Indicate by check mark whether the registrant files or will file annual reports under cover Form 20-F or Form 40-F. |
Form 20-F ý Form 40- F ¨ |
Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(1). |
Yes ¨ No ý |
Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(7). |
Yes ¨ No ý |
TEEKAY OFFSHORE PARTNERS L.P. | |||
By: | Teekay Offshore GP L.L.C., its general partner | ||
Date: May 18, 2017 | By: | /s/ Edith Robinson | |
Edith Robinson Secretary |
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• | Reported GAAP net income attributable to the partners and preferred unitholders of $18.9 million and adjusted net income attributable to the partners and preferred unitholders(1) of $15.2 million (excluding items listed in Appendix A to this release) in the first quarter of 2017. |
• | Generated GAAP income from vessel operations of $60.5 million and total cash flow from vessel operations(1) of $141.3 million in the first quarter of 2017. |
• | Generated distributable cash flow(1) of $30.6 million, or $0.20 per common unit, in the first quarter of 2017. |
• | Received a notification from Petrobras to terminate the Arendal Spirit UMS charter contract; the Partnership is disputing the grounds for the termination and is reviewing its legal options. |
• | Took delivery of the 50 percent-owned Libra FPSO unit, which is expected to arrive in Brazil shortly and scheduled to commence operations in late-June or early-July 2017 under its 12-year charter contract with the Libra consortium. |
• | Secured two new North Sea shuttle tanker contracts of affreightment (CoAs) and extended the Falcon Spirit FSO unit charter contract for five years. |
• | Entered into a customer-funded front-end engineering and design (FEED) study for the Varg FPSO unit on the Cheviot field in the U.K. sector of the North Sea. |
Three Months Ended | |||||||
March 31, | December 31, | March 31, | |||||
2017 | 2016(2) | 2016 | |||||
(in thousands of U.S. Dollars) | (unaudited) | (unaudited) | (unaudited) | ||||
GAAP FINANCIAL COMPARISON | |||||||
Revenues | 276,138 | 274,920 | 306,708 | ||||
Income from vessel operations | 60,458 | 56,544 | 88,299 | ||||
Equity income | 4,475 | 4,087 | 5,283 | ||||
Net income (loss) | 21,263 | 96,266 | (2,523 | ) | |||
Net income (loss) attributable to the partners and preferred unitholders | 18,891 | 91,953 | (4,411 | ) | |||
NON-GAAP FINANCIAL COMPARISON | |||||||
Total cash flow from vessel operations (CFVO) (1) | 141,289 | 134,839 | 166,089 | ||||
Distributable cash flow (DCF) (1) | 30,633 | 21,627 | 62,037 | ||||
Adjusted net income attributable to the partners and preferred unitholders(1) | 15,157 | 8,487 | 43,950 |
(1) | These are non-GAAP financial measures. Please refer to “Definitions and Non-GAAP Financial Measures” and the Appendices to this release for definitions of these terms and reconciliations of these non-GAAP financial measures as used in this release to the most directly comparable financial measures under United States generally accepted accounting principles (GAAP). |
(2) | Please refer to Appendices in the fourth quarter of 2016 release for a reconciliation of this non-GAAP measure to the most directly comparable financial measure under GAAP. |
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Three Months Ended | ||||||||||||||
March 31, 2017 | ||||||||||||||
(in thousands of U.S. Dollars) | (unaudited) | |||||||||||||
FPSO Segment | Shuttle Tanker Segment | FSO Segment | UMS Segment | Towage Segment | Conventional Tanker Segment | Total | ||||||||
GAAP FINANCIAL COMPARISON | ||||||||||||||
Revenues | 112,855 | 136,233 | 11,489 | 827 | 10,898 | 3,836 | 276,138 | |||||||
