Form 20-F þ |
Form 40-F o |
Yes o |
No þ |
Yes o |
No þ |
Yes o |
No þ |
TEEKAY OFFSHORE PARTNERS L.P. |
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By: | Teekay Offshore GP L.L.C., its general partner |
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Date: May 15, 2009 | By: | /s/ Peter Evensen | ||
Peter Evensen | ||||
Chief Executive Officer and Chief Financial Officer (Principal Financial and Accounting Officer) |
TEEKAY OFFSHORE PARTNERS L.P. 4th Floor, Belvedere Building, 69 Pitts Bay Road, Hamilton, HM 08, Bermuda |
| Declared a cash distribution of $0.45 per unit for both the fourth quarter of 2008 and first quarter of 2009. | |
| Generated distributable cash flow of $11.7 million in the fourth quarter of 2008, an increase from $6.5 million in the same quarter one year ago. |
Number of Vessels | ||||||||||||||
Owned | Chartered-in | |||||||||||||
Vessels | Vessels | Total | ||||||||||||
Shuttle Tanker Segment |
27 | * | 10 | 37 | ||||||||||
Conventional Tanker Segment |
11 | | 11 | |||||||||||
FSO Segment |
5 | | 5 | |||||||||||
Total |
43 | 10 | 53 | |||||||||||
* | Includes five shuttle tankers in which OPCOs ownership interest is 50% and two shuttle tankers directly owned by Teekay Offshore, of which one is 50% owned. |
(1) | Distributable cash flow is a non-GAAP financial measure used by certain investors to measure the financial performance of the Partnership and other master limited partnerships. Please see Appendix B for a reconciliation of this non-GAAP measure to the most directly comparable GAAP financial measure. |
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(1) | Net voyage revenues represents voyage revenues less voyage expenses, which comprise all expenses relating to certain voyages, including bunker fuel expenses, port fees, canal tolls and brokerage commissions. Net voyage revenues is a non-GAAP financial measure used by certain investors to measure the financial performance of shipping companies. Please see the Partnerships web site at www.teekayoffshore.com for a reconciliation of this non-GAAP measure as used in this release to the most directly comparable GAAP financial measure. |
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Three Months Ended | Three Months Ended | |||||||||||||||||||||||||||||||||
December 31, 2008 | December 31, 2007 | |||||||||||||||||||||||||||||||||
(unaudited) | (unaudited) | |||||||||||||||||||||||||||||||||
(in thousands of U.S. dollars) | Shuttle Tanker Segment |
Conventional Tanker Segment |
FSO Segment |
Total | Shuttle Tanker Segment |
Conventional Tanker Segment |
FSO Segment |
Total | ||||||||||||||||||||||||||
Net voyage revenues |
124,137 | 26,205 | 14,494 | 164,836 | 119,959 | 22,549 | 17,685 | 160,193 | ||||||||||||||||||||||||||
Vessel operating expenses |
36,810 | 6,612 | 6,108 | 49,530 | 30,483 | 6,988 | 6,950 | 44,421 | ||||||||||||||||||||||||||
Time-charter hire expense |
34,852 | | | 34,852 | 38,714 | | | 38,714 | ||||||||||||||||||||||||||
Depreciation &
amortization |
23,247 | 6,288 | 5,501 | 35,036 | 22,912 | 5,576 | 4,985 | 33,473 | ||||||||||||||||||||||||||
Cash flow from vessel
operations* |
40,383 | 17,450 | 7,672 | 65,505 | 40,437 | 13,661 | 9,689 | 63,787 | ||||||||||||||||||||||||||
* | Cash flow from vessel operations represents income from vessel operations before depreciation and amortization expense and amortization of deferred gains. Cash flow from vessel operations is a non-GAAP financial measure used by certain investors to measure the financial performance of shipping companies. Please see the Partnerships web site at www.teekayoffshore.com for a reconciliation of this non-GAAP measure as used in this release to the most directly comparable GAAP financial measure. |
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Three Months Ended | Year Ended | |||||||||||||||||||||
