Form 6-K

 

 

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

 

 

FORM 6-K

 

 

Report of Foreign Private Issuer

Pursuant to Rule 13a-16 or 15d-16

of the Securities Exchange Act of 1934

Date of report: August 11, 2016

Commission file number 1-33198

 

 

TEEKAY CORPORATION

(Exact name of Registrant as specified in its charter)

 

 

4th Floor

Belvedere Building

69 Pitts Bay Road

Hamilton, HM08 Bermuda

(Address of principal executive office)

 

 

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  x            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   x

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  x

 

 

 


Item 1- Information Contained in this Form 6-K Report

This Form 6-K Report presents certain information relating to the consolidated results of operations for Teekay Corporation (Teekay or the Company) for the quarter ended June 30, 2016. These results include the Company’s three publicly-listed subsidiaries (Teekay Offshore Partners L.P. (Teekay Offshore) (NYSE:TOO), Teekay LNG Partners L.P. (Teekay LNG) (NYSE:TGP), and Teekay Tankers Ltd. (Teekay Tankers) (NYSE:TNK)) (collectively, the Daughter Entities), all of which are consolidated in the Company’s financial statements, and all remaining subsidiaries of the Company, which are referred to in this report as Teekay Parent.

Teekay Corporation Consolidated

The Company’s consolidated results decreased during the quarter ended June 30, 2016, compared to the same period of the prior year, primarily due to lower revenues from Teekay Parent related to the lay-up of the Polar Spirit and Arctic Spirit LNG carriers; lower income and cash flows in Teekay LNG as a result of the sales of two conventional tankers in April and May 2016; lower income and cash flows in Teekay Offshore due to off-hire during the second quarter of 2016 related to damage to the gangway of the Arendal Spirit UMS (which has been repaired and returned to operations in early-July 2016), the redelivery of the Varg FPSO and a provision made with respect to retroactive claims from the charterer of the Piranema Spirit FPSO; and lower income and cash flows in Teekay Tankers due to lower spot tanker rates. Consolidated income from vessel operations was also reduced in the second quarter of 2016 due to asset impairment charges associated with Teekay Offshore’s cancellation of two UMS newbuildings and two conventional tankers to be sold by Teekay Parent and Teekay Tankers, respectively. Please refer to footnote (2) of the summary consolidated statements of (loss) income included in this report for further details.

These decreases were partially offset by higher income and cash flows as a result of Teekay Tankers’ acquisition of 19 modern conventional tankers during 2015 and higher income and cash flows from vessel operations from Teekay LNG as a result of the delivery of Creole Spirit MEGI LNG carrier newbuilding, which commenced its five-year charter contract with Cheniere Energy in late-February 2016 and the favorable settlement of a disputed charter contract termination related to one of the vessels in Teekay LNG’s 52 percent-owned MALT LNG joint venture with Marubeni Corporation.

Teekay Parent

The distributions and dividends received by Teekay Parent from Teekay’s publicly-listed subsidiaries for the quarter ended June 30, 2016 decreased to $10.7 million, compared to $45.3 million for the same period of the prior year, primarily due to the reductions in quarterly general partner and limited partner cash distributions received from Teekay Offshore and Teekay LNG as a result of the temporary reduction in cash distributions on Teekay Offshore’s and Teekay LNG’s common units announced in December 2015, partially offset by an increase in cash dividends received from Teekay Tankers. For the second quarter of 2016, Teekay Tankers declared and paid a dividend of $0.06 per share, an increase from $0.03 per share in the same period of the prior year. In connection with the financing initiatives recently completed by Teekay Offshore (as described below), Teekay Parent agreed with Teekay Offshore that, until Teekay Offshore’s Norwegian Kroner bonds maturing in 2018 have been repaid, all cash distributions to be paid to Teekay Corporation, including the general partner of Teekay Offshore, will instead be paid in common units of Teekay Offshore.

