UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 6-K/A
Report of Foreign Private Issuer
Pursuant to Rule 13a-16 or 15d-16 of
the Securities Exchange Act of 1934
For the quarterly period ended June 30, 2013
Commission file number 1-33198
TEEKAY OFFSHORE PARTNERS L.P.
(Exact name of Registrant as specified in its charter)
4th Floor
Belvedere Building
69 Pitts Bay Road
Hamilton, HM 08 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
EXPLANATORY NOTE
This Amendment No. 1 to the Report on Form 6-K for the quarter ended June 30, 2013, originally filed with the Securities and Exchange Commission on August 20, 2013 (the Form 6-K), is being filed solely for the purposes of furnishing Interactive Data File disclosure as Exhibit 101 in accordance with Rule 405 of Regulation S-T. This Exhibit was not previously filed.
Other than as expressly set forth above, this Form 6-K/A does not, and does not purport to, amend, update or restate the information in any other item of the Form 6-K, or reflect any events that have occurred after the Form 6-K was originally filed. Pursuant to Rule 406T of Regulation S-T, the Interactive Data Files on Exhibit 101 hereto are deemed not filed or part of a registration statement or prospectus for purposes of Sections 11 or 12 of the Securities Act of 1933, as amended, are deemed not filed for purposes of Section 18 of the Securities and Exchange Act of 1934, as amended, and otherwise are not subject to liability under those sections.
Item 6. | Exhibits |
Exhibit |
Description | |
101 | The following financial information from Teekay Offshore Partners L.P.s Report on Form 6-K for the quarter ended June 30, 2013, filed with the SEC on August 20, 2013, formatted in Extensible Business Reporting Language (XBRL):
(i) Unaudited Consolidated Statements of (Loss) Income for the three and six months ended June 30, 2013 and 2012; (ii) Unaudited Consolidated Statements of Comprehensive (Loss) Income for the three and six months ended June 30, 2013 and 2012; (iii) Unaudited Consolidated Balance Sheets as at June 30, 2013 and December 31, 2012; (iv) Unaudited Consolidated Statements of Cash Flows for the six months ended June 30, 2013 and 2012; (v) Unaudited Consolidated Statement of Changes In Total Equity for the six months ended June 30, 2013; and (vi) Notes to the Unaudited Consolidated Financial Statements. |
THIS REPORT ON FORM 6-K/A IS HEREBY INCORPORATED BY REFERENCE INTO THE FOLLOWING REGISTRATION STATEMENT OF TEEKAY OFFSHORE PARTNERS L.P.:
| REGISTRATION STATEMENT ON FORM S-8 (NO. 333-147682) FILED WITH THE SEC ON NOVEMBER 28, 2007 |
| REGISTRATION STATEMENT ON FORM F-3ASR (NO. 333-174221) FILED WITH THE SEC ON MAY 13, 2011 |
| REGISTRATION STATEMENT ON FORM F-3 (NO. 333-175685) FILED WITH THE SEC ON JULY 21, 2011 |
| REGISTRATION STATEMENT ON FORM F-3 (NO. 333-178620) FILED WITH THE SEC ON DECEMBER 19, 2011 |
| REGISTRATION STATEMENT ON FORM F-3 (NO. 333-183225) FILED WITH THE SEC ON AUGUST 10, 2012 |
| REGISTRATION STATEMENT ON FORM F-3 (NO. 333-188393) FILED WITH THE SEC ON MAY 7, 2013 |
| REGISTRATION STATEMENT ON FORM F-3 (NO. 333-188543) FILED WITH THE SEC ON MAY 10, 2013 |
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 OFFSHORE PARTNERS L.P. | ||||||
By: Teekay Offshore GP L.L.C., its general partner | ||||||
Date: September 23, 2013 | By: | /s/ Peter Evensen | ||||
Peter Evensen | ||||||
Chief Executive Officer and Chief Financial Officer (Principal Financial and Accounting Officer) |
Derivative Instruments and Hedging Activities
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Jun. 30, 2013
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Derivative Instruments and Hedging Activities |
The Partnership uses derivatives to manage certain risks in accordance with its overall risk management policies. Foreign Exchange Risk The Partnership economically hedges portions of its forecasted expenditures denominated in foreign currencies with foreign currency forward contracts. The Partnership has not designated, for accounting purposes, these foreign currency forward contracts as cash flow hedges. As at June 30, 2013, the Partnership was committed to the following foreign currency forward contracts:
