November 16, 2017
“We have been focused on completing strategic transactions, vessel deliveries and financing initiatives across the Teekay Group.”
On November 9, Teekay Corporation and and its entities, Teekay LNG Partners, Teekay Offshore Partners and Teekay Tankers, released their third quarter 2017 earnings results.
“Since reporting earnings in August 2017, we have been focused on completing strategic transactions, vessel deliveries and financing initiatives across the Teekay Group, which we believe will strengthen each of our businesses,” commented Kenneth Hvid, Teekay’s President and Chief Executive Officer. “Teekay and Teekay Offshore have completed their strategic partnership with Brookfield, Teekay Tankers has secured support from two leading independent proxy advisory firms for its proposed charter amendment to permit its merger with TIL, and Teekay LNG continues to execute on the delivery and financing of its newbuilding projects.” Mr. Hvid continued, “Teekay LNG and Teekay Offshore’s projects are now starting to deliver which are expected to provide significant future cash flow growth.”
“With respect to Teekay Parent’s directly-owned assets, we believe Centrica Energy’s previously announced drilling campaign on the Chestnut field in the North Sea, which is serviced by our Hummingbird Spirit FPSO unit, is expected to increase production, thereby increasing Teekay Parent’s cash flows. Our new three-year contract extension for the Hummingbird Spirit FPSO contract took effect in October 2017, and now includes a component providing potential upside based on oil production and oil prices, as is also the case with Teekay Parent\’s other two FPSO units, the Banff and Foinaven FPSO units.”
Mr. Hvid added, “We are starting to see green shoots of an energy recovery in our LNG, offshore and crude oil tanker businesses. With market-leading positions and strong operational platforms, we believe each of our businesses are well-positioned to benefit from and take advantage of future opportunities as our markets continue to recover.”
Below you can read each entity’s third quarter highlights and financial presentations. For detailed information, visit our Investor pages: $TK, $TGP,$TOO, $TNK.