losses of $1.6 million for the three and six months ended
June 30, 2016
compared to the same periods in the prior year due to transaction fees received from Tankers Investments Ltd. (or
TIL
) for our arrangement of the sales of the
Voss Spirit
and
Hemsedal Spirit
vessels by TIL in 2016;
|
•
|
decreases in losses of $5.2 million and $8.2 million, respectively, for the three and six months ended
June 30, 2016
compared to the same periods in the prior year mainly due to earnings generated on technical, crew and commercial management services provided for an increased fleet size in 2016; and
|
•
|
decreases in losses of $1.0 million and $2.3 million, respectively, for the three and six months ended
June 30, 2016
compared to the same period in the prior year, primarily due to cost saving initiatives and the strengthening of the U.S. Dollar.
|
(in thousands of U.S. dollars, except percentages)
|
Three Months Ended
|
|
Six Months Ended
|
||||||||||||||
June 30,
|
|
June 30,
|
|||||||||||||||
|
2016
|
|
2015
|
|
% Change
|
|
2016
|
|
2015
|
|
% Change
|
||||||
|
$
|
|
$
|
|
|
|
$
|
|
$
|
|
|
||||||
Interest expense
|
(73,255
|
)
|
|
(62,388
|
)
|
|
17.4
|
|
|
(145,458
|
)
|
|
(113,734
|
)
|
|
27.9
|
|
Interest income
|
1,042
|
|
|
1,199
|
|
|
(13.1
|
)
|
|
2,364
|
|
|
2,729
|
|
|
(13.4
|
)
|
Realized and unrealized (loss) gain on non-designated derivative instruments
|
(89,272
|
)
|
|
63,752
|
|
|
(240.0
|
)
|
|
(196,893
|
)
|
|
(19,634
|
)
|
|
902.8
|
|
Foreign exchange (loss) gain
|
(15,157
|
)
|
|
(1,604
|
)
|
|
845.0
|
|
|
(25,671
|
)
|
|
15,906
|
|
|
(261.4
|
)
|
Other loss
|
(21,436
|
)
|
|
(389
|
)
|
|
5,410.5
|
|
|
(21,286
|
)
|
|
(14
|
)
|
|
151,942.9
|
|
Income tax (expense) recovery
|
(1,423
|
)
|
|
(752
|
)
|
|
89.2
|
|
|
(2,499
|
)
|
|
243
|
|
|
(1,128.4
|
)
|
•
|
increases of $5.4 million and $6.7 million for the
three and six
months ended
June 30, 2016
, respectively, mainly due to the additional issuance of $200 million of Teekay Parent's 8.5% senior unsecured notes in November 2015, and a termination fee and write-off of deferred costs due to the cancellation of a portion of the equity margin loan, partially offset by lower costs due to the maturity of Teekay Parent's Norwegian Kroner (or
NOK
) 700.0 million senior unsecured bond in October 2015;
|
•
|
increases of $4.1 million and $9.9 million for the
three and six
months ended
June 30, 2016
, respectively, due to additional interest incurred by Teekay Tankers to finance the acquisition of the 12 modern Suezmax tankers which Teekay Tankers acquired in the third quarter of 2015;
|
•
|
increases of $2.3 million and $3.4 million for the
three and six
months ended
June 30, 2016
, respectively, relating to interest incurred on the capital lease obligation for the
Creole Spirit
upon its delivery in February 2016;
|
•
|
increases of $2.0 million and $4.8 million, respectively, for the three and six months ended
June 30, 2016
, due to interest expense incurred relating to costs associated with the delay in delivery of Teekay Offshore's second UMS newbuilding up until its construction contract cancellation in late-June 2016;
|
•
|
increases of $1.9 million and $9.1 million, respectively, for the three and six months ended
June 30, 2016
, due to commencement of operations by the
Petrojarl Knarr
FPSO in March 2015; and
|
•
|
an increase of $1.5 million for the six months ended
June 30, 2016
, due to borrowings and loan costs relating to Teekay Offshore's six towing vessels (which delivered throughout the first seven months of 2015), the
Arendal Spirit
UMS (which commenced operations during the second quarter of 2015) and the $30.0 million of senior secured bonds Teekay Offshore issued in February 2015;
|
•
|
decreases of $1.9 million and $2.7 million, respectively, for the three and six months ended
June 30, 2016
, due to an increase in capitalized interest on Teekay Offshore's newbuildings;
|
•
|
a decrease of $1.3 million for the three months ended
June 30, 2016
, due to the ineffective portion of unrealized gains incurred on interest rate swaps designated as cash flow hedges; and
|
•
|
decreases of $0.9 million and $1.5 million, respectively, for the three and six months ended
June 30, 2016
, due to the maturity of Teekay Offshore's Norwegian Kroner (or
NOK
) 500.0 million senior unsecured bond in January 2016.