Income (loss) from vessel operations | 32,980 | 37,072 | 3,032 | (9,283 | ) | (2,938 | ) | (405 | ) | 60,458 | ||||
Equity income | 4,475 | — | — | — | — | — | 4,475 | |||||||
NON-GAAP FINANCIAL COMPARISON | ||||||||||||||
CFVO from (used for) consolidated vessels (i) | 65,444 | 67,718 | 7,372 | (7,650 | ) | 440 | (405 | ) | 132,919 | |||||
CFVO from equity accounted vessels (i) | 8,370 | — | — | — | — | — | 8,370 | |||||||
Total CFVO (i) | 73,814 | 67,718 | 7,372 | (7,650 | ) | 440 | (405 | ) | 141,289 | |||||
Three Months Ended | ||||||||||||||
March 31, 2016 | ||||||||||||||
(in thousands of U.S. Dollars) | (unaudited) | |||||||||||||
FPSO Segment | Shuttle Tanker Segment | FSO Segment | UMS Segment | Towage Segment | Conventional Tanker Segment | Total | ||||||||
GAAP FINANCIAL COMPARISON | ||||||||||||||
Revenues | 132,784 | 126,184 | 14,363 | 13,482 | 11,083 | 8,812 | 306,708 | |||||||
Income (loss) from vessel operations | 39,612 | 33,948 | 6,268 | 3,166 | (877 | ) | 6,182 | 88,299 | ||||||
Equity income | 5,283 | — | — | — | — | — | 5,283 | |||||||
NON-GAAP FINANCIAL COMPARISON | ||||||||||||||
CFVO from consolidated vessels (i) | 72,131 | 62,878 | 9,836 | 4,862 | 1,967 | 6,182 | 157,856 | |||||||
CFVO from equity accounted vessels (i) | 8,233 | — | — | — | — | — | 8,233 | |||||||
Total CFVO (i) | 80,364 | 62,878 | 9,836 | 4,862 | 1,967 | 6,182 | 166,089 |
(i) | These are non-GAAP financial measures. Please refer to “Definitions and Non-GAAP Financial Measures” and the Appendices to this release for definitions of these terms and reconciliations of these non-GAAP financial measures as used in this release to the most directly comparable financial measures under GAAP. |
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Number of Vessels | ||||||||||||
Owned Vessels | Chartered-in Vessels | Committed Newbuildings / Conversions / Upgrade | Total | |||||||||
FPSO Segment | 6 | (i) | — | 2 | (ii) | 8 | ||||||
Shuttle Tanker Segment | 28 | (iii) | 3 | 3 | (iv) | 34 | ||||||
FSO Segment | 6 | (v) | — | 1 | (vi) | 7 | ||||||
UMS Segment | 1 | — | — | 1 | ||||||||
Towage Segment | 7 | — | 3 | (vii) | 10 | |||||||
Conventional Segment | — | 2 | — | 2 | ||||||||
Total | 48 | 5 | 9 | 62 |
(i) | Includes one FPSO unit, the Cidade de Itajai FPSO, in which Teekay Offshore’s ownership interest is 50 percent. |
(ii) | Consists of the Petrojarl I FPSO upgrade project and Teekay Offshore’s 50 percent ownership interest in the Libra FPSO conversion project, which units are scheduled to commence operations in early-2018 and in late-June or early-July 2017, respectively. The Libra FPSO unit conversion was completed in late-March 2017 and will arrive shortly at the Libra field in offshore Brazil. |
(iii) | Includes six shuttle tankers in which Teekay Offshore’s ownership interest is 50 percent and one HiLoad DP unit. |
(iv) | Includes three Suezmax-size, DP2 shuttle tanker newbuildings scheduled to be delivered in late 2017 through the first half of 2018 for employment under the East Coast of Canada charter contracts. |
(v) | Includes the Navion Saga which, as at March 31, 2017, was classified as held for sale. |
(vi) | Consists of the Randgrid shuttle tanker, which is being converted into an FSO unit for use with the Gina Krog FSO project and is scheduled to commence operations in the third quarter of 2017. |
(vii) | Consists of three long-distance towing and offshore installation vessel newbuildings scheduled to deliver during 2017 through early-2018. |
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• | By dialing 1-800-274-0251 or 416-640-5944, if outside North America, and quoting conference ID code 9100010. |