The Partnership enters into cross currency swaps and pursuant to these swaps the Partnership receives the principal amount in Norwegian Kroner (or NOK) on the maturity date of the swap, in exchange for payment of a fixed U.S. Dollar amount. In addition, the cross currency swaps exchange a receipt of floating interest in Norwegian Kroner based on NIBOR plus a margin for a payment of U.S. Dollar fixed interest or U.S. Dollar floating interest based on LIBOR plus a margin. The purpose of the cross currency swaps is to economically hedge the foreign currency exposure on the payment of interest and principal at maturity of the Partnership’s Norwegian Kroner Bonds due through 2018. In addition, the cross currency swaps due from 2016 through 2018 economically hedge the interest rate exposure on the Norwegian Kroner Bonds due in 2016 through 2018. The Partnership has not designated, for accounting purposes, these cross currency swaps as cash flow hedges of its Norwegian Kroner Bonds due through 2018. As at June 30, 2013, the Partnership was committed to the following cross currency swaps:
Interest Rate Risk The Partnership enters into interest rate swaps, which exchange a receipt of floating interest for a payment of fixed interest, to reduce the Partnership’s exposure to interest rate variability on its outstanding floating-rate debt. The Partnership has not designated, for accounting purposes, its interest rate swaps as cash flow hedges of its U.S. Dollar LIBOR-denominated borrowings. As at June 30, 2013, the Partnership was committed to the following interest rate swap agreements:
As at June 30, 2013, the Partnership had multiple interest rate swaps and cross currency swaps governed by the same master agreement. Each of these master agreements provides for the net settlement of all swaps subject to that master agreement through a single payment in the event of default or termination of any one swap. The fair value of these interest rate swaps are presented on a gross basis in the Partnership’s consolidated balance sheets. As at June 30, 2013, these interest rate swaps and cross currency swaps had an aggregate fair value asset amount of $2.9 million and an aggregate fair value liability amount of $166.9 million. Tabular disclosure The following table presents the location and fair value amounts of derivative instruments, segregated by type of contract, on the Partnership’s balance sheets.
For the periods indicated, the following table presents the effective portion of gains (losses) on foreign currency forward contracts designated and qualifying as cash flow hedges that were (1) recognized in other comprehensive income, (2) recorded in accumulated other comprehensive income (or AOCI) during the term of the hedging relationship and reclassified to earnings, and (3) recognized in the ineffective portion of gains (losses) on derivative instruments designated and qualifying as cash flow hedges.
Realized and unrealized gains (losses) of interest rate swaps and foreign currency forward contracts that are not designated for accounting purposes as cash flow hedges are recognized in earnings and reported in realized and unrealized gain (loss) on non-designated derivative instruments in the consolidated statements of income (loss). The effect of the gain (loss) on derivatives not designated as hedging instruments on the consolidated statements of income (loss) is as follows:
Realized and unrealized gains (losses) of the cross currency swaps are recognized in earnings and reported, including the impact of the partial termination of a cross currency swap, in foreign currency exchange gain (loss) in the consolidated statements of income (loss). The effect of the gain (loss) on cross currency swaps on the consolidated statements of income (loss) is as follows:
The Partnership is exposed to credit loss in the event of non-performance by the counterparties, all of which are financial institutions, to the foreign currency forward contracts and the interest rate swap agreements. In order to minimize counterparty risk, the Partnership only enters into derivative transactions with counterparties that are rated A- or better by Standard & Poor’s or A3 or better by Moody’s at the time of the transactions. In addition, to the extent possible and practical, interest rate swaps are entered into with different counterparties to reduce concentration risk. |