|
|
Three Months Ended
June 30, |
|
Six Months Ended
June 30, |
||||||||
|
2016
|
|
2015
|
|
2016
|
|
2015
|
||||
|
$
|
|
$
|
|
$
|
|
$
|
||||
Realized (losses) gains relating to:
|
|
|
|
|
|
|
|
||||
Interest rate swap agreements
|
(22,409
|
)
|
|
(27,205
|
)
|
|
(45,589
|
)
|
|
(55,094
|
)
|
Interest rate swap agreement terminations
|
—
|
|
|
—
|
|
|
(8,140
|
)
|
|
—
|
|
Foreign currency forward contracts
|
(2,336
|
)
|
|
(4,232
|
)
|
|
(7,332
|
)
|
|
(9,660
|
)
|
Time charter swap agreement
|
126
|
|
|
—
|
|
|
126
|
|
|
—
|
|
|
(24,619
|
)
|
|
(31,437
|
)
|
|
(60,935
|
)
|
|
(64,754
|
)
|
Unrealized (losses) gains relating to:
|
|
|
|
|
|
|
|
||||
Interest rate swap agreements
|
(62,817
|
)
|
|
83,986
|
|
|
(143,871
|
)
|
|
40,326
|
|
Foreign currency forward contracts
|
1,093
|
|
|
9,386
|
|
|
15,064
|
|
|
3,057
|
|
Stock purchase warrants
|
(4,274
|
)
|
|
1,817
|
|
|
(8,496
|
)
|
|
1,737
|
|
Time charter swap agreement
|
1,345
|
|
|
—
|
|
|
1,345
|
|
|
—
|
|
|
(64,653
|
)
|
|
95,189
|
|
|
(135,958
|
)
|
|
45,120
|
|
Total realized and unrealized (losses) gains on derivative instruments
|
(89,272
|
)
|
|
63,752
|
|
|
(196,893
|
)
|
|
(19,634
|
)
|
•
|
refinancing three existing debt facilities, including $150 million relating to Teekay Parent’s equity margin revolving credit facility, $150 million of an existing revolving credit facility relating to Teekay Parent’s three directly-owned FPSO units, and $50 million of an existing debt facility relating to the Shoshone Spirit VLCC;
|
•
|
selling Teekay Parent’s 50% interest in three Infield Support Vessel Tugs for Royal Dutch Shell’s Prelude floating liquefied natural gas (FLNG) unit; and
|
•
|
issuing $100 million of common shares at a price of $8.32 per share to a group of institutional investors and two entities established by Teekay Parent's founder, including Resolute Investments, Inc. (or
Resolute
), Teekay Parent's largest shareholder.
|
•
|
obtaining additional bank financing, including a $250 million debt facility for the three East Coast of Canada newbuilding shuttle tankers, a $40 million debt facility for six un-mortgaged vessels, and a new $35 million tranche added to an existing debt facility secured by two shuttle tankers;
|
•
|
extending $75 million of the outstanding principal amount of an existing revolving credit facility financing for the
Petrojarl Varg
FPSO unit until late-2017;
|
•
|
extending the majority of the principal maturity payments to late-2018 for two of Teekay Offshore's existing NOK senior unsecured bonds, previously due in January 2017 and January 2018, and agreeing to pay a portion of the outstanding principal amount under these facilities in October 2016, October 2017, and January 2018;
|
•
|
agreeing with Teekay Parent that, until Teekay Offshore's NOK bonds maturing 2018 have been repaid, all cash distributions to be paid to Teekay Parent or its affiliates, including Teekay Offshore's general partner, will instead be paid in common units of Teekay Offshore;
|
•
|
agreeing that, until Teekay Offshore's NOK bonds maturing 2018 have been repaid, Teekay Offshore will only pay distributions in cash to third party holders of Teekay Offshore’s common units if the amount of the cash distributions is matched or exceeded by the proceeds raised through the issuance of additional Teekay Offshore equity in advance of, or within six months following, the payment of such distributions;
|
•
|
extending to January 2019 the maturity date of $200 million in obligations owing to Teekay Parent under the terms of a promissory note pursuant to which Teekay Offshore will pay Teekay Parent interest at a rate of 10.0% per annum, one half of which will be paid in cash, and the other half of which will be paid in common units of Teekay Offshore or from the proceeds of the sale of equity securities by Teekay Offshore;
|
•
|
issuing $200 million of equity, consisting of (i) $100 million of Teekay Offshore's Series D Preferred Units (with a two-year payment-in-kind option to be settled in common units) plus 4.5 million warrants with an exercise price of $4.55 per common unit and 2.25 million warrants with an exercise price of $6.05 per common unit to a group of investors and affiliated parties, including Teekay Parent, which invested $26 million, Peter Evensen, and two entities established by Teekay Parent's founder, including Resolute, Teekay Parent's largest shareholder, and (ii) $100 million of common units at a price of $4.55 per unit to a group of investors;
|
•
|
cancellation of the shipbuilding contracts for the two remaining UMS newbuildings by Teekay Offshore's subsidiary Logitel; and
|
•
|
amending the terms of certain interest rate swaps to defer the counterparties’ early termination options and extending and increasing the threshold of existing cross currency swaps related to Teekay Offshore's two NOK bonds that have been extended as part of these initiatives.
