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Name | Symbol | Market | Type |
---|---|---|---|
Teekay Offshore Partners LP | NYSE:TOO | NYSE | Trust |
Price Change | % Change | Price | High Price | Low Price | Open Price | Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 1.545 | 0 | 01:00:00 |
|
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
|
|
|
TEEKAY OFFSHORE PARTNERS L.P.
|
||
|
|
||
|
By:
|
Teekay Offshore GP L.L.C., its general partner
|
|
|
|
||
Date: November 9, 2017
|
By:
|
|
/s/ Edith Robinson
|
|
|
|
Edith Robinson
Secretary |
|
|
•
|
Reported GAAP net
loss
attributable to the partners and preferred unitholders of
$317.5 million
and adjusted net
income
attributable to the partners and preferred unitholders
(1)
of
$3.1 million
(excluding items listed in
Appendix A
to this release) in the
third
quarter of
2017
.
|
•
|
Generated GAAP
loss
from vessel operations of
$273.7 million
(inclusive of
$316.7 million
in impairment charges) and total cash flow from vessel operations
(1)
of
$124.2 million
in the
third
quarter of
2017
.
|
•
|
Generated distributable cash flow
(1)
of
$13.4 million
, or
$0.08
per common unit, in the
third
quarter of
2017
.
|
•
|
On September 25, 2017, completed the previously announced comprehensive transaction with Brookfield.
|
•
|
In October 2017, the
Randgrid
FSO unit commenced its charter contract with Statoil on the Gina Krog oil and gas field in the Norwegian sector of the North Sea.
|
•
|
In October and November 2017, took delivery of two of the East Coast Canada shuttle tanker newbuildings, the
Beothuk Spirit
and the
Norse Spirit
, and one towage newbuilding vessel, the
ALP Sweeper
.
|
•
|
In November 2017, entered into heads of terms to continue production on the
Voyageur Spirit
FPSO unit to April 2019; and recently received notice that the
Rio das Ostras
FPSO unit will be redelivered upon expiration of the firm period in January 2018.
|
|
|
Three Months Ended
|
|||||
|
|
September 30,
|
June 30,
|
September 30,
|
|||
|
|
2017
|
2017
(2)
|
2016
|
|||
(in thousands of U.S. Dollars)
|
(unaudited)
|
(unaudited)
|
(unaudited)
|
||||
GAAP FINANCIAL COMPARISON
|
|
|
|
||||
Revenues
|
273,626
|
|
264,792
|
|
286,298
|
|
|
(Loss) income from vessel operations
|
(273,707
|
)
|
46,218
|
|
61,739
|
|
|
Equity income
|
4,416
|
|
3,425
|
|
4,937
|
|
|
Net (loss) income
|
(320,276
|
)
|
(16,466
|
)
|
50,861
|
|
|
Net (loss) income attributable to the partners and preferred unitholders
|
(317,491
|
)
|
(20,005
|
)
|
47,700
|
|
|
NON-GAAP FINANCIAL COMPARISON
|
|
|
|
|
|
|
|
Total cash flow from vessel operations (
CFVO
)
(1)
|
124,181
|
|
134,601
|
|
139,188
|
|
|
Distributable cash flow (
DCF
)
(1)
|
13,382
|
|
27,242
|
|
31,780
|
|
|
Adjusted net income attributable to the partners and preferred unitholders
(1)
|
3,064
|
|
10,427
|
|
10,004
|
|
(1)
|
These are non-GAAP financial measures. Please refer to “Definitions and Non-GAAP Financial Measures” and the Appendices to this release for definitions of these terms and reconciliations of these non-GAAP financial measures as used in this release to the most directly comparable financial measures under United States generally accepted accounting principles (
GAAP
).
|
(2)
|
Please refer to Appendices in the second quarter of 2017 release for a reconciliation of these non-GAAP measures to the most directly comparable financial measures under GAAP.
|
|
|
|
|
•
|
Brookfield and Teekay Corporation (
Teekay
) invested $610 million and $30 million, respectively, in Teekay Offshore at a price of $2.50 per common unit and received 65.5 million Teekay Offshore warrants (
Warrants
) on a pro rata basis. Following the transaction, Brookfield owns approximately 60 percent and Teekay owns approximately 14 percent of the common units of Teekay Offshore;
|
•
|
Brookfield acquired from Teekay both a 49 percent interest in TOO GP in exchange for $4 million and an option to acquire an additional two percent of TOO GP, subject to the satisfaction of certain conditions, in exchange for 1.0 million of the Warrants issued to Brookfield;
|
•
|
Teekay Offshore repurchased and canceled all $304 million of the outstanding Series C-1 and Series D preferred units from the existing unitholders for an aggregate of approximately $250 million in cash, which will save approximately $28 million annually in cash distributions. Concurrently, Teekay Offshore's Series D tranche B warrants to purchase common units issued on June 29, 2016, were amended to reduce the exercise price from $6.05 to $4.55;
|
•
|
Teekay Offshore extended the mandatory prepayment date for the
Arendal Spirit
UMS debt facility to September 30, 2018 in exchange for a principal prepayment of $30 million;
|
•
|
Brookfield acquired from a subsidiary of Teekay, the $200 million loan, previously extended to Teekay Offshore, in exchange for $140 million in cash and 11.4 million of the Warrants issued to Brookfield. Brookfield extended the maturity date of the loan from 2019 to 2022;
|
•
|
Teekay Offshore transferred its shuttle tanker business into a new, wholly-owned, non-recourse subsidiary, Teekay Shuttle Tankers L.L.C. (
ShuttleCo
). As part of the formation of ShuttleCo, a majority of Teekay Offshore's shuttle tanker fleet was refinanced with a new $600 million, five-year debt facility, and two 50 percent-owned vessels were refinanced with a new $71 million, four-year debt facility. In addition, an existing $250 million debt facility secured by the three East Coast of Canada newbuildings, and an existing $141 million private placement bond secured by two vessels, were transferred from Teekay Offshore to ShuttleCo;
|
•
|
All of Teekay Offshore's existing NOK bonds due to mature in late-2018 will be repurchased with proceeds from a new five-year $250 million U.S. Dollar denominated bond offering by ShuttleCo in the Norwegian bond market, which priced at a fixed coupon of 7.125 percent per annum; and
|
•
|
Certain financial institutions providing interest rate swaps to Teekay Offshore (i) lowered the fixed interest rate on the swaps, (ii) extended the termination option of the swaps by two years to 2021, and (iii) eliminated the financial guarantee and security package currently provided by Teekay in return for a prepayment amount and fees.