Dropdown Predecessor
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6 Months Ended | ||
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Jun. 30, 2013
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Dropdown Predecessor |
On May 2, 2013, the Partnership acquired from Teekay Corporation its 100% interest in Voyageur LLC, which owns the Voyageur Spirit, a floating, production, storage and off-loading (or FPSO) unit, which operates on the Huntington Field in the North Sea under a five-year contract, plus up to 10 one-year extension options, with E.ON Ruhrgas UK E&P Limited (or E.ON), for an original purchase price of $540.0 million that was effectively reduced to $527.3 million as at June 30, 2013 (see note 8c). The Partnership has accounted for this acquisition as a transfer of a business between entities under common control. The method of accounting for such transfer is similar to the pooling of interests method of accounting. Under this method, the carrying amount of net assets recognized in the balance sheets of each combining entity are carried forward to the balance sheet of the combined entity, and no other assets or liabilities are recognized as a result of the combination. The excess of the proceeds paid by the Partnership over Teekay Corporation’s historical cost is accounted for as an equity distribution to Teekay Corporation. In addition, transfers of net assets between entities under common control are accounted for as if the transfer occurred from the date that the Partnership and the Voyageur Spirit were both under the common control of Teekay Corporation and had begun operations. As a result, the Partnership’s consolidated statements of income and cash flows for the three and six months ended June 30, 2013 reflect this unit and its results of operations, referred to herein as the Dropdown Predecessor, as if the Partnership had acquired it when it began operations under the control of Teekay Corporation on April 13, 2013. The effect of adjusting the Partnership’s financial statements to retrospectively account for the common control exchange for the period April 13, 2013 to May 2, 2013 decreased the Partnership’s net income and comprehensive income by $2.2 million for the three and six months ended June 30, 2013. |
Financial Instruments (Tables)
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Jun. 30, 2013
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Estimated Fair Value of Financial Instruments Measured at Fair Value on Recurring Basis |
The following table includes the estimated fair
value and carrying value of those assets and liabilities that are
measured at fair value on a recurring and non-recurring basis, as
well as the estimated fair value of the Partnership’s
financial instruments that are not accounted for at fair value on a
recurring basis.
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Changes in Fair Value for Partnership's Contingent Consideration Liability Measured Recurring Basis Using Significant Unobservable Inputs (Level 3) | Changes in fair value during the three and six months ended June 30, 2013 and 2012, for the Partnership’s contingent consideration liability, relating to the acquisition of the Scott Spirit, that is measured at fair value on a recurring basis using significant unobservable inputs (Level 3) are as follows:
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Summary of Partnership's Financing Receivables | The following table contains a summary of the Partnership’s financing receivables by type of borrower and the method by which the Partnership monitors the credit quality of its financing receivables on a quarterly basis:
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Income Tax
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6 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Jun. 30, 2013
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Income Tax |
The components of the provision for income tax are as follows:
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Related Party Transactions and Balances - Revenues (Expenses) from Related Party Transactions (Detail) (USD $)
In Thousands, unless otherwise specified |