Summary Results of Daughter Entities

Teekay Offshore Partners

Teekay Offshore’s results decreased during the quarter ended June 30, 2016, compared to the same period of the prior year, primarily due to the off-hire of the Arendal Spirit UMS as a result of damage to the unit’s gangway (the unit was subsequently repaired and returned to operations in early-July 2016), the redelivery of the Varg FPSO (which left its field at the end of July 2016), a provision made with respect to retroactive claims from the charterer of the Piranema Spirit FPSO, shuttle tanker contract expirations on a long-term contract of affreightment and a time-charter out contract over the past year, and the sale of two conventional tankers and sale-leaseback on two

 

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additional conventional tankers in 2015 and 2016. These decreases were partially offset by the acquisition of the Knarr FPSO unit in July 2015 and the commencement of the East Coast Canada shuttle tanker contracts in June 2015.

Teekay LNG Partners

Teekay LNG’s results increased during the quarter ended June 30, 2016, compared to the same period of the prior year, primarily due to the favorable settlement of a disputed charter contract termination related to one of the vessels in Teekay LNG’s 52 percent-owned MALT LNG joint venture with Marubeni Corporation, of which Teekay LNG’s share was $20.3 million, and the delivery of the Creole Spirit MEGI LNG carrier newbuilding, which commenced its five-year charter contract with Cheniere Energy in late-February 2016. These increases were partially offset by lower revenues for two other vessels in the MALT LNG joint venture, lower revenues from two Suezmax tankers upon the charterer exercising its one-year extension options between September 2015 and January 2016, and the sales of two conventional tankers in April and May 2016.

Teekay Tankers

Teekay Tankers’ results decreased during the quarter ended June 30, 2016, compared to the same period of the prior year, primarily due to lower average spot tanker rates in the second quarter of 2016 compared to the same period of the prior year, partially offset by an increase in fleet size as a result of the acquisition of 19 modern, mid-size tankers during 2015.

Summary of Recent Events

Teekay Parent

In addition to a series of financing initiatives at Teekay Offshore (see details below), in May and June 2016, Teekay Parent completed various initiatives to increase its financial strength and flexibility, including:

 

    refinancing three existing debt facilities, including $150 million relating to Teekay Parent’s equity margin revolving credit facility, $150 million of an existing revolving credit facility relating to Teekay Parent’s three directly-owned FPSO units, and $50 million of an existing debt facility relating to the Shoshone Spirit very large crude carrier (VLCC);

 

    selling Teekay Parent’s 50 percent interest in three Infield Support Vessel Tugs for Royal Dutch Shell’s Prelude floating liquefied natural gas (FLNG) unit; and

 

    issuing $100 million of common shares at a price of $8.32 per share to a group of institutional investors and two entities established by Teekay Corporation’s founder, including Resolute Investments, Inc. (Resolute), Teekay Corporation’s largest shareholder.

In June 2016, Teekay Parent reached an agreement to sell the 2011-built Shoshone Spirit VLCC for gross proceeds of approximately $63 million, which is expected to continue operating under its existing time-charter contract earning $49,000 per day until its delivery to the buyer between September and October 2016.

In July 2016, Teekay Parent secured a short-term charter commencing in August 2016 for the Polar Spirit LNG carrier, which Teekay Parent has chartered-in from Teekay LNG under a time charter contract.

The Hummingbird Spirit FPSO was previously operating in the latter part of its charter contract with Centrica Energy (Centrica) whereby Centrica could terminate the contract at any time with 90 days’ notice. In June 2016, Teekay Parent entered into a contract amendment with Centrica to extend the firm period to September 2017 (with charterer’s right to terminate no earlier than March 1, 2017) in exchange for a lower fixed charter rate plus upside through an oil price tariff. The contract amendment took effect on July 1, 2016.

