Document_and_Entity_Informatio
Document and Entity Information | 12 Months Ended |
Dec. 31, 2013 | |
Document And Entity Information [Abstract] | ' |
Document Type | '20-F |
Amendment Flag | 'false |
Document Period End Date | 31-Dec-13 |
Document Fiscal Year Focus | '2013 |
Document Fiscal Period Focus | 'FY |
Trading Symbol | 'TOO |
Entity Registrant Name | 'Teekay Offshore Partners L.P. |
Entity Central Index Key | '0001382298 |
Current Fiscal Year End Date | '--12-31 |
Entity Well-known Seasoned Issuer | 'Yes |
Entity Current Reporting Status | 'Yes |
Entity Filer Category | 'Large Accelerated Filer |
Entity Common Stock, Shares Outstanding | 85,452,079 |
Consolidated_Statements_of_Inc
Consolidated Statements of Income (Loss) (USD $) | 12 Months Ended | ||
In Thousands, except Share data, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
REVENUES (note 10) | $930,739 | $901,227 | $840,982 |
OPERATING EXPENSES | ' | ' | ' |
Voyage expenses | 103,643 | 110,483 | 97,584 |
Vessel operating expenses (notes 10 and 11) | 344,128 | 317,576 | 307,960 |
Time-charter hire expense | 56,682 | 56,989 | 74,478 |
Depreciation and amortization | 199,006 | 189,364 | 171,730 |
General and administrative (notes 10, 11 and 16) | 44,473 | 34,581 | 37,133 |
Write down and loss on sale of vessels (note 18) | 76,782 | 24,542 | 37,039 |
Restructuring charge (note 9) | 2,607 | 1,115 | 3,924 |
Total operating expenses | 827,321 | 734,650 | 729,848 |
Income from vessel operations | 103,418 | 166,577 | 111,134 |
OTHER ITEMS | ' | ' | ' |
Interest expense (notes 7 and 10) | -62,855 | -47,508 | -35,929 |
Interest income | 2,561 | 1,027 | 659 |
Realized and unrealized gains (losses) on derivative instruments (note 11) | 34,820 | -26,349 | -159,744 |
Equity income(note 19) | 6,731 | 0 | 0 |
Foreign currency exchange (loss) gain (note 11) | -5,278 | -315 | 1,500 |
Loss on bond repurchase (note 7) | -1,759 | ' | ' |
Other income - net | 1,144 | 1,538 | 3,683 |
Total other items | -24,636 | -71,607 | -189,831 |
Income (loss) from continuing operations before income tax (expense) recovery | 78,782 | 94,970 | -78,697 |
Income tax (expense) recovery (note 12) | -2,225 | 10,477 | -6,679 |
Net income (loss) from continuing operations | 76,557 | 105,447 | -85,376 |
Net (loss) income from discontinued operations (notes 10 and 18) | -4,642 | 17,568 | -11,495 |
Net income (loss) | 71,915 | 123,015 | -96,871 |
Non-controlling interests in net income (loss) from continuing operations | -19,089 | 58 | 18,901 |
Non-controlling interests in net income (loss) from discontinued operations | ' | ' | 3,553 |
Non-controlling interests in net income (loss) | -19,089 | 58 | 22,454 |
Preferred unitholders' interest in net income (loss) (note 15) | 7,250 | ' | ' |
General Partner's interest in net income (loss) | 13,674 | 11,055 | 4,396 |
Limited partners' interest in net income (loss) from continuing operations per common unit - basic (note 15) | $0.93 | $1.26 | ($1.49) |
Limited partners' interest in net income (loss) from continuing operations per common unit - diluted (note 15) | $0.93 | $1.26 | ($1.49) |
Limited partners' interest in net income (loss) from discontinued operations per unit - basic (note 15) | ($0.05) | $0.26 | ($0.25) |
Limited partners' interest in net income (loss) from discontinued operations per unit -diluted (note 15) | ($0.05) | $0.26 | ($0.25) |
Limited partners' interest in net income (loss) | 72,305 | 111,902 | -108,646 |
Limited partners' interest in net income (loss) per common unit - basic (note 15) | $0.88 | $1.52 | ($1.74) |
Limited partners' interest in net income (loss) per common unit - diluted (note 15) | $0.88 | $1.52 | ($1.74) |
Weighted-average number of common units outstanding - basic | 82,634,000 | 73,750,951 | 62,362,072 |
Weighted-average number of common units outstanding - diluted | 82,659,179 | 73,750,951 | 62,362,072 |
Cash distributions declared per unit | $2.11 | $2.04 | $1.98 |
Continuing Operations [Member] | ' | ' | ' |
OTHER ITEMS | ' | ' | ' |
General Partner's interest in net income (loss) | 14,126 | 12,827 | 3,775 |
Limited partners' interest in net income (loss) | 76,495 | 92,562 | -92,977 |
Discontinued Operations [Member] | ' | ' | ' |
REVENUES (note 10) | 20,238 | 62,967 | 108,079 |
OPERATING EXPENSES | ' | ' | ' |
Voyage expenses | 682 | 16,201 | 27,868 |
Vessel operating expenses (notes 10 and 11) | 3,903 | 14,286 | 19,998 |
Depreciation and amortization | 1,236 | 5,267 | 15,980 |
General and administrative (notes 10, 11 and 16) | 479 | 1,178 | 613 |
Write down and loss on sale of vessels (note 18) | -18,465 | -7,675 | -54,069 |
Total operating expenses | 24,765 | 44,607 | 118,528 |
Income from vessel operations | -4,527 | 18,360 | -10,449 |
OTHER ITEMS | ' | ' | ' |
Interest expense (notes 7 and 10) | -110 | -822 | -968 |
Foreign currency exchange (loss) gain (note 11) | -4 | 2 | ' |
Total other items | -115 | -792 | -1,046 |
Net (loss) income from discontinued operations (notes 10 and 18) | -4,642 | 17,568 | -11,495 |
General Partner's interest in net income (loss) | -452 | -1,772 | 621 |
Limited partners' interest in net income (loss) | -4,190 | 19,340 | -15,669 |
Dropdown Predecessor [Member] | ' | ' | ' |
OTHER ITEMS | ' | ' | ' |
Net income (loss) | ($2,225) | ' | ($15,075) |
Consolidated_Statements_of_Com
Consolidated Statements of Comprehensive Income (Loss) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Net income (loss) | $71,915 | $123,015 | ($96,871) |
Other comprehensive income (loss): | ' | ' | ' |
Unrealized net gain on qualifying cash flow hedging instruments (note 11) | 6 | 713 | 319 |
Realized net loss (gain) on qualifying cash flow hedging instruments (note 11) | 52 | -217 | -2,345 |
Other comprehensive income (loss) | 58 | 496 | -2,026 |
Comprehensive income (loss) | 71,973 | 123,511 | -98,897 |
Non-controlling interest in comprehensive income (loss) | -19,089 | 58 | 22,889 |
General and limited partners' interest in comprehensive income (loss) | 86,037 | 123,453 | -106,711 |
Preferred Units [Member] | ' | ' | ' |
Net income (loss) | 7,250 | ' | ' |
Dropdown Predecessor [Member] | ' | ' | ' |
Net income (loss) | ($2,225) | ' | ($15,075) |
Consolidated_Balance_Sheets
Consolidated Balance Sheets (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Current | ' | ' |
Cash and cash equivalents | $219,126 | $206,339 |
Accounts receivable, including non-trade of $40,043 (December 31, 2012 - $7,714) (notes 11 and 13a) | 176,265 | 91,879 |
Vessel held for sale (note 3a) | ' | 13,250 |
Net investments in direct financing leases - current (note 8) | 5,104 | 5,647 |
Prepaid expenses | 31,675 | 29,384 |
Due from affiliates (note 10k) | 15,202 | 29,682 |
Current portion of derivative instruments (note 11) | 500 | 12,398 |
Other current assets | 3,051 | 8 |
Total current assets | 450,923 | 388,587 |
Vessels and equipment | ' | ' |
At cost, less accumulated depreciation of $1,016,812 (December 31, 2012 - $1,080,558) | 3,089,582 | 2,327,337 |
Advances on newbuilding contracts | ' | 127,286 |
Net investments in direct financing leases (note 8) | 22,463 | 27,568 |
Investment in joint venture (note 19) | 52,120 | ' |
Derivative instruments (note 11) | 10,323 | 2,913 |
Deferred tax asset (note 12) | 7,854 | 8,948 |
Other assets | 35,272 | 28,112 |
Intangible assets - net (note 5b) | 10,436 | 15,527 |
Goodwill (note 5a) | 127,113 | 127,113 |
Total assets | 3,806,086 | 3,053,391 |
Current | ' | ' |
Accounts payable | 15,753 | 15,220 |
Accrued liabilities (notes 6, 9, 11, 13a) | 138,156 | 61,708 |
Deferred revenues | 29,075 | 22,641 |
Due to affiliates (note 10k) | 121,864 | 47,810 |
Current portion of derivative instruments (note 11) | 47,944 | 47,748 |
Current portion of long-term debt (note 7) | 806,009 | 248,385 |
Current portion of in-process revenue contracts (note 5c) | 12,744 | 12,744 |
Total current liabilities | 1,171,545 | 456,256 |
Long-term debt (note 7) | 1,562,967 | 1,521,247 |
Derivative instruments (note 11) | 121,135 | 213,731 |
In-process revenue contracts (note 5c) | 88,550 | 101,294 |
Other long-term liabilities | 23,984 | 26,819 |
Total liabilities | 2,968,181 | 2,319,347 |
Commitments and contingencies (notes 7, 8, 11 and 13) | ' | ' |
Redeemable non-controlling interest (note 13b) | 16,564 | 28,815 |
Equity | ' | ' |
General Partner | 21,242 | 20,162 |
Accumulated other comprehensive loss | ' | -58 |
Partners' equity | 787,044 | 661,094 |
Non-controlling interests | 34,297 | 44,135 |
Total equity | 821,341 | 705,229 |
Total liabilities and total equity | 3,806,086 | 3,053,391 |
Common Units [Member] | ' | ' |
Equity | ' | ' |
Limited partners | 621,002 | 640,990 |
Preferred Units [Member] | ' | ' |
Equity | ' | ' |
Limited partners | 144,800 | ' |
Total equity | $144,800 | ' |
Consolidated_Balance_Sheets_Pa