3 Months Ended | 6 Months Ended | ||
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Jun. 30, 2013
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Jun. 30, 2012
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Jun. 30, 2013
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Jun. 30, 2012
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Related Party Transaction [Line Items] | ||||
Revenues | $ 18,572 | $ 15,909 | $ 37,385 | $ 32,144 |
Vessel operating expenses | (9,831) | (10,568) | (19,678) | (22,236) |
General and administrative | (6,990) | (4,999) | (13,498) | (11,254) |
Interest income | 1,217 | 1,217 | ||
Interest expense | (166) | (112) | (224) | (166) |
Net income from related party transactions from discontinued operations | $ 6,992 | $ 27,073 | $ 19,255 | $ 41,209 |
Derivative Instruments and Hedging Activities - Effective Portion of Gains (Losses) on Foreign Currency Contracts (Detail) (USD $)
In Thousands, unless otherwise specified |
3 Months Ended | 6 Months Ended | ||
---|---|---|---|---|
Jun. 30, 2013
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Jun. 30, 2012
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Jun. 30, 2013
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Jun. 30, 2012
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Derivative [Line Items] | ||||
Balance Sheet (AOCI) Effective Portion | $ (653) | $ 6 | $ 336 | |
Statement of Income (Loss) Effective Portion | 86 | (52) | 266 | |
Statement of Income (Loss) Ineffective Portion | (254) | (59) | (234) | |
General and administrative expenses [Member]
|
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Derivative [Line Items] | ||||
Statement of Income (Loss) Effective Portion | 86 | (52) | 266 | |
Statement of Income (Loss) Ineffective Portion | (254) | (59) | (234) | |
Vessel operating expenses [Member]
|
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Derivative [Line Items] | ||||
Balance Sheet (AOCI) Effective Portion | (653) | 6 | 336 | |
Statement of Income (Loss) Effective Portion | ||||
Statement of Income (Loss) Ineffective Portion |
Segment Reporting - Additional Information (Detail)
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6 Months Ended |
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Jun. 30, 2013
Tank
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Segment Reporting Information [Line Items] | |
Number of tankers in discontinued operations | 6 |
Related Party Transactions and Balances (Tables)
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6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Jun. 30, 2013
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Revenues (Expenses) from Related Party Transactions | Such related party transactions were as follows for the periods indicated:
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Long-Term Debt (Tables)
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6 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Jun. 30, 2013
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Long-Term Debt |
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Restructuring Charge - Additional Information (Detail) (USD $)
|
3 Months Ended | 6 Months Ended |
---|---|---|
Jun. 30, 2013
|
Jun. 30, 2013
|
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Restructuring Cost and Reserve [Line Items] | ||
Restructuring charges | $ 1,395,000 | $ 2,054,000 |
Restructuring liabilities | 1,000,000 | 1,000,000 |
Shuttle Tankers [Member]
|
||
Restructuring Cost and Reserve [Line Items] | ||
Restructuring charges | 1,000,000 | 1,600,000 |
Total restructuring charges recorded under plan | 2,000,000 | |
Conventional Tankers [Member]
|
||
Restructuring Cost and Reserve [Line Items] | ||
Restructuring charges | 400,000 | 400,000 |
Total restructuring charges recorded under plan | $ 900,000 |
Financial Instruments - Estimated Fair Value of Financial Instruments Measured at Fair Value on Recurring Basis (Detail) (USD $)
In Thousands, unless otherwise specified |
Jun. 30, 2013
|
Dec. 31, 2012
|
Jun. 30, 2012
|
Dec. 31, 2011
|
---|---|---|---|---|
Recurring: | ||||
Cash and cash equivalents | $ 163,744 | $ 206,339 | $ 179,462 | $ 179,934 |
Derivative instruments | ||||
Fair Value /Carrying Amount of Assets (Liability) | (202,807) | |||