 

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Teekay Offshore

Between April and June 2016, Teekay Offshore completed a series of financing initiatives to fund its unfunded capital expenditures and upcoming debt maturities, including:

 

    obtaining additional bank financing, including a $250 million debt facility for the three East Coast of Canada newbuilding shuttle tankers, a $40 million debt facility for six un-mortgaged vessels, and a new $35 million tranche added to an existing debt facility secured by two shuttle tankers;

 

    refinancing $75 million of an existing revolving credit facility relating to the Petrojarl Varg FPSO unit;

 

    extending the majority of the principal maturity payments to late-2018 for two of Teekay Offshore’s existing Norwegian Kroner senior unsecured bonds, previously due in January 2017 and January 2018;

 

    agreeing with Teekay Corporation that, until Teekay Offshore’s Norwegian Kroner bonds maturing in 2018 have been repaid, all cash distributions to be paid on Teekay Offshore’s common units to Teekay Corporation, including Teekay Offshore’s general partner, will instead be paid in common units;

 

    extending to January 2019 the maturity date of $200 million of existing intercompany loans made by Teekay Parent to Teekay Offshore which Teekay Offshore will pay Teekay Parent interest at a rate of 10.0% per annum;

 

    issuing $200 million of equity consisting of (i) $100 million of its 10.5% Series D Cumulative Convertible Perpetual Preferred Units with a two-year payment-in-kind option to be settled in common units plus 4.5 million warrants with an exercise price of $4.55 per common unit and 2.25 million warrants with an exercise price of $6.05 per common unit, to institutional investors and affiliated parties, including Teekay Parent, which invested $26 million, and two entities established by Teekay Corporation’s founder, including Resolute, and (ii) $100 million of common units at a price of $4.55 per unit to institutional investors;

 

    cancelling the shipyard contracts for the two remaining UMS newbuildings; and

 

    amending the terms of certain interest rate swaps to defer the counterparties’ early termination options and extend existing cross currency swaps related to two of Teekay Offshore’s Norwegian Kroner bonds that have been extended.

As part of completing the financing initiatives, Teekay Offshore secured a payment-in-kind option by agreeing to convert $46 million of face value of the $250 million of the outstanding 8.60% Series C Cumulative Convertible Preferred Units (Series C Preferred Units) for approximately 8.3 million common units, and the remaining $204 million of outstanding Series C Preferred Units for approximately 8.5 million of Teekay Offshore’s newly issued 8.60% Series C-1 Cumulative Convertible Preferred Units (Series C-1 Preferred Units) that also include a two-year payment-in-kind option.

In April 2016, during the process of lifting the gangway connecting the Arendal Spirit UMS to an FPSO unit, the gangway of the Arendal Spirit UMS suffered extensive damage, resulting in the UMS being declared off-hire under its charter contract. The gangway has now been replaced and undergone extensive testing, and the unit returned to operations in early-July 2016.

Teekay LNG

On August 1, 2016, Teekay LNG’s second MEGI LNG carrier newbuilding, Oak Spirit, commenced its five-year fee-based contract with Cheniere Energy.

In July 2016, Teekay LNG reached an agreement with Daewoo Shipbuilding and Marine Engineering (DSME) which provides Teekay LNG with an option to defer delivery of its unchartered MEGI LNG carrier, Torben Spirit, from its original delivery date of February 2017 to December 2017. Teekay LNG is currently pursuing employment opportunities for this vessel and will decide in late-2016 on whether to defer the delivery.

 

-4-


Teekay Tankers

In June 2016, Teekay Tankers entered into an agreement to sell one of its non-core MR product tankers, the 2004-built Teesta Spirit, to a third party for gross proceeds of approximately $14 million. The vessel is expected to be delivered in mid-August 2016.

Since May 2016, Teekay Tankers has entered into time charter-out contracts for one Suezmax tanker and two Aframax tankers and a time-charter swap agreement, which effectively provides a fixed charter rate on one Aframax vessel-equivalent. These contracts have an average rate of approximately $24,800 per day with firm contract periods ranging from 11 to 24 months. Three contracts commenced in June and July 2016 and the remaining contract is expected to commence in the third quarter of 2016.

Liquidity

As at June 30, 2016, Teekay Parent had total liquidity of $341.6 million (consisting of $223.5 million of cash and cash equivalents and $118.1 million of undrawn revolving credit facilities) and, on a consolidated basis, Teekay Corporation had total liquidity of approximately $1.1 billion (consisting of $789.7 million of cash and cash equivalents and $327.0 million of undrawn revolving credit facilities).