Consolidated Balance Sheets (Parenthetical) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, except Share data in Millions, unless otherwise specified | ||
Accounts receivable, non-trade | $40,043 | $7,714 |
Vessels and equipment, accumulated depreciation | $1,016,812 | $1,080,558 |
Common Units [Member] | ' | ' |
Limited partners - units issued | 85.5 | 80.1 |
Limited partners - units outstanding | 85.5 | 80.1 |
Preferred Units [Member] | ' | ' |
Limited partners - units issued | 6 | ' |
Limited partners - units outstanding | 6 | ' |
Consolidated_Statements_of_Cas
Consolidated Statements of Cash Flows (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
OPERATING ACTIVITIES | ' | ' | ' |
Net income (loss) | $71,915 | $123,015 | ($96,871) |
Non-cash items: | ' | ' | ' |
Unrealized (gain) loss on derivative instruments (note 11) | -91,837 | -39,538 | 107,860 |
Equity income | -6,731 | 0 | 0 |
Depreciation and amortization | 200,242 | 194,631 | 187,710 |
Write down and loss on sale of vessels (note 18) | 95,247 | 32,217 | 91,108 |
Deferred income tax expense (recovery) (note 12) | 2,150 | -8,808 | -614 |
Amortization of in-process revenue contracts | -12,744 | -12,714 | -1,148 |
Foreign currency exchange (gain) loss and other | -35,522 | 15,260 | 3,820 |
Change in non-cash working capital items related to operating activities | 51,999 | -17,447 | -11,296 |
Expenditures for dry docking | -19,332 | -19,122 | -26,407 |
Net operating cash flow | 255,387 | 267,494 | 254,162 |
FINANCING ACTIVITIES | ' | ' | ' |
Proceeds from long-term debt | 1,140,237 | 318,645 | 457,530 |
Scheduled repayments of long-term debt | -266,874 | -146,162 | -110,694 |
Prepayments of long-term debt | -466,781 | -445,698 | -125,562 |
Debt issuance costs | -14,797 | -4,361 | -682 |
Purchase of 49% interest in Teekay Offshore Operating L.P. (note 10c) | ' | ' | -386,267 |
Purchase of VOC equipment from Teekay Corporation (note 10f) | ' | -12,848 | ' |
Proceeds from issuance of common units (note 15) | 119,588 | 265,393 | 420,146 |
Proceeds from issuance of preferred units (note 15) | 150,000 | ' | ' |
Expenses relating to equity offerings | -5,837 | -8,164 | -222 |
Cash distributions paid by the Partnership | -199,892 | -169,692 | -166,303 |
Other | 10,346 | -3,120 | 8,055 |
Net financing cash flow | 231,865 | -206,007 | 35,318 |
INVESTING ACTIVITIES | ' | ' | ' |
Expenditures for vessels and equipment | -455,578 | -87,408 | -148,480 |
Purchase of equity investment in Itajai FPSO joint venture (net of cash acquired of $1.3 million) (note 10h and 14e) | -52,520 | ' | ' |
Purchase of Piranema Spirit (note 17) | ' | ' | -161,851 |
Proceeds from sale of vessels and equipment | 27,986 | 35,235 | 13,354 |
Direct financing lease payments received | 5,647 | 17,091 | 20,948 |
Net investing cash flow | -474,465 | -35,082 | -276,029 |
Increase in cash and cash equivalents | 12,787 | 26,405 | 13,451 |
Cash and cash equivalents, beginning of the year | 206,339 | 179,934 | 166,483 |
Cash and cash equivalents, end of the year | 219,126 | 206,339 | 179,934 |
Teekay Corporation [Member] | ' | ' | ' |
FINANCING ACTIVITIES | ' | ' | ' |
Purchase of vessels from Teekay Corporation (note 10g and 14e) | -234,125 | ' | -60,683 |
Purchase of VOC equipment from Teekay Corporation (note 10f) | ' | ($12,848) | ' |
Consolidated_Statements_of_Cas1
Consolidated Statements of Cash Flows (Parenthetical) (USD $) | 12 Months Ended |
In Millions, unless otherwise specified | Dec. 31, 2013 |
Itajai FPSO Joint Venture [Member] | |
Net of cash acquired on purchase of equity investment | $1.30 |
Consolidated_Statement_of_Chan
Consolidated Statement of Changes in Total Equity (USD $) | Total | Dropdown Predecessor [Member] | General Partner [Member] | Joint Venture Partner [Member] | Common Units [Member] | Common Units and Additional Paid-in Capital [Member] | Preferred Units [Member] | Accumulated Other Comprehensive Income (Loss) (Note 11) [Member] | Non-controlling Interests [Member] | Non-controlling Interests [Member] | Redeemable Noncontrolling Interest [Member] | Redeemable Noncontrolling Interest [Member] |
In Thousands, except Share data | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | Joint Venture Partner [Member] | USD ($) | Joint Venture Partner [Member] | |
USD ($) | USD ($) | |||||||||||
Beginning balance at Dec. 31, 2010 | $728,449 | ' | $16,473 | ' | ' | $540,355 | ' | $745 | $170,876 | ' | $41,725 | ' |
Beginning balance, units at Dec. 31, 2010 | ' | ' | ' | ' | 55,238,000 | ' | ' | ' | ' | ' | ' | ' |
Net (loss) income | -96,871 | -15,075 | 4,396 | ' | ' | -108,646 | ' | ' | 22,454 | ' | ' | ' |
Reclassification of redeemable non-controlling interest in net (loss) income | -6,601 | ' | ' | ' | ' | ' | ' | ' | -6,601 | ' | 6,601 | ' |
Other comprehensive (loss) income | -2,026 | ' | ' | ' | ' | ' | ' | -2,461 | 435 | ' | ' | ' |
Cash distributions | -156,284 | ' | -8,171 | ' | ' | -121,152 | ' | ' | -26,961 | ' | -10,019 | ' |
Contribution of capital by joint venture partner | ' | 2,305 | ' | 3,750 | ' | ' | ' | ' | ' | 3,750 | ' | ' |
Proceeds from equity offering, net of offering costs (note 15) | 419,924 | ' | 8,402 | ' | ' | 411,522 | ' | ' | ' | ' | ' | ' |
Proceeds from equity offering, units, net of offering costs (note 15) | ' | ' | ' | ' | 15,389,000 | ' | ' | ' | ' | ' | ' | ' |
Contribution of capital from Teekay Corporation to Rio das Ostras (note 10b) | 2,000 | ' | 40 | ' | ' | 1,960 | ' | ' | ' | ' | ' | ' |
Purchase of 49% of Teekay Offshore Operating L.P. (note 10c) | -386,267 | ' | -5,189 | ' | ' | -254,237 | ' | 1,162 | -128,003 | ' | ' | ' |
Conversion of intercorporate debt to equity (note 10d) | 36,905 | ' | ' | ' | ' | ' | ' | ' | 36,905 | ' | ' | ' |
Purchase of Peary Spirit LLC (note 10d) | -37,729 | ' | -110 | ' | ' | -5,386 | ' | ' | -32,233 | ' | ' | ' |
Net change in Parent's equity in Dropdown Predecessor (note 10e) | 12,519 | 12,519 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Purchase of Scott Spirit LLC (note 10e) | -33,036 | 2,556 | -712 | ' | ' | -34,880 | ' | ' | ' | ' | ' | ' |
Ending balance at Dec. 31, 2011 | 484,733 | ' | 15,129 | ' | ' | 429,536 | ' | -554 | 40,622 | ' | 38,307 | ' |
Ending balance, units at Dec. 31, 2011 | ' | ' | ' | ' | 70,627,000 | ' | ' | ' | ' | ' | ' | ' |
Net (loss) income | 123,015 | ' | 11,055 | ' | ' | 111,902 | ' | ' | 58 | ' | ' | ' |
Reclassification of redeemable non-controlling interest in net (loss) income | 4,520 | ' | ' | ' | ' | ' | ' | ' | 4,520 | ' | -4,520 | ' |
Other comprehensive (loss) income | 496 | ' | ' | ' | ' | ' | ' | 496 | ' | ' | ' | ' |
Cash distributions | -164,720 | ' | -11,274 | ' | ' | -149,631 | ' | ' | -3,815 | ' | -4,972 | ' |
Contribution of capital by joint venture partner | ' | 0 | ' | 2,750 | ' | ' | ' | ' | ' | 2,750 | ' | ' |
Proceeds from equity offering, net of offering costs (note 15) | 257,229 | ' | 5,308 | ' | ' | 251,921 | ' | ' | ' | ' | ' | ' |
Proceeds from equity offering, units, net of offering costs (note 15) | ' | ' | ' | ' | 9,479,000 | ' | ' | ' | ' | ' | ' | ' |
Net proceeds (purchase) from equity offering to Teekay Corporation | -2,794 | ' | -56 | ' | ' | -2,738 | ' | ' | ' | ' | ' | ' |
Ending balance at Dec. 31, 2012 | 705,229 | ' | 20,162 | ' | ' | 640,990 | ' | -58 | 44,135 | ' | 28,815 | ' |
Ending balance, units at Dec. 31, 2012 | ' | ' | ' | ' | 80,106,000 | ' | ' | ' | ' | ' | ' | ' |
Net (loss) income | 71,915 | -2,225 | 13,674 | ' | ' | 72,305 | 7,250 | ' | -19,089 | ' | ' | ' |
Reclassification of redeemable non-controlling interest in net (loss) income | 6,391 | ' | ' | ' | ' | ' | ' | ' | 6,391 | ' | -6,391 | ' |
Other comprehensive (loss) income | 58 | ' | ' | ' | ' | ' | ' | 58 | ' | ' | ' | ' |
Cash distributions | -192,142 | ' | -14,101 | ' | ' | -172,150 | -5,891 | ' | ' | ' | ' | ' |
Distribution of capital to joint venture partner | ' | ' | ' | -1,890 | ' | ' | ' | ' | ' | -1,890 | ' | -5,860 |
Contribution of capital by joint venture partner | ' | 5,596 | ' | 4,750 | ' | ' | ' | ' | ' | 4,750 | ' | ' |
Equity based compensation | 946 | ' | ' | ' | ' | 946 | ' | ' | ' | ' | ' | ' |
Proceeds from equity offering, net of offering costs (note 15) | 263,751 | ' | 3,189 | ' | ' | 115,762 | 144,800 | ' | ' | ' | ' | ' |
Proceeds from equity offering, units, net of offering costs (note 15) | 85,508 | ' | ' | ' | 3,900,000 | ' | 6,000,000 | ' | ' | ' | ' | ' |
Purchase of Voyageur LLC from Teekay Corporation (note 10g) | -279,322 | -201,752 | -1,551 | ' | ' | -76,019 | ' | ' | ' | ' | ' | ' |
Net proceeds (purchase) from equity offering to Teekay Corporation | 44,268 | ' | ' | ' | ' | 44,268 | ' | ' | ' | ' | ' | ' |
Net proceeds (purchase) from equity offering to Teekay Corporation, units | ' | ' | ' | ' | 1,447,000 | ' | ' | ' | ' | ' | ' | ' |
