Slide 1: Fourth Quarter and Fiscal 2012 Earnings Presentation
Fourth Quarter and Fiscal 2012 Earnings Presentation February 21, 2013
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: the estimate
Slide 3: Recent Highlights
Recent Highlights TEEKAY CORPORATION (PARENT) • Generated $217.9m of total CFVO1 in Q4-12, up slightly from the same period of the prior year; generated $821.4m of total CFVO1 in FY2012, up 18% from the prior year • Reported Q4-12 consolidated adjusted net income2 of $2.9m, or $0.04 per share, compa
Slide 4: Growing Consolidated Fixed-Rate Cash Flows in Offshore and Gas Businesses
Growing Consolidated Fixed-Rate Cash Flows in Offshore and Gas Businesses • Investment in offshore and gas assets over the past few years has contributed to stronger fixed-rate cash flows (2009 – 2012 CAGR: 21%) • Increased cash flows in 2012 from the Sevan FPSO and Maersk LNG JV acquisitions and ou
Slide 5: Teekay Projects in Execution
Teekay Projects in Execution 2013 2014 2015/16 Cidade de Itajai Voyageur Spirit FPSO Petrojarl I Redeployment Petrojarl Banff Re-start Petrojarl Knarr FPSO 4 BG Shuttle Tankers SHUTTLE Remora HiLoad DP Unit & FSO Salamander FSO Project 4 Exmar LPG Newbuildings GAS 4 Exmar LPG Newbuildings 2 LNG Newb
Slide 6: Profitability Improvement Initiatives in 2011 / 2012
Profitability Improvement Initiatives in 2011 / 2012 Added Profitable Growth • Acquired Sevan FPSO units and Maersk LNG carriers Summary Consolidated ○ Increased fixed-rate cash flows ○ Provided further economies of scale in each business Statement of Income Enhanced Net revenues Profitability of Ve
Slide 7: Focus on Profitability is Achieving Results
Focus on Profitability is Achieving Results • On a Consolidated Basis, Teekay Corporation profitability is improving • Expect to return to run-rate profitability in 2013, despite continued weakness in spot tanker rates Teekay Corporation Consolidated Adjusted Net Income (loss)1 $0 ($20) ($40) $ Mill
Slide 8: Q4 2012 Consolidated Adjusted Income Statement
Q4 2012 Consolidated Adjusted Income Statement Three Months Ended Three Months Ended December 31, 2012 September 30, 2012 Reclass for (in thousands of US dollars, except per share amounts) Realized Gains/ Appendix A Losses As Reported Voyageur VIE Items (1) on Deriviatives (2) As Adjusted As Adjuste
Slide 9: Vessel Impairment Charge
Vessel Impairment Charge • Q4-12 results include a non-cash vessel impairment charges of $429 million, primarily related to Suezmax fleet in Teekay Tankers, or $135 million net impact to Teekay Corporation (net of non- controlling interest) Suezmax Asset Values $120 OMI • Impaired book values of Sue
Slide 10: Q1-2013 Outlook – Teekay Consolidated
Q1-2013 Outlook – Teekay Consolidated Income Q1-2013 Statement Item Outlook » Fixed-Rate Fleet (expected changes from Q4-12): • $5m increase from Voyageur Spirit FPSO achieving first oil (assuming mid-March) • $27m decrease from FEED study revenue in Q4-12 • $19m decrease from the Foinaven FPSO due
Slide 11: 2013 Priorities
2013 Priorities TEEKAY CORPORATION (PARENT) • Execute on FPSO newbuilding projects currently warehoused by Teekay Parent • Pursue redeployment opportunities for existing FPSOs and complete Banff FPSO repairs • Enhance GP cash flows through dropdown of eligible FPSOs to Teekay Offshore and pursuit of
Slide 12: Appendix
TEEKAY CORPORATION 4 BINGES SPIRIT Appendix
Slide 13: Q4 2012 Appendix A Item Descriptions
Q4 2012 Appendix A Item Descriptions Q4 - 2012 (in thousands of US dollars) Appendix A Items Explanation of Items NET VOYAGE REVENUES Revenues (2,280) Volatile organic compound equipment catch-up revenue Voyage expenses - Net revenues (2,280) OPERATING EXPENSES Vessel operating expense - Time charte
Slide 14: Q3 2012 Adjusted Net Income Reconciled to GAAP Net Income
Q3 2012 Adjusted Net Income Reconciled to GAAP Net Income Three Months Ended Three Months Ended September 30, 2012 June 30, 2012 Reclass for (in thousands of US dollars, except per share amounts) Realized Gains/ Appendix A Losses As Reported Voyageur VIE Items (1) on Deriviatives (2) As Adjusted As
Slide 15: Teekay Parent and Daughters Remain Financially Strong
Teekay Parent and Daughters Remain Financially Strong As at December 31, 2012 Teekay Parent ($ millions) 1,2 Total Debt 1,405 Includes: Cash (293) • $527m newbuilding 1,2 advances for Petrojarl Knarr Net Debt 1,112 FPSO project Market Cap (Feb 20/13) 2,449 • $226m of amounts funded for Voyageur Spir
Slide 16: Teekay Parent Sum-of-Parts Update
Teekay Parent Sum-of-Parts Update ($ millions, except per share amounts) Teekay Parent Assets Conventional Tankers 1 $178 FPSOs 1 540 Newbuildings 2 527 JVs and Other Investments 3 348 FMV of Teekay Parent Assets $1,593 Teekay Parent Net Debt 4 $(1,342) Add back: Voyageur VIE Debt $230 Equity Value
Slide 17: FY2013 Consolidated Drydock Schedule
FY2013 Consolidated Drydock Schedule Total 2012 (A) March 31, 2013 (E) June 30, 2013 (E) September 30, 2013 (E) December 31, 2013 (E) Total 2013 Total Total Total Total Total Total Vessels Vessels Vessels Vessels Vessels Vessels Offhire Offhire Offhire Offhire Offhire Offhire Drydocked Drydocked Dry
Slide 18: Teekay Parent Conventional Tanker Fleet Performance
Teekay Parent Conventional Tanker Fleet Performance Three Months Ended Dec. 31, 2012 Sep. 30, 2012 Dec. 31, 2011 Suezmax Gemini Suezmax Pool average spot TCE rate (1) 11,509 13,724 12,641 Spot revenue days (2) 364 405 549 Average time-charter rate (3) 20,453 - 23,432 Time-charter revenue days 184 -