|
|
|
|
|
|
Three Months Ended
|
|||||||||||||||
|
September 30, 2017
|
|||||||||||||||
(in thousands of U.S. Dollars)
|
(unaudited)
|
|||||||||||||||
|
FPSO
Segment |
Shuttle Tanker Segment
|
FSO
Segment |
UMS
Segment |
Towage
Segment |
Conventional
Tanker Segment |
Eliminations
(ii)
|
Total
|
||||||||
GAAP FINANCIAL COMPARISON
|
|
|
|
|
|
|
|
|
||||||||
Revenues
|
116,611
|
|
135,549
|
|
10,205
|
|
—
|
|
11,431
|
|
3,181
|
|
(3,351
|
)
|
273,626
|
|
(Loss) income from vessel operations
|
(236,935
|
)
|
(20,497
|
)
|
1,780
|
|
(10,053
|
)
|
(5,947
|
)
|
(1,216
|
)
|
(839
|
)
|
(273,707
|
)
|
Equity income
|
4,416
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
4,416
|
|
NON-GAAP FINANCIAL COMPARISON
|
|
|
|
|
|
|
|
|||||||||
CFVO from (used for) consolidated vessels
(i)
|
60,918
|
|
62,491
|
|
5,540
|
|
(8,413
|
)
|
(2,945
|
)
|
(1,216
|
)
|
—
|
|
116,375
|
|
CFVO from equity accounted vessels
(i)
|
7,806
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
7,806
|
|
Total CFVO
(i)
|
68,724
|
|
62,491
|
|
5,540
|
|
(8,413
|
)
|
(2,945
|
)
|
(1,216
|
)
|
—
|
|
124,181
|
|
|
|
|
|
|
|
|
|
|
||||||||
|
Three Months Ended
|
|||||||||||||||
|
September 30, 2016
|
|||||||||||||||
(in thousands of U.S. Dollars)
|
(unaudited)
|
|||||||||||||||
|
FPSO
Segment |
Shuttle Tanker Segment
|
FSO
Segment |
UMS
Segment |
Towage
Segment |
Conventional
Tanker Segment |
Eliminations
|
Total
|
||||||||
GAAP FINANCIAL COMPARISON
|
|
|
|
|
|
|
|
|
||||||||
Revenues
|
121,294
|
|
128,482
|
|
14,251
|
|
13,395
|
|
5,345
|
|
3,531
|
|
—
|
|
286,298
|
|
Income (loss) from vessel operations
|
30,929
|
|
30,281
|
|
5,664
|
|
777
|
|
(5,121
|
)
|
(791
|
)
|
—
|
|
61,739
|
|
Equity income
|
4,937
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
4,937
|
|
NON-GAAP FINANCIAL COMPARISON
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||
CFVO from (used for) consolidated vessels
(i)
|
63,064
|
|
59,745
|
|
9,431
|
|
2,424
|
|
(2,086
|
)
|
(791
|
)
|
—
|
|
131,787
|
|
CFVO from equity accounted vessels
(i)
|
7,401
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
7,401
|
|
Total CFVO
(i)
|
70,465
|
|
59,745
|
|
9,431
|
|
2,424
|
|
(2,086
|
)
|
(791
|
)
|
—
|
|
139,188
|
|
(i)
|
These are non-GAAP financial measures. Please refer to “Definitions and Non-GAAP Financial Measures” and the Appendices to this release for definitions of these terms and reconciliations of these non-GAAP financial measures as used in this release to the most directly comparable financial measures under GAAP.
|
(ii)
|
Includes revenues and expenses earned and incurred between segments of Teekay Offshore, during the three months ended
September 30, 2017
.
|
|
|
|
|
|
Number of Vessels
|
|||||||||||
|
Owned Vessels
|
Chartered-in Vessels
|
Committed Newbuildings / Conversions / Upgrade
|
Total
|
||||||||
FPSO Segment
|
6
|
|
(i)
|
—
|
|
|
2
|
|
(ii)
|
8
|
|
|
Shuttle Tanker Segment
|
29
|
|
(iii)
|
3
|
|
|
4
|
|
(iv)
|
36
|
|
|
FSO Segment
|
6
|
|
(v)
|
—
|
|
|
—
|
|
|
6
|
|
|
UMS Segment
|
1
|
|
|
—
|
|
|
—
|
|
|
1
|
|
|
Towage Segment
|
9
|
|
(vi)
|
—
|
|
|
1
|
|
(vii)
|
10
|
|
|
Conventional Segment
|
—
|
|
|
2
|
|
|
—
|
|
|
2
|
|
|
Total
|
51
|
|
|
5
|
|
|
7
|
|
|
63
|
|
|
(i)
|
Includes one FPSO unit, the
Cidade de Itajai
FPSO, in which Teekay Offshore’s ownership interest is 50 percent.
|
(ii)
|
Consists of the
Petrojarl I
FPSO upgrade project and Teekay Offshore’s 50 percent ownership interest in the
Libra
FPSO conversion project, which units are scheduled to commence operations in early-2018 and late-2017, respectively.
|
(iii)
|
Includes (a) six shuttle tankers in which Teekay Offshore’s ownership interest is 50 percent, (b) the
HiLoad
DP unit and (c) one Suezmax-size DP2 shuttle tanker newbuilding that delivered to Teekay Offshore in October 2017 for employment under the East Coast of Canada charter contracts.
|
(iv)
|
Includes two Suezmax-size DP2 shuttle tanker newbuildings scheduled to deliver in November 2017 and early-2018 for employment under the East Coast of Canada charter contracts and two additional Suezmax-size DP2 shuttle tanker newbuildings scheduled for delivery in late-2019 and early-2020, which will
provide shuttle tanker services in the North Sea under Teekay Offshore’s existing master agreement with Statoil.
