February 24, 2022
On February 24, Teekay Corporation and Teekay Tankers released Q4-2021 earnings results.
In the fourth quarter, Teekay Corporation reported a consolidated adjusted profit. Our Q4 results were stronger mainly due to a modest improvement in spot tanker rates, and a strong counterparty with our marine services business in Australia as we continue to wind down the FPSO business.
On January 13th this year, Teekay Corporation successfully completed the sale of all their interest in Teekay LNG to Stonepeak, which has now transformed their balance sheet and is now largely debt-free.
Teekay Tankers continues to maintain a strong liquidity position despite reporting another weak quarter earnings results due to the low spot tanker rates. Teekay Tankers have also signed two-term sheets to refinance 13 vessels with new, flexible low-cost sale-leaseback financings which gives us the financial flexibility to face the future with confidence as we anticipate a recovery from the tanker spot rates.
Looking ahead, Teekay stands to benefit from the strong operating franchise and capabilities developed over nearly 50-year history, combined with the renewed financial flexibility. As the world pushes for greater energy diversification and a lower environmental footprint, we expect to see investment opportunities in both the broader shipping sector and potentially new and adjacent markets.
We believe that Teekay is well-positioned to patiently and selectively pursue a range of attractive future investment alternatives that leverage our core competencies, relationships, and institutional knowledge to create long-term shareholder value.
Starting next quarter, Teekay Corporation will continue to provide quarterly earnings results, but will not schedule a quarterly basis investor conference call. Instead, they will be more events-driven based on new investments in the future to maintain transparency and continue to have frequent dialogues with investors.
We thank all our colleagues at sea and shore for their continued perseverance and dedication as they continue to respond to ongoing restrictions while providing safe and uninterrupted services to our customers.
Below you will find the highlights from our earnings results. For detailed information, visit our Investor pages: $TK, $TNK.