|
|
|
|
Remainder of
|
|
|
|
|
|
|
|
|
|
Beyond
|
|||||||
|
Total
|
|
2016
|
|
2017
|
|
2018
|
|
2019
|
|
2020
|
|
2020
|
|||||||
|
In millions of U.S. Dollars
|
|||||||||||||||||||
Teekay Offshore
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
Bond repayments
(1)(2)
|
587.0
|
|
|
21.5
|
|
|
21.5
|
|
|
124.4
|
|
|
419.6
|
|
|
—
|
|
|
—
|
|
Scheduled repayments of long-term debt
(1)
|
2,059.3
|
|
|
176.4
|
|
|
399.0
|
|
|
355.0
|
|
|
310.7
|
|
|
224.8
|
|
|
593.4
|
|
Repayments on maturity of long-term debt
(1)
|
652.8
|
|
|
—
|
|
|
219.7
|
|
|
144.1
|
|
|
25.0
|
|
|
40.0
|
|
|
224.0
|
|
Chartered-in vessels (operating leases)
|
151.1
|
|
|
38.8
|
|
|
59.8
|
|
|
35.4
|
|
|
17.1
|
|
|
—
|
|
|
—
|
|
Newbuildings installments/conversion
(3)
|
941.1
|
|
|
470.2
|
|
|
402.3
|
|
|
68.6
|
|
|
—
|
|
|
—
|
|
|
—
|
|
Asset retirement obligation
|
19.3
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
19.3
|
|
|
—
|
|
|
4,410.6
|
|
|
706.9
|
|
|
1,102.3
|
|
|
727.5
|
|
|
772.4
|
|
|
284.1
|
|
|
817.4
|
|
Teekay LNG
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
Bond repayments
(2)(4)
|
310.9
|
|
|
—
|
|
|
83.7
|
|
|
107.6
|
|
|
—
|
|
|
119.6
|
|
|
—
|
|
Scheduled repayments of long-term debt
(2)(5)
|
629.9
|
|
|
60.8
|
|
|
124.8
|
|
|
115.5
|
|
|
64.3
|
|
|
62.8
|
|
|
201.7
|
|
Repayments on maturity of long-term debt
(2)(5)
|
962.6
|
|
|
25.0
|
|
|
—
|
|
|
580.9
|
|
|
31.5
|
|
|
—
|
|
|
325.2
|
|
Commitments under capital leases
(6)
|
307.1
|
|
|
11.5
|
|
|
46.2
|
|
|
42.5
|
|
|
15.3
|
|
|
15.3
|
|
|
176.3
|
|
Commitments under operating leases
(7)
|
307.6
|
|
|
12.1
|
|
|
24.1
|
|
|
24.1
|
|
|
24.1
|
|
|
24.1
|
|
|
199.1
|
|
Newbuildings installments/shipbuilding supervision
(8)
|
3,186.5
|
|
|
331.3
|
|
|
1,016.6
|
|
|
1,107.0
|
|
|
528.6
|
|
|
203.0
|
|
|
—
|
|
|
5,704.6
|
|
|
440.7
|
|
|
1,295.4
|
|
|
1,977.6
|
|
|
663.8
|
|
|
424.8
|
|
|
902.3
|
|
Teekay Tankers
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
Scheduled repayments of long-term debt
(9)
|
546.0
|
|
|
83.2
|
|
|
128.4
|
|
|
111.8
|
|
|
110.0
|
|
|
110.0
|
|
|
2.6
|
|
Repayments on maturity of long-term debt
(9)
|
508.7
|
|
|
—
|
|
|
77.6
|
|
|
65.5
|
|
|
—
|
|
|
—
|
|
|
365.6
|
|
Chartered-in vessels (operating leases)
(10)
|
70.0
|
|
|
21.0
|
|
|
22.2
|
|
|
8.8
|
|
|
8.3
|
|
|
8.3
|
|
|
1.4
|
|
|
1,124.7
|
|
|
104.2
|
|
|
228.2
|
|
|
186.1
|
|
|
118.3
|
|
|
118.3
|
|
|
369.6
|
|
Teekay Parent
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
Bond repayments
(11)
|
592.7
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
592.7
|
|
|
—
|
|
Scheduled repayments of long-term debt
(11)
|
136.5
|
|
|
29.8
|
|
|
53.3
|
|
|
53.4
|
|
|
—
|
|
|
—
|
|
|
—
|
|
Repayments on maturity of long-term debt
(11)
|
111.9
|
|
|
50.0
|
|
|
—
|
|
|
61.9
|
|
|
—
|
|
|
—
|
|
|
—
|
|
Chartered-in vessels (operating leases)
|
14.1
|
|
|
4.6
|
|
|
9.1
|
|
|
0.4
|
|
|
—
|
|
|
—
|
|
|
—
|
|
Asset retirement obligation
|
23.9
|
|
|
—
|
|
|
—
|
|
|
23.9
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
879.1
|
|
|
84.4
|
|
|
62.4
|
|
|
139.6
|
|
|
—
|
|
|
592.7
|
|
|
—
|
|
Total
|
12,119.0
|
|
|
1,336.2
|
|
|
2,688.3
|
|
|
3,030.8
|
|
|
1,554.5
|
|
|
1,419.9
|
|
|
2,089.3
|
|
(1)
|
Excludes expected interest payments of $54.6 million (remainder of
2016
), $95.9 million (
2017
), $79.1 million (
2018
), $45.8 million (
2019
), $26.3 million (2020) and $47.3 million (beyond
2020
). Expected interest payments are based on existing interest rates (fixed-rate loans) and LIBOR or NIBOR, plus margins which ranged between 0.30% and 5.75% (variable rate loans) as at
June 30, 2016
. The expected interest payments do not reflect the effect of related interest rate swaps that we have used as an economic hedge of certain of our variable rate debt and Norwegian Kroner (or
NOK
) -denominated obligations.