|
(v)
|
Includes the
Randgrid
FSO unit which commenced its charter contract with Statoil on the Gina Krog oil and gas field in early October 2017; excludes the
Navion Saga
, which was sold in early-October 2017.
|
(vi)
|
Includes the
ALP Sweeper
long-distance towing and offshore installation vessel newbuilding which delivered to Teekay Offshore in early-October 2017.
|
(vii)
|
Consists of one long-distance towing and offshore installation vessel newbuilding scheduled to be delivered in
early-2018
.
|
|
|
•
|
By dialing 1-800-239-9838 or 416-640-5944, if outside North America, and quoting conference ID code 7283934.
|
•
|
By accessing the webcast, which will be available on Teekay Offshore's website at
www.teekay.com
(the archive will remain on the website for a period of one year).
|
|
|
|
|
|
|
Three Months Ended
|
Nine Months Ended
|
||||||||
|
|
September 30,
|
June 30,
|
September 30,
|
September 30,
|
September 30,
|
|||||
|
|
2017
|
2017
|
2016
|
2017
|
2016
|
|||||
|
|
(unaudited)
|
(unaudited)
|
(unaudited)
|
(unaudited)
|
(unaudited)
|
|||||
|
|
|
|
|
|
|
|
|
|
|
|
Revenues
|
273,626
|
|
264,792
|
|
286,298
|
|
814,556
|
|
877,470
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Voyage expenses
|
(25,102
|
)
|
(20,196
|
)
|
(21,495
|
)
|
(70,439
|
)
|
(57,427
|
)
|
|
Vessel operating expenses
|
(86,769
|
)
|
(89,705
|
)
|
(94,008
|
)
|
(255,464
|
)
|
(280,121
|
)
|
|
Time-charter hire expenses
|
(20,677
|
)
|
(19,507
|
)
|
(18,894
|
)
|
(61,940
|
)
|
(53,045
|
)
|
|
Depreciation and amortization
|
(75,304
|
)
|
(74,287
|
)
|
(74,159
|
)
|
(224,317
|
)
|
(223,138
|
)
|
|
General and administrative
|
(19,870
|
)
|
(13,379
|
)
|
(15,201
|
)
|
(47,866
|
)
|
(43,491
|
)
|
|
Write-down of vessels
(1)
|
(316,726
|
)
|
(1,500
|
)
|
—
|
|
(318,226
|
)
|
(43,650
|
)
|
|
Restructuring charge
|
(2,885
|
)
|
—
|
|
(802
|
)
|
(3,335
|
)
|
(2,289
|
)
|
|
(Loss) income from vessel operations
|
(273,707
|
)
|
46,218
|
|
61,739
|
|
(167,031
|
)
|
174,309
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest expense
|
(38,819
|
)
|
(36,602
|
)
|
(35,379
|
)
|
(111,525
|
)
|
(104,752
|
)
|
|
Interest income
|
710
|
|
406
|
|
298
|
|
1,462
|
|
995
|
|
|
Realized and unrealized (loss) gain
|
|
|
|
|
|
|
|
|
|
|
|
|
on derivative instruments
(2)
|
(19,232
|
)
|
(21,797
|
)
|
20,247
|
|
(47,561
|
)
|
(102,280
|
)
|
Equity income
|
4,416
|
|
3,425
|
|
4,937
|
|
12,316
|
|
13,846
|
|
|
Foreign currency exchange (loss) gain
(3)
|
(6,526
|
)
|
(6,564
|
)
|
817
|
|
(13,313
|
)
|
(15,108
|
)
|
|
Other income (expense) - net
(4)
|
15,174
|
|
(1,134
|
)
|
(195
|
)
|
14,262
|
|
(21,472
|
)
|
|
(Loss) income before income tax (expense) recovery
|
(317,984
|
)
|
(16,048
|
)
|
52,464
|
|
(311,390
|
)
|
(54,462
|
)
|
|
Income tax (expense) recovery
|
(2,292
|
)
|
(418
|
)
|
(1,603
|
)
|
(4,089
|
)
|
2,671
|
|
|
Net (loss) income
|
(320,276
|
)
|
(16,466
|
)
|
50,861
|
|
(315,479
|
)
|
(51,791
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-controlling interests in net (loss) income
|
(2,785
|
)
|
3,539
|
|
3,161
|
|
3,126
|
|
7,545
|
|
|
Preferred unitholders' interest in net (loss) income
|
11,917
|
|
12,386
|
|
12,386
|
|
36,689
|
|
33,449
|
|
|
General partner’s interest in net (loss) income
|
(6,373
|
)
|
(648
|
)
|
706
|
|
(7,057
|
)
|
(1,857
|
)
|
|
Limited partners’ interest in net (loss) income
|
(323,035
|
)
|
(31,743
|
)
|
34,608
|
|
(348,237
|
)
|
(90,928
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Weighted-average number of common units:
|
|
|
|
|
|
|
|
|
|
|
|
- basic
|
170,657,562
|
|
151,364,950
|
|
139,057,659
|
|
156,966,145
|
|
118,046,087
|
|
|
- diluted
|
182,393,904
|
|
151,364,950
|
|
157,914,277
|
|
156,966,145
|
|
118,046,087
|
|
|
Total number of common units outstanding
|
|
|
|
|
|
|
|
|
|
|
|
|
at end of period
|
410,045,210
|
|
153,858,292
|
|
143,059,606
|
|
410,045,210
|
|
143,059,606
|
|
(1)
|
During the three and nine months ended
September 30, 2017
, the Partnership incurred a
$316.7 million
write-down related to the
Petrojarl I
FPSO unit due to increased costs and time associated with upgrade work on the unit, the
Rio das Ostras
FPSO unit due to the expected expiration of the charter in early-2018, three DP1 shuttle tankers as a result of a change in operational plans for the vessels, and the
HiLoad DP
unit due to a change in expectations for the future opportunities of the unit.
|
|
|
(2)
|
Realized
(loss) gain
on derivative instruments relates to amounts the Partnership actually paid to settle derivative instruments, and the unrealized
gain (loss)
on derivative instruments relates to the change in fair value of such derivative instruments. During the three and nine months ended September 30, 2017, as part of the Brookfield Transaction, the Partnership amended certain interest rate swaps to lower the fixed rate interest rate on the swaps and recorded $38.0 million of related rate reset and transaction fees which are included in the realized loss relating to interest rate swaps in the table below.