• | By accessing the webcast, which will be available on Teekay Offshore's website at www.teekay.com (the archive will remain on the website for a period of one year). |
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Three Months Ended | |||||||
March 31, | December 31, | March 31, | |||||
2017 | 2016 | 2016 | |||||
(unaudited) | (unaudited) | (unaudited) | |||||
Revenues | 276,138 | 274,920 | 306,708 | ||||
Voyage expenses | (25,141 | ) | (23,323 | ) | (18,344 | ) | |
Vessel operating expenses | (78,990 | ) | (84,320 | ) | (95,352 | ) | |
Time-charter hire expenses | (21,756 | ) | (22,440 | ) | (15,322 | ) | |
Depreciation and amortization | (74,726 | ) | (76,873 | ) | (74,922 | ) | |
General and administrative | (14,617 | ) | (12,631 | ) | (14,469 | ) | |
Gain on sale and (write-down) of vessels (1) | — | 3,571 | — | ||||
Restructuring charge | (450 | ) | (2,360 | ) | — | ||
Income from vessel operations | 60,458 | 56,544 | 88,299 | ||||
Interest expense | (36,104 | ) | (35,859 | ) | (36,026 | ) | |
Interest income | 346 | 262 | 404 | ||||
Realized and unrealized (loss) gain | |||||||
on derivative instruments (2) | (6,532 | ) | 81,967 | (60,490 | ) | ||
Equity income | 4,475 | 4,087 | 5,283 | ||||
Foreign currency exchange (loss) gain (3) | (223 | ) | 303 | (2,838 | ) | ||
Other income - net | 222 | 441 | 9 | ||||
Income (loss) before income tax (expense) recovery | 22,642 | 107,745 | (5,359 | ) | |||
Income tax (expense) recovery | (1,379 | ) | (11,479 | ) | 2,836 | ||
Net income (loss) | 21,263 | 96,266 | (2,523 | ) | |||
Non-controlling interests in net income (loss) | 2,372 | 4,313 | 1,888 | ||||
Preferred unitholders' interest in net income (loss) | 12,386 | 12,387 | 10,750 | ||||
General Partner’s interest in net income (loss) | 130 | 1,590 | (304 | ) | |||
Limited partners’ interest in net income (loss) | 6,375 | 77,976 | (14,857 | ) | |||
Weighted-average number of common units: | |||||||
- basic | 148,633,906 | 144,704,887 | 107,055,382 | ||||
- diluted | 149,662,366 | 177,694,503 | 107,055,382 | ||||
Total number of common units outstanding | |||||||
at end of period | 149,718,936 | 147,514,113 | 107,128,349 |
(1) | In November 2016, the Partnership sold a 1995-built shuttle tanker, the Navion Europa, for net proceeds of $14.4 million, and recorded a gain on sale of $6.8 million in the Partnership's shuttle tanker segment, in a 67 percent-owned subsidiary. During the fourth quarter of 2016, the carrying value of a shuttle tanker and an FSO unit were written down by $3.1 million in aggregate based on future expectations of these vessels. One of these vessels, the Navion Saga FSO unit, was classified as held for sale as at March 31, 2017 and December 31, 2016. |
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(2) | Realized loss on derivative instruments relates to amounts the Partnership actually paid to settle derivative instruments, and the unrealized gain (loss) on derivative instruments relates to the change in fair value of such derivative instruments, as detailed in the table below: |
Three Months Ended | |||||||
March 31, | December 31, | March 31, | |||||
2017 | 2016 | 2016 | |||||
Realized loss relating to: | |||||||
Interest rate swaps | (10,666 | ) | (11,830 | ) | (13,967 | ) | |
Foreign currency forward contracts | (100 | ) | (769 | ) | (2,933 | ) | |
(10,766 | ) | (12,599 | ) | (16,900 | ) | ||
Unrealized gain (loss) relating to: | |||||||
Interest rate swaps | 3,503 | 97,782 | (51,921 | ) | |||
Foreign currency forward contracts | 731 | (3,216 | ) | 8,331 | |||
4,234 | 94,566 | (43,590 | ) | ||||
Total realized and unrealized (loss) gain on | |||||||
derivative instruments | (6,532 | ) | 81,967 | (60,490 | ) |
