Slide 1: Fourth Quarter and Fiscal 2013 Earnings Presentation
// Fourth Quarter and Fiscal 2013 Earnings Presentation February 20, 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 increase
Slide 3: Recent Highlights
Recent Highlights TEEKAY CORPORATION (PARENT) • Generated $247m of total CFVO1 in Q4-13, compared to $218m in Q4-12 • Reported Q4-13 consolidated adjusted net income2 of $1.1m, or $0.02 per share, compared to Q4-12 consolidated adjusted net income3 of $2.9m, or $0.04 per share • Both TGP and TOO inc
Slide 4: Continued Focus on Project Execution
Continued Focus on Project Execution 2014 2015 2016 2017 2018 Petrojarl Banff Re-start FPSO Petrojarl Knarr Newbuilding Petrojarl I Redeployment (TBD) Remora HiLoad DP Unit SHUTTLE Salamander FSO Conversion & FSO Gina Krog FSO Conversion 12 Exmar LPG Newbuildings GAS 5 MEGI LNG Newbuildings TEEKAY C
Slide 5: Petrojarl Knarr FPSO Project
Petrojarl Knarr FPSO Project • In Feb-2014, completed $815 million long-term debt financing – Combination of Export Credit Agency (ECA) and commercial debt financing at attractive terms • Scheduled to sail away to North Sea field in early Q3-14 • Following installation and offshore testing in late Q
Slide 6: Teekay Parent FPSO Update
Teekay Parent FPSO Update FPSO Commentary Foinaven FPSO First compressor repaired in late Aug-2013. Since that time, the unit has been producing between approximately 30,000 – 35,000 bbls per day. Repairs to second compressor expected to be completed in Mar-2014 Hummingbird Spirit FPSO Centrica Ener
Slide 7: Q4 2013 Consolidated Adjusted Statement of (Loss) Income
Q4 2013 Consolidated Adjusted Statement of (Loss) Income Three Months Ended Three Months Ended December 31, 2013 September 30, 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 NE
Slide 8: Q1 2014 Outlook – Teekay Consolidated
Q1 2014 Outlook – Teekay Consolidated Income Q1-2014 Statement Item Outlook » Fixed-Rate Fleet (expected changes from Q4-13): • $20m decrease from the Foinaven FPSO due to annual recognition of operation and oil price tariff revenue in Q4-13 • $8m decrease from the remaining FPSO fleet primarily due
Slide 9: Execution Plan
Execution Plan Increase Teekay Parent Free Cash Flow and NAV Deleverage Improve Support Growth of Teekay Parent Profitability Daughter Entities Balance Sheet TEEKAY CORPORATION 9
Slide 10: Appendix
Appendix TEEKAY CORPORATION 10
Slide 11: 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 12: Q3 2013 Consolidated Adjusted Statement of (Loss) Income
Q3 2013 Consolidated Adjusted Statement of (Loss) Income Three Months Ended September 30, 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 NET REVENUES Revenues 454,795 - - 454,795 Voyage ex
Slide 13: Teekay Group Capital Commitments
Teekay Group Capital Commitments • Teekay Group’s remaining capital commitments relating to its portion of acquisitions and newbuildings as at December 31, 2013: (in Millions) 2014 2015 2016 2017 2018 Total Teekay Offshore(1) $71 $97 $79 - - $247 Teekay LNG(2) $104 $115 $403 $438 $35 $1,095 Teekay P
Slide 14: 2013 and 2014 Drydock Schedule
2013 and 2014 Drydock Schedule Total 2013 (A) March 31, 2014 (E) June 30, 2014 (E) September 30, 2014 (E) December 31, 2014 (E) Total 2014 Vessels Off- Total Off-hire Vessels Total Off-hire TO BE Vessels Total Off-hire Vessels Total Off-hire Vessels Total Off-hire Vessels Total Off-hire hire Off-hir
Slide 15: Teekay Parent Conventional Tanker Fleet Performance
Teekay Parent Conventional Tanker Fleet Performance Q4-13 Q3-13 Q4-12 Suezmax Gemini Suezmax Pool average spot TCE rate (1) $ 15,600 $ 13,800 $ 11,509 (2) Spot revenue days 326 368 364 Average time-charter rate (3) $ 20,100 $ 21,600 $ 20,453 Time-charter revenue days 176 134 184 Aframax (1) (4) (5)
Slide 16: TEEKAY CORPORATION
TEEKAY CORPORATION