Segment Reporting (Tables)

12 Months Ended

Dec. 31, 2012

The following tables present results for these segments for the years ended December 31, 2012, 2011, and 2010.


Year ended December 31, 2012	Shuttle Tanker and FSO Segment $		FPSO Segment $		Liquefied Gas Segment $		Conventional Tanker Segment $			Total $
Revenues		613,388		581,215		286,237		475,395			1,956,235
Voyage expenses		104,382		232		283		33,386			138,283
Vessel operating expenses		175,459		331,124		45,972		177,564			730,119
Time-charter hire expense		56,989		—		—		73,750			130,739
Depreciation and amortization		125,104		135,413		69,064		126,317			455,898
General and administrative ⁽²⁾		54,139		68,035		21,969		58,824			202,967
Asset impairments		28,830		—		—		405,252			434,082
Net loss on sale of vessels and equipment		1,112		—		—		5,863			6,975
Restructuring charges		652		—		—		6,913			7,565

Income (loss) from vessel operations		66,721		46,411		148,949		(412,474	)		(150,393	)

Total assets of operating segments at December 31, 2012		1,709,674		2,824,832		3,148,037		2,037,394			9,719,938


Year ended December 31, 2011	Shuttle Tanker and FSO Segment $		FPSO Segment $			Liquefied Gas Segment $			Conventional Tanker Segment $			Total $
Revenues		613,768		464,810			272,041			603,163			1,953,782
Voyage expenses		97,743		—			4,862			74,009			176,614
Vessel operating expenses		196,536		242,332			48,158			190,661			677,687
Time-charter hire expense		74,478		—			—			139,701			214,179
Depreciation and amortization		129,293		96,915			63,641			138,759			428,608
General and administrative ⁽²⁾		60,359		52,854			20,586			89,817			223,616
Asset impairments		43,185		—			—			112,103			155,288
Net loss (gain) on sale of vessels and equipment		171		(4,888	)		—			488			(4,229	)
Bargain purchase gain		—		(68,535	)		—			—			(68,535	)
Goodwill impairment		—		—			—			36,652			36,652
Restructuring charges		5,351		—			—			139			5,490

Income (loss) from vessel operations		6,652		146,132			134,794			(179,166	)		108,412

Total assets of operating segments at December 31, 2011		1,891,496		2,527,095			2,924,653			2,572,685			9,915,929

Year ended December 31, 2010	Shuttle Tanker and FSO Segment $		FPSO Segment $			Liquefied Gas Segment $			Conventional Tanker Segment $			Total $
Revenues ⁽¹⁾		622,195		463,931			248,378			761,249			2,095,753
Voyage expenses		111,003		—			29			134,065			245,097
Vessel operating expenses		182,614		209,283			46,497			192,153			630,547
Time-charter hire expense		89,768		—			—			196,224			285,992
Depreciation and amortization		127,438		95,784			62,904			154,579			440,705
General and administrative ⁽²⁾		51,281		42,714			20,147			79,601			193,743
Asset impairments		19,480		—			—			31,730			51,210
Net (gain) loss on sale of vessels and equipment		—		—			(4,340	)		2,280			(2,060	)
Restructuring charges		704		—			394			15,298			16,396

Income (loss) from vessel operations		39,907		116,150			122,747			(44,681	)		234,123

(1)	FPSO segment includes $59.2 million in revenue for the year ended December 31, 2010, related to operations in previous years as a result of executing a contract amendment in March 2010.

(2)	Includes direct general and administrative expenses and indirect general and administrative expenses (allocated to each segment based on estimated use of corporate resources).

Reconciliation of Total Segment Assets

A reconciliation of total segment assets to amounts presented in the accompanying consolidated balance sheets is as follows:


	December 31, 2012 $		December 31, 2011 $
Total assets of all segments		9,719,938		9,915,929
Cash		639,491		692,127
Accounts receivable and other assets		642,596		529,621

Consolidated total assets		11,002,025		11,137,677

Revenues and Percentage of Consolidated Revenues

The following table presents revenues and percentage of consolidated revenues for customers that accounted for more than 10% of the Company’s consolidated revenues during the periods presented. All of these customers are international oil companies.

(U.S. dollars in millions)

Year Ended
December 31,
2012

Year Ended
December 31,
2011

Year Ended
December 31,
2010

Statoil ASA ⁽¹⁾

$299.1 or 15%

283.7 or 15

330.4 or 16

Petroleo Brasileiro SA ⁽¹⁾

$289.3 or 15%

224.9 or 12

226.0 or 11

BP PLC ⁽²⁾

⁽³

⁾

⁽³⁾

222.2 or 11

(1)	Shuttle tanker and FSO, FPSO and conventional tanker segments

(2)	Shuttle tanker and FSO, FPSO, liquefied gas and conventional tanker segments

(3)	Less than 10%

- Definition

Tabular disclosure of the profit or loss and total assets for each reportable segment. An entity discloses certain information on each reportable segment if the amounts (a) are included in the measure of segment profit or loss reviewed by the chief operating decision maker or (b) are otherwise regularly provided to the chief operating decision maker, even if not included in that measure of segment profit or loss.

+ References+ Details