(3) | The Partnership entered into cross currency swaps to economically hedge the foreign currency exposure on the payment of interest and repayment of principal amounts of the Partnership’s Norwegian Kroner (NOK) bonds with maturity dates through to 2019. In addition, the cross currency swaps economically hedge the interest rate exposure on the NOK bonds. The Partnership has not designated, for accounting purposes, these cross currency swaps as cash flow hedges of its NOK bonds and, thus, the foreign currency exchange (loss) gain includes realized losses relating to the amounts the Partnership paid to settle its non-designated cross currency swaps and the unrealized gain (loss) relating to the change in fair value of such swaps, partially offset by the unrealized (loss) gain on the revaluation of the NOK bonds, as detailed in the table below. In addition, during the three months ended March 31, 2016, the realized loss on cross-currency swaps includes a $32.6 million loss on the maturity of the swap associated with the NOK 500 million bond which settled in January 2016, which was offset by a $32.6 million realized foreign currency exchange gain on the settlement of the bond which is not included in the table below. |
Three Months Ended | ||||||
March 31, | December 31, | March 31, | ||||
2017 | 2016 | 2016 | ||||
Realized loss on cross currency swaps | (3,204 | ) | (12,221 | ) | (35,276 | ) |
Unrealized gain (loss) on cross currency swaps | 4,379 | (12,148 | ) | 52,895 | ||
Unrealized (loss) gain on revaluation of NOK bonds | (1,261 | ) | 21,910 | (51,487 | ) |
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As at | As at | ||||
March 31, 2017 | December 31, 2016 | ||||
(unaudited) | (unaudited) | ||||
ASSETS | |||||
Current | |||||
Cash and cash equivalents | 193,419 | 227,378 | |||
Restricted cash - current | 97,310 | 92,265 | |||
Accounts receivable | 132,415 | 114,576 | |||
Vessels held for sale | 6,900 | 6,900 | |||
Net investments in direct financing leases - current | 1,994 | 4,417 | |||
Prepaid expenses | 30,628 | 25,187 | |||
Due from affiliates | 20,013 | 77,811 | |||
Other current assets | 21,316 | 21,282 | |||
Total current assets | 503,995 | 569,816 | |||
Restricted cash - long-term | 2,970 | 22,644 | |||
Vessels and equipment | |||||
At cost, less accumulated depreciation | 4,012,105 | 4,084,803 | |||
Advances on newbuilding contracts and conversion costs | 680,439 | 632,130 | |||
Net investments in direct financing leases | 13,700 | 13,169 | |||
Investment in equity accounted joint ventures | 154,048 | 141,819 | |||
Deferred tax asset | 23,765 | 24,659 | |||
Other assets | 96,992 | 100,435 | |||
Goodwill | 129,145 | 129,145 | |||
Total assets | 5,617,159 | 5,718,620 | |||
LIABILITIES AND EQUITY | |||||
Current | |||||
Accounts payable | 15,454 | 8,946 | |||
Accrued liabilities | 139,771 | 150,281 | |||
Deferred revenues | 57,017 | 57,373 | |||
Due to affiliates | 70,774 | 96,555 | |||
Current portion of long-term debt | 620,803 | 586,892 | |||
Current portion of derivative instruments | 60,119 | 55,002 | |||
Current portion of in-process revenue contracts | 12,744 | 12,744 | |||
Total current liabilities | 976,682 | 967,793 | |||
Long-term debt | 2,500,306 | 2,596,002 | |||
Derivative instruments | 268,578 | 282,138 | |||
Due to affiliates | 200,000 | 200,000 | |||
In-process revenue contracts | 47,139 | 50,281 | |||
Other long-term liabilities | 207,297 | 211,611 | |||
Total liabilities | 4,200,002 | 4,307,825 | |||
Redeemable non-controlling interest | 955 | 962 | |||
Convertible preferred units | 272,053 | 271,237 | |||
Equity | |||||
Limited partners - common units | 787,065 | 784,056 | |||