Net change in Parent's equity in Dropdown Predecessor (note 10e) | 203,977 | 203,977 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Distribution of capital to Teekay Corporation related to acquisition of equity investment in Itajai FPSO joint venture(note 10h) | -6,590 | ' | -131 | ' | ' | -6,459 | ' | ' | ' | ' | ' | ' |
Other | ' | ' | ' | ' | ' | 1,359 | -1,359 | ' | ' | ' | ' | ' |
Ending balance at Dec. 31, 2013 | $821,341 | ' | $21,242 | ' | ' | $621,002 | $144,800 | ' | $34,297 | ' | $16,564 | ' |
Ending balance, units at Dec. 31, 2013 | ' | ' | ' | ' | 85,453,000 | ' | 6,000,000 | ' | ' | ' | ' | ' |
Consolidated_Statement_of_Chan1
Consolidated Statement of Changes in Total Equity (Parenthetical) | Dec. 31, 2011 |
Statement Of Stockholders Equity [Abstract] | ' |
Percentage of noncontrolling interest acquired | 49.00% |
Summary_of_Significant_Account
Summary of Significant Accounting Policies | 12 Months Ended | ||||||||||||
Dec. 31, 2013 | |||||||||||||
Accounting Policies [Abstract] | ' | ||||||||||||
Summary of Significant Accounting Policies | ' | ||||||||||||
1 | Summary of Significant Accounting Policies | ||||||||||||
Basis of presentation | |||||||||||||
The 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, its wholly owned or controlled subsidiaries and the Dropdown Predecessor (see note 2). As discussed in note 18, the Partnership disposed of certain conventional tankers during 2013, 2012 and 2011. The Partnership has retrospectively adjusted its prior period consolidated financial statements to comparably classify the amounts related to the operations of these conventional tankers as discontinued operations. | |||||||||||||
The preparation of consolidated 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 may differ from those estimates. | |||||||||||||
The Partnership presents non-controlling ownership interests in subsidiaries in the consolidated financial statements within the equity section, but separate from the Partners’ equity. However, in instances in which certain redemption features that are not solely within the control of the issuer are present, classification of non-controlling interests outside of permanent equity is required. The holder of the non-controlling interest of one of the Partnership’s subsidiaries holds a put option which, if exercised, would obligate the Partnership to purchase the non-controlling interest (see note 13b). As a result, the non-controlling interest that is subject to this redemption feature is not included on the Partnership’s consolidated balance sheet as part of the total equity and is presented as redeemable non-controlling interest above the equity section but below the liabilities section on the Partnership’s consolidated balance sheet. | |||||||||||||
In order to more closely align the Partnership’s presentation to many of its peers, the cost of ship management services of $34.9 million for the year ended December 31, 2013 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 amounts reclassified for the year ended December 31, 2012 and 2011 were $38.7 million and $33.5 million, respectively. | |||||||||||||
Foreign currency | |||||||||||||
The consolidated financial statements are stated in U.S. Dollars and the functional currency of the Partnership and its subsidiaries is the U.S. Dollar. Transactions involving other currencies during the year are converted into U.S. dollars using the exchange rates in effect at the time of the transactions. At the balance sheet dates, monetary assets and liabilities that are denominated in currencies other than the U.S. dollar are translated to reflect the year-end exchange rates. Resulting gains or losses are reflected separately in the accompanying consolidated statements of income (loss). | |||||||||||||
Operating revenues and expenses | |||||||||||||
Contracts of Affreightment and Voyage Charters | |||||||||||||
Revenues from contracts of affreightment and voyage charters are recognized on a proportionate performance method. Shuttle tanker voyages servicing contracts of affreightment with offshore oil fields commence with tendering of notice of readiness at a field, within the agreed lifting range, and ends with tendering of notice of readiness at a field for the next lifting. The Partnership used a discharge-to-discharge basis in determining proportionate performance for all voyage charters, whereby it recognizes revenue ratably from when product is discharged (unloaded) at the end of one voyage to when it is discharged after the next voyage. The Partnership does not begin recognizing revenue until a charter has been agreed to by the customer and the Partnership, even if the vessel has discharged its cargo and is sailing to the anticipated load port on its next voyage. | |||||||||||||
Time Charters, Bareboat Charters and FPSO Contracts | |||||||||||||
Operating Leases - The Partnership recognizes revenues from the time charters, bareboat charters and floating, production, storage and offloading (or FPSO) contracts accounted for as operating leases daily over the term of the charter as the applicable vessel operates under the charter. Receipt of incentive-based revenue from the Partnership’s FPSO units is dependent upon its operating performance and such revenue is recognized when earned by fulfillment of the applicable performance criteria. The Partnership does not recognize revenue during days that the vessel is off hire unless the contract provides for compensation while off hire. | |||||||||||||
Direct Financing Leases - Charter contracts that are accounted for as direct financing leases are reflected on the balance sheets as net investments in direct financing leases. The lease revenue is recognized on an effective interest rate method over the lease term and is included in revenues. Revenue from rendering of services are recognized as service is performed. Revenues are not recognized during days that the vessel is off-hire unless the contract provides for compensation while off hire. | |||||||||||||
The consolidated balance sheets reflect the deferred portion of revenues and expenses, which will be earned or incurred, respectively, in subsequent periods. | |||||||||||||
Operating Expenses | |||||||||||||
Voyage expenses are all expenses unique to a particular voyage, including bunker fuel expenses, port fees, cargo loading and unloading expenses, canal tolls, agency fees and commissions. Vessel operating expenses include crewing, ship management services, repairs and maintenance, insurance, stores, lube oils and communication expenses. Voyage expenses and vessel operating expenses are recognized when incurred. | |||||||||||||
Cash and cash equivalents | |||||||||||||
The Partnership classifies all highly liquid investments with an original maturity date of three months or less when purchased as cash and cash equivalents. | |||||||||||||
Accounts receivable and allowance for doubtful accounts | |||||||||||||
Accounts receivable are recorded at the invoiced amount and do not bear interest. The allowance for doubtful accounts is the Partnership’s best estimate of the amount of probable credit losses in existing accounts receivable. The Partnership determines the allowance based on historical write-off experience and customer economic data. The Partnership reviews the allowance for doubtful accounts regularly and past due balances are reviewed for collectability. Account balances are charged off against the allowance when the Partnership believes that the receivable will not be recovered. | |||||||||||||
Investment in joint venture | |||||||||||||
This investment in a joint venture is accounted for using the equity method of accounting. Under the equity method of accounting, the investment is stated at initial cost, is adjusted for subsequent additional investments and the Partnership’s proportionate share of earnings or losses and distributions. The Partnership evaluates its investment in the joint venture for impairment when events or circumstances indicate that the carrying value of such investment may have experienced an other-than-temporary decline in value below its carrying value. If the estimated fair value is less than the carrying value, the carrying value is written down to its estimated fair value and the resulting impairment is recorded in the Partnership’s consolidated statements of income (loss). | |||||||||||||
Vessels and equipment | |||||||||||||
All pre-delivery costs incurred during the construction of newbuildings, including interest, supervision and technical costs, are capitalized. The acquisition cost and all costs incurred to restore used vessels purchased by the Partnership to the standards required to properly service the Partnership’s customers are capitalized. | |||||||||||||
Vessel capital modifications include the addition of new equipment or can encompass various modifications to the vessel which are aimed at improving and/or increasing the operational efficiency and functionality of the asset. This type of expenditure is amortized over the estimated useful life of the modification. Expenditures covering recurring routine repairs or maintenance are expensed as incurred. | |||||||||||||