December 31, | September 30, | December 31, | December 31, | December 31, | ||||||||||||||||||
2008 | 2008 | 2007 | 2008 | 2007 | ||||||||||||||||||
(unaudited) | (unaudited) | (unaudited) | (unaudited) | (unaudited) | ||||||||||||||||||
VOYAGE REVENUES |
216,129 | 226,947 | 203,978 | 872,492 | 785,203 | |||||||||||||||||
OPERATING EXPENSES |
||||||||||||||||||||||
Voyage expenses |
51,293 | 62,548 | 43,785 | 225,029 | 151,637 | |||||||||||||||||
Vessel operating expenses(1) |
49,530 | 47,448 | 44,421 | 184,416 | 149,660 | |||||||||||||||||
Time-charter hire expense |
34,852 | 31,474 | 38,714 | 132,234 | 150,463 | |||||||||||||||||
Depreciation and amortization |
35,036 | 34,042 | 33,473 | 138,437 | 124,370 | |||||||||||||||||
General and administrative(1) |
19,141 | 14,087 | 14,337 | 64,230 | 62,404 | |||||||||||||||||
189,852 | 189,599 | 174,730 | 744,346 | 638,534 | ||||||||||||||||||
Income from vessel operations |
26,277 | 37,348 | 29,248 | 128,146 | 146,669 | |||||||||||||||||
OTHER ITEMS |
||||||||||||||||||||||
Interest expense (1) |
(139,099 | ) | (32,592 | ) | (56,465 | ) | (215,727 | ) | (126,304 | ) | ||||||||||||
Interest income |
885 | 901 | 1,506 | 4,086 | 5,871 | |||||||||||||||||
Income tax recovery |
21,852 | 29,485 | 12,007 | 56,704 | 10,516 | |||||||||||||||||
Foreign exchange gain (loss) (1) |
5,737 | 2,179 | 1,587 | 4,343 | (11,678 | ) | ||||||||||||||||
Other income net |
2,666 | 2,352 | 2,137 | 11,936 | 10,403 | |||||||||||||||||
Net (loss) income before non-controlling
interest |
(81,682 | ) | 39,673 | (9,980 | ) | (10,512 | ) | 35,477 | ||||||||||||||
Non-controlling interest |
30,947 | (19,048 | ) | 3,956 | (7,122 | ) | (31,519 | ) | ||||||||||||||
Net (loss) income |
(50,735 | ) | 20,625 | (6,024 | ) | (17,634 | ) | 3,958 | ||||||||||||||
Limited partners units outstanding: |
||||||||||||||||||||||
Weighted-average number of common units
outstanding |
||||||||||||||||||||||
- Basic and diluted |
20,425,000 | 20,359,783 | 19,600,000 | 15,461,202 | 9,800,000 | |||||||||||||||||
Weighted-average number of subordinated
units outstanding |
||||||||||||||||||||||
- Basic and diluted |
9,800,000 | 9,800,000 | 19,600,000 | 9,800,000 | 9,800,000 | |||||||||||||||||
Weighted-average number of total units
outstanding |
||||||||||||||||||||||
- Basic and diluted |
30,225,000 | 30,159,783 | 19,600,000 | 25,261,202 | 19,600,000 | |||||||||||||||||
(1) | The Partnership has entered into foreign exchange forward contracts, which are economic hedges of vessel operating expenses and general and administrative expenses, and interest rate swaps, which are economic hedges of interest bearing debt. Certain of these forward contracts and all of the interest rate swaps are not designated as cash flow hedges pursuant to US GAAP. Unrealized gains and losses from these undesignated forward contracts and designated forward contracts with sources of ineffectiveness are reflected in vessel operating expenses, general and administrative expenses, and foreign exchange gains (losses) in the above Statements of Income (Loss). Unrealized gains and losses from these undesignated swap contracts are reflected in interest expense in the above Statements of Income (Loss). The Partnership recorded the following unrealized gains (losses), relating to these foreign currency forward contracts and interest rate swaps: |
Three Months Ended | Year Ended | |||||||||||||||||||
December 31, | September 30, | December 31, | December 31, | December 31, | ||||||||||||||||
2008 | 2008 | 2007 | 2008 | 2007 | ||||||||||||||||
Vessel operating expenses |
(1,300 | ) | (118 | ) | (300 | ) | (1,400 | ) | (429 | ) | ||||||||||
General and administrative |
(2,733 | ) | (465 | ) | 40 | (2,737 | ) | (57 | ) | |||||||||||