Limited partners - preferred units | 266,925 | 266,925 | |||
General partner | 20,720 | 20,658 | |||
Warrants | 13,797 | 13,797 | |||
Accumulated other comprehensive loss | (591 | ) | (804 | ) | |
Non-controlling interests | 56,233 | 53,964 | |||
Total equity | 1,144,149 | 1,138,596 | |||
Total liabilities and total equity | 5,617,159 | 5,718,620 |
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Three Months Ended | ||||
March 31, 2017 | March 31, 2016 | |||
(unaudited) | (unaudited) | |||
Cash and cash equivalents provided by (used for) | ||||
OPERATING ACTIVITIES | ||||
Net income (loss) | 21,263 | (2,523 | ) | |
Non-cash items: | ||||
Unrealized gain on derivative instruments | (8,680 | ) | (9,356 | ) |
Equity income | (4,475 | ) | (5,283 | ) |
Depreciation and amortization | 74,726 | 74,922 | ||
Deferred income tax expense (recovery) | 1,436 | (3,538 | ) | |
Amortization of in-process revenue contracts | (3,143 | ) | (3,177 | ) |
Unrealized foreign currency exchange (gain) loss and other | 7,190 | 24,991 | ||
Change in non-cash working capital items related to operating activities | 10,802 | 52,860 | ||
Expenditures for dry docking | (1,140 | ) | (3,445 | ) |
Net operating cash flow | 97,979 | 125,451 | ||
FINANCING ACTIVITIES | ||||
Proceeds from long-term debt | 94,169 | 50,410 | ||
Scheduled repayments of long-term debt | (161,369 | ) | (125,030 | ) |
Prepayments of long-term debt | — | (21,607 | ) | |
Debt issuance costs | (1,054 | ) | (99 | ) |
Decrease in restricted cash | 14,629 | 37,820 | ||
Proceeds from issuance of common units | 240 | — | ||
Expenses relating to equity offerings | (212 | ) | — | |
Cash distributions paid by the Partnership | (17,137 | ) | (22,763 | ) |
Cash distributions paid by subsidiaries to non-controlling interests | (110 | ) | (110 | ) |
Other | (372 | ) | (294 | ) |
Net financing cash flow | (71,216 | ) | (81,673 | ) |
INVESTING ACTIVITIES | ||||
Net payments for vessels and equipment, including advances on newbuilding contracts and conversion costs | (55,205 | ) | (25,277 | ) |
Proceeds from sale of vessels and equipment | — | 55,450 | ||
Direct financing lease payments received | 1,892 | 1,396 | ||
(Investment in) return of capital from equity accounted joint ventures | (7,409 | ) | 1,931 | |
Net investing cash flow | (60,722 | ) | 33,500 | |
(Decrease) increase in cash and cash equivalents | (33,959 | ) | 77,278 | |
Cash and cash equivalents, beginning of the period | 227,378 | 258,473 | ||
Cash and cash equivalents, end of the period | 193,419 | 335,751 |
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Three Months Ended | ||||||
March 31, 2017 | March 31, 2016 | |||||
(unaudited) | (unaudited) | |||||
Net income (loss) – GAAP basis | 21,263 | (2,523 | ) | |||
Adjustments: | ||||||
Less: net income (loss) attributable to non-controlling interests | 2,372 | 1,888 | ||||
Net income (loss) attributable to the partners and preferred unitholders | 18,891 | (4,411 | ) | |||
Add (subtract) specific items affecting net income (loss): | ||||||
Foreign currency exchange (gain) loss (1) | (2,981 | ) | 191 | |||
Unrealized (gain) loss on derivative instruments (2) | (4,011 | ) | 42,926 | |||
Deferred income tax expense relating to Norwegian tax structure (3) | 974 | — | ||||
Pre-operational costs (4) | 1,632 | 5,150 | ||||
Business development fees, restructuring charge and other (5) | 652 | 296 | ||||
Non-controlling interests’ share of items above (6) | — | (202 | ) | |||
Total adjustments | (3,734 | ) | 48,361 | |||
Adjusted net income attributable to the partners and preferred unitholders | 15,157 | 43,950 |