|
|
|
Three Months Ended
|
Nine Months Ende
d
|
||||||||
|
|
Septembe
r 30,
|
June 30,
|
Septembe
r 30,
|
Septembe
r 30,
|
Septembe
r 30,
|
|||||
|
2017
|
2017
|
2016
|
2017
|
2016
|
||||||
Realized (loss) gain relating to:
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest rate swaps
|
(48,974
|
)
|
(10,296
|
)
|
(13,507
|
)
|
(69,936
|
)
|
(40,989
|
)
|
|
Foreign currency forward contracts
|
1,048
|
|
(309
|
)
|
(1,764
|
)
|
640
|
|
(6,384
|
)
|
|
|
(47,926
|
)
|
(10,605
|
)
|
(15,271
|
)
|
(69,296
|
)
|
(47,373
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
Unrealized gain (loss) relating to:
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest rate swaps
|
28,465
|
|
(12,871
|
)
|
31,894
|
|
19,097
|
|
(67,845
|
)
|
|
Foreign currency forward contracts
|
229
|
|
1,679
|
|
3,624
|
|
2,638
|
|
12,938
|
|
|
|
28,694
|
|
(11,192
|
)
|
35,518
|
|
21,735
|
|
(54,907
|
)
|
Total realized and unrealized (loss)
gain on
|
|
|
|
|
|
|
|
|
|
|
|
|
derivative instruments
|
(19,232
|
)
|
(21,797
|
)
|
20,247
|
|
(47,561
|
)
|
(102,280
|
)
|
(3)
|
The Partnership entered into cross currency swaps to economically hedge the foreign currency exposure on the payment of interest and repayment of principal amounts of the Partnership’s Norwegian Kroner (
NOK
) bonds with maturity dates through to 2019. In addition, the cross currency swaps economically hedge the interest rate exposure on the NOK bonds. The Partnership has not designated, for accounting purposes, these cross currency swaps as cash flow hedges of its NOK bonds and, thus, foreign currency exchange
(loss) gain
includes a realized
loss
relating to the amounts the Partnership paid to settle its non-designated cross currency swaps and an unrealized
gain
relating to the change in fair value of such swaps, partially offset by an unrealized
loss
on the revaluation of the NOK bonds, as detailed in the table below. During the three and nine months ended September 30, 2017, the Partnership recorded a $40.2 million realized loss relating to the partial termination of certain cross currency swaps, which was offset by a $40.2 million unrealized gain, and is included in the table below. During the nine months ended September 30, 2016, the Partnership's realized loss on cross currency swaps includes a $32.6 million loss on the maturity of the swap associated with the NOK 500 million bond which settled in January 2016, which was offset by a $32.6 million realized foreign currency exchange gain on the settlement of the bond which is not included in the table below.
|
|
Three Months Ended
|
Nine Months Ende
d
|
||||||||
|
Septembe
r 30,
|
June 30,
|
Septembe
r 30,
|
Septembe
r 30,
|
Septembe
r 30,
|
|||||
|
2017
|
2017
|
2016
|
2017
|
2016
|
|||||
Realized loss on cross currency swaps
|
(42,987
|
)
|
(3,310
|
)
|
(3,330
|
)
|
(49,501
|
)
|
(41,276
|
)
|
Unrealized gain on cross currency swaps
|
54,488
|
|
8,111
|
|
19,803
|
|
66,978
|
|
58,276
|
|
Unrealized loss on revaluation of NOK bonds
|
(12,823
|
)
|
(7,797
|
)
|
(13,613
|
)
|
(21,881
|
)
|
(61,807
|
)
|
(4)
|
In September and October 2017, the Partnership settled certain claims from CeFront Technology AS and Sevan Marine ASA , respectively, and reversed related contingent liabilities recorded in June 2016 arising from the cancellations of two UMS newbuildings. A net gain of $15.0 million is reported in Other income (expense) - net for the three and nine months ended September 30, 2017.
|
|
|
|
|
As at
|
As at
|
As at
|
|||
|
|
September 30, 2017
|
June 30, 2017
|
December 31, 2016
|
|||
|
|
(unaudited)
|
(unaudited)
|
(unaudited)
|
|||
ASSETS
|
|
|
|
||||
Current
|
|
|
|
||||
Cash and cash equivalents
|
416,346
|
|
212,267
|
|
227,378
|
|
|
Restricted cash - current
|
27,470
|
|
96,728
|
|
92,265
|
|
|
Accounts receivable
|
138,462
|
|
123,018
|
|
114,576
|
|
|
Vessels held for sale
|
12,400
|
|
6,900
|
|
6,900
|
|
|
Net investments in direct financing leases - current
|
6,004
|
|
5,794
|
|
4,417
|
|
|
Prepaid expenses
|
26,308
|
|
23,676
|
|
25,187
|
|
|
Due from affiliates
|
44,765
|
|
32,966
|
|
77,811
|
|
|
Other current assets
|
17,110
|
|
11,127
|
|
21,282
|
|
|
Total current assets
|
688,865
|
|
512,476
|
|
569,816
|
|
|
|
|
|
|
|
|
|
|
Restricted cash - long-term
|
—
|
|
2,992
|
|
22,644
|
|
|
|
|
|
|
|
|
|
|
Vessels and equipment
|
|
|
|
|
|
|
|
At cost, less accumulated depreciation
|
3,825,666
|
|
3,997,446
|
|
4,084,803
|
|
|
Advances on newbuilding contracts and conversion costs
|
689,252
|
|
695,985
|
|
632,130
|
|
|
Net investments in direct financing leases
|
12,769
|
|
14,080
|
|
13,169
|
|
|
Investment in equity accounted joint ventures
|
168,852
|
|
152,946
|
|
141,819
|
|
|
Deferred tax asset
|
23,760
|
|
24,918
|
|
24,659
|
|
|
Other assets
|
86,037
|
|
92,293
|
|
100,435
|
|
|
Goodwill
|
129,145
|
|
129,145
|
|
129,145
|
|
|
Total assets
|
5,624,346
|
|
5,622,281
|
|
5,718,620
|
|
|
|
|
|
|
|
|
|
|
LIABILITIES AND EQUITY
|
|
|
|
|
|
|
|
Current
|
|
|
|
|
|
|
|
Accounts payable
|
37,362
|
|
14,384
|
|
8,946
|
|
|
Accrued liabilities
|
210,434
|
|
139,913
|
|
150,281
|
|
|
Deferred revenues
|
58,484
|
|
56,301
|
|
57,373
|
|
|
Due to affiliates
|
124,711
|
|
88,854
|
|
96,555
|
|
|
Current portion of long-term debt
|
788,700
|
|
891,558
|
|
586,892
|
|
|
Current portion of derivative instruments
|
53,646
|
|
58,935
|
|
55,002
|
|
|