Foreign exchange gain |
| | | 8 | 59 | |||||||||||||||
Interest expense |
(117,495 | ) | (11,808 | ) | (35,124 | ) | (132,617 | ) | (45,523 | ) |
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As at | As at | |||||||
December 31, | December 31, | |||||||
2008 | 2007 | |||||||
(unaudited) | (unaudited) | |||||||
ASSETS |
||||||||
Cash and cash equivalents |
131,488 | 121,224 | ||||||
Other current assets |
100,470 | 124,726 | ||||||
Vessels and equipment |
1,708,006 | 1,662,865 | ||||||
Other assets |
67,725 | 92,622 | ||||||
Intangible assets |
45,290 | 55,355 | ||||||
Goodwill |
127,113 | 127,113 | ||||||
Total Assets |
2,180,092 | 2,183,905 | ||||||
LIABILITIES AND PARTNERS EQUITY |
||||||||
Accounts payable and accrued liabilities |
54,368 | 50,540 | ||||||
Other current liabilities |
29,734 | 21,088 | ||||||
Current portion of long-term debt |
125,503 | 64,060 | ||||||
Current portion of derivative instruments |
54,937 | 5,277 | ||||||
Long-term debt |
1,440,933 | 1,453,407 | ||||||
Other long-term liabilities |
172,368 | 119,519 | ||||||
Non-controlling interest |
201,383 | 392,613 | ||||||
Partners equity |
100,866 | 77,401 | ||||||
Total Liabilities and Partners Equity |
2,180,092 | 2,183,905 | ||||||
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Year Ended | ||||||||
December 31, | ||||||||
2008 | 2007 | |||||||
(unaudited) | (unaudited) | |||||||
Cash and cash equivalents provided by (used for) |
||||||||
OPERATING ACTIVITIES |
||||||||
Net operating cash flow |
122,566 | 45,847 | ||||||
FINANCING ACTIVITIES |
||||||||
Proceeds from issuance of long-term debt |
191,000 | 298,443 | ||||||
Capitalized loan costs |
(1,500 | ) | | |||||
Scheduled repayments of long-term debt |
(68,031 | ) | (17,328 | ) | ||||
Prepayments of long-term debt |
(119,000 | ) | (152,000 | ) | ||||
Net advances to affiliate |
(46,544 | ) | (42,935 | ) | ||||
Equity distribution from Teekay Corporation |
| 1,819 | ||||||
Proceeds from issuance of common units |
216,837 | | ||||||
Expenses from issuance of common units |
(6,192 | ) | (2,793 | ) | ||||
Equity contribution from JV Partner |
5,200 | | ||||||
Joint venture partner advances |
17,485 | | ||||||
Distribution to Teekay Corporation relating to
purchase of SPT Explorer LLC and SPT Navigator LLC |
(16,661 | ) | | |||||
Excess of purchase price over the contributed basis of
a 25% interest in Teekay Offshore Operating LP |
(91,562 | ) | | |||||
Distribution to Teekay Corporation relating to
purchase of Navion Bergen LLC |
| (48,800 | ) | |||||
Excess of purchase price over the contributed basis of
a 50% interest in Navion Gothenburg LLC |
| (6,358 | ) | |||||
Distribution to Teekay Corporation relating to
purchase of Dampier Spirit LLC |
| (30,253 | ) | |||||
Cash distributions paid |
(42,226 | ) | (22,700 | ) | ||||
Other |
| (1,000 | ) | |||||
Net financing cash flow |
38,806 | (23,905 | ) | |||||
INVESTING ACTIVITIES |
||||||||
Expenditures for vessels and equipment |
(57,858 | ) | (20,997 | ) | ||||
Proceeds from sale of vessels and equipment |
| 3,225 | ||||||
Purchase of a 25% interest in OPCO |
(115,066 | ) | | |||||
Purchase of Navion Gothenburg LLC and Navion Bergen LLC |
| (10,231 | ) | |||||
Investment in direct financing lease assets |
(536 | ) | (8,378 | ) | ||||
Direct financing lease payments received |
22,352 | 21,677 | ||||||
Net investing cash flow |
(151,108 | ) | (14,704 | ) | ||||
Increase in cash and cash equivalents |
10,264 | 7,238 | ||||||
Cash and cash equivalents, beginning of the year |
121,224 | 113,986 | ||||||
Cash and cash equivalents, end of the year |
131,488 | 121,224 | ||||||
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Three Months Ended | |||||
December 31, 2008 | |||||
(unaudited) | |||||
Net loss |
(847 | ) | |||
Add: |
|||||
Depreciation and amortization |