Depreciation is calculated on a straight-line basis over a vessel’s estimated useful life, less an estimated residual value. Shuttle and conventional tankers are depreciated using an estimated useful life of 20 to 25 years commencing the date the vessel is delivered from the shipyard, or a shorter period if regulations prevent the Partnership from operating the vessel for the estimated useful life. FPSO units are depreciated using an estimated useful life of 20 to 25 years commencing the date the unit arrives at the oil field and is in a condition that is ready to operate. Floating storage and off take (or FSO) units are depreciated over the term of the contract. Depreciation of vessels and equipment from continuing operations (including depreciation attributable to the Dropdown Predecessor) for the years ended December 31, 2013, 2012, and 2011, totalled $171.4 million, $158.0 million, and $135.4 million, respectively. Depreciation and amortization includes depreciation on all owned vessels. | |||||||||||||
Interest costs capitalized to vessels and equipment for the years ended December 31, 2013, 2012, and 2011 totaled $19.6 million, $1.5 million and $5.9 million, respectively. | |||||||||||||
Generally, the Partnership dry docks each shuttle tanker and conventional oil tanker every two and a half to five years. FSO and FPSO units are generally not dry docked. The Partnership capitalizes a portion of the costs incurred during dry docking and amortizes those costs on a straight-line basis from the completion of a dry docking over the estimated useful life of the dry dock. The Partnership includes in capitalized dry docking those costs incurred as part of the dry docking to meet regulatory requirements, or expenditures that either add economic life to the vessel, increase the vessel’s earning capacity or improve the vessel’s operating efficiency. The Partnership expenses costs related to routine repairs and maintenance performed during dry docking that do not improve operating efficiency or extend the useful lives of the assets. | |||||||||||||
Dry-docking activity for the three years ended December 31, 2013, 2012, and 2011 is summarized as follows: | |||||||||||||
Year Ended | Year Ended | Year Ended | |||||||||||
December 31, | December 31, | December 31, | |||||||||||
2013 | 2012 | 2011 | |||||||||||
$ | $ | $ | |||||||||||
Balance at beginning of the year | 45,909 | 60,158 | 71,349 | ||||||||||
Cost incurred for dry docking | 19,020 | 19,101 | 24,507 | ||||||||||
Dry-docking amortization relating to continuing operations | (22,559 | ) | (25,267 | ) | (29,276 | ) | |||||||
Dry-docking amortization relating to discontinued operations | (360 | ) | (2,087 | ) | (5,190 | ) | |||||||
Write down / sale of capitalized dry-dock expenditure | (475 | ) | (5,996 | ) | (1,232 | ) | |||||||
Balance at end of the year | 41,535 | 45,909 | 60,158 | ||||||||||
Vessels and equipment that are “held and used” are assessed for impairment when events or circumstances indicate the carrying amount of the asset may not be recoverable. If the asset’s net carrying value exceeds the net undiscounted cash flows expected to be generated over its remaining useful life, the carrying amount of the asset is reduced to its estimated fair value. The estimated fair value for the Partnership’s impaired vessels is determined using discounted cash flows or appraised values. In cases where an active second hand sale and purchase market does not exist, the Partnership uses a discounted cash flow approach to estimate the fair value of an impaired vessel. In cases where an active second hand sale and purchase market exists an appraised value is used to estimate the fair value of an impaired vessel. An appraised value is generally the amount the Partnership would expect to receive if it were to sell the vessel. Such appraisal is normally completed by the Partnership. | |||||||||||||
Direct financing leases | |||||||||||||
The Partnership employs a number of vessels on long-term time charters and assembles, installs, operates and leases equipment that reduces volatile organic compound emissions (or VOC equipment) during loading, transportation and storage of oil and oil products. The long-term time charters and the leasing of some VOC equipment are accounted for as direct financing leases, with lease payments received by the Partnership being allocated between the net investment in the lease and other income using the effective interest method so as to produce a constant periodic rate of return over the lease term. | |||||||||||||
Debt issuance costs | |||||||||||||
Debt issuance costs, including fees, commissions and legal expenses, are deferred and presented as other non-current assets and amortized on an effective interest rate method over the term of the relevant loan. Amortization of debt issuance costs is included in interest expense. | |||||||||||||
Goodwill and intangible assets | |||||||||||||
Goodwill is not amortized, but reviewed for impairment at the reporting unit level on an annual basis or more frequently if an event occurs or circumstances change that would more likely than not reduce the fair value of a reporting unit below its carrying value. When goodwill is reviewed for impairment, the Partnership may elect to assess qualitative factors to determine whether it is more likely than not that the fair value of a reporting unit is less than its carrying amount, including goodwill. Alternatively, the Partnership may bypass this step and use a fair value approach to identify potential goodwill impairment and, when necessary, measure the amount of impairment. The Partnership uses a discounted cash flow model to determine the fair value of reporting units, unless there is a readily determinable fair market value. Intangible assets are assessed for impairment when and if impairment indicators exist. An impairment loss is recognized if the carrying amount of an intangible asset is not recoverable and its carrying amount exceeds its fair value. | |||||||||||||
The Partnership’s intangible assets are amortized over their respective lives with the amount amortized each year being weighted based on the projected revenue to be earned under the contracts. | |||||||||||||
Derivative instruments | |||||||||||||
All derivative instruments are initially recorded at fair value as either assets or liabilities in the accompanying consolidated balance sheets and subsequently remeasured to fair value, regardless of the purpose or intent for holding the derivative. The method of recognizing the resulting gain or loss is dependent on whether the derivative contract is designed to hedge a specific risk and also qualifies for hedge accounting. The Partnership does not apply hedge accounting to its derivative instruments, except for certain foreign exchange currency contracts and certain types of interest rate swaps that it may enter into the future (see note 11). | |||||||||||||
When a derivative is designated as a cash flow hedge, the Partnership formally documents the relationship between the derivative and the hedged item. This documentation includes the strategy and risk management objective for undertaking the hedge and the method that will be used to assess the effectiveness of the hedge. Any hedge ineffectiveness is recognized immediately in earnings, as are any gains and losses on the derivative that are excluded from the assessment of hedge effectiveness. The Partnership does not apply hedge accounting if it is determined that the hedge was not effective or will no longer be effective, the derivative was sold or exercised, or the hedged item was sold, repaid or no longer possible of occurring. | |||||||||||||
For derivative financial instruments designated and qualifying as cash flow hedges, changes in the fair value of the effective portion of the derivative financial instruments are initially recorded as a component of accumulated other comprehensive income in equity. In the periods when the hedged items affect earnings, the associated fair value changes on the hedging derivatives are transferred from equity to the corresponding earnings line item in the consolidated statements of income (loss). The ineffective portion of the change in fair value of the derivative financial instruments is immediately recognized in the consolidated statements of income (loss). If a cash flow hedge is terminated and the originally hedged items is still considered possible of occurring, the gains and losses initially recognized in equity remain there until the hedged item impacts earnings, at which point they are transferred to the corresponding earnings line item in the consolidated statements of income (loss). If the hedged items are no longer possible of occurring, amounts recognized in equity are immediately transferred to the earnings line item in the consolidated statements of income (loss). | |||||||||||||