|
(2)
|
Euro-denominated and NOK-denominated obligations are presented in U.S. Dollars and have been converted using the prevailing exchange rate as of
June 30, 2016
.
|
(3)
|
Consists of Teekay Offshore’s four towing and offshore installation newbuildings, three shuttle tanker newbuildings, its 50% interest in an FPSO conversion for the Libra field, upgrades of the Petrojarl I FPSO unit, and the FSO conversion for the Randgrid shuttle tanker. Teekay Offshore has pre-arranged undrawn financing of approximately $738.3 million relating to its capital expenditure commitments.
|
(4)
|
Excludes expected interest payments of
$8.3 million
(remainder of
2016
),
$13.1 million
(
2017
),
$9.5 million
(
2018
),
$5.6 million
(
2019
), and
$2.8 million
(
2020
). Expected interest payments are based on NIBOR at
June 30, 2016
, plus margins that range up to 5.25%, as well as the prevailing U.S. Dollar/NOK exchange rate as of
June 30, 2016
. The expected interest payments do not reflect the effect of the related cross-currency swaps that we have used as an economic hedge of our foreign exchange and interest rate exposure associated with our NOK-denominated long-term debt.
|
(5)
|
Excludes expected interest payments of $15.7 million (remainder of 2016), $29.1 million (2017), $20.4 million (2018), $12.0 million (2019), $11.0 million (2020) and $35.4 million (beyond 2020). Expected interest payments are based on LIBOR or EURIBOR at
June 30, 2016
, plus margins on debt that has been drawn that ranges up to 2.80% (variable-rate loans), as well as the prevailing U.S. Dollar/Euro exchange rate as of
June 30, 2016
. The expected interest payments do not reflect the effect of related interest rate swaps that we have used as an economic hedge of certain of our variable-rate debt.
|
(6)
|
Includes, in addition to lease payments, amounts Teekay LNG may be or are required to pay to purchase the leased vessels at the end of their respective lease terms. For two of Teekay LNG's three capital lease obligations, the lessor has the option to sell two Suezmax tankers under capital lease to Teekay LNG at any time during the remaining lease term; however, in this table Teekay LNG has assumed the lessor will not exercise its right to sell the two Suezmax tankers to it until after the lease term expire, which is during the years 2017 to 2018. The purchase price for any Suezmax tanker Teekay LNG is required to purchase would be based on the unamortized portion of the vessel construction financing costs for the vessels, which are included in the table above. We expect Teekay LNG to satisfy any such purchase price by assuming the existing vessel financing, although it may be required to obtain separate debt or equity financing to complete any purchases if the lenders do not consent to its assuming the financing obligations.
|
(7)
|
Teekay LNG has corresponding leases whereby it is the lessor and expects to receive approximately
$270.9 million
for these leases from the remainder of 2016 to 2029.
|
(8)
|
Between
December 2013
and
June 2016
, Teekay LNG entered into agreements for the construction of 10 wholly-owned LNG carrier newbuildings. As of
June 30, 2016
, the estimated remaining costs for these newbuildings totaled
$1.7 billion
, including estimated interest and construction supervision fees. As of June 30, 2016, Teekay LNG has secured financing of
$176 million
related to the
$133 million
of LNG carrier newbuilding commitments included in the table above.
|
(9)
|
Excludes expected interest payments of
$11.5 million
(remaining in
2016
),
$20.1 million
(
2017
),
$16.4 million
(
2018
),
$13.4 million
(
2019
),
$10.7 million
(
2020
) and
$4.7 million
(beyond
2020
). Expected interest payments are based on the existing interest rates for variable-rate loans at LIBOR plus margins that range from
0.30%
to
2.00%
at
June 30, 2016
. The expected interest payments do not reflect the effect of related interest rate swaps that we have used to hedge certain of our floating-rate debt.