Forward-Looking Statements

This report contains forward-looking statements (as defined in Section 21E of the Securities Exchange Act of 1934, as amended) which reflect management’s current views with respect to certain future events and performance, including statements regarding: the sale of the Shoshone Spirit VLCC, including the continuation of the charter until completion of the sale and the financial impact of the sale on Teekay Parent’s financial leverage; the impact of Teekay Offshore’s and Teekay LNG’s growth projects on cash flow from vessel operations; the expected timing of the sale of the Teesta Spirit by Teekay Tankers; and the expected timing for commencement of Teekay Tankers’ charter contract. The following factors are among those that could cause actual results to differ materially from the forward-looking statements, which involve risks and uncertainties, and that should be considered in evaluating any such statement: failure to achieve or the delay in achieving expected benefits of such financing initiatives; changes in production of, or demand for oil, petroleum products, LNG and LPG, either generally or in particular regions; greater or less than anticipated levels of newbuilding orders or greater or less than anticipated rates of vessel scrapping; changes in trading patterns significantly affecting overall vessel tonnage requirements; changes in applicable industry laws and regulations and the timing of implementation of new laws and regulations; changes in the typical seasonal variations in tanker charter rates; changes in the offshore production of oil or demand for shuttle tankers, FSOs, FPSOs, UMS, and towage vessels; changes in oil production and the impact on the Company’s tankers and offshore units; fluctuations in global oil prices; trends in prevailing charter rates for the Company’s vessels and offshore unit contract renewals; the potential for early termination of long-term contracts and inability of the Company to renew or replace long-term contracts; the inability of charterers to make future charter payments; potential shipyard and project construction delays, newbuilding specification changes or cost overruns; costs relating to projects; delays in commencement of operations of FPSO and FSO units at designated fields; Teekay LNG’s and Teekay LNG’s joint ventures’ ability to secure financing for its existing newbuildings and projects; changes in the Company’s expenses; and other factors discussed in Teekay’s filings from time to time with the SEC, including its Report on Form 20-F for the fiscal year ended December 31, 2015.

The Company expressly disclaims any obligation or undertaking to release publicly any updates or revisions to any forward-looking statements contained herein to reflect any change in the Company’s expectations with respect thereto or any change in events, conditions or circumstances on which any such statement is based.

 

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Teekay Corporation

Summary Consolidated Statements of (Loss) Income

(in thousands of U.S. dollars, except share and per share data)

 

     Three Months Ended     Six Months Ended  
     June 30,     March 31,     June 30,     June 30,     June 30,  
     2016     2016     2015     2016     2015  
     (unaudited)     (unaudited)     (unaudited)     (unaudited)     (unaudited)  

Revenues(1)

     587,619        641,108        592,797        1,228,727        1,138,659   

Voyage expenses

     (28,299     (31,590     (23,890     (59,889     (49,560

Vessel operating expenses

     (205,655     (215,861     (201,370     (421,516     (385,573

Time-charter hire expense

     (38,314     (39,603     (30,333     (77,917     (55,260

Depreciation and amortization

     (141,079     (144,157     (128,199     (285,236     (240,903

General and administrative expenses

     (29,871     (32,967     (33,730     (62,838     (71,684

Asset impairments(2)

     (62,605     —          (500     (62,605     (15,996

(Loss) gain on sale of vessels and equipment

     —          (27,619     —          (27,619     1,643   

Restructuring charges

     (5,818     (13,986     742        (19,804     (8,384
     

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Income from vessel operations

     75,978        135,325        175,517        211,303        312,942   

Interest expense

     (73,255     (72,203     (62,388     (145,458     (113,734

Interest income

     1,042        1,322        1,199        2,364        2,729   

Realized and unrealized (loss) gain on derivative instruments(3)

     (89,272     (107,621     63,752        (196,893     (19,634

Equity income

     37,219        15,417        39,901        52,636        60,650   

Income tax (expense) recovery

     (1,423     (1,076     (752     (2,499     243   

Foreign exchange (loss) gain

     (15,157     (10,514     (1,604     (25,671     15,906   

Other (loss) income – net(2)