Current portion of in-process revenue contracts
|
10,290
|
|
11,524
|
|
12,744
|
|
|
Other current liabilities
|
1,480
|
|
—
|
|
—
|
|
|
Total current liabilities
|
1,285,107
|
|
1,261,469
|
|
967,793
|
|
|
Long-term debt
|
2,288,853
|
|
2,252,561
|
|
2,596,002
|
|
|
Derivative instruments
|
194,354
|
|
272,422
|
|
282,138
|
|
|
Due to affiliates
|
160,757
|
|
200,000
|
|
200,000
|
|
|
In-process revenue contracts
|
43,204
|
|
45,182
|
|
50,281
|
|
|
Other long-term liabilities
|
181,420
|
|
202,600
|
|
211,611
|
|
|
Total liabilities
|
4,153,695
|
|
4,234,234
|
|
4,307,825
|
|
|
|
|
|
|
|
|
|
|
Redeemable non-controlling interest
|
(34
|
)
|
424
|
|
962
|
|
|
Convertible preferred units
|
—
|
|
272,877
|
|
271,237
|
|
|
|
|
|
|
|
|
|
|
Equity
|
|
|
|
|
|
|
|
Limited partners - common units
|
999,616
|
|
757,086
|
|
784,056
|
|
|
Limited partners - preferred units
|
266,925
|
|
266,925
|
|
266,925
|
|
|
General partner
|
14,910
|
|
20,105
|
|
20,658
|
|
|
Warrants
|
132,320
|
|
13,797
|
|
13,797
|
|
|
Accumulated other comprehensive loss
|
(2,768
|
)
|
(2,920
|
)
|
(804
|
)
|
|
Non-controlling interests
|
59,682
|
|
59,753
|
|
53,964
|
|
|
Total equity
|
1,470,685
|
|
1,114,746
|
|
1,138,596
|
|
|
Total liabilities and total equity
|
5,624,346
|
|
5,622,281
|
|
5,718,620
|
|
|
|
|
Nine Months Ended
|
|||
|
September 30, 2017
|
September 30, 2016
|
||
|
(unaudited)
|
(unaudited)
|
||
Cash and cash equivalents provided by (used for)
|
|
|
||
OPERATING ACTIVITIES
|
|
|
||
Net loss
|
(315,479
|
)
|
(51,791
|
)
|
Non-cash items:
|
|
|
||
Unrealized gain on derivative instruments
|
(88,706
|
)
|
(4,353
|
)
|
Equity income, net of dividends received of $7,000 (2016: $3,472)
|
(5,316
|
)
|
(10,374
|
)
|
Depreciation and amortization
|
224,317
|
|
223,138
|
|
Write-down of vessels
|
318,226
|
|
43,650
|
|
Deferred income tax expense (recovery)
|
2,677
|
|
(6,013
|
)
|
Amortization of in-process revenue contracts
|
(9,531
|
)
|
(9,567
|
)
|
Unrealized foreign currency exchange loss and other
|
14,260
|
|
43,536
|
|
Change in non-cash working capital items related to operating activities
|
64,084
|
|
68,277
|
|
Expenditures for dry docking
|
(11,875
|
)
|
(22,343
|
)
|
Net operating cash flow
|
192,657
|
|
274,160
|
|
FINANCING ACTIVITIES
|
|
|
|
|
Proceeds from long-term debt
|
307,004
|
|
283,828
|
|
Scheduled repayments of long-term debt
|
(419,064
|
)
|
(314,653
|
)
|
Prepayments of long-term debt
|
(24,687
|
)
|
(197,776
|
)
|
Debt issuance costs
|
(5,696
|
)
|
(10,988
|
)
|
Decrease in restricted cash
|
87,439
|
|
13,890
|
|
Proceeds from issuance of common units and warrants
|
640,595
|
|
124,879
|
|
Proceeds from issuance of preferred units and warrants
|
—
|
|
100,000
|
|
Repurchase of preferred units
|
(250,022
|
)
|
—
|
|
Expenses relating to equity offerings
|
(11,564
|
)
|
(5,911
|
)
|
Cash distributions paid by the Partnership
|
(51,087
|
)
|
(61,827
|
)
|
Cash distributions paid by subsidiaries to non-controlling interests
|
(4,404
|
)
|
(4,610
|
)
|
Equity contribution from joint venture partners
|
6,000
|
|
750
|
|
Other
|
(483
|
)
|
(90
|
)
|
Net financing cash flow
|
274,031
|
|
(72,508
|
)
|
INVESTING ACTIVITIES
|
|
|
||
Net payments for vessels and equipment, including advances on newbuilding contracts and conversion costs
|
(257,897
|
)
|
(238,349
|
)
|
Proceeds from sale of vessels and equipment
|
—
|
|
55,450
|
|
Direct financing lease payments received (investments)
|
4,278
|
|
(1,481
|
)
|
Investment in equity accounted joint ventures
|
(24,101
|
)
|
(52,873
|
)
|
Net investing cash flow
|
(277,720
|
)
|
(237,253
|
)
|
Increase (decrease) in cash and cash equivalents
|
188,968
|
|
(35,601
|
)
|
Cash and cash equivalents, beginning of the period
|
227,378
|
|
258,473
|
|
Cash and cash equivalents, end of the period
|
416,346
|
|
222,872
|
|
|
|
|
|
|
Three Months Ended
|
|||
|
|
|
September 30, 2017
|
September 30, 2016
|
||
|
|
|
(unaudited)
|
(unaudited)
|
||
Net (loss) income – GAAP basis
|
(320,276
|
)
|
50,861
|
|
||
Adjustments:
|
|
|
|
|
||
|
Net loss (income) attributable to non-controlling interests
|
(2,785
|
)
|
3,161
|
|
|
Net (loss) income attributable to the partners and preferred unitholders
|
(317,491
|
)
|
47,700
|
|
||
Add (subtract) specific items affecting net (loss) income:
|
|
|
|
|
||
|
Foreign currency exchange loss (gain)
(1)
|
3,706
|
|
(4,147
|
)
|
|
|
Unrealized gain on derivative instruments
(2)
|
(29,183
|
)
|
(36,989
|
)
|
|
|
Realized loss on interest rate swap amendmen
ts
|
37,950
|
|
—
|
|
|
|
Write-down of vessels
(3)
|
316,726
|
|
—
|
|
|
|
Pre-operational costs
(4)
|
3,160
|
|
1,869
|
|
|
|
Contingency settlements, restructuring charges and other
(5)
|
(6,404
|
)
|
1,262
|
|
|
|
Non-controlling interests’ share of items above
(6)
|
(5,400
|
)
|
309
|
|
|
Total adjustments
|
320,555
|
|
(37,696
|
)
|
||
Adjusted net income attributable to the partners and preferred unitholders
|
3,064
|
|
10,004
|
|
(1)
|
Foreign currency exchange
loss (gain)
primarily relates to the Partnership’s revaluation of all foreign currency-denominated monetary assets and liabilities based on the prevailing exchange rate at the end of each reporting period and the unrealized gain or loss related to the Partnership’s cross currency swaps related to the Partnership's NOK bonds and excludes the realized gain or loss relating to the Partnership's cross currency swaps.