|
(10)
|
Excludes payments
required
if Teekay Tankers executes all options to extend the terms of in-chartered leases signed as of
June 30, 2016
. If Teekay Tankers exercises all options to extend the terms of signed in-chartered leases, it would expect total payments of
$21.0 million
(remaining in
2016
),
$34.0 million
(
2017
),
$17.2 million
(
2018
),
$8.3 million
(
2019
),
$8.3 million
(
2020
) and
$1.4 million
(beyond
2020
).
|
(11)
|
Excludes expected interest payments of $29.8 million (remainder of 2016), $56.8 million (2017), $53.0 million (2018), $50.4 million (2019), and $25.2 million (2020). Expected interest payments
are
based on the existing interest rate for a fixed-rate loan at 8.5% and existing interest rates for variable-rate loans that are based on LIBOR plus margins which ranged between 3.0% and 4.0% as at
June 30, 2016
. The expected interest payments do not reflect the effect or related interest rate swaps that Teekay Parent uses as an economic hedge of certain of its variable rate debt. The amounts in the table include the impact of r
efinancing $150 million of an existing revolving credit facility relating to Teekay Parent’s three directly-owned FPSO units.
|
•
|
our future financial condition or results of operations and future revenues and expenses;
|
•
|
our business strategy and other plans and objectives for future operations;
|
•
|
our future growth prospects and future trends of the markets in which we operate;
|
•
|
offshore, LNG, LPG, LR2 and tanker market conditions and fundamentals, including the balance of supply and demand in these markets and spot tanker charter rates, price of oil, and oil production in the tanker market;
|
•
|
the relative size of the newbuilding orderbook and the pace of future newbuilding orders in the tanker industry generally;
|
•
|
the ability of TIL to benefit from the cyclical tanker market;
|
•
|
operating expenses, availability of crew and crewing costs, number of off-hire days, dry-docking requirements and durations and the adequacy and cost of insurance;
|
•
|
our expectations and estimates regarding future charter business, including with respect to minimum charter hire payments, revenues and our vessels' ability to perform to specifications and maintain their hire rates in the future;
|
•
|
certainty of completion, estimated delivery and completion dates, our ability to obtain charter contracts for newbuildings that are not yet subject to fixed-rate contracts, commencement of charter, intended financing and estimated costs for newbuildings, acquisitions and conversions;
|
•
|
the impact of the Principal Maritime vessel and SPT acquisition on Teekay Tankers’ cash flows and fleet utilization;
|
•
|
payment of additional consideration for our acquisitions of ALP and Logitel and the capabilities of the ALP vessels and the UMS;
|
•
|
the expected technical and operational capabilities of newbuildings, including the benefits of the MEGI twin engines in certain LNG carrier newbuildings;
|
•
|
our ability to obtain charter contracts for newbuildings or other vessels;
|
•
|
our ability to maximize the use of our vessels, including the re-deployment or disposition of vessels no longer under long-term time charter;
|
•
|
future capital expenditure and the availability of capital resources to fund capital expenditures;
|
•
|
our liquidity needs and anticipated funds for liquidity needs and the sufficiency of cash flows;
|
•
|
our expected sources of funds for liquidity and working capital needs and our ability to enter into new bank financings and to refinance existing indebtedness;
|
•
|
the impact of recent financing initiatives on the financial position of Teekay Parent and Teekay Offshore;
|
•
|
the expected timing, amount and method of financing for newbuilding vessels and the possible purchase of two of Teekay LNG's leased Suezmax tankers, the
Teide Spirit
and the
Toledo Spirit
;
|
•
|
expected financing for the Yamal LNG Joint Venture;
|
•
|
our expectations regarding the financing, schedule and performance of the Bahrain LNG Joint Venture, and our expectations regarding the supply, modification and charter of the FSU vessel for the project;
|
•
|
expected funding of Teekay LNG's proportionate share of the remaining shipyard installment payments for the BG Joint Venture;
|
•
|
the cost of supervision and crew training in relation to the BG Joint Venture and our expected recovery of a portion of those costs;
|
•
|
future debt refinancings and our ability to fulfill our debt obligations;
|
•
|
compliance with financing agreements and the expected effect of restrictive covenants in such agreements;
|
•
|
the expected resolution of legal claims against us;
|
•
|
the outcome of claims by Sevan due to the failure, prior to Teekay Offshore’s acquisition of Logitel, of Sevan to obtain shareholder approval under Norwegian law for certain transactions;
|
•
|
the outcome of the cancellation of the UMS newbuildings;
|
•
|
the outcome of the claim from Petrobras associated with the
Piranema Spirit
FPSO;
|
•
|
the future resumption of a LNG plant in Yemen operated by YLNG and expected repayment of deferred hire amounts on Teekay LNG’s two 52% owned vessels, the
Marib Spirit
and
Arwa Spirit
, on charter to YLNG;
|
•
|
our expectations regarding whether the UK taxing authority can successfully challenge the tax benefits available under certain of our former and current leasing arrangements, and the potential financial exposure to us if such a challenge is successful;
|
•
|
the future valuation or impairment of goodwill;
|
•
|
the expected lifespan of our vessels, including our expectations as to any impairment of our vessels;
|
•
|
expected uses of proceeds from vessel or securities transactions;
|
•
|
the ability of the counterparties for our derivative contracts to fulfill their contractual obligations;
|
•
|
our hedging activities relating to foreign exchange, interest rate and spot market risks, and potential variance in the amounts recorded as derivative assets and liabilities;
|
•
|
our exposure to foreign currency fluctuations;
|
•
|
our expectations regarding uncertain tax positions;
|
•
|
the timing and amount of dividends distributed by our equity accounted joint ventures;
|
•
|
the distribution and dividend policies of our publicly-listed subsidiaries, Teekay Offshore, Teekay LNG and Teekay Tankers, including the temporary nature of current reduced distribution levels for Teekay Offshore and Teekay LNG; and
|
•
|
our ability to pay dividends on our common stock and common units and the temporary nature of recent reductions to such distributions.