For derivative financial instruments that are not designated or that do not qualify as accounting hedges under Financial Accounting Standards Board (or FASB) Accounting Standards Codification (or ASC) 815, Derivatives and Hedging, the changes in the fair value of the derivative financial instruments are recognized in earnings. Gains and losses from the Partnership’s non-designated foreign currency forward contracts and interest rate swaps are recorded in realized and unrealized gains (losses) on derivative instruments in the consolidated statements of income (loss). Gains and losses from the Partnership’s non-designated cross currency swaps are recorded in foreign currency exchange gain (loss) in the consolidated statements of income (loss). | |||||||||||||
Unit-based compensation | |||||||||||||
The Partnership grants restricted unit awards as incentive-based compensation to certain employees of Teekay Corporation’s subsidiaries that provide services to the Partnership. The Partnership measures the cost of such awards using the grant date fair value of the award and recognizes that cost, net of estimated forfeitures, over the requisite service period. The requisite service period consists of the period from the grant date of the award to the earlier of the date of vesting or the date the recipient becomes eligible for retirement. For unit-based compensation awards subject to graded vesting, the Partnership calculates the value of the award as if it was one single award with one expected life and amortizes the calculated expense for the entire award on a straight-line basis over the requisite service period. Unit-based compensation expenses are recorded under general and administrative expenses in the Partnership’s consolidated statements of income (loss). | |||||||||||||
Income taxes | |||||||||||||
The Partnership’s Norwegian, Australian and Brazilian subsidiaries are subject to income taxes. The Partnership accounts for such taxes using the liability method. Under the liability method, deferred tax assets and liabilities are recognized for the anticipated future tax effects of temporary differences between the financial statement basis and the tax basis of the Partnership’s assets and liabilities using the applicable jurisdictional tax rates. A valuation allowance for deferred tax assets is recorded when it is more likely than not that some or all of the benefit from the deferred tax asset will not be realized. | |||||||||||||
Recognition of uncertain tax positions is dependent upon whether it is more-likely-than-not that a tax position taken or expected to be taken in a tax return will be sustained upon examination, including resolution of any related appeals or litigation processes, based on the technical merits of the position. If a tax position meets the more-likely-than-not recognition threshold, it is measured to determine the amount of benefit to recognize in the consolidated financial statements based on guidance in the interpretation. The Partnership recognizes interest and penalties related to uncertain tax positions in income tax recovery (expense). | |||||||||||||
Accumulated other comprehensive income (loss) | |||||||||||||
The following table contains the changes in the balance of the Partnership’s only component of accumulated other comprehensive income (loss) for the periods presented: | |||||||||||||
Qualifying Cash | |||||||||||||
Flow Hedging | |||||||||||||
Instruments | |||||||||||||
$ | |||||||||||||
Balance as at December 31, 2010 | 745 | ||||||||||||
Other comprehensive loss | (2,461 | ) | |||||||||||
Purchase of 49% of Teekay Offshore Operating L.P. (or OPCO) (note 10c) | 1,162 | ||||||||||||
Balance as at December 31, 2011 | (554 | ) | |||||||||||
Other comprehensive income | 496 | ||||||||||||
Balance as at December 31, 2012 | (58 | ) | |||||||||||
Other comprehensive income | 58 | ||||||||||||
Balance as at December 31, 2013 | — | ||||||||||||
Dropdown_Predecessor
Dropdown Predecessor | 12 Months Ended | |
Dec. 31, 2013 | ||
Text Block [Abstract] | ' | |
Dropdown Predecessor | ' | |
2 | Dropdown Predecessor | |
The Partnership has accounted for the acquisition of interests in vessels from Teekay Corporation as a transfer of a business between entities under common control. The method of accounting for such transfers 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, if any, 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 acquired vessels were both under the common control of Teekay Corporation and had begun operations. As a result, the Partnership’s financial statements prior to the date the interests in these vessels were actually acquired by the Partnership are retroactively adjusted to include the results of these vessels (the Scott Spirit and the Voyageur Spirit, collectively referred to herein as the Dropdown Predecessor) during the periods they were under common control of Teekay Corporation. | ||
On May 2, 2013, the Partnership acquired from Teekay Corporation its 100% interest in Voyageur LLC, which owns the Voyageur Spirit, a FPSO unit. The Partnership’s financial statements to account for the common control transfer of the Voyageur Spirit FPSO unit decreased the Partnership’s net income and comprehensive income by $2.2 million for the year ended December 31, 2013. | ||
On October 1, 2011, the Partnership acquired from Teekay Corporation a shuttle tanker unit, the Scott Spirit. The Partnership’s financial statements to account for the common control transfer of the Scott Spirit shuttle tanker increased the Partnership’s net loss and comprehensive loss by $15.1 million for the year ended December 31, 2011. | ||
Teekay Corporation uses a centralized treasury system. As a result, cash and cash equivalents attributable to the operations of the Dropdown Predecessor were in certain cases co-mingled with cash and cash equivalents from other operations of Teekay Corporation. This cash and cash equivalents are not reflected in the balance sheet of the Dropdown Predecessor. However, any cash transactions from these bank accounts that were made on behalf of companies in the Dropdown Predecessor, which were acquired by the Partnership, are reflected as increases or decreases of advances from affiliates. Any other cash transactions from these bank accounts that were directly related to the operations of the Dropdown Predecessor are reflected as increases or decreases in owner’s equity in the Partnership’s financial statements. | ||
The consolidated financial statements reflect the consolidated financial position, results of operations and cash flows of the Partnership and its subsidiaries, including, as applicable, the Dropdown Predecessor. In the preparation of these consolidated financial statements interest expense and realized and unrealized gains (losses) on derivative instruments were not identifiable as relating solely to each specific vessel. Amounts have been allocated to the Dropdown Predecessor for interest expense and realized and unrealized gains (losses) on derivative instruments for the years ended December 31, 2013 and 2011, respectively (see notes 10e and g). Management believes these allocations reasonably present the interest expense and realized and unrealized gains (losses) on derivative instruments of the Dropdown Predecessor. Estimates have been made when allocating expenses from Teekay Corporation to the Dropdown Predecessor and such estimates may not be reflective of actual results. |
Financial_Instruments
Financial Instruments | 12 Months Ended | ||||||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||||||
Investments All Other Investments [Abstract] | ' | ||||||||||||||||||||
Financial Instruments | ' | ||||||||||||||||||||
3 | Financial Instruments | ||||||||||||||||||||
a) | Fair value measurements | ||||||||||||||||||||
The following methods and assumptions were used to estimate the fair value of each class of financial instrument: | |||||||||||||||||||||
Cash and cash equivalents - The fair value of the Partnership’s cash and cash equivalents approximate their carrying amounts reported in the accompanying consolidated balance sheets due to the current nature of the amounts. | |||||||||||||||||||||
Vessels and equipment and vessels held for sale – The estimated fair value of the Partnership’s vessels and equipment and vessels held for sale is determined based on discounted cash flows or appraised values. In cases where an active second hand sale and purchase market does not exist, the Partnership uses a discounted cash flow approach to estimate the fair value of an impaired vessel. In cases where an active second hand sale and purchase market exists, an appraised value is generally the amount the Partnership would expect to receive if it were to sell the vessel. Such appraisal is normally completed by the Partnership. | |||||||||||||||||||||