(1) | Foreign currency exchange (gain) loss primarily relates to the Partnership’s revaluation of all foreign currency-denominated monetary assets and liabilities based on the prevailing exchange rate at the end of each reporting period and the unrealized gain or loss related to the Partnership’s cross currency swaps related to the Partnership's NOK bonds and excludes the realized gain or loss relating to the Partnership's cross currency swaps. |
(2) | Reflects the unrealized (gain) loss due to changes in the mark-to-market value of interest rate swaps and foreign currency forward contracts that are not designated as hedges for accounting purposes, hedge ineffectiveness from derivative instruments designated as hedges for accounting purposes, the unrealized mark-to-market value of the interest rate swaps within the Cidade de Itajai FPSO joint venture and hedge ineffectiveness within the Libra FPSO equity accounted joint venture. |
(3) | Reflects the decrease in the deferred income tax asset for the Partnership's Norwegian tax structures. |
(4) | Reflects depreciation and amortization expense and vessel operating expenses relating to the Petrojarl I FPSO unit while undergoing upgrades for the three months ended March 31, 2017. Reflects the realized loss on foreign currency forward contracts relating to upgrade costs on the Petrojarl I FPSO unit, the conversion costs on the Gina Krog FSO unit and costs associated with the delivery deferral of the Stavanger Spirit UMS during the three months ended March 31, 2016. |
(5) | Other items for the three months ended March 31, 2017 mainly includes a restructuring charge relating to the reorganization within the Partnership’s FPSO segment. Other items for the three months ended March 31, 2016 includes an increase in depreciation expense as a result of the change in the useful life estimate of the shuttle component of the Partnership’s shuttle tankers from 25 years to 20 years effective January 1, 2016, partially offset by an early termination fee received from Teekay Corporation related to the sale of the Kilimanjaro Spirit conventional tanker. |
(6) | Items affecting net income (loss) include amounts attributable to the Partnership’s consolidated non-wholly-owned subsidiaries. Each item affecting net income (loss) is analyzed to determine whether any of the amounts originated from a consolidated non-wholly-owned subsidiary. Each amount that originates from a consolidated non-wholly-owned subsidiary is multiplied by the non-controlling interests’ percentage share in this subsidiary to arrive at the non-controlling interests’ share of the amount. The amount identified as “non-controlling interests’ share of items above” in the table above is the cumulative amount of the non-controlling interests’ proportionate share of items affecting net income (loss) listed in the table. |
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Three Months Ended | ||||||
March 31, | ||||||
2017 | 2016 | |||||
(unaudited) | (unaudited) | |||||
Net income (loss) | 21,263 | (2,523 | ) | |||
Add (subtract): | ||||||
Depreciation and amortization | 74,726 | 74,922 | ||||
Partnership's share of equity accounted joint venture's distributable | ||||||
cash flow net of estimated maintenance capital expenditures (1) | 5,894 | 5,725 | ||||
Distributions relating to equity financing of newbuildings | ||||||
and conversion costs | 1,774 | 3,262 | ||||
Deferred income tax expense (recovery) | 1,436 | (3,538 | ) | |||
Amortization of non-cash portion of revenue contracts | (3,953 | ) | (3,997 | ) | ||
Unrealized (gain) loss on non-designated derivative instruments (2) | (4,234 | ) | 43,590 | |||
Equity income | (4,475 | ) | (5,283 | ) | ||
