Slide 1: First Quarter 2013 Earnings Presentation
// First Quarter 2013 Earnings Presentation May 9, 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 $193m of total CFVO1 in Q1-13 • Reported Q1-13 consolidated adjusted net loss2 of $11.7m, or $0.17 per share, compared to Q1- 12 consolidated adjusted net loss3 $20.8m, or $0.30 per share • Offered to sell 50% interest in the Cidade de Itajai
Slide 4: Three Projects Completed in 2013 to Date
Three Projects Completed in 2013 to Date 2014 Cidade de Itajai FPSO Samba Spirit (BG Shuttle Tanker) Voyageur Spirit FPSO TEEKAY CORPORATION 4
Slide 5: Continued Focus on Project Execution
Continued Focus on Project Execution 2013 2014 2015 2016 Q2 Q3 Q4 1H 2H Petrojarl Banff Re-start FPSO Petrojarl Knarr Petrojarl I Redeployment (TBD) 3 BG Shuttle Tankers SHUTTLE Remora HiLoad DP Unit & FSO Salamander FSO Project 4 Exmar LPG Newbuildings GAS 4 Exmar LPG Newbuildings 2 LNG Newbuilding
Slide 6: Q1 2013 Consolidated Adjusted Income Statement
Q1 2013 Consolidated Adjusted Income Statement Three Months Ended Three Months Ended March 31, 2013 Dec 31, 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 Adjusted NET REV
Slide 7: Q2 2013 Outlook – Teekay Consolidated
Q2 2013 Outlook – Teekay Consolidated Income Q2-2013 Statement Item Outlook » Fixed-Rate Fleet (expected changes from Q1-13): • $18m increase from the Voyageur Spirit FPSO (from May 2nd) • $10m decrease from the Petrojarl 1 FPSO upon completing its contract in April • $5m decrease from Hummingbird S
Slide 8: Dropdown of Assets Deleveraging Teekay Parent
Dropdown of Assets Deleveraging Teekay Parent Teekay Parent Net Debt $1,400 $1,343 $1,352 Includes: $1,200 • $563m newbuilding $ Millions advances for Petrojarl Knarr FPSO project $1,002 $1,000 • Remaining debt relates to warehoused FPSOs and four conventional $800 tankers December 31, 2012 March 31
Slide 9: Organic Growth and Acquisitions Yielding Results
Organic Growth and Acquisitions Yielding Results TOO & TGP Cash Distributions to Teekay Parent $180 $160 $140 $120 $100 $80 $60 $40 $20 $0 2008 2009 2010 2011 2012 2013E* Common Unit Distributions GP Distributions • More growth to come in both the offshore and gas businesses through current projects
Slide 10: Appendix
Appendix TEEKAY CORPORATION 10
Slide 11: Q1 2013 Appendix A Item Description
Q1 2013 Appendix A Item Description Q1 - 2013 (in thousands of US dollars) Appendix A Items Explanation of Items NET VOYAGE REVENUES Revenues - Voyage expenses - Net revenues - OPERATING EXPENSES Vessel operating expense - Time charter hire expense - Depreciation and amortization - General and admin
Slide 12: Q4 2012 Consolidated Adjusted Income Statement
Q4 2012 Consolidated Adjusted Income Statement Three Months Ended Three Months Ended December 31, 2012 September 30, 2012 Reclass for (in thousands of US dollars, except per share amounts) Realized Gains/ Appendix A Losses As Reported Voyageur VIE Items (1) on Deriviatives (2) As Adjusted As Adjuste
Slide 13: Teekay Parent Sum-of-Parts Update
Teekay Parent Sum-of-Parts Update ($ millions, except per share amounts) Teekay Parent Assets Conventional Tankers 1 $160 FPSOs 1 540 Newbuilding 2 563 JVs and Other Investments 3 117 FMV of Teekay Parent Assets $1,380 Teekay Parent Pro Forma Net Debt 3 $(1,002) Equity Value of Teekay Parent Assets
Slide 14: Teekay Parent In-Chartered Conventional Tanker Fleet Rapidly Rolling Off
Teekay Parent In-Chartered Conventional Tanker Fleet Rapidly Rolling Off • In Q1 2013, the Poul Spirit in-charter was terminated, resulting in a one-time termination fee to Teekay Offshore of $6.8m; reducing Teekay Parent’s in-chartered fleet to 9 vessels As at May 1, 2013 Bahamas Spirit Aframax TC-
Slide 15: 2013 Consolidated Drydock Schedule
2013 Consolidated Drydock Schedule March 31, 2013 (A) June 30, 2013 (E) September 30, 2013 (E) December 31, 2013 (E) Total 2013 Total Total Total Total Total Vessels Vessels Vessels Vessels Vessels Offhire Offhire Offhire Offhire Offhire Drydocked Drydocked Drydocked Drydocked Drydocked Entity Segme
Slide 16: Teekay Parent Conventional Tanker Fleet Performance
Teekay Parent Conventional Tanker Fleet Performance Three Months Ended Mar. 31, 2013 Dec. 31, 2012 Mar. 31, 2012 Suezmax (1) Gemini Suezmax Pool average spot TCE rate $ 13,700 $ 11,509 $ 24,847 (2) Spot revenue days 334 364 546 (3) Average time-charter rate $ 20,450 $ 20,453 $ 23,434 Time-charter re
Slide 17: TEEKAY CORPORATION
TEEKAY CORPORATION 17