     (21,436     150        (389     (21,286     (14
     

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Net (loss) income

     (86,304     (39,200     215,236        (125,504     259,088   

Less: Net loss (income) attributable to non-controlling interests

     8,495        (9,584     (149,324     (1,088     (202,940
     

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Net (loss) income attributable to shareholders of Teekay Corporation

     (77,809     (48,784     65,912        (126,592     56,148   
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

(Loss) earnings per common share of Teekay

          

– Basic

   $ (1.14   $ (0.67   $ 0.91      $ (1.74   $ 0.77   

– Diluted

   $ (1.14   $ (0.67   $ 0.90      $ (1.74   $ 0.77   
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Weighted-average number of common shares outstanding

          

– Basic

     72,945,635        72,742,426        72,697,121        72,844,031        72,623,503   

– Diluted

     72,945,635        72,742,426        73,477,680        72,844,031        73,379,228   
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

 

(1)  The restructuring charges for the three months and six months ended June 30, 2016 primarily relate to the closure of offices and seafarers severance amounts, part of which were recovered from the customer and included in revenues in the consolidated statements of (loss) income for the three and six months ended June 30, 2016. The restructuring charges for the three and six months ended June 30, 2016 also include costs related to the reorganization of the Company’s FPSO business.
(2) 

The Company recognized asset impairments of $62.6 million for the three and six months ended June 30, 2016 relating to the write-downs of one Medium-Range tanker owned by Teekay Tankers and one VLCC owned by Teekay Parent as these two vessels were classified as held for sale as at June 30, 2016, as well as two UMS newbuildings as a result of the cancellation of the related construction contracts by Teekay Offshore’s subsidiaries within Logitel Offshore. In addition, Teekay Offshore, in accordance with GAAP, accrued for potential damages resulting from the cancellations and reversed the contingent liabilities previously recorded that were subject to the delivery of the UMS newbuildings. This net loss provision of $23.4 million is reported in Other (loss) income – net for the three and six months ended June 30, 2016. The newbuilding contracts are held in separate subsidiaries of Teekay Offshore and

 

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  obligations of these subsidiaries are non-recourse to Teekay Offshore. The Company recognized asset impairments of $0.5 million for the three months ended June 30, 2015 relating to the expiration of one of Teekay Offshore’s UMS newbuilding options and $15.5 million for the six months ended June 30, 2015 related to the impairment of two older shuttle tankers owned by Teekay Offshore.
(3)  Realized and unrealized (losses) gains related to derivative instruments that are not designated as hedges for accounting purposes are included as a separate line item in the statements of (loss) income. The realized losses relate to the amounts the Company actually paid to settle such derivative instruments and the unrealized (losses) gains relate to the change in fair value of such derivative instruments, as detailed in the table below:

 

     Three Months Ended     Six Months Ended  
     June 30,     March 31,     June 30,     June 30,     June 30,  
     2016     2016     2015     2016     2015  
     (unaudited)     (unaudited)     (unaudited)     (unaudited)     (unaudited)  

Realized (losses) gains relating to:

          

Interest rate swaps

     (22,409     (23,180     (27,205     (45,589     (55,094

Termination of interest rate swap agreements

     —          (8,140     —          (8,140     —     

Foreign currency forward contracts

     (2,336     (4,996     (4,232     (7,332     (9,660

Time-charter swap agreements

     126        —          —          126        —     
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 
     (24,619     (36,316     (31,437     (60,935     (64,754
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Unrealized (losses) gains relating to:

          

Interest rate swaps

     (62,817     (81,054     83,986        (143,871     40,326   

Foreign currency forward contracts

     1,093        13,971        9,386        15,064        3,057   

Stock purchase warrants

     (4,274     (4,222     1,817        (8,496     1,737   

Time-charter swap agreements

     1,345        —          —          1,345        —     
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 
     (64,653     (71,305     95,189        (135,958     45,120   
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Total realized and unrealized (losses) gains on non-designated derivative instruments

     (89,272     (107,621     63,752        (196,893     (19,634
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

 

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Teekay Corporation

Summary Consolidated Balance Sheets

(in thousands of U.S. dollars)

 

     As at
June 30,
2016
(unaudited)
     As at
March 31,
2016
(unaudited)
     As at
December 31,
2015
(unaudited)
 