|
(2)
|
Reflects the unrealized
gain
due to changes in the mark-to-market value of interest rate swaps and foreign currency forward contracts that are not designated as hedges for accounting purposes, hedge ineffectiveness from derivative instruments designated as hedges for accounting purposes, the unrealized mark-to-market value of the interest rate swaps within the
Cidade de Itajai
FPSO equity accounted joint venture and hedge ineffectiveness within the
Libra
FPSO equity accounted joint venture.
|
(3)
|
See footnote (1) of the summary consolidated statements of
(loss) income
included in this release for further details.
|
(4)
|
Reflects depreciation and amortization expense, general and administrative expense and vessel operating expenses relating to the
Petrojarl I
FPSO unit while undergoing upgrades and realized losses on interest rate swaps relating to the
Libra
FPSO conversion and the ALP towage newbuildings for the three months ended September 30, 2017. Reflects depreciation and amortization expense and vessel operating expenses related to the
Petrojarl I
FPSO unit while undergoing upgrades and a realized loss on foreign currency forward contracts relating to conversion costs on the
Gina Krog
FSO unit during the three months ended September 30, 2016.
|
(5)
|
Other items for the three months ended
September 30, 2017
includes a partial reversal of an accrual relating to potential damages resulting from the cancellation of the UMS newbuildings recorded in June 2016, the settlement of a contingent liability, non-recurring general and administrative expenses relating to the Brookfield Transaction, restructuring charges relating to
severance costs from the termination of the charter contract for the
Arendal Spirit
UMS,
and a decrease in the deferred income tax asset for the Partnership's Norwegian tax structures. Other items for the three months ended September 30, 2016
includes restructuring charges relating to the reorganization within the Partnership’s FPSO segment
and a write-off of UMS newbuilding fees previously capitalized during the three months ended September 30, 2016.
|
(6)
|
Items affecting net
(loss) income
include amounts attributable to the Partnership’s consolidated non-wholly-owned subsidiaries. Each item affecting net
(loss) income
is analyzed to determine whether any of the amounts originated from a consolidated non-wholly-owned subsidiary. Each amount that originates from a consolidated non-wholly-owned subsidiary is multiplied by the non-controlling interests’ percentage share in this subsidiary to arrive at the non-controlling interests’ share of the amount. The amount identified as “non-controlling interests’ share of items above” in the table above is the cumulative amount of the non-controlling interests’ proportionate share of items affecting net
(loss) income
listed in the table.
|
|
|
|
|
|
Three Months Ended
|
|||
|
|
September 30,
|
||||
|
|
|
2017
|
2016
|
||
|
|
|
(unaudited)
|
(unaudited)
|
||
|
|
|
|
|
|
|
Net (loss) income
|
(320,276
|
)
|
50,861
|
|
||
Add (subtract):
|
|
|
|
|
||
|
Write-down of vessels
(1)
|
316,726
|
|
—
|
|
|
|
Realized loss on amendment/early termination of interest rate and cross currency swaps
|
78,117
|
|
—
|
|
|
|
Depreciation and amortization
|
75,304
|
|
74,159
|
|
|
|
Pre-operational costs
|
8,597
|
|
447
|
|
|
|
Unrealized foreign exchange and other, net
|
7,200
|
|
(6,351
|
)
|
|
|
Distributions relating to equity financing of newbuildings and conversion costs
|
6,991
|
|
4,571
|
|
|
|
Partnership's share of equity accounted joint venture's distributable
|
|
|
|
|
|
|
|
cash flow net of estimated maintenance capital expenditures
(2)
|
5,046
|
|
4,818
|
|
|
Deferred income tax expense (recovery)
|
1,915
|
|
(577
|
)
|
|
|
Amortization of non-cash portion of revenue contracts
|
(4,041
|
)
|
(4,032
|
)
|
|
|
Equity income
|
(4,416
|
)
|
(4,937
|
)
|
|
|
Distributions on preferred units
|
(11,917
|
)
|
(12,386
|
)
|
|
|
Net reversal of loss provision relating to cancellation of UMS newbuildings
|
(15,000
|
)
|
—
|
|
|
|
Estimated maintenance capital expenditures
(3)
|
(41,862
|
)
|
(33,233
|
)
|
|
|
Unrealized gain on non-designated derivative instruments
(4)
|
(83,182
|
)
|
(35,518
|
)
|
|
Distributable cash flow before non-controlling interests
|
19,202
|
|
37,822
|
|
||
|
Non-controlling interests' share of DCF
|
(5,820
|
)
|
(6,042
|
)
|
|
Distributable Cash Flow
|
13,382
|
|
31,780
|
|
||
Amount attributable to the General Partner
|
(31
|
)
|
(321
|
)
|
||
Limited partners' Distributable Cash Flow
|
13,351
|
|
31,459
|
|
||
Weighted-average number of common units outstanding
|
170,657,562
|
|
139,057,659
|
|
||
Distributable Cash Flow per limited partner unit
|
0.08
|
|
0.23
|
|
(1)
|
See footnote (1) of the summary consolidated statements of (loss) income included in this release for further details.