Fair value/ Carrying Amount of Assets (Liability) | (1,954) | |||
Other: | ||||
Advances to equity accounted joint venture (note 5) | 62,880 | |||
Long-term debt | (2,184,318) | (1,769,632) | ||
Cross currency swap agreements [Member]
|
||||
Derivative instruments | ||||
Fair value/ Carrying Amount of Assets (Liability) | (21,552) | |||
Carrying Amount [Member]
|
||||
Other: | ||||
Advances to equity accounted joint venture (note 5) | 29,948 | |||
Carrying Amount [Member] | Level 1 [Member] | Recurring [Member]
|
||||
Recurring: | ||||
Cash and cash equivalents | 163,744 | 206,339 | ||
Carrying Amount [Member] | Level 1 [Member] | Public [Member]
|
||||
Other: | ||||
Long-term debt | (347,864) | (215,641) | ||
Carrying Amount [Member] | Level 3 [Member] | Recurring [Member]
|
||||
Recurring: | ||||
Contingent consideration | (5,891) | (5,681) | ||
Carrying Amount [Member] | Level 3 [Member] | Non-Recurring [Member]
|
||||
Non-Recurring: | ||||
Vessels and equipment | 17,979 | |||
Carrying Amount [Member] | Level 2 [Member] | Recurring [Member] | Interest rate swap [Member]
|
||||
Derivative instruments | ||||
Fair Value /Carrying Amount of Assets (Liability) | (202,807) | (270,731) | ||
Carrying Amount [Member] | Level 2 [Member] | Recurring [Member] | Cross currency swap agreements [Member]
|
||||
Derivative instruments | ||||
Fair value/ Carrying Amount of Assets (Liability) | (21,552) | 13,435 | ||
Carrying Amount [Member] | Level 2 [Member] | Recurring [Member] | Foreign currency forward contracts [Member]
|
||||
Derivative instruments | ||||
Fair Value /Carrying Amount of Assets (Liability) | (1,954) | 2,153 | ||
Carrying Amount [Member] | Level 2 [Member] | Non-Recurring [Member]
|
||||
Non-Recurring: | ||||
Vessels held for sale | 6,800 | 13,250 | ||
Carrying Amount [Member] | Level 2 [Member] | Non-Public [Member]
|
||||
Other: | ||||
Long-term debt | (1,836,454) | (1,553,991) | ||
Fair Value [Member] | Level 1 [Member] | Recurring [Member]
|
||||
Recurring: | ||||
Cash and cash equivalents | 163,744 | 206,339 | ||
Fair Value [Member] | Level 1 [Member] | Public [Member]
|
||||
Other: | ||||
Long-term debt | (351,956) | (221,086) | ||
Fair Value [Member] | Level 3 [Member] | Recurring [Member]
|
||||
Recurring: | ||||
Contingent consideration | (5,891) | (5,681) | ||
Fair Value [Member] | Level 3 [Member] | Non-Recurring [Member]
|
||||
Non-Recurring: | ||||
Vessels and equipment | 17,979 | |||
Fair Value [Member] | Level 2 [Member] | Recurring [Member] | Interest rate swap [Member]
|
||||
Derivative instruments | ||||
Fair Value /Carrying Amount of Assets (Liability) | (202,807) | (270,731) | ||
Fair Value [Member] | Level 2 [Member] | Recurring [Member] | Cross currency swap agreements [Member]
|
||||
Derivative instruments | ||||
Fair value/ Carrying Amount of Assets (Liability) | (21,552) | 13,435 | ||
Fair Value [Member] | Level 2 [Member] | Recurring [Member] | Foreign currency forward contracts [Member]
|
||||
Derivative instruments | ||||
Fair Value /Carrying Amount of Assets (Liability) | (1,954) | 2,153 | ||
Fair Value [Member] | Level 2 [Member] | Non-Recurring [Member]
|
||||
Non-Recurring: | ||||
Vessels held for sale | 6,800 | 13,250 | ||
Fair Value [Member] | Level 2 [Member] | Non-Public [Member]
|
||||
Other: | ||||
Long-term debt | $ (1,766,904) | $ (1,452,136) |
Segment Reporting - Segment Results as Presented in Consolidated Financial Statements (Parenthetical) (Detail) (USD $)
In Thousands, unless otherwise specified |
3 Months Ended | 6 Months Ended | ||
---|---|---|---|---|
Jun. 30, 2013
|
Jun. 30, 2012
|
Jun. 30, 2013
|
Jun. 30, 2012
|
|
Segment Reporting Information [Line Items] | ||||
Income from vessel operations | $ 36,450 | $ 42,953 | $ 77,954 | $ 93,379 |
FPSO Segment [Member] | Voyageur Spirit [Member]
|
||||
Segment Reporting Information [Line Items] | ||||
Income from vessel operations | $ 17,000 | $ 17,000 |
Related Party Transactions and Balances - Revenues (Expenses) from Related Party Transactions (Parenthetical) (Detail) (USD $)
|
3 Months Ended | 6 Months Ended | 2 Months Ended | 6 Months Ended | 3 Months Ended | 6 Months Ended | ||||
---|---|---|---|---|---|---|---|---|---|---|
Jun. 30, 2013
|
Jun. 30, 2012
|
Jun. 30, 2013