In December 2012, the Partnership determined that a shuttle tanker, Navion Norvegia, was impaired and wrote down the carrying value of this vessel to its estimated fair value of $18.0 million, due to a change in operating plan for this vessel. The Partnership used a discounted cash flow approach to value the vessel. Such a technique used estimates of future operating life (2.2 years based on the estimated remaining trading life of this vessel), future revenues ($37.2 million based on field production forecasts and the availability of contracts of affreightments suitable for the vessel), operating and dry-dock expenditures ($20.5 million), a residual value ($6.5 million based on the vessel’s light weight tonnage and the price of steel), and a discount rate (7.9%) that approximates the weighted average cost of capital of a market participant. | |||||||||||||||||||||
Contingent consideration liability – On October 1, 2011, the Partnership acquired from Teekay Corporation a newbuilding shuttle tanker, the Scott Spirit, for $116.0 million (see note 10e). The purchase price was 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 was 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 amount was the present value of the remaining future cash flows. | |||||||||||||||||||||
Changes in fair value during the year ended December 31, 2013, 2012 and 2011, 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: | |||||||||||||||||||||
Year Ended | |||||||||||||||||||||
December 31, 2013 | December 31, 2012 | December 31, 2011 | |||||||||||||||||||
$ | $ | $ | |||||||||||||||||||
Balance at beginning of period | (5,681 | ) | (10,894 | ) | — | ||||||||||||||||
Initial liability included in Partners’ Equity | — | — | (10,082 | ) | |||||||||||||||||
Settlement of liability | 6,000 | 5,870 | — | ||||||||||||||||||
Unrealized loss included in Other income - net | (319 | ) | (657 | ) | (812 | ) | |||||||||||||||
Balance at end of period | — | (5,681 | ) | (10,894 | ) | ||||||||||||||||
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 December 31, 2012 is based upon estimated new ship days of 219 days (787 days – December 31, 2011) at an average daily hire rate of $59,255 ($53,043 – December 31, 2011) and a net increase in the daily rate of $15,532 ($nil – December 31, 2011) for 365 (nil – December 31, 2011) 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 repaid a portion of the liability, which at the repayment date was $5.9 million. On October 1, 2013, the Partnership repaid the remainder of the liability, which at the repayment date was $6.0 million. | |||||||||||||||||||||
Long-term debt – The fair values of the Partnership’s variable-rate long-term debt are either based on quoted market prices or estimated using discounted cash flow analyses, based on rates currently available for debt with similar terms and remaining maturities and the current credit worthiness of the Partnership. | |||||||||||||||||||||
Derivative instruments – The fair value of the Partnership’s derivative instruments is the estimated amount that the Partnership would receive or pay to terminate the agreements at the reporting date, taking into account current interest rates, foreign exchange rates and the current credit worthiness of both the Partnership and the derivative counterparties. The estimated amount is the present value of future cash flows. The Partnership transacts all of its derivative instruments through investment-grade rated financial institutions at the time of the transaction and requires no collateral from these institutions. Given the current volatility in the credit markets, it is reasonably possible that the amount recorded as a derivative liability could vary by a material amount in the near term. | |||||||||||||||||||||
The Partnership categorizes its fair value estimates using a fair value hierarchy based on the inputs used to measure fair value. The fair value hierarchy has three levels based on the reliability of the inputs used to determine fair value as follows: | |||||||||||||||||||||
Level 1. Observable inputs such as quoted prices in active markets; | |||||||||||||||||||||
Level 2. Inputs, other than the quoted prices in active markets, that are observable either directly or indirectly; and | |||||||||||||||||||||
Level 3. Unobservable inputs in which there is little or no market data, which require the reporting entity to develop its own assumptions. | |||||||||||||||||||||
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. | |||||||||||||||||||||
December 31, 2013 | December 31, 2012 | ||||||||||||||||||||
Fair Value | Carrying | Fair | Carrying | Fair | |||||||||||||||||
Hierarchy | Amount | Value | Amount | Value | |||||||||||||||||
Level | Asset (Liability) | Asset (Liability) | Asset (Liability) | Asset (Liability) | |||||||||||||||||
$ | $ | $ | $ | ||||||||||||||||||
Recurring: | |||||||||||||||||||||
Cash and cash equivalents | Level 1 | 219,126 | 219,126 | 206,339 | 206,339 | ||||||||||||||||
Contingent consideration(note 10e) | Level 3 | — | — | (5,681 | ) | (5,681 | ) | ||||||||||||||
Derivative instruments (note 11) | |||||||||||||||||||||
Interest rate swap agreements | Level 2 | (141,143 | ) | (141,143 | ) | (270,731 | ) | (270,731 | ) | ||||||||||||
Cross currency swap agreement | Level 2 | (25,433 | ) | (25,433 | ) | 13,435 | 13,435 | ||||||||||||||
Foreign currency forward contracts | Level 2 | (842 | ) | (842 | ) | 2,153 | 2,153 | ||||||||||||||
Non-Recurring: | |||||||||||||||||||||
Vessel held for sale | Level 2 | — | — | 13,250 | 13,250 | ||||||||||||||||
Vessels and equipment (note 18) | Level 2 | 17,250 | 17,250 | — | — | ||||||||||||||||
Vessels and equipment | Level 3 | — | — | 17,979 | 17,979 | ||||||||||||||||
Other: | |||||||||||||||||||||
Long-term debt - public (note 7) | Level 1 | (487,097 | ) | (496,609 | ) | (215,641 | ) | (221,086 | ) | ||||||||||||
Long-term debt - non-public (note 7) | Level 2 | (1,881,879 | ) | (1,835,218 | ) | (1,553,991 | ) | (1,452,136 | ) | ||||||||||||
b) | 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: | |||||||||||||||||||||
Credit Quality Indicator | Grade | Year Ended | Year Ended | ||||||||||||||||||
December 31, 2013 | December 31, 2012 | ||||||||||||||||||||
$ | $ | ||||||||||||||||||||
Direct financing leases | Payment activity | Performing | 27,567 | 33,215 |
Segment_Reporting
Segment Reporting | 12 Months Ended | ||||||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||||||
Segment Reporting [Abstract] | ' | ||||||||||||||||||||
Segment Reporting | ' | ||||||||||||||||||||
4 | Segment Reporting | ||||||||||||||||||||
The Partnership is engaged in the international marine transportation of crude oil and in the offshore processing and storage of crude oil through the operation of its oil tankers, FSO units and FPSO units. The Partnership’s revenues are earned in international markets. | |||||||||||||||||||||
The Partnership has four reportable segments: its shuttle tanker segment; its FPSO segment; its conventional tanker segment; and its FSO segment. The Partnership’s shuttle tanker segment consists of shuttle tankers operating primarily on fixed-rate contracts of affreightment, time-charter contracts or bareboat charter contracts. The Partnership’s FPSO segment consists of its FPSO units to service its FPSO contracts. The Partnership’s conventional tanker segment consists of conventional tankers operating on fixed-rate, time-charter contracts or bareboat charter contracts. The results below exclude seven conventional tankers as they are determined to be discontinued operations. The Partnership’s FSO segment consists of its FSO units subject to fixed-rate, time-charter contracts or bareboat charter contracts. Segment results are evaluated based on income from vessel operations. The accounting policies applied to the reportable segments are the same as those used in the preparation of the Partnership’s consolidated financial statements. | |||||||||||||||||||||
The following table presents revenues and percentage of consolidated revenues for customers that accounted for more than 10% of the Partnership’s consolidated revenues from continuing operations during the periods presented. | |||||||||||||||||||||
(U.S. dollars in millions) | Year Ended | Year Ended | Year Ended | ||||||||||||||||||
December 31, | December 31, | December 31, | |||||||||||||||||||
2013 | 2012 | 2011 | |||||||||||||||||||
Petrobras Transporte S.A (1) | $ | 228.9 or 25 | % | $ | 259.3 or 28 | % | $ | 211.8 or 24 | % | ||||||||||||
Statoil ASA (2) | $ | 183.0 or 20 | % | $ | 198.0 or 21 | % | $ | 206.0 or 24 | % | ||||||||||||
