Teekay Corporation Reports First Quarter 2017 Results

HAMILTON, BERMUDA--(Marketwired - May 18, 2017) -

Highlights

  • Reported consolidated GAAP net loss attributable to shareholders of Teekay of $45.3 million, or $0.53 per share, and consolidated adjusted net loss attributable to shareholders of Teekay(1) of $35.7 million, or $0.41 per share, in the first quarter of 2017.
  • Generated GAAP consolidated income from vessel operations of $81.6 million and consolidated total cash flow from vessel operations(1) of $275.0 million in the first quarter of 2017.
  • Finalized the previously-announced contract amendment to extend the firm period of the Hummingbird Spirit FPSO charter until September 2020.
  • Secured a new one-year charter contract for the Polar Spirit LNG carrier with a major energy company, which commenced in April 2017.

Teekay Corporation (Teekay or the Company) (TK) today reported the Company's results for the quarter ended March 31, 2017. These results include the Company's three publicly-listed subsidiaries (Teekay Offshore Partners L.P. (Teekay Offshore) (TOO), Teekay LNG Partners L.P. (Teekay LNG) (TGP), and Teekay Tankers Ltd. (Teekay Tankers) (TNK)) (collectively, the Daughter Entities), all of which are consolidated in the Company's financial statements, and all remaining subsidiaries of the Company. The Company, together with its subsidiaries other than the Daughter Entities, is referred to in this release as Teekay Parent. Please refer to the first quarter 2017 earnings releases of Teekay Offshore, Teekay LNG and Teekay Tan....

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