Tank
|
Jun. 30, 2012
|
Jun. 30, 2013
Voyageur Spirit [Member]
|
Jun. 30, 2013
Voyageur Spirit [Member]
|
Jun. 30, 2013
Management Fees [Member]
|
Jun. 30, 2012
Management Fees [Member]
|
Jun. 30, 2013
Management Fees [Member]
|
Jun. 30, 2012
Management Fees [Member]
|
|
Related Party Transaction [Line Items] | ||||||||||
Cost of ship management services provided by the partnership | $ 9,831,000 | $ 10,568,000 | $ 19,678,000 | $ 22,236,000 | $ 8,600,000 | $ 9,300,000 | $ 17,700,000 | $ 19,300,000 | ||
Purchase prepayment | $ 150,000,000 | $ 150,000,000 | ||||||||
Margin portion of LIBOR interest rate | 4.25% | |||||||||
Number of tankers in discontinued operations | 6 |
Write-down of Vessel and Discontinued Operations (Tables)
|
6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Jun. 30, 2013
|
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Summary of Net (Loss) Income from Discontinued Operations | The following table summarizes the net (loss) income from discontinued operations for the periods presented in the consolidated statements of income (loss):
|
Total Capital and Net Income (Loss) Per Common Unit - Summary of Issuances of Common Units, Excluding Units from COP (Parenthetical) (Detail)
|
6 Months Ended |
---|---|
Jun. 30, 2013
|
|
General partner's interest | 2.00% |
General Partner [Member]
|
|
General partner's interest | 2.00% |
Total Capital and Net Income (Loss) Per Common Unit - Summary of Issuances of Common Units, Excluding Units from COP (Detail) (USD $)
|
1 Months Ended | 6 Months Ended | |
---|---|---|---|
May 31, 2013
|
Apr. 30, 2013
|
Jun. 30, 2013
|
|
Offering Type | Private | Private | |
Number of Common Units Issued | 1,446,654 | 2,056,202 | |
Offering Price | $ 30.60 | $ 29.18 | |
Gross Proceeds | $ 45,100,000 | $ 61,200,000 | |
Net Proceeds | 45,100,000 | 61,200,000 | |
Teekay Corporation's Ownership After the Offering | 29.90% | 28.70% | |
Proceeds from equity offering to Teekay Corporation for purchase of Voyageur LLC | $ 44,268,000 |
Long-Term Debt - Long-Term Debt (Detail) (USD $)
In Thousands, unless otherwise specified |
Jun. 30, 2013
|
Dec. 31, 2012
|
---|---|---|
Debt Instrument [Line Items] | ||
Long-term debt | $ 2,184,318 | $ 1,769,632 |
Less current portion | 288,690 | 248,385 |
Long-term portion | 1,895,628 | 1,521,247 |
U.S. Dollar-denominated Revolving Credit Facilities due through 2018 [Member]
|
||
Debt Instrument [Line Items] | ||
Long-term debt | 632,272 | 812,509 |
Norwegian Kroner Bonds due through 2018 [Member]
|
||
Debt Instrument [Line Items] | ||
Long-term debt | 347,863 | 215,641 |
U.S. Dollar-denominated Term Loans due through 2018 [Member]
|
||
Debt Instrument [Line Items] | ||
Long-term debt | 201,458 | 213,993 |
U.S. Dollar-denominated Term Loans due through 2023 [Member]
|
||
Debt Instrument [Line Items] | ||
Long-term debt | $ 1,002,725 | $ 527,489 |
Segment Reporting (Tables)
|
6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Jun. 30, 2013
|
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Segment Results as Presented in Consolidated Financial Statements |
The results below exclude six conventional tankers
as they are determined to be discontinued operations (see note
15):
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Reconciliation of Total Segment Assets to Total Assets Presented in Accompanying Consolidated Balance Sheets | A reconciliation of total segment assets to total assets presented in the accompanying consolidated balance sheets is as follows:
|
Financial Instruments
|
6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Jun. 30, 2013
|
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Financial Instruments |
For a description of how the Partnership estimates fair value and for a description of the fair value hierarchy levels, see Note 4 in the Partnership’s audited consolidated financial statements filed with its Annual Report on Form 20-F for the year ended December 31, 2012. The following table includes the estimated fair value and carrying value of those assets and liabilities that are measured at fair value on a recurring and non-recurring basis, as well as the estimated fair value of the Partnership’s financial instruments that are not accounted for at fair value on a recurring basis.