Talisman Energy Inc(3) | $ | 122.1 or 13 | % | $ | 123.0 or 13 | % | $ | 113.1 or 13 | % | ||||||||||||
-1 | Shuttle tanker and FPSO segments | ||||||||||||||||||||
-2 | Shuttle tanker segment | ||||||||||||||||||||
-3 | FPSO segment | ||||||||||||||||||||
-4 | Shuttle tanker, conventional tanker and FSO segments | ||||||||||||||||||||
-5 | Excludes the results of seven conventional tankers as they have been determined to be discontinued operations. | ||||||||||||||||||||
The following tables include results for these segments for the periods presented in these consolidated financial statements. | |||||||||||||||||||||
Year ended December 31, 2013 | |||||||||||||||||||||
Shuttle | FPSO | Conventional | FSO | Total | |||||||||||||||||
Tanker | Segment (2) | Tanker | Segment | ||||||||||||||||||
Segment | Segment | ||||||||||||||||||||
Revenues | 552,019 | 284,932 | 34,772 | 59,016 | 930,739 | ||||||||||||||||
Voyage expenses | 99,543 | — | 4,532 | (432 | ) | 103,643 | |||||||||||||||
Vessel operating expenses | 152,986 | 152,616 | 5,813 | 32,713 | 344,128 | ||||||||||||||||
Time-charter hire expense | 56,682 | — | — | — | 56,682 | ||||||||||||||||
Depreciation and amortization | 115,913 | 66,404 | 6,511 | 10,178 | 199,006 | ||||||||||||||||
General and administrative (1) | 21,821 | 17,742 | 2,357 | 2,553 | 44,473 | ||||||||||||||||
Write down and loss on sale of vessels | 76,782 | — | — | — | 76,782 | ||||||||||||||||
Restructuring charge | 2,169 | — | 438 | — | 2,607 | ||||||||||||||||
Income from vessel operations | 26,123 | 48,170 | 15,121 | 14,004 | 103,418 | ||||||||||||||||
Equity income | — | 6,731 | — | — | 6,731 | ||||||||||||||||
Investment in joint venture | — | 52,120 | — | — | 52,120 | ||||||||||||||||
Expenditures for vessels and equipment(3) | 427,069 | 28,260 | 68 | 181 | 455,578 | ||||||||||||||||
Expenditures for dry docking | 17,487 | — | 1,533 | — | 19,020 | ||||||||||||||||
Year ended December 31, 2012 | |||||||||||||||||||||
Shuttle | FPSO | Conventional | FSO | Total | |||||||||||||||||
Tanker | Segment | Tanker | Segment | ||||||||||||||||||
Segment | Segment | ||||||||||||||||||||
Revenues | 569,519 | 231,688 | 37,119 | 62,901 | 901,227 | ||||||||||||||||
Voyage expenses | 104,394 | — | 5,689 | 400 | 110,483 | ||||||||||||||||
Vessel operating expenses | 160,957 | 111,855 | 6,509 | 38,255 | 317,576 | ||||||||||||||||
Time-charter hire expense | 56,989 | — | — | — | 56,989 | ||||||||||||||||
Depreciation and amortization | 122,921 | 50,905 | 6,500 | 9,038 | 189,364 | ||||||||||||||||
General and administrative(1) | 20,146 | 11,208 | 1,389 | 1,838 | 34,581 | ||||||||||||||||
Write down and loss on sale of vessels | 24,542 | — | — | — | 24,542 | ||||||||||||||||
Restructuring charge | 647 | — | 468 | — | 1,115 | ||||||||||||||||
Income from vessel operations | 78,923 | 57,720 | 16,564 | 13,370 | 166,577 | ||||||||||||||||
Equity income | — | — | — | — | — | ||||||||||||||||
Investment in joint venture | — | — | — | — | — | ||||||||||||||||
Expenditures for vessels and equipment | 83,491 | 3,055 | 598 | 264 | 87,408 | ||||||||||||||||
Expenditures for dry docking | 14,977 | — | 70 | 4,054 | 19,101 | ||||||||||||||||
Year ended December 31, 2011 | |||||||||||||||||||||
Shuttle | FPSO | Conventional | FSO | ||||||||||||||||||
Tanker | Tanker | ||||||||||||||||||||
Segment | Segment | Segment | Segment | Total | |||||||||||||||||
Revenues | 573,296 | 173,836 | 31,119 | 62,731 | 840,982 | ||||||||||||||||
Voyage expenses | 95,864 | — | 332 | 1,388 | 97,584 | ||||||||||||||||
Vessel operating expenses | 186,642 | 82,434 | 6,115 | 32,769 | 307,960 | ||||||||||||||||
Time-charter hire expense | 74,478 | — | — | — | 74,478 | ||||||||||||||||
Depreciation and amortization | 115,637 | 37,496 | 6,588 | 12,009 | 171,730 | ||||||||||||||||
General and administrative (1) | 24,692 | 9,756 | 1,205 | 1,480 | 37,133 | ||||||||||||||||
Write down and loss on sale of vessels | 28,270 | — | — | 8,769 | 37,039 | ||||||||||||||||
Restructuring charge | 1,227 | — | — | 2,697 | 3,924 | ||||||||||||||||
Income from vessel operations | 46,486 | 44,150 | 16,879 | 3,619 | 111,134 | ||||||||||||||||
Equity income | — | — | — | — | — | ||||||||||||||||
Investment in joint venture | — | — | — | — | — | ||||||||||||||||
Expenditures for vessels and equipment (3) | 130,363 | 16,038 | 2,313 | (234 | ) | 148,480 | |||||||||||||||
Expenditures for dry docking | 16,892 | — | 670 | 6,945 | 24,507 | ||||||||||||||||
-1 | Includes direct general and administrative expenses and indirect general and administrative expenses (allocated to each segment based on estimated use of corporate resources). | ||||||||||||||||||||
-2 | Income from vessel operations for the year ended December 31, 2013 excludes $29.2 million, inclusive of the Dropdown Predecessor period, relating to the Voyageur Spirit FPSO. The unit had been declared off-hire retroactive to when it commenced production on April 13, 2013, given a delay in achieving final acceptance from the charterer, up until an interim agreement was reached with the charterer. Please read note 10g for more information. Income from vessel operations for the year ended December 31, 2013 also excludes a further $2.1 million from the Voyageur Spirit FPSO as relating to a production shortfall from August 27, 2013 to December 31, 2013. Under an interim agreement with the charterer, Teekay Corporation has indemnified the Partnership for these amounts which have effectively been treated as reductions to the purchase price of the Voyageur Spirit FPSO (see note 10g). | ||||||||||||||||||||
-3 | Excludes the purchase of the Voyageur Spirit (note 10g), the Itajai (note 10h), and the Piranema Spirit (note 17) FPSO units. | ||||||||||||||||||||
A reconciliation of total segment assets to total assets presented in the accompanying consolidated balance sheets is as follows: | |||||||||||||||||||||
December 31, 2013 | December 31, 2012 | ||||||||||||||||||||
$ | $ | ||||||||||||||||||||
Shuttle tanker segment | 2,004,505 | 1,758,619 | |||||||||||||||||||
FPSO segment | 1,303,229 | 752,835 | |||||||||||||||||||
Conventional tanker segment | 144,723 | 178,172 | |||||||||||||||||||
FSO segment | 102,452 | 79,629 | |||||||||||||||||||
Unallocated: | |||||||||||||||||||||
Cash and cash equivalents | 219,126 | 206,339 | |||||||||||||||||||
Other assets | 32,051 | 77,797 | |||||||||||||||||||
Consolidated total assets | 3,806,086 | 3,053,391 | |||||||||||||||||||
Goodwill_Intangible_Assets_and
Goodwill, Intangible Assets and In-Process Revenue Contracts | 12 Months Ended | ||||||||||||
Dec. 31, 2013 | |||||||||||||
Text Block [Abstract] | ' | ||||||||||||
Goodwill, Intangible Assets and In-Process Revenue Contracts | ' | ||||||||||||
5 | Goodwill, Intangible Assets and In-Process Revenue Contracts | ||||||||||||
a) | Goodwill | ||||||||||||
The carrying amount of goodwill for the shuttle tanker segment was $127.1 million as at December 31, 2013 and 2012. In 2013 and 2012, the Partnership conducted a goodwill impairment review of its shuttle tanker segment and concluded that no impairment had occurred. | |||||||||||||
b) | Intangible Assets | ||||||||||||
As at December 31, 2013, intangible assets consisted of: | |||||||||||||
Gross Carrying | Accumulated | Net Carrying | |||||||||||
Amount | Amortization | Amount | |||||||||||
Customer contracts (shuttle tanker segment) | 124,250 | (114,204 | ) | 10,046 | |||||||||
Customer contracts (FPSO segment) | 353 | (353 | ) | — | |||||||||
Other intangible assets (FPSO segment) | 390 | — | 390 | ||||||||||
124,993 | (114,557 | ) | 10,436 | ||||||||||
As at December 31, 2012, intangible assets consisted of: | |||||||||||||
Gross Carrying | Accumulated | Net Carrying | |||||||||||
Amount | Amortization | Amount | |||||||||||
Customer contracts (shuttle tanker segment) | 124,250 | (109,153 | ) | 15,097 | |||||||||
Customer contracts (FPSO segment) | 353 | (313 | ) | 40 | |||||||||
Other intangible assets (FPSO segment) | 390 | — | 390 | ||||||||||
124,993 | (109,466 | ) | 15,527 | ||||||||||
Aggregate amortization expense of intangible assets for the year ended December 31, 2013 was $5.1 million (2012 - $6.0 million, 2011 - $7.1 million), included in depreciation and amortization on the consolidated statements of income (loss). Amortization of intangible assets for the five years subsequent to December 31, 2013 is expected to be $4.0 million (2014), $3.0 million (2015), $2.0 million (2016), $1.0 million (2017) and nil thereafter. Other intangible assets is a trade name which is not amortized. | |||||||||||||
c) | In-Process Revenue Contracts | ||||||||||||