5,917 | ||||
Unrealized loss from interest rate swap |
13,811 | ||||
Less: |
|||||
Other non-cash items |
(34 | ) | |||
Cash Available for Distribution |
18,847 | ||||
Less: |
|||||
Reserve for debt principal repayment |
(900 | ) | |||
Cash dividend |
17,947 | ||||
Weighted-average number of total common shares outstanding |
25,000,000 | ||||
Cash dividend per share (rounded) |
$ | 0.72 | |||
(1) | Foreign currency exchange gains (losses) primarily relate to the Partnerships revaluation of all foreign currency-denominated monetary assets and liabilities based on the prevailing exchange rate at the end of each reporting period and also reflects the unrealized gains and losses from the change in fair value of certain foreign exchange forward contracts that do not qualify as effective hedges for accounting purposes. | |
(2) | Portion of deferred income tax related to unrealized foreign exchange gains and losses. | |
(3) | Reflects the unrealized losses due to changes in the mark-to-market value of non-designated interest rate swaps. | |
(4) | Primarily relates to Teekays non-controlling interest share of the items noted above. |
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Three Months Ended | |||||
December 31, 2008 | |||||
(unaudited) | |||||
Net Loss |
(50,735 | ) | |||
Add: |
|||||
Depreciation and amortization |
35,036 | ||||
Change in fair value of interest rate swaps |
117,495 | ||||
Less: |
|||||
Non-controlling interest |
(30,947 | ) | |||
Foreign exchange and other, net |
(3,411 | ) | |||
Income tax recovery |
(21,852 | ) | |||
Estimated maintenance capital expenditures |
(20,288 | ) | |||
Distributable Cash Flow before Non-Controlling Interest |
25,298 | ||||
Non-controlling interests share of DCF |
(13,634 | ) | |||
Distributable Cash Flow |
11,664 | ||||
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Three Months Ended December 31, 2008 | |||||||||||||||||
(unaudited) | |||||||||||||||||
Shuttle | Conventional | ||||||||||||||||
Tanker | Tanker | FSO | |||||||||||||||
Segment | Segment | Segment | Total | ||||||||||||||
Net voyage revenues (1) |
124,137 | 26,205 | 14,494 | 164,836 | |||||||||||||
Vessel operating expenses |
36,810 | 6,612 | 6,108 | 49,530 | |||||||||||||
Time-charter hire expense |
34,852 | | | 34,852 | |||||||||||||
Depreciation and amortization |
23,247 | 6,288 | 5,501 | 35,036 | |||||||||||||
General and administrative |
16,284 | 2,143 | 714 | 19,141 | |||||||||||||
Income from vessel operations |
12,944 | 11,162 | 2,171 | 26,277 | |||||||||||||
Three Months Ended December 31, 2007 | |||||||||||||||||
(unaudited) | |||||||||||||||||
Shuttle | Conventional | ||||||||||||||||
Tanker | Tanker | FSO | |||||||||||||||
Segment | Segment | Segment | Total | ||||||||||||||
Net voyage revenues (1) |
119,959 | 22,549 | 17,685 | 160,193 | |||||||||||||
Vessel operating expenses |
30,483 | 6,988 | 6,950 | 44,421 | |||||||||||||
Time-charter hire expense |
38,714 | | | 38,714 | |||||||||||||
Depreciation and amortization |
22,912 | 5,576 | 4,985 | 33,473 | |||||||||||||
General and administrative |
11,391 | 1,900 | 1,046 | 14,337 | |||||||||||||
Income from vessel operations |
16,459 | 8,085 | 4,704 | 29,248 | |||||||||||||
(1) | Net voyage revenues represents voyage revenues less voyage expenses, which comprise all expenses relating to certain voyages, including bunker fuel expenses, port fees, canal tolls and brokerage commissions. Net voyage revenues is a non-GAAP financial measure used by certain investors to measure the financial performance of shipping companies. Please see the Partnerships web site at www.teekayoffshore.com for a reconciliation of this non-GAAP measure as used in this release to the most directly comparable GAAP financial measure. |
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