Distributions on preferred units | (12,386 | ) | (10,750 | ) | ||
Estimated maintenance capital expenditures | (41,124 | ) | (40,671 | ) | ||
Unrealized foreign currency exchange and other, net | (2,661 | ) | 5,910 | |||
Distributable cash flow before non-controlling interests | 36,260 | 66,647 | ||||
Non-controlling interests' share of DCF | (5,627 | ) | (4,610 | ) | ||
Distributable Cash Flow | 30,633 | 62,037 | ||||
Amount attributable to the General Partner | (336 | ) | (240 | ) | ||
Limited partners' Distributable Cash Flow | 30,297 | 61,797 | ||||
Weighted-average number of common units outstanding | 148,633,906 | 107,055,382 | ||||
Distributable Cash Flow per limited partner unit | 0.20 | 0.58 |
(1) | Estimated maintenance capital expenditures relating to the Partnership’s equity accounted joint venture for the three months ended March 31, 2017 and 2016 were $1.0 million. |
(2) | Derivative instruments include interest rate swaps and foreign currency forward contracts. |
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Three Months Ended March 31, 2017 | ||||||||||||||
(unaudited) | ||||||||||||||
FPSO Segment | Shuttle Tanker Segment | FSO Segment | UMS Segment | Towage Segment | Conventional Tanker Segment | Total | ||||||||
Revenues | 112,855 | 136,233 | 11,489 | 827 | 10,898 | 3,836 | 276,138 | |||||||
Voyage expenses | — | (21,278 | ) | (325 | ) | — | (3,510 | ) | (28 | ) | (25,141 | ) | ||
Vessel operating expenses | (35,093 | ) | (27,429 | ) | (5,079 | ) | (6,485 | ) | (4,914 | ) | 10 | (78,990 | ) | |
Time-charter hire expenses | — | (16,698 | ) | — | — | (925 | ) | (4,133 | ) | (21,756 | ) | |||
Depreciation and amortization | (36,502 | ) | (30,613 | ) | (2,552 | ) | (1,633 | ) | (3,426 | ) | — | (74,726 | ) | |
General and administrative | (7,830 | ) | (3,143 | ) | (501 | ) | (1,992 | ) | (1,061 | ) | (90 | ) | (14,617 | ) |
Restructuring charge | (450 | ) | — | — | — | — | — | (450 | ) | |||||
Income (loss) from vessel operations | 32,980 | 37,072 | 3,032 | (9,283 | ) | (2,938 | ) | (405 | ) | 60,458 | ||||
Three Months Ended March 31, 2016 | ||||||||||||||
(unaudited) | ||||||||||||||
FPSO Segment | Shuttle Tanker Segment | FSO Segment | UMS Segment | Towage Segment | Conventional Tanker Segment | Total | ||||||||
Revenues | 132,784 | 126,184 | 14,363 | 13,482 | 11,083 | 8,812 | 306,708 | |||||||
Voyage expenses | — | (13,938 | ) | (212 | ) | — | (3,518 | ) | (676 | ) | (18,344 | ) | ||
Vessel operating expenses | (46,915 | ) | (28,881 | ) | (5,473 | ) | (7,927 | ) | (4,885 | ) | (1,271 | ) | (95,352 | ) |
Time-charter hire expenses | — | (14,812 | ) | — | — | — | (510 | ) | (15,322 | ) | ||||
Depreciation and amortization | (37,583 | ) | (30,648 | ) | (2,172 | ) | (1,696 | ) | (2,823 | ) | — | (74,922 | ) | |
General and administrative | (8,674 | ) | (3,957 | ) | (238 | ) | (693 | ) | (734 | ) | (173 | ) | (14,469 | ) |
Income (loss) from vessel operations | 39,612 | 33,948 | 6,268 | 3,166 | (877 | ) | 6,182 | 88,299 |
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Three Months Ended | |||||||||||||||
March 31, 2017 | |||||||||||||||
Shuttle | Conventional | ||||||||||||||
FPSO | Tanker | FSO | UMS | Towage | Tanker | ||||||||||
Segment | Segment | Segment | Segment | Segment | Segment | Total | |||||||||
Income (loss) from vessel operations | |||||||||||||||
(See Appendix C) | 32,980 | 37,072 | 3,032 | (9,283 | ) | (2,938 | ) | (405 | ) | 60,458 | |||||
Depreciation and amortization | 36,502 | 30,613 | 2,552 | 1,633 | 3,426 | — | 74,726 | ||||||||
Realized (loss) gain from the | |||||||||||||||
settlements of non-designated | |||||||||||||||