Contingent consideration liability - On October 1, 2011, the Partnership acquired from Teekay Corporation a newbuilding shuttle tanker, the Scott Spirit, for $116.0 million. The purchase price is subject to an adjustment for up to an additional $12 million based upon incremental shuttle tanker revenues above projections used for the sales price valuation generated during the two years following the acquisition. The fair value of the liability is the estimated amount that the Partnership would pay Teekay Corporation on September 30, 2012 and 2013, taking into account the Partnership’s secured contracts, new projects, and forecasted revenues. The estimated of the contingent consideration liability amount included above is the present value of the remaining future cash flows associated with the October 1, 2013 payment. Changes in fair value during the three and six months ended June 30, 2013 and 2012, for the Partnership’s contingent consideration liability, relating to the acquisition of the Scott Spirit, that is measured at fair value on a recurring basis using significant unobservable inputs (Level 3) are as follows:
The estimated fair value of the Partnership’s contingent consideration liability is based in part upon the Partnership’s projection of incremental revenue secured during the period from September 1, 2011 to October 1, 2013, based primarily on the estimated number of new ship days, the daily rate for those new ship days, pursuant to new contracts, and the change in rate on existing ship days. The estimated fair value of the consideration liability as of June 30, 2013 is based upon estimated new ship days of 198 days (219 days – December 31, 2012) at an average daily hire rate of $59,888 ($59,255 – December 31, 2012) and a net increase in the daily rate of $15,532 ($15,532 – December 31, 2012) for 365 (365 – December 31, 2012) existing ship days. In developing and evaluating these estimates, the Partnership has used the actual number of new ship days and corresponding daily hire rate for the period subsequent to September 30, 2011, but prior to the date of valuation, forecasts for future periods and probabilities of such results, as well as the minimum (zero) and maximum ($12.0 million) payout amount as provided for in the contingent consideration formula. A different number of days, average daily hire rates, or probability of achieving these days and average daily hire rate, would result in a lower fair value liability. On October 1, 2012, the Partnership paid a portion of the liability, which at the repayment date was $5.9 million.
The following table contains a summary of the Partnership’s financing receivables by type of borrower and the method by which the Partnership monitors the credit quality of its financing receivables on a quarterly basis:
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Basis of Presentation
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6 Months Ended | ||
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Jun. 30, 2013
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Basis of Presentation |
The unaudited interim consolidated financial statements have been prepared in accordance with United States generally accepted accounting principles (or GAAP). These financial statements include the accounts of Teekay Offshore Partners L.P., which is a limited partnership organized under the laws of the Republic of The Marshall Islands and its wholly owned or controlled subsidiaries (collectively, the Partnership). The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the amounts reported in the financial statements and accompanying notes. Actual results could differ from those estimates. Certain information and footnote disclosures required by GAAP for complete annual financial statements have been omitted and therefore, these interim financial statements should be read in conjunction with the Partnership’s audited consolidated financial statements for the year ended December 31, 2012, which are included in the Partnership’s Annual Report on Form 20-F. In the opinion of management of our general partner, Teekay Offshore GP L.L.C. (or the General Partner), these interim unaudited consolidated financial statements reflect all adjustments, of a normal recurring nature, necessary to present fairly, in all material respects, the Partnership’s consolidated financial position, results of operations, changes in total equity and cash flows for the interim periods presented. The results of operations for the interim periods presented are not necessarily indicative of those for a full fiscal year. Historically, the utilization of shuttle tankers in the North Sea is higher in the winter months and lower in the summer months, as generally there is higher maintenance in the oil fields during the summer months, which leads to lower oil production, and thus, lower shuttle tanker utilization during that period. Significant intercompany balances and transactions have been eliminated upon consolidation. In order to more closely align the Partnership’s presentation to many of its peers, the cost of ship management services of $8.6 million and $17.7 million for the three and six months ended June 30, 2013, respectively, have been presented in vessel operating expenses with effect from January 1, 2013 in the Partnership’s consolidated statements of income (loss). Prior to 2013, the Partnership included these amounts in general and administrative expenses. All such costs incurred in comparative periods have been reclassified from general and administrative expenses to vessel operating expenses to conform to the presentation adopted in the current period. The amount reclassified for the three and six months ended June 30, 2012 was $9.3 million and $19.3 million, respectively. |