|
(2)
|
Estimated maintenance capital expenditures relating to the Partnership’s equity accounted joint venture for the three months ended
September 30, 2017
and
2016
were $1.0 million for each period.
|
(3)
|
Estimated maintenance capital expenditures for the three months ended September 30, 2016 includes a $7.0 million reduction relating to cash compensation received from the shipyard in connection with the delayed delivery of the
ALP Striker
in September 2016.
|
(4)
|
Derivative instruments include interest rate swaps. cross currency swaps, and foreign currency forward contracts.
|
|
|
|
Three Months Ended September 30, 2017
|
|||||||||||||||
|
(unaudited)
|
|||||||||||||||
|
FPSO Segment
|
Shuttle Tanker Segment
|
FSO Segment
|
UMS Segment
|
Towage Segment
|
Conventional Tanker Segment
|
Eliminations
(1)
|
Total
|
||||||||
|
|
|
|
|
|
|
|
|
||||||||
Revenues
|
116,611
|
|
135,549
|
|
10,205
|
|
—
|
|
11,431
|
|
3,181
|
|
(3,351
|
)
|
273,626
|
|
Voyage expenses
|
—
|
|
(20,018
|
)
|
(258
|
)
|
—
|
|
(6,191
|
)
|
(45
|
)
|
1,410
|
|
(25,102
|
)
|
Vessel operating expenses
|
(40,816
|
)
|
(31,007
|
)
|
(5,132
|
)
|
(4,509
|
)
|
(5,825
|
)
|
—
|
|
520
|
|
(86,769
|
)
|
Time-charter hire expenses
|
—
|
|
(16,415
|
)
|
—
|
|
—
|
|
—
|
|
(4,262
|
)
|
—
|
|
(20,677
|
)
|
Depreciation and amortization
|
(36,497
|
)
|
(31,049
|
)
|
(2,589
|
)
|
(1,640
|
)
|
(4,111
|
)
|
—
|
|
582
|
|
(75,304
|
)
|
General and administrative
|
(11,004
|
)
|
(6,060
|
)
|
(446
|
)
|
(1,019
|
)
|
(1,251
|
)
|
(90
|
)
|
—
|
|
(19,870
|
)
|
Write-down of vessels
|
(265,229
|
)
|
(51,497
|
)
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
(316,726
|
)
|
Restructuring charge
|
—
|
|
—
|
|
—
|
|
(2,885
|
)
|
—
|
|
—
|
|
—
|
|
(2,885
|
)
|
(Loss) income from vessel operations
|
(236,935
|
)
|
(20,497
|
)
|
1,780
|
|
(10,053
|
)
|
(5,947
|
)
|
(1,216
|
)
|
(839
|
)
|
(273,707
|
)
|
|
|
|
|
|
|
|
|
|
||||||||
|
Three Months Ended September 30, 2016
|
|||||||||||||||
|
(unaudited)
|
|||||||||||||||
|
FPSO Segment
|
Shuttle Tanker Segment
|
FSO Segment
|
UMS Segment
|
Towage Segment
|
Conventional Tanker Segment
|
Eliminations
|
Total
|
||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Revenues
|
121,294
|
|
128,482
|
|
14,251
|
|
13,395
|
|
5,345
|
|
3,531
|
|
—
|
|
286,298
|
|
Voyage expenses
|
—
|
|
(18,898
|
)
|
(96
|
)
|
—
|
|
(2,440
|
)
|
(61
|
)
|
—
|
|
(21,495
|
)
|
Vessel operating expenses
|
(42,353
|
)
|
(33,062
|
)
|
(6,056
|
)
|
(8,331
|
)
|
(4,206
|
)
|
—
|
|
—
|
|
(94,008
|
)
|
Time-charter hire expenses
|
—
|
|
(14,723
|
)
|
—
|
|
—
|
|
—
|
|
(4,171
|
)
|
—
|
|
(18,894
|
)
|
Depreciation and amortization
|
(37,180
|
)
|
(30,166
|
)
|
(2,205
|
)
|
(1,647
|
)
|
(2,961
|
)
|
—
|
|
—
|
|
(74,159
|
)
|
General and administrative
|
(10,235
|
)
|
(1,147
|
)
|
(230
|
)
|
(2,640
|
)
|
(859
|
)
|
(90
|
)
|
—
|
|
(15,201
|
)
|
Restructuring charge
|
(597
|
)
|
(205
|
)
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
(802
|
)
|
Income (loss) from vessel operations
|
30,929
|
|
30,281
|
|
5,664
|
|
777
|
|
(5,121
|
)
|
(791
|
)
|
—
|
|
61,739
|
|
(1)
|
Includes revenues and expenses earned and incurred between segments of Teekay Offshore during the three months ended
September 30, 2017
.