As part of the Partnership’s acquisition of the Piranema Spirit (see note 17) on November 30, 2011, the Partnership assumed an FPSO service contract with terms that were less favorable than the then prevailing market terms. As at December 31, 2013, the Partnership has a liability based on the estimated fair value of the contract. The Partnership is amortizing this liability over the estimated remaining term of the contract on a weighted basis based on the projected revenue to be earned under the contract. | |||||||||||||
Amortization of in-process revenue contracts for the year ended December 31, 2013 was $12.7 million (2012 - $12.7 million, 2011 - $1.1 million), which is included in revenues on the consolidated statements of income (loss). Amortization for the five years subsequent to December 31, 2013 is expected to be $12.7 million (2014), $12.7 million (2015), $12.8 million (2016), $12.7 million (2017), $9.1 million (2018) and $41.3 million (thereafter). |
Accrued_Liabilities
Accrued Liabilities | 12 Months Ended | ||||||||
Dec. 31, 2013 | |||||||||
Payables And Accruals [Abstract] | ' | ||||||||
Accrued Liabilities | ' | ||||||||
6 | Accrued Liabilities | ||||||||
December 31, 2013 | December 31, 2012 | ||||||||
$ | $ | ||||||||
Voyage and vessel expenses | 72,481 | 33,949 | |||||||
Audit, legal and other general expenses | 37,473 | 2,134 | |||||||
Interest including interest rate swaps | 20,185 | 14,713 | |||||||
Payroll and benefits | 6,803 | 9,864 | |||||||
Income tax payable and other | 1,214 | 1,048 | |||||||
138,156 | 61,708 | ||||||||
LongTerm_Debt
Long-Term Debt | 12 Months Ended | ||||||||
Dec. 31, 2013 | |||||||||
Debt Disclosure [Abstract] | ' | ||||||||
Long-Term Debt | ' | ||||||||
7 | Long-Term Debt | ||||||||
December 31, 2013 | December 31, 2012 | ||||||||
$ | $ | ||||||||
U.S. Dollar-denominated Revolving Credit Facilities due through 2018 | 743,494 | 812,509 | |||||||
Norwegian Kroner Bonds due through 2018 | 312,947 | 215,641 | |||||||
U.S. Dollar-denominated Term Loans due through 2018 | 188,854 | 213,993 | |||||||
U.S. Dollar-denominated Term Loans due through 2023 | 949,531 | 527,489 | |||||||
U.S. Dollar Bonds due through 2023 | 174,150 | — | |||||||
2,368,976 | 1,769,632 | ||||||||
Less current portion | 806,009 | 248,385 | |||||||
Total | 1,562,967 | 1,521,247 | |||||||
As at December 31, 2013, the Partnership had seven long-term revolving credit facilities, which, as at such date, provided for borrowings of up to $855.4 million, of which $111.9 million was undrawn. The total amount available under the revolving credit facilities reduces by $615.0 million (2014), $59.2 million (2015), $121.9 million (2016), $20.9 million (2017), and $38.4 million (2018). Five of the revolving credit facilities are guaranteed by the Partnership and certain of its subsidiaries for all outstanding amounts and contain covenants that require the Partnership to maintain the greater of a minimum liquidity (cash, cash equivalents and undrawn committed revolving credit lines with at least six months to maturity) of at least $75.0 million and 5.0% of the Partnership’s total consolidated debt. Two revolving credit facilities are guaranteed by Teekay Corporation and contain covenants that require Teekay Corporation to maintain the greater of a minimum liquidity (cash and cash equivalents) of at least $50.0 million and 5.0% of Teekay Corporation’s total consolidated debt which has recourse to Teekay Corporation. The revolving credit facilities are collateralized by first-priority mortgages granted on 24 of the Partnership’s vessels, together with other related security. | |||||||||
In January 2013, the Partnership issued in the Norwegian bond market NOK 1,300 million in senior unsecured bonds. The bonds were issued in two tranches maturing in January 2016 (NOK 500 million) and January 2018 (NOK 800 million). As at December 31, 2013, the carrying amount of the bonds was $214.1 million. The bonds are listed on the Oslo Stock Exchange. Interest payments on the tranche maturing in 2016 are based on NIBOR plus a margin of 4.00%. Interest payments on the tranche maturing in 2018 are based on NIBOR plus a margin of 4.75%. The Partnership entered into cross currency rate swaps to swap all interest and principal payments into USD, with interest payments fixed at a rate of 4.80% on the tranche maturing in 2016 and 5.93% on the tranche maturing in 2018 and the transfer of the principal amount fixed at $89.7 million upon maturity in exchange for NOK 500 million on the tranche maturing in 2016 and fixed at $143.5 million upon maturity in exchange for NOK 800 million on the tranche maturing in 2018 (see note 11). | |||||||||
The Partnership has NOK 600 million of senior unsecured bonds that mature in January 2017 in the Norwegian bond market. As at December 31, 2013, the carrying amount of the bonds was $98.8 million. The bonds are listed on the Oslo Stock Exchange. The interest payments on the bonds are based on NIBOR plus a margin of 5.75%. The Partnership entered into a cross currency rate swap to swap all interest and principal payments into USD, with the interest payments fixed at a rate of 7.49%, and the transfer of the principal amount fixed at $101.4 million upon maturity in exchange for NOK 600 million (see note 11). | |||||||||
The Partnership had NOK 211.5 million in senior unsecured bonds that matured in November 2013 in the Norwegian bond market. The bonds were listed on the Oslo Stock Exchange. Interest payments on the bonds were based on NIBOR plus a margin of 4.75%. The Partnership entered into a cross currency swap to swap the interest payments from NIBOR plus a margin of 4.75% into LIBOR plus a margin of 5.04%, and lock in the transfer of the principal amount at $34.7 million upon maturity in exchange for NOK 211.5 million. The Partnership also entered into an interest rate swap to swap the interest payments from LIBOR to a fixed rate of 1.12%. The floating LIBOR rate receivable from the interest rate swap was capped at 3.5%, which effectively resulted in a fixed rate of 1.12% unless LIBOR exceeded 3.5%, in which case the Partnership’s related interest rate effectively floated at LIBOR, but reduced by 2.38%. In January 2013, the Partnership repurchased NOK 388.5 million of the original NOK 600 million bond issue maturing in November 2013 at a premium in connection with the issuance of NOK 1,300 million in senior unsecured bonds as described above. The Partnership recorded a $1.8 million loss on bond repurchase and $6.6 million of realized losses included in foreign currency exchange loss in its consolidated statement of income for the year ended December 31, 2013. In connection with this bond repurchase, the Partnership terminated a similar notional amount of the related cross currency swap and recorded $6.8 million of realized gains included in foreign currency exchange loss in its consolidated statement of income for the year ended December 31, 2013 (see note 11). | |||||||||
As at December 31, 2013, six of the Partnership’s 50% owned subsidiaries each had an outstanding term loan, which in the aggregate totaled $188.9 million. The term loans reduce over time with quarterly and semi-annual payments and have varying maturities through 2018. These term loans are collateralized by first-priority mortgages on the six shuttle tankers to which the loans relate, together with other related security. As at December 31, 2013, the Partnership had guaranteed $55.6 million of these term loans, which represents its 50% share of the outstanding term loans of five of these 50% owned subsidiaries. The other owner and Teekay Corporation have guaranteed $94.4 million and $38.9 million, respectively. | |||||||||
As at December 31, 2013, the Partnership had term loans outstanding for the shuttle tankers the Amundsen Spirit, the Nansen Spirit, the Peary Spirit, the Scott Spirit, the Samba Spirit and the Lambada Spirit and for the Rio das Ostras, the Piranema Spirit, and the Voyageur Spirit FPSO units, which in aggregate totaled $949.5 million. For the term loan for the Amundsen Spirit and the Nansen Spirit, one tranche reduces in semi-annual payments while the other tranche correspondingly is drawn up every six months with final bullet payments of $29.0 million due in 2022 and $29.1 million due in 2023, respectively. The Peary Spirit, the Scott Spirit, the Samba Spirit, the Lambada Spirit, the Rio das Ostras, the Piranema Spirit and the Voyageur Spirit term loans reduce over time with quarterly or semi-annual payments. These term loans have varying maturities through 2023 and are collateralized by first-priority mortgages on the vessels to which the loans relate, together with other related security. As at December 31, 2013, the Partnership had guaranteed $548.9 million of these term loans and Teekay Corporation had guaranteed $400.6 million. | |||||||||
In September 2013 and November 2013, the Partnership issued in a U.S. private placement a total of $174.2 million of ten-year senior secured bonds to finance the Bossa Nova Spirit and the Sertanejo Spirit shuttle tankