Slide 1: Second Quarter 2013 Earnings Presentation
// Second Quarter 2013 Earnings Presentation August 8, 2013 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: the estimate
Slide 3: Recent Highlights
Recent Highlights TEEKAY CORPORATION (PARENT) • Generated $184m of total CFVO1 in Q2-13 • Reported Q2-13 consolidated adjusted net loss2 of $33.3m, or $0.47 per share, compared to Q2-12 consolidated adjusted net loss3 $17.0m, or $0.25 per share • Second quarter 2013 adjusted net loss includes $0.11
Slide 4: Voyageur Spirit FPSO Operational Start-up Issue
Voyageur Spirit FPSO Operational Start-up Issue • On April 13, 2013, the Voyageur Spirit FPSO unit began production (“first oil”) and was acquired by Teekay Offshore (TOO) on May 2, 2013 • Upon achieving first oil, Teekay had a specified time period to receive Certificate of Final Acceptance (full p
Slide 5: Foinaven FPSO Operational Issue
Foinaven FPSO Operational Issue • A portion of the Foinaven FPSO revenues are based on various operational performance measures, oil production levels and average oil prices • Between Q4-2012 and Q2-2013, the unit experienced equipment-related operating issues which led to lower production than budg
Slide 6: Continued Focus on Project Execution
Continued Focus on Project Execution 2013 2014 2015 2016 2017 Q3 Q4 1H 2H Petrojarl Banff Re-start FPSO Petrojarl Knarr Petrojarl I Redeployment (TBD) 2 BG Shuttle Tankers Remora HiLoad DP Unit SHUTTLE & FSO Salamander FSO Project Gina Krog FSO Project Awilco LNG carrier (Purchase-leaseback) GAS 10
Slide 7: Q2 2013 Consolidated Adjusted Statement of Income (Loss)
Q2 2013 Consolidated Adjusted Statement of Income (Loss) Three Months Ended Three Months Ended June 30, 2013 Mar 31, 2013 Reclass for (in thousands of US dollars, except per share amounts) Realized Gains/ Appendix A Losses As Reported Voyageur VIE Items (1) on Derivatives (2) As Adjusted As Adjusted
Slide 8: Q3 2013 Outlook – Teekay Consolidated
Q3 2013 Outlook – Teekay Consolidated Income Q3-2013 Statement Item Outlook » Fixed-Rate Fleet (expected changes from Q2-13): • $8m increase from the Voyageur Spirit FPSO • $8m increase from BG shuttle tanker deliveries • $4m increase from fewer drydocking days in gas fleet compared to Q2-13 • $9m d
Slide 9: Teekay Corporation's Strategy Remains On Course
Teekay Corporation’s Strategy Remains On Course • Challenging quarter operationally on FPSOs – Expected to be resolved in 2H-2013 • Still on track to deleverage Teekay Parent balance sheet • Daughter companies’ growing without capital required from Teekay Parent: – Teekay LNG • Awilco acquisition an
Slide 10: Appendix
Appendix TEEKAY CORPORATION 10
Slide 11: Q2 2013 Appendix A Item Description
Q2 2013 Appendix A Item Description Q2 - 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 - Time charter hire expense - Depreciation and amortization - General and admin
Slide 12: Q1 2013 Consolidated Adjusted Income Statement
Q1 2013 Consolidated Adjusted Income Statement Three Months Ended March 31, 2013 Reclass for (in thousands of US dollars, except per share amounts) Realized Gains/ Appendix A Losses As Reported Voyageur VIE Items (1) on Derivatives (2) As Adjusted NET REVENUES Revenues 451,037 31 - - 451,068 Voyage
Slide 13: Dropdown of Assets Deleveraging Teekay Parent
Dropdown of Assets Deleveraging Teekay Parent Teekay Parent Net Debt $1,400 Includes: $1,343 $1,352 • $585m newbuilding $1,200 advances for Petrojarl Knarr FPSO project in billions $1,018 • Remaining debt relates $1,000 to warehoused FPSOs and four conventional $800 tankers $600 December 31, 2012 Ma
Slide 14: Teekay Parent Sum-of-Parts Update
Teekay Parent Sum-of-Parts Update ($ millions, except per share amounts) Teekay Parent Assets Conventional Tankers 1 $152 FPSOs 1 540 Newbuilding 2 585 JVs and Other Investments 71 FMV of Teekay Parent Assets $1,348 Teekay Parent Pro Forma Net Debt $(1,018) Equity Value of Teekay Parent Assets $330
Slide 15: Teekay Parent In-Chartered Conventional Tanker Fleet Rapidly Rolling Off
Teekay Parent In-Chartered Conventional Tanker Fleet Rapidly Rolling Off • In Q2 2013, the Gotland Spirit in-charter was terminated, resulting in a one-time termination fee to Teekay Offshore of $4.5m; reducing Teekay Parent’s in-chartered fleet to 8 vessels As at August 1, 2013 Bahamas Spirit Afram
Slide 16: 2013 Drydock Schedule
2013 Drydock Schedule March 31, 2013 (A) June 30, 2013 (A) September 30, 2013 (E) December 31, 2013 (E) Total 2013 Total Total Total Total Total Vessels Vessels Vessels Vessels Vessels Off-hire Off-hire Off-hire Off-hire Off-hire Off-hire Off-hire Off-hire Off-hire Off-hire Entity Segment Days Days
Slide 17: Teekay Parent Conventional Tanker Fleet Performance
Teekay Parent Conventional Tanker Fleet Performance Q2-13 Q1-13 Q2-12 Suezmax (1) Gemini Suezmax Pool average spot TCE rate $ 12,000 $ 13,700 $ 22,532 (2) Spot revenue days 364 334 528 (3) Average time-charter rate $ 20,300 $ 20,450 $ 23,147 Time-charter revenue days 182 180 286 Aframax Teekay Afram
Slide 18: TEEKAY CORPORATION
TEEKAY CORPORATION