|
|
|
|
|
|
Fair Value /
Carrying Amount Of Asset (Liability) (3) $ |
|
Expected Maturity
|
|||||||
|
Contract Amount in
Foreign Currency (1) |
|
Average
Forward Rate (2) |
|
|
2016
(3)
|
|
2017
(3)
|
||||||
|
|
|
|
$
|
|
$
|
||||||||
Euro
|
4,500
|
|
|
0.92
|
|
|
124
|
|
|
4,886
|
|
|
—
|
|
Norwegian Kroner
|
762,500
|
|
|
8.02
|
|
|
(3,869
|
)
|
|
47,151
|
|
|
47,947
|
|
Singapore Dollar
|
19,637
|
|
|
1.35
|
|
|
(17
|
)
|
|
14,592
|
|
|
—
|
|
|
|
|
|
|
(3,762
|
)
|
|
66,629
|
|
|
47,947
|
|
(1)
|
Foreign currency contract amounts in thousands.
|
(2)
|
Average contractual exchange rate represents the contractual amount of foreign currency one U.S. Dollar will buy.
|
(3)
|
Contract amounts and fair value amounts in thousands of U.S. Dollars.
|
|
|
|
|
|
|
|
|
|
|
Fair Value /
Carrying Amount of Asset / (Liability) (1) $ |
|
|
|||||
Notional
Amount NOK (1) |
|
Notional
Amount USD (1) |
|
Floating Rate Receivable
|
|
|
|
|
|
||||||||
|
|
Reference
Rate |
|
Margin
|
|
Fixed Rate
Payable |
|
|
Remaining
(Term (years) |
||||||||
700,000
|
|
125,000
|
|
|
NIBOR
|
|
5.25
|
%
|
|
6.88
|
%
|
|
(44,079
|
)
|
|
0.8
|
|
900,000
|
|
150,000
|
|
|
NIBOR
|
|
4.35
|
%
|
|
6.43
|
%
|
|
(48,959
|
)
|
|
2.2
|
|
1,000,000
|
|
134,000
|
|
|
NIBOR
|
|
3.70
|
%
|
|
5.92
|
%
|
|
(20,923
|
)
|
|
3.9
|
|
600,000
(1)(2)
|
|
101,351
|
|
|
NIBOR
|
|
5.75
|
%
|
|
8.84
|
%
|
|
(34,817
|
)
|
|
2.4
|
|
800,000
(1)(3)
|
|
143,536
|
|
|
NIBOR
|
|
5.75
|
%
|
|
7.58
|
%
|
|
(55,132
|
)
|
|
2.5
|
|
1,000,000
|
|
162,200
|
|
|
NIBOR
|
|
4.25
|
%
|
|
7.45
|
%
|
|
(54,658
|
)
|
|
2.6
|
|
|
|
|
|
|
|
|
|
|
|
(258,568
|
)
|
|
|
(1)
|
In thousands of Norwegian Kroner and U.S. Dollars.
|
(2)
|
Excludes an economic hedge on the foreign currency exposure for a
three
percent premium upon maturity of the NOK bonds which exchanges NOK
7.2 million
for
$1.2 million
(see note 8).
|
(3)
|
Excludes an economic hedge on the foreign currency exposure for a
three
percent premium upon maturity of the NOK bonds which exchanges NOK
19.2 million
for
$3.4 million
(see note 8)
|
|
Expected Maturity Date
|
|
Fair Value
Asset /
(Liability)
|
|
|
||||||||||||
|
Balance
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||
|
2016
|
2017
|
|
2018
|
|
2019
|
|
2020
|
|
Thereafter
|
|
Total
|
|
Rate
(1)
|
|||
|
(in millions of U.S. dollars)
|
||||||||||||||||
Long-Term Debt:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Variable Rate ($U.S.)
