Slide 1: First Quarter 2014 Earnings Presentation
// First Quarter 2014 Earnings Presentation May 15, 2014 TEEKAY CORPORATION
Slide 2: Forward Looking Statements
Forward Looking Statements This presentation contains forward-looking statements (as defined in Section 21E of the Securities Exchange Act of 1934, as amended) which reflect management's current views with respect to certain future events and performance, including statements regarding: Teekay Paren
Slide 3: Recent Highlights – Teekay Corporation
Recent Highlights – Teekay Corporation TEEKAY CORPORATION (PARENT) • Generated $265m of total CFVO1 in Q1-14, compared to $193m in Q1-13, an increase of 37% • Reported Q1-14 consolidated adjusted net income2 of $3.5m, or $0.05 per share, compared to Q1-13 consolidated adjusted net loss3 of $11.7m, o
Slide 4: Recent Highlights – Daughter Companies
Recent Highlights – Daughter Companies TEEKAY TEEKAY TEEKAY LNG PARTNERS OFFSHORE PARTNERS TANKERS LTD. • Declared Q1-14 distribution • Declared Q1-14 distribution • Declared Q1-14 dividend of of $0.6918 per unit - $25.0m of $0.5384 per unit - $17.7m $0.03 per share - $0.6m to to Teekay Parent to Te
Slide 5: Continued Focus on Project Execution
Continued Focus on Project Execution 2014 2015 2016 2017 2018 Q2 Q3 Q4 Petrojarl Banff FPSO Re-start Petrojarl Knarr FPSO Newbuilding Teekay Parent Petrojarl I FPSO Redeployment (TBD) KT Maritime Towage Newbuildings Remora HiLoad DP Unit Salamander FSO Conversion Teekay ALP Towing and Anchor Handlin
Slide 6: Teekay Parent FPSO Projects Update
Teekay Parent FPSO Projects Update Knarr FPSO • The FPSO remains on track for its scheduled sail away to the North Sea in late-June 2014 • Following installation and offshore testing in late Q4-14, the unit is expected to commence its 10-yr charter with BG Group at which point the unit is expected t
Slide 7: Teekay Parent on-the-water FPSOs Update
Teekay Parent on-the-water FPSOs Update FPSO Commentary Foinaven FPSO • In late-Feb 2014, production was halted due to continued issues with the unit’s only operating gas compressor (second gas compressor still under repairs) o Q1-14 lost production: 32 days o Q2-14 estimated lost production: 37 day
Slide 8: Q1 2014 Consolidated Adjusted Statement of Income
Q1 2014 Consolidated Adjusted Statement of Income Three Months Ended Three Months Ended March 31, 2014 December 31, 2013 Reclass for (in thousands of US dollars, except per share amounts) Realized Gains/ Appendix A Losses As Reported Items (1) on Derivatives (2) As Adjusted As Adjusted NET REVENUES
Slide 9: Q2 2014 Outlook – Teekay Consolidated
Q2 2014 Outlook – Teekay Consolidated Income Q2-2014 Statement Item Outlook » Fixed-Rate Fleet (expected changes from Q1-14): • $15m decrease from no further interest income from VLCC term loans ($9m – TNK, $6m – TKC); • $8m decrease from the shuttle tanker fleet due to lower CoA activity and higher
Slide 10: 2014 Investor Day
2014 Investor Day TEEKAY CORPORATION 10
Slide 11: Appendix
Appendix TEEKAY CORPORATION 11
Slide 12: Q1 2014 Appendix A Item Descriptions
Q1 2014 Appendix A Item Descriptions Q1 - 2014 (in thousands of US dollars) Appendix A Items Explanation of Items NET VOYAGE REVENUES Revenues - Voyage expenses - Net revenues - OPERATING EXPENSES Vessel operating expense (2,230) Pre-operational costs incurred in respect of Knarr FPSO unit. Time cha
Slide 13: Q4 2013 Consolidated Adjusted Statement of (Loss) Income
Q4 2013 Consolidated Adjusted Statement of (Loss) Income Three Months Ended Three Months En December 31, 2013 September 30, 2 Reclass for (in thousands of US dollars, except per share amounts) Realized Gains/ Appendix A Losses As Reported Items (1) on Derivatives (2) As Adjusted As Adjusted NET REVE
Slide 14: Q4 2013 Appendix A Item Descriptions
Q4 2013 Appendix A Item Descriptions Q4 - 2013 (in thousands of US dollars) Appendix A Items Explanation of Items NET VOYAGE REVENUES Revenues - Voyage expenses - Net revenues - OPERATING EXPENSES Vessel operating expense (1,961) Pre-operational costs incurred in respect of Knarr FPSO unit. Time cha
Slide 15: Teekay Group Capital Commitments
Teekay Group Capital Commitments • Teekay Group’s remaining capital commitments relating to its portion of acquisitions and newbuildings as at March 31, 2014: (in Millions) 2014 2015 2016 2017 2018 Total Teekay Offshore(1) $61 $175 $175 - - $411 Teekay LNG(2) $159 $134 $329 $456 $17 $1,095 Teekay Pa
Slide 16: 2014 Drydock Schedule
2014 Drydock Schedule March 31, 2014 (A) June 30, 2014 (E) September 30, 2014 (E) December 31, 2014 (E) Total 2014 Total Total Total Total Total Vessels Vessels Vessels Vessels Vessels Offhire Offhire Offhire Offhire Offhire Drydocked Drydocked Drydocked Drydocked Drydocked Entity Segment Days Days
Slide 17: TEEKAY CORPORATION
TEEKAY CORPORATION