Slide 1: Second Quarter 2014 Earnings Presentation
// Second Quarter 2014 Earnings Presentation August 7, 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: future growt
Slide 3: Recent Highlights – Teekay Corporation
Recent Highlights – Teekay Corporation TEEKAY CORPORATION (PARENT) • Generated $224m of total CFVO1 in Q2-14, compared to $184m in Q2-13, an increase of 22% • Reported Q2-14 consolidated adjusted net loss2 of $20.1m, or $0.28 per share, compared to Q2-13 consolidated adjusted net loss3 of $33.3m, or
Slide 4: Recent Highlights – Daughter Companies
Recent Highlights – Daughter Companies TEEKAY TEEKAY TEEKAY LNG PARTNERS OFFSHORE PARTNERS TANKERS LTD. • Declared Q2-14 distribution • Declared Q2-14 distribution • Declared Q2-14 dividend of of $0.6918 per unit - $25.3m 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 2019 2020 Q3 Q4 Petrojarl Knarr FPSO Newbuilding Petrojarl I FPSO Redeployment (TBD) Teekay Parent KT Maritime Towage Newbuildings (50%) Remora HiLoad DP Unit Salamander FSO Conversion Logitel Offshore - 3 Accommodation Unit Newbuildings
Slide 6: Knarr FPSO Update
Knarr FPSO Update • Took delivery of the FPSO and the unit is currently in transit to the North Sea • Following installation and offshore testing, the unit is expected to commence its 10-year charter with BG Group in late Q4-14 • Unit will be eligible for sale to Teekay Offshore TEEKAY CORPORATION 6
Slide 7: Banff and Foinaven FPSOs Update
Banff and Foinaven FPSOs Update Banff FPSO • Recommenced operations under its charter contract with CNR in mid-July 2014 • Expected to increase TK Parent CFVO1 by ~$9.5 million in Q3-14 vs Q2-14 Picture of the Banff FPSO during riser installation in June 2014 Foinaven FPSO • Both gas compressors are
Slide 8: Strategic Partnership with CarVal
Strategic Partnership with CarVal • Signed a letter of intent (LOI) with CarVal Investors, a leading global alternative investment manager, to participate in the development of a dry bulk shipping company – Teekay Parent plans to invest up to $25 million and generate fees by providing operational an
Slide 9: Q2 2014 Consolidated Adjusted Statement of (Loss) Income
Q2 2014 Consolidated Adjusted Statement of (Loss) Income Three Months Ended Three Months Ended June 30, 2014 March 31, 2014 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 REVENU
Slide 10: Q3 2014 Outlook – Teekay Consolidated
Q3 2014 Outlook – Teekay Consolidated Income Q3-2014 Statement Item Outlook » Fixed-Rate Fleet (expected changes from Q2-14): • $12m increase from Banff FPSO returning to production on July 14th; • $10m increase from HiLoad unit direct finance lease retroactive to April 11th,: • $4m increase from Fo
Slide 11: 2014 Investor Day
2014 Investor Day TEEKAY CORPORATION 11
Slide 12: Appendix
Appendix TEEKAY CORPORATION 12
Slide 13: Q2 2014 Appendix A Item Descriptions
Q2 2014 Appendix A Item Descriptions Q2 - 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 (4,906) Pre-operational costs incurred in respect of Knarr FPSO unit Time char
Slide 14: Q1 2014 Consolidated Adjusted Statement of (Loss) Income
Q1 2014 Consolidated Adjusted Statement of (Loss) Income Three Months Ended March 31, 2014 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 NET REVENUES Revenues 506,494 - - 506,494 Voyage expens
Slide 15: 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 16: Teekay Group Capital Commitments
Teekay Group Capital Commitments • Teekay Group’s remaining capital commitments relating to its portion of acquisitions and newbuildings as at June 30, 2014, including recent transactions announced after June 30, 2014: (in Millions) 2014 2015 2016 2017 2018 2019 2020 Total Teekay Offshore(1) $67 $54
Slide 17: 2014 Drydock Schedule
2014 Drydock Schedule March 31, 2014 (A) June 30, 2014 (A) 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 18: TEEKAY CORPORATION
TEEKAY CORPORATION