(2)
|
409.3
|
|
970.9
|
|
1,331.4
|
|
507.0
|
|
403.9
|
|
1,533.1
|
|
5,155.6
|
|
(4,946.2)
|
|
2.4%
|
Variable Rate (Euro)
(3)(4)
|
7.8
|
|
16.4
|
|
131.8
|
|
9.4
|
|
10.1
|
|
64.3
|
|
239.8
|
|
(228.6)
|
|
1.2%
|
Variable Rate (NOK)
(4)(5)
|
21.5
|
|
105.2
|
|
232.0
|
|
119.6
|
|
119.5
|
|
—
|
|
597.8
|
|
(545.1)
|
|
5.7%
|
Fixed-Rate Debt ($U.S.)
|
8.1
|
|
15.6
|
|
24.9
|
|
325.0
|
|
616.3
|
|
115.3
|
|
1,105.2
|
|
(963.0)
|
|
7.3%
|
Average Interest Rate
|
4.8%
|
|
3.9%
|
|
4.2%
|
|
5.9%
|
|
8.8%
|
|
4.7%
|
|
7.3%
|
|
|
|
|
Capital Lease Obligations
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Fixed-Rate ($U.S.)
(6)
|
5.4
|
|
34.5
|
|
32.9
|
|
7.0
|
|
7.4
|
|
142.0
|
|
229.2
|
|
(229.2)
|
|
5.5%
|
Average Interest Rate
(7)
|
5.5%
|
|
4.8%
|
|
6.2%
|
|
5.5%
|
|
5.5%
|
|
5.5%
|
|
5.5%
|
|
|
|
|
Interest Rate Swaps:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Contract Amount ($U.S.)
(8)
|
490.8
|
|
611.4
|
|
417.1
|
|
623.3
|
|
551.5
|
|
1,288.6
|
|
3,982.7
|
|
(458.7)
|
|
3.1%
|
Average Fixed Pay Rate
(2)
|
2.5%
|
|
3.1%
|
|
3.1%
|
|
3.7%
|
|
2.8%
|
|
3.3%
|
|
3.1%
|
|
|
|
|
Contract Amount (Euro)
(4)(9)
|
7.8
|
|
16.5
|
|
131.7
|
|
9.4
|
|
10.1
|
|
64.3
|
|
239.8
|
|
(41.2)
|
|
3.1%
|
Average Fixed Pay Rate
(3)
|
3.1%
|
|
3.1%
|
|
2.6%
|
|
3.7%
|
|
3.7%
|
|
3.9%
|
|
3.1%
|
|
|
|
|
(1)
|
Rate refers to the weighted-average effective interest rate for our long-term debt and capital lease obligations, including the margin we pay on our floating-rate, which, as of
June 30, 2016
, ranged from 0.3% to 4.0% for U.S. Dollar denominated debt. The average interest rate for our capital lease obligations is the weighted-average interest rate implicit in our lease obligations at the inception of the leases.
|
(2)
|
Interest payments on U.S. Dollar-denominated debt and interest rate swaps are based on LIBOR. The average fixed pay rate for our interest rate swaps excludes the margin we pay on our floating-rate debt.
|
(3)
|
Interest payments on Euro-denominated debt and interest rate swaps are based on EURIBOR.
|
(4)
|
Euro-denominated and NOK-denominated amounts have been converted to U.S. Dollars using the prevailing exchange rate as of
June 30, 2016
.
|
(5)
|
Interest payments on our NOK-denominated debt and on our cross currency swaps are based on NIBOR. Our NOK-denominated debt has been economically hedged with cross currency swaps, to swap all interest and principal payments at maturity into U.S. Dollars, with the interest payments fixed at rates between 5.92% to 8.84% and interest rate payments swapped from NIBOR plus margins between 3.70% to 5.75% and the transfer of principal fixed between $101.4 million to $162.2 million upon maturity in exchange for NOK 600 million to NOK 1 billion.
|
(6)
|
The amount of capital lease obligations represents the present value of minimum lease payments together with our purchase obligation, as applicable.
|
(7)
|
The average interest rate is the weighted-average interest rate implicit in the capital lease obligations at the inception of the leases. Interest rate adjustments on these leases have corresponding adjustments in charter receipts under the terms of the charter contracts to which these leases relate.
|
(8)
|
The average variable receive rate for our interest rate swaps is set quarterly at the 3-month LIBOR or semi-annually at the 6-month LIBOR. The table above does not reflect Teekay LNG’s interest rate swaption agreement, whereby Teekay LNG has a one-time option to enter into an interest rate swap at a fixed rate with a third party, and the third party has a one-time option to require Teekay LNG to enter into an interest rate swap at a fixed rate. If Teekay LNG or the third party exercises its option, there will be a cash settlement for the fair value of the interest rate swap in lieu of taking delivery of the actual interest rate swap. The net fair value of the interest rate swaption agreements as of
June 30, 2016
was a liability of
$19.5 million
.
|
(9)
|
The average variable receive rate for our Euro-denominated interest rate swaps is set at 1-month EURIBOR.