ASSETS

        

Cash and cash equivalents – Teekay Parent

     223,474         139,888         221,021   

Cash and cash equivalents – Teekay LNG

     127,498         114,145         102,481   

Cash and cash equivalents – Teekay Offshore

     380,718         335,751         258,473   

Cash and cash equivalents – Teekay Tankers

     58,018         68,374         96,417   

Other current assets

     478,165         553,758         497,362   

Restricted cash – Teekay Parent

     3,085         4,234         3,528   

Restricted cash – Teekay LNG

     110,424         106,190         111,519   

Restricted cash – Teekay Offshore

     28,530         22,700         60,520   

Restricted cash – Teekay Tankers

     1,000         1,000         870   

Assets held for sale

     75,562         —           55,450   

Vessels and equipment – Teekay Parent

     638,108         730,503         748,963   

Vessels and equipment – Teekay LNG

     1,720,342         1,737,095         1,683,292   

Vessels and equipment – Teekay Offshore

     4,178,593         4,250,285         4,348,535   

Vessels and equipment – Teekay Tankers

     1,706,288         1,746,180         1,767,925   

Advances on newbuilding contracts/conversions

     889,617         836,756         817,878   

Derivative assets

     6,080         10,726         17,924   

Investment in equity accounted investees

     984,601         906,588         905,159   

Investment in direct financing leases

     672,748         674,896         684,129   

Other assets

     407,820         387,769         399,322   

Intangible assets

     95,698         99,766         111,909   

Goodwill

     176,630         176,630         168,571   
  

 

 

    

 

 

    

 

 

 

Total Assets

     12,962,999         12,903,234         13,061,248   
  

 

 

    

 

 

    

 

 

 

LIABILITIES AND EQUITY

     

Accounts payable and accrued liabilities

     474,036         443,554         476,490   

Current portion of long-term debt – Teekay Parent

     105,423         233,462         249,791   

Current portion of long-term debt – Teekay LNG

     290,568         199,575         201,743   

Current portion of long-term debt – Teekay Offshore

     574,575         615,803         485,069   

Current portion of long-term debt – Teekay Tankers

     151,761         158,346         174,047   

Long-term debt – Teekay Parent

     719,424         605,076         606,607   

Long-term debt – Teekay LNG

     1,828,964         2,019,645         1,856,593   

Long-term debt – Teekay Offshore

     2,666,656         2,675,444         2,878,805   

Long-term debt – Teekay Tankers

     892,509         930,077         990,558   

Derivative liabilities

     766,603         681,437         681,623   

In process revenue contracts

     136,367         143,133         150,799   

Other long-term liabilities

     359,345         329,515         352,378   

Redeemable non-controlling interest

     248,317         254,631         255,671   

Equity:

        

Non-controlling interests

     2,866,027         2,751,911         2,782,049   

Stockholders of Teekay

     882,424         861,625         919,025   
  

 

 

    

 

 

    

 

 

 

Total Liabilities and Equity

     12,962,999         12,903,234         13,061,248   
  

 

 

    

 

 

    

 

 

 

 

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Teekay Corporation

Summary Consolidated Statements of Cash Flows

(in thousands of U.S. dollars)

 

     Six Months Ended  
     June 30,  
     2016     2015  
     (unaudited)     (unaudited)  

Cash and cash equivalents provided by (used for)

    

OPERATING ACTIVITIES

    

Net operating cash flow

     306,842        336,314   
  

 

 

   

 

 

 

FINANCING ACTIVITIES

    

Net proceeds from long-term debt

     1,147,647        1,143,442   

Prepayments of long-term debt

     (1,068,937     (395,199

Scheduled repayments of long-term debt

     (496,034     (282,391

Decrease in restricted cash

     34,681        4,296   

Net proceeds from equity issuances of subsidiaries

     168,752        187,576   

Equity contribution from joint venture partner

     —          5,500   

Issuance of common stock upon exercise of stock options

     96,163        1,158   

Distribution from subsidiaries to non-controlling interests

     (62,403     (164,808

Cash dividends paid

     (8,003     (45,910

Other

     (8,570     (5,878
  

 

