XML 47 R32.htm IDEA: XBRL DOCUMENT v3.10.0.1
Revenues (Tables)
12 Months Ended
Dec. 31, 2018
Revenue from Contract with Customer [Abstract]  
Schedule of Partnership Revenue
The following tables contain the Partnership’s revenue for the years ended December 31, 2018, 2017 and 2016, by contract type and by segment:
Year ended December 31, 2018
FPSO Segment
 
Shuttle Tanker Segment
 
FSO Segment
 
UMS Segment
 
Towage Segment
 
Conventional Tanker Segment
 
Eliminations(1)
 
Total
FPSO contracts
481,700

 

 

 

 

 

 

 
481,700

Contracts of affreightment

 
198,448

 

 

 

 

 

 
198,448

Time charters

 
294,112

 
116,125

 

 

 

 

 
410,237

Bareboat charters

 
44,759

 
17,383

 

 

 

 

 
62,142

Voyage charters

 
28,027

 

 

 
53,327

 
21,325

 
(920
)
 
101,759

Management fees and other (2)
51,486

 
71,067

 
3,049

 
36,536

 

 

 

 
162,138

 
533,186

 
636,413

 
136,557

 
36,536

 
53,327

 
21,325

 
(920
)
 
1,416,424

Year ended December 31, 2017
FPSO Segment
 
Shuttle Tanker Segment
 
FSO Segment
 
UMS Segment
 
Towage Segment
 
Conventional Tanker Segment
 
Eliminations(1)
 
Total
FPSO contracts
458,388

 

 

 

 

 

 

 
458,388

Contracts of affreightment

 
170,703

 

 

 

 

 

 
170,703

Time charters

 
284,281

 
47,605

 
4,236

 

 
9,132

 

 
345,254

Bareboat charters

 
69,568

 
19,296

 

 

 

 

 
88,864

Voyage charters

 
12,300

 

 

 
38,771

 
4,890

 
(8,886
)
 
47,075

 
458,388

 
536,852

 
66,901

 
4,236

 
38,771

 
14,022

 
(8,886
)
 
1,110,284

Year ended December 31, 2016
FPSO Segment
 
Shuttle Tanker Segment
 
FSO Segment
 
UMS Segment
 
Towage Segment
 
Conventional Tanker Segment
 
Eliminations
 
Total
FPSO contracts
495,223

 

 

 

 

 

 

 
495,223

Contracts of affreightment

 
148,367

 

 

 

 

 

 
148,367

Time charters

 
251,217

 
38,600

 
34,433

 

 
12,271

 

 
336,521

Bareboat charters

 
91,994

 
15,840

 

 

 


 

 
107,834

Voyage charters

 
18,018

 

 

 
37,952

 
8,475

 

 
64,445

 
495,223

 
509,596

 
54,440

 
34,433

 
37,952

 
20,746

 

 
1,152,390

(1)
Includes revenues earned between segments of the Partnership, during the years ended December 31, 2018 and December 31, 2017.
(2)
Includes revenues of $55.0 million and $36.5 million in the shuttle tanker and UMS segments, respectively, related to a settlement agreement with Petrobras in relation to the previously-terminated charter contracts of the HiLoad DP unit and Arendal Spirit UMS. As part of the settlement agreement, Petrobras has agreed to pay a total amount of $96.0 million to the Partnership, which includes $55.0 million that was paid November 2018, and amounts of $22.0 million payable in late-2020 and $19.0 million payable in late-2021, which are available to be reduced by 40% of the revenues paid prior to the end of 2021 by Petrobras under any new contracts entered into subsequent to October 25, 2018 relating specifically to the Arendal Spirit UMS and the Cidade de Rio das Ostras and Piranema Spirit FPSO units.

The following table contains the Partnership’s revenue from contracts that do not contain a lease element and the non-lease element of time-charters accounted for as direct financing leases for the years ended December 31, 2018, 2017 and 2016:
 
Year ended December 31,
 
2018
 
2017
 
2016
 
$
 
$
 
$
Non-lease revenue - related to sales type or direct financing leases
4,547

 
5,813

 
6,203

Voyage charters - towage
53,327

 
38,771

 
37,952

Management fees and other
162,138

 

 

Total
220,012

 
44,584

 
44,155

Schedule of Contract Assets and Contract Liabilities
The following table presents the contract assets and contract liabilities on the Partnership’s consolidated balance sheets associated with these long-term charter arrangements from contracts with customers.
 
December 31, 2018
 
January 1, 2018
 
$
 
$
Contract Assets
 
 
 
Current
7,926

 
3,866

Non-Current
62,295

 
54,919

 
70,221

 
58,785

 
 
 
 
Contract Liabilities
 
 
 
Current
55,750

 
69,668

Non-Current
145,852

 
176,755

 
201,602

 
246,423

Schedule of Balances of Assets Recognized from the Costs to Fulfill Contract with Customer
The balances of assets recognized from the costs to fulfill a contract with a customer classified as other assets, split between current and non-current portions, on the Partnership's balance sheet, by main category, excluding balances in the Partnership’s equity accounted joint ventures, are as follows:
 
Year ended December 31,
 
2018
 
2017
 
2016
 
$
 
$
 
$
Pre-operational costs
24,031

 
4,522

 
2,855

Offshore asset mobilization costs
51,302

 
57,818

 
65,360

Vessel repositioning costs
15,188

 

 

 
90,521

 
62,340

 
68,215