Teekay reports per cent rise in net losses for second quarter

The Teekay Corporation has reported a GAAP net loss of US$28.3 million for the second quarter of 2018. This is a 37 per cent rise to Teekay’s GAAP net loss of US$20.6 million in the second quarter of 2017.

The company experienced an adjusted net loss of US$21.6 million for the quarter, a 19 per cent increase to Teekay’s adjusted net loss of US$18.3 million in the second quarter of 2017.

These results are inclusive of Teekay subsidiaries Teekay LNG, Teekay Tankers and Teekay Offshore.

Income from Teekay’s vessel operations amounted to US$1.9 million, including US$32.8 million in asset impairments, and consolidated total cash flow from vessel operations of US$164.2 million in the second quarter of 2018.

This cash flow is only two per cent short of the same period last year, where cash flow from vessel operations amounted to US$16.8 million.

In the quarter, Teekay entered into contract extensions for Teekay Parent’s Banff FPSO unit and two Teekay Offshore FPSO units, Voyageur Spirit and Ostras.

Since March 2018, Teekay LNG has taken delivery of three LNG carriers, all on long-term charter contracts, and two mid-sized LPG carriers.

Teekay Tankers signed term sheets for two new financings, which upon completion and, combined with the sale-leaseback transaction previously announced, will increase its total liquidity by approximately US$110 million to approximately US$190 million on a pro-forma basis as of June 30, 2018.

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