|
•
|
the level of cash flows from operations;
|
•
|
the level of capital expenditures it makes;
|
•
|
the cost of any acquisitions;
|
•
|
its debt service requirements;
|
•
|
fluctuations in its working capital needs;
|
•
|
restrictions on distributions contained in its debt agreements;
|
•
|
prevailing economic and market conditions;
|
•
|
the cost of capital;
|
•
|
limitations under Marshall Islands laws; and
|
•
|
the amount of cash reserves established by its general partner or board of directors, as applicable, in its sole discretion for the proper conduct of its business.
|
•
|
27.8% of the outstanding common units and 26% of the outstanding Series D Preferred Units, as well as a 2% general partner interest and all of the incentive distribution rights, in Teekay Offshore; and
|
•
|
31.7% of the outstanding common units, a 2% general partner interest and all of the incentive distribution rights in Teekay LNG.
|
•
|
to provide for the proper conduct of partnership business and the businesses of its operating subsidiaries (including reserves for future capital expenditures and for anticipated future credit needs);
|
•
|
to provide funds for distributions to the respective unitholders (including the preferred unitholders) and the respective general partner for any one or more of the next four calendar quarters; or
|
•
|
to comply with applicable law or any loan or other agreements.
|
•
|
21,978,022 common units;
|
•
|
4,000,000 Series D Preferred Units and warrants exercisable for up to 6,750,000 common units;
|
•
|
8,323,809 common units in consideration for the exchange and cancellation of 1,920,668 Series C Preferred Units; and
|
•
|
8,517,745 Series C-1 Preferred Units in consideration for the exchange and cancellation of the remaining 8,517,745 Series C Preferred Units.
|
•
|
the customer fails to make payments because of its financial inability, disagreements with us or otherwise;
|
•
|
we agree to reduce the payments due to us under a contract because of the customer's inability to continue making the original payments;
|
•
|
the customer exercises certain rights to terminate the contract; or
|
•
|
the customer terminates the contract because we fail to deliver the vessel within a fixed period of time, the vessel is lost or damaged beyond repair, there are serious deficiencies in the vessel or prolonged periods of off-hire, or we default under the contract.
|
Terms Expiring in 2018
|
|
Votes For
|
|
Votes Against or Withheld
|
|
Shares which Abstained
|
|
Broker Non-Votes
|
Peter S. Janson
|
|
47,582,229
|
|
2,296,141
|
|
N/A
|
|
N/A
|
Eileen A. Mercier
|
|
40,669,043
|
|
9,209,327
|
|
N/A
|
|
N/A
|
Tore I. Sandvold
|
|
49,599,776
|
|
278,594
|
|
N/A
|
|
N/A
|
•
|
REGISTRATION STATEMENT ON FORM F-3 (FILE NO. 333-97746) FILED WITH THE SEC ON OCTOBER 4, 1995;
|
•
|
REGISTRATION STATEMENT ON FORM S-8 (FILE NO. 333-42434) FILED WITH THE SEC ON JULY 28, 2000;
|
•
|
REGISTRATION STATEMENT ON FORM S-8 (FILE NO. 333-119564) FILED WITH THE SEC ON OCTOBER 6, 2004;
|
•
|
REGISTRATION STATEMENT ON FORM S-8 (FILE NO. 333-147683) FILED WITH THE SEC ON NOVEMBER 28, 2007;
|
•
|
REGISTRATION STATEMENT ON FORM S-8 (FILE NO. 333-166523) FILED WITH THE SEC ON MAY 5, 2010;
|
•
|
REGISTRATION STATEMENT ON FORM S-8 (FILE NO. 333-187142) FILED WITH THE SEC ON MARCH 8, 2013;
|
•
|
REGISTRATION STATEMENT ON FORM F-3ASR (NO. 333-192753) FILED WITH THE SEC ON DECEMBER 10, 2013;
|
•
|
REGISTRATION STATEMENT ON FORM F-3 (FILE NO. 333-97746) FILED WITH THE SEC ON DECEMBER 10, 2013;
|
•
|
REGISTRATION STATEMENT ON FORM F-4 (NO. 333-211069) FILED WITH THE SEC ON MAY 2, 2016;
|
•
|
REGISTRATION STATEMENT ON FORM F-3 (NO. 333-212787) FILED THE WITH SEC ON JULY 29, 2016; AND
|
•
|
REGISTRATION STATEMENT ON FORM F-3 (NO. 333-213213) FILED THE WITH SEC ON AUGUST 19, 2016.
|
|
TEEKAY CORPORATION
|
||
|
|
|
|
Date: September 1, 2016
|
By:
|
|
/s/ Vincent Lok
|
|
|
|
Vincent Lok
Executive Vice President and Chief Financial Officer
(Principal Financial and Accounting Officer)
|
1 Year Teekay Chart |
1 Month Teekay Chart |
It looks like you are not logged in. Click the button below to log in and keep track of your recent history.
Support: +44 (0) 203 8794 460 | support@advfn.com
By accessing the services available at ADVFN you are agreeing to be bound by ADVFN's Terms & Conditions