foreign currency forward contracts | (85 | ) | 33 | — | — | (48 | ) | — | (100 | ) | |||||
Amortization of non-cash portion of | |||||||||||||||
revenue contracts | (3,953 | ) | — | — | — | — | — | (3,953 | ) | ||||||
Falcon Spirit revenue accounted for | |||||||||||||||
as a direct financing lease | — | — | (493 | ) | — | — | — | (493 | ) | ||||||
Falcon Spirit cash flow from | |||||||||||||||
time-charter contracts | — | — | 2,281 | — | — | — | 2,281 | ||||||||
Cash flow from (used for) vessel operations | |||||||||||||||
from consolidated vessels | 65,444 | 67,718 | 7,372 | (7,650 | ) | 440 | (405 | ) | 132,919 |
Three Months Ended | |||||||||||||||
March 31, 2016 | |||||||||||||||
Shuttle | Conventional | ||||||||||||||
FPSO | Tanker | FSO | UMS | Towage | Tanker | ||||||||||
Segment | Segment | Segment | Segment | Segment | Segment | Total | |||||||||
Income (loss) from vessel operations | |||||||||||||||
(See Appendix C) | 39,612 | 33,948 | 6,268 | 3,166 | (877 | ) | 6,182 | 88,299 | |||||||
Depreciation and amortization | 37,583 | 30,648 | 2,172 | 1,696 | 2,823 | — | 74,922 | ||||||||
Realized (loss) gain from the | |||||||||||||||
settlements of non-designated | |||||||||||||||
foreign currency forward contracts | (1,067 | ) | (1,718 | ) | — | — | 21 | — | (2,764 | ) | |||||
Amortization of non-cash portion of | |||||||||||||||
revenue contracts | (3,997 | ) | — | — | — | — | — | (3,997 | ) | ||||||
Falcon Spirit revenue accounted for | |||||||||||||||
as a direct financing lease | — | — | (758 | ) | — | — | — | (758 | ) | ||||||
Falcon Spirit cash flow from | |||||||||||||||
time-charter contracts | — | — | 2,154 | — | — | — | 2,154 | ||||||||
Cash flow from vessel operations | |||||||||||||||
from consolidated vessels | 72,131 | 62,878 | 9,836 | 4,862 | 1,967 | 6,182 | 157,856 |
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Three Months Ended | Three Months Ended | ||||||||
March 31, 2017 | March 31, 2016 | ||||||||
(unaudited) | (unaudited) | ||||||||
At 100% | Partnership's 50% | At 100% | Partnership's 50% | ||||||
Revenues | 23,792 | 11,896 | 21,720 | 10,860 | |||||
Vessel and other operating expenses | (7,052 | ) | (3,526 | ) | (5,254 | ) | (2,627 | ) | |
Depreciation and amortization | (4,405 | ) | (2,203 | ) | (4,384 | ) | (2,192 | ) | |
Income from vessel operations of equity accounted vessels | 12,335 | 6,167 | 12,082 | 6,041 | |||||
Net interest expense | (1,924 | ) | (962 | ) | (1,398 | ) | (699 | ) | |
Realized and unrealized (loss) gain on derivative instruments (1) | (1,231 | ) | (616 | ) | 35 | 18 | |||
Foreign currency exchange gain | 53 | 27 | — | — | |||||
Total other items | (3,102 | ) | (1,551 | ) | (1,363 | ) | (681 | ) | |
Net income / equity income of equity accounted vessels | |||||||||
before income tax expense | 9,233 | 4,616 | 10,719 | 5,360 | |||||
Income tax expense | (282 | ) | (141 | ) | (154 | ) | (77 | ) | |
Net income / equity income of equity accounted vessels | 8,951 | 4,475 | 10,565 | 5,283 | |||||
Income from vessel operations of equity accounted vessels | 12,335 | 6,167 | 12,082 | 6,041 | |||||
Depreciation and amortization | 4,405 | 2,203 | 4,384 | 2,192 | |||||
Cash flow from vessel operations from equity accounted vessels | 16,740 | 8,370 | 16,466 | 8,233 |
(1) | Realized and unrealized (loss) gain on derivative instruments for the three months ended March 31, 2017 and 2016 include total unrealized losses of $0.6 million ($0.3 million at the Partnership’s 50% share) and an unrealized gain of $1.2 million ($0.6 million at the Partnership’s 50% share), respectively, related to interest rate swaps for the Cidade de Itajai and the Libra FPSO units. |
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