Slide 1: First Quarter Earnings Presentation
First Quarter Earnings Presentation May 12, 2011
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: tanker marke
Slide 3: Recent Highlights
Recent Highlights TEEKAY CORP NYSE: TK » Generated consolidated Q1-11 $136.4m of cash flow from vessel operations1 » Q1-11 consolidated adjusted net loss attributable to Teekay of $27.9m, or $0.39 per share2 compared to $0.51 loss per share in Q4-103 » Entered into JV with Odebrecht to jointly pursu
Slide 4: FPSO Business Update
FPSO Business Update FPSO Fleet & Future Projects by Installation Date 30 Installed On Order Planned Projects - Yet To Be Ordered 25 Number of Units 20 15 10 5 0 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015+ Source: International Maritime Associates FPSO Market Outlook Teekay’s FPSO Activi
Slide 5: Shuttle Tanker Business Update
Shuttle Tanker Business Update Statoil Makes Largest North Sea Find in a Decade More Oil Companies with Brazilian Volumes » Skrugard find in the Barents Sea estimated to hold up to 500 mboe Shuttle Tanker Market Outlook » Renewed shuttle tanker tender activity in the North Sea / Barents Sea due to n
Slide 6: Gas Business Update
Gas Business Update LNG Spot Charter Rates* 90 80 USD ‘000 / Day 70 60 50 40 30 *Various industry / market sources 20 Jun-10 Jul-10 Nov-10 Jan-10 Jan-11 May-10 Aug-10 Feb-10 Mar-10 Apr-10 Sep-10 Oct-10 Dec-10 Feb-11 Mar-11 Apr-11 Liquefied Gas Industry Outlook Teekay’s Gas Activity » Market experien
Slide 7: Conventional Tanker Business Update
Conventional Tanker Business Update New Vessel Orders vs. Deliveries 100 Tanker Deliveries Tanker Orderbook New Tanker Orders 90 Avalanche of 80 ships ordered …largely delivered by end- 70 2006-08… 2012 Million DWT 60 50 40 30 20 10 0 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 Source: Clarkso
Slide 8: Q1-11 Consolidated Adjusted Income Statement
Q1-11 Consolidated Adjusted Income Statement Three Months Ended Three Months Ended March 31, 2011 December 31, 2010 Reclass for (in thousands of US dollars, except Realized Gains/ per share amounts) Losses As Reported Appendix A Items (1) on Deriviatives (2) As Adjusted As Adjusted NET REVENUES Reve
Slide 9: Q2-2011 Outlook – Teekay Consolidated
Q2-2011 Outlook – Teekay Consolidated Income Q2-2011 Statement Item Outlook » Decrease of $10m (from Q1-11) primarily due to: • Decrease of $6m in offshore fleet due to seasonal maintenance and sale of Karratha Spirit Net Revenues • Decrease of $5m due to increased drydocking and re-deliveries • Rep
Slide 10: Teekay Parent In-Charter Fleet is Steadily Reducing
Teekay Parent In-Charter Fleet is Steadily Reducing » As out-of-the-money in-charters expire: • Exposure to weak spot market is reduced further • Cash flow break even levels expected to decline 3,500 3,000 Total In-charter Days Per Quarter 2,500 2,000 1,500 1,000 500 0 Q1-11 Q2-11 Q3-11 Q4-11 Q1-12
Slide 11: Narrowing at But Substantial Asset Gap
Substantial AssetGap Sum-of-the-Parts Coverage NarrowingatBut Teekay Parent Discount Remains Teekay Parent Assets ($ millions, except per share amounts) Conventional Tankers – Spot 1 $447 Conventional Tankers – Fixed 1 355 FPSOs 1 450 Newbuildings 2 236 JVs and Other Investments 3 110 Includes $236m
Slide 12: Appendix
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Slide 13: Q1 2011 Appendix A Item Descriptions
Q1 2011 Appendix A Item Descriptions Q1 - 2011 (in thousands of US dollars) Appendix A Items Explanation of Items NET VOYAGE REVENUES Revenues - Voyage expenses - Net revenues - OPERATING EXPENSES Vessel operating expense (179) Unrealized losses on derivative instruments Time charter hire expense -
Slide 14: Q4 2010 Adjusted Net Income Reconciled to GAAP Net Income
Q4 2010 Adjusted Net Income Reconciled to GAAP Net Income Three Months Ended December 31, 2010 Reclass for (in thousands of US dollars, except Realized Gains/ per share amounts) Losses As Reported Appendix A Items (1) on Deriviatives As Adjusted NET REVENUES Revenues 502,709 - 1,042 503,751 Voyage e
Slide 15: Teekay Parent – 2011/12 Conventional Tanker Fleet Employment
Teekay Parent – 2011/12 Conventional Tanker Fleet Employment Jun. 30, Sep. 30, Dec. 31, Mar. 31 Jun. 30 Sep. 30 Dec. 31 2011E 2011E 2011E 2012E 2012E 2012E 2012E Suezmax (1)(2)(3) Spot revenue days 572 552 736 728 787 736 644 (4) Average time-charter rate 23,227 23,227 26,129 26,222 20,632 22,179 22
Slide 16: Teekay Parent – Q1-2011 In-chartered Fleet
Teekay Parent – Q1-2011 In-chartered Fleet Three Months Ended Mar. 31, Dec. 31, Mar. 31, 2011 2010 2010 Suezmax(1) Average in-charter rate 29,985 32,502 29,973 In-charter days 339 361 445 Aframax - external in-charters Average in-charter rate 24,539 22,147 26,133 In-charter days 360 434 713 (2) Aver
Slide 17: Teekay Parent – 2011/12 In-chartered Fleet
Teekay Parent – 2011/12 In-chartered Fleet Jun. 30, Sep. 30, Dec. 31, Mar. 31 Jun. 30 Sep. 30 Dec. 31 2011E 2011E 2011E 2012E 2012E 2012E 2012E Suezmax(1) Average in-charter rate 29,413 28,750 28,750 28,750 28,750 28,750 - In-charter days 208 184 184 182 176 92 - Aframax - external in-charters Avera
Slide 18: 2011 Drydock Schedule
2011 Drydock Schedule March 31, 2011A June 30, 2011E September 30, 2011E December 31, 2011E Total 2011 Total Total Total Total Total Vessels Vessels Vessels Vessels Vessels Offhire Offhire Offhire Offhire Offhire Drydocked Drydocked Drydocked Drydocked Drydocked Entity Segment Days Days Days Days Da
Slide 19: Daughter Cash Flows from Teekay Parent Common Share/Unit Ownership
Daughter Cash Flows from Teekay Parent Common Share/Unit Ownership Three Months Ended March 31, December 31, September 30, June 30, March 31, 2011 2010 2010 2010 2010 Teekay LNG Partners Distribution per common unit $ 0.63 $ 0.63 $ 0.60 $ 0.60 $ 0.60 Common units owned by Teekay Parent 25,208,274 25