 

   

 

 

 

Net financing cash flow

     (196,704     447,786   
  

 

 

   

 

 

 

INVESTING ACTIVITIES

    

Expenditures for vessels and equipment

     (269,109     (873,274

Proceeds from sale of vessels and equipment

     149,582        8,918   

(Advances) Repayments to joint ventures and joint venture partners

     (13,536     16,768   

Investment in equity accounted investments

     (56,578     (8,604

Proceeds from sale-lease back of a vessel

     179,434        —     

Increase in restricted cash

     —          (42,048

Other investing activities

     11,385        15,121   
  

 

 

   

 

 

 

Net investing cash flow

     1,178        (883,119
  

 

 

   

 

 

 

Increase (decrease) in cash and cash equivalents

     111,316        (99,019

Cash and cash equivalents, beginning of the period

     678,392        806,904   
  

 

 

   

 

 

 

Cash and cash equivalents, end of the period

     789,708        707,885   
  

 

 

   

 

 

 

 

-9-


Teekay Corporation

Supplemental Financial Information

Teekay Parent Summary Operating Results For the Three Months Ended June 30, 2016

(in thousands of U.S. dollars)

(unaudited)

 

     Owned
Conventional
Tankers
    In-Chartered
Conventional
Tankers
    FPSOs     Other(1)     Corporate
G&A
    Teekay
Parent
Total
 

Revenues

     4,508        5,026        58,600        14,970        —          83,104   

Voyage expenses

     (44     (6     (9     (882     —          (941

Vessel operating expenses

     (739     (1,954     (38,004     (6,131     —          (46,828

Time-charter hire expense

     —          (5,384     (7,448     (11,521     —          (24,353

Depreciation and amortization

     (847     —          (17,798     113        —          (18,532

General and administrative expenses

     (20     (181     (3,110     1,999        (3,103     (4,415

Asset impairments

     (12,535     —          —          —          —          (12,535

Restructuring charges

     —          —          (574     (3,722     —          (4,296
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Loss from vessel operations

     (9,677     (2,499     (8,343     (5,174     (3,103     (28,796
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

 

(1)  Includes the results of two chartered-in LNG carriers owned by Teekay LNG and two chartered-in FSO units owned by Teekay Offshore.

THIS REPORT ON FORM 6-K IS HEREBY INCORPORATED BY REFERENCE INTO THE FOLLOWING REGISTRATION STATEMENTS OF THE COMPANY:

 

    REGISTRATION STATEMENT ON FORM F-3 (NO. 333-97746) FILED WITH THE SEC ON OCTOBER 4, 1995

 

    REGISTRATION STATEMENT ON FORM S-8 (NO. 333-42434) FILED WITH THE SEC ON JULY 28, 2000

 

    REGISTRATION STATEMENT ON FORM S-8 (NO. 333-119564) FILED WITH THE SEC ON OCTOBER 6, 2004

 

    REGISTRATION STATEMENT ON FORM S-8 (NO. 333-147683) FILED WITH THE SEC ON NOVEMBER 28, 2007

 

    REGISTRATION STATEMENT ON FORM S-8 (NO. 333-187142) FILED WITH THE SEC ON MARCH 8, 2013

 

    REGISTRATION STATEMENT ON FORM S-8 (NO. 333-166523) FILED WITH THE SEC ON MAY 5, 2010

 

    REGISTRATION STATEMENT ON FORM F-3ASR (NO. 333-192753) FILED WITH THE SEC ON DECEMBER 10, 2013

 

    REGISTRATION STATEMENT ON FORM F-4 (NO. 333-211069) FILED WITH THE SEC ON MAY 2, 2016

 

-10-


    REGISTRATION STATEMENT ON FORM F-3 (NO. 333-212787) FILED THE WITH SEC ON JULY 29, 2016

 

-11-


SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

 

    TEEKAY CORPORATION
Date: August 11, 2016     By:  

/s/ Vincent Lok

      Vincent Lok
      Executive Vice President and Chief Financial Officer
      (Principal Financial and Accounting Officer)