Segment Reporting - Reconciliation of Total Segment Assets to Total Assets Presented in Accompanying Consolidated Balance Sheets (Detail) (USD $)
In Thousands, unless otherwise specified |
Jun. 30, 2013
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Dec. 31, 2012
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Jun. 30, 2012
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Dec. 31, 2011
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Segment Reporting Information [Line Items] | ||||
Cash and cash equivalents | $ 163,744 | $ 206,339 | $ 179,462 | $ 179,934 |
Other assets | 57,958 | 77,797 | ||
Total assets | 3,710,730 | 3,053,391 | ||
Operating Segments [Member] | Shuttle Tanker Segment [Member]
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Segment Reporting Information [Line Items] | ||||
Total assets | 1,956,583 | 1,758,619 | ||
Operating Segments [Member] | FPSO Segment [Member]
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Segment Reporting Information [Line Items] | ||||
Total assets | 1,314,356 | 752,835 | ||
Operating Segments [Member] | Conventional Tanker Segment [Member]
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Segment Reporting Information [Line Items] | ||||
Total assets | 141,657 | 178,172 | ||
Operating Segments [Member] | FSO Segment [Member]
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Segment Reporting Information [Line Items] | ||||
Total assets | $ 76,432 | $ 79,629 |
Derivative Instruments and Hedging Activities (Tables)
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Jun. 30, 2013
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Foreign Currency Forward Contracts | As at June 30, 2013, the Partnership was committed to the following foreign currency forward contracts:
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Summary of Cross Currency Swaps | As at June 30, 2013, the Partnership was committed to the following cross currency swaps:
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Interest Rate Swap Agreements | As at June 30, 2013, the Partnership was committed to the following interest rate swap agreements:
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Location and Fair Value Amounts of Derivative Instruments | The following table presents the location and fair value amounts of derivative instruments, segregated by type of contract, on the Partnership’s balance sheets.
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Effective Portion of Gains (Losses) on Foreign Currency Contracts | For the periods indicated, the following table presents the effective portion of gains (losses) on foreign currency forward contracts designated and qualifying as cash flow hedges that were (1) recognized in other comprehensive income, (2) recorded in accumulated other comprehensive income (or AOCI) during the term of the hedging relationship and reclassified to earnings, and (3) recognized in the ineffective portion of gains (losses) on derivative instruments designated and qualifying as cash flow hedges.
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Effect of Gain (Loss) on Derivatives | The effect of the gain (loss) on derivatives not designated as hedging instruments on the consolidated statements of income (loss) is as follows:
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Effect of Gain (Loss) on Cross Currency Swaps on Consolidated Statements of Income (Loss) | The effect of the gain (loss) on cross currency swaps on the consolidated statements of income (loss) is as follows:
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Basis of Presentation - Additional Information (Detail) (USD $)
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3 Months Ended | 6 Months Ended | ||
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Jun. 30, 2013
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Jun. 30, 2012
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Jun. 30, 2013
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Jun. 30, 2012
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Basis Of Presentation [Line Items] | ||||
Cost of ship management services | $ 8,600,000 | $ 17,700,000 | ||
Vessel operating expenses | 185,962,000 | 181,205,000 | 356,570,000 | 358,127,000 |
General and administrative expenses [Member]
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Basis Of Presentation [Line Items] | ||||
Vessel operating expenses | $ 9,300,000 | $ 19,300,000 |
Financial Instruments - Summary of Partnership's Financing Receivables (Detail) (USD $)
In Thousands, unless otherwise specified |
Jun. 30, 2013
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Dec. 31, 2012
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Other receivables: | ||
Advances to equity accounted joint venture | $ 62,880 | |
Financing receivables | 60,210 | 33,215 |
Payment Activity [Member] | Performing [Member]
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Financing Receivable, Recorded Investment [Line Items] | ||
Direct financing leases | 30,262 | 33,215 |
Other Internal Metrics [Member] | Performing [Member]
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Other receivables: | ||
Advances to equity accounted joint venture | $ 29,948 |
Derivative Instruments and Hedging Activities - Additional Information (Detail) (Interest rate swaps and cross currency swaps [Member], USD $)
In Millions, unless otherwise specified |
Jun. 30, 2013
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Interest rate swaps and cross currency swaps [Member]
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Derivative Instruments, Gain (Loss) [Line Items] | |
Aggregate fair value asset | $ 2.9 |
Aggregate fair value liability | $ 166.9 |