|
|
|
|
|
Three Months Ended
|
|||||||||||||||
|
|
September 30, 2017
|
|||||||||||||||
|
|
(unaudited)
|
|||||||||||||||
|
|
|
Shuttle
|
|
|
|
Conventional
|
|
|
||||||||
|
FPSO
|
Tanker
|
FSO
|
UMS
|
Towage
|
Tanker
|
|
|
|||||||||
|
Segment
|
Segment
|
Segment
|
Segment
|
Segment
|
Segment
|
Eliminations
(1)
|
Total
|
|||||||||
(Loss) income from vessel operations
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(See
Appendix C
)
|
(236,935
|
)
|
(20,497
|
)
|
1,780
|
|
(10,053
|
)
|
(5,947
|
)
|
(1,216
|
)
|
(839
|
)
|
(273,707
|
)
|
Depreciation and amortization
|
36,497
|
|
31,049
|
|
2,589
|
|
1,640
|
|
4,111
|
|
—
|
|
(582
|
)
|
75,304
|
|
|
Realized gain (loss) from the
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
settlements of non-designated
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
foreign currency forward contracts
|
168
|
|
442
|
|
—
|
|
—
|
|
312
|
|
—
|
|
—
|
|
922
|
|
Amortization of non-cash portion of
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
revenue contracts
|
(4,041
|
)
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
|
|
(4,041
|
)
|
Write-down of vessels
|
265,229
|
|
51,497
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
316,726
|
|
|
Falcon Spirit
revenue accounted for
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
as a direct financing lease
|
—
|
|
—
|
|
(408
|
)
|
—
|
|
—
|
|
—
|
|
—
|
|
(408
|
)
|
Falcon Spirit
cash flow from
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
time-charter contracts
|
—
|
|
—
|
|
1,579
|
|
—
|
|
—
|
|
—
|
|
—
|
|
1,579
|
|
Eliminations upon consolidation
|
—
|
|
—
|
|
—
|
|
—
|
|
(1,421
|
)
|
—
|
|
1,421
|
|
—
|
|
|
Cash flow from (used for) vessel
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
operations from consolidated vessels
|
60,918
|
|
62,491
|
|
5,540
|
|
(8,413
|
)
|
(2,945
|
)
|
(1,216
|
)
|
—
|
|
116,375
|
|
|
|
Three Months Ended
|
|||||||||||||||
|
|
September 30, 2016
|
|||||||||||||||
|
|
(unaudited)
|
|||||||||||||||
|
|
|
Shuttle
|
|
|
|
Conventional
|
|
|
||||||||
|
FPSO
|
Tanker
|
FSO
|
UMS
|
Towage
|
Tanker
|
|
|
|||||||||
|
Segment
|
Segment
|
Segment
|
Segment
|
Segment
|
Segment
|
Eliminations
(1)
|
Total
|
|||||||||
Income (loss) from vessel operations
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(See
Appendix C
)
|
30,929
|
|
30,281
|
|
5,664
|
|
777
|
|
(5,121
|
)
|
(791
|
)
|
—
|
|
61,739
|
|
Depreciation and amortization
|
37,180
|
|
30,166
|
|
2,205
|
|
1,647
|
|
2,961
|
|
—
|
|
—
|
|
74,159
|
|
|
Realized (loss) gain from the
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
settlements of non-designated
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
foreign currency forward contracts
|
(1,013
|
)
|
(702
|
)
|
—
|
|
—
|
|
74
|
|
—
|
|
—
|
|
(1,641
|
)
|
Amortization of non-cash portion of
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
revenue contracts
|
(4,032
|
)
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
(4,032
|
)
|
Falcon Spirit
revenue accounted for
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
as a direct financing lease
|
—
|
|
—
|
|
(640
|
)
|
—
|
|
—
|
|
—
|
|
—
|
|
(640
|
)
|
Falcon Spirit
cash flow from
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
time-charter contracts
|
—
|
|
—
|
|
2,202
|
|
—
|
|
—
|
|
—
|
|
—
|
|
2,202
|
|
Cash flow from (used for) vessel
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
operations from consolidated vessels
|
63,064
|
|
59,745
|
|
9,431
|
|
2,424
|
|
(2,086
|
)
|
(791
|
)
|
—
|
|
131,787
|
|
(1)
|
Includes revenues and expenses earned and incurred between segments of Teekay Offshore during the three months ended
September 30, 2017
.
|
|
|
|
|
Three Months Ended
|
Three Months Ended
|
||||||
|
|
September 30, 2017
|
September 30, 2016
|
||||||
|
(unaudited)
|
(unaudited)
|
|||||||
|
|
At 100%
|
Partnership's 50%
|
At 100%
|
Partnership's 50%
|
||||
Revenues
|
21,462
|
|
10,731
|
|
20,065
|
|
10,033
|
|
|
Vessel and other operating expenses
|
(5,851
|
)
|
(2,925
|
)
|
(5,264
|
)
|
(2,632
|
)
|
|
Depreciation and amortization
|
(4,410
|
)
|
(2,205
|
)
|
(4,408
|
)
|
(2,204
|
)
|
|
Income from vessel operations of equity accounted vessels
|
11,201
|
|
5,601
|
|
10,393
|
|
5,197
|
|
|
Net interest expense
|
(1,806
|
)
|
(903
|
)
|
(1,872
|
)
|
(936
|
)
|
|
Realized and unrealized (loss) gain on derivative instruments
(1)
|
(146
|
)
|
(73
|
)
|
1,785
|
|
893
|
|
|
Foreign currency exchange loss
|
(216
|
)
|
(108
|
)
|
(237
|
)
|
(119
|
)
|
|
Total other items
|
(2,168
|
)
|
(1,084
|
)
|
(324
|
)
|
(162
|
)
|
|
Net income / equity income of equity accounted vessels
|
|
|
|
|
|
||||
|
before income tax expense
|
9,033
|
|
4,517
|
|
10,069
|
|
5,035
|
|
Income tax expense
|
(201
|
)
|
(101
|
)
|
(195
|
)
|
(98
|
)
|
|
Net income / equity income of equity accounted vessels
|
8,832
|
|
4,416
|
|
9,874
|
|
4,937
|
|
|
|
|
|
|
|
|
|
|||
Income from vessel operations of equity accounted vessels
|
11,201
|
|
5,601
|
|
10,393
|
|
5,197
|
|
|
Depreciation and amortization
|
4,410
|
|
2,205
|
|
4,408
|
|
2,204
|
|
|
Cash flow from vessel operations from equity accounted vessels
|
15,611
|
|
7,806
|
|
14,801
|
|
7,401
|
|
(1)
|
Realized and unrealized
(loss) gain
o
n derivative instruments for the
three months ended September 30, 2017
and
2016
includes unrealized
gains
of
$1.0 million
(
$0.5 million
at the Partnership’s 50% share) and $2.7 million ($1.3 million at the Partnership’s 50% share), respectively, related to interest rate swaps for the
Cidade de Itajai
and the
Libra
FPSO units.
|
|
|
1 Year Teekay Offshore Partners Chart |
1 Month Teekay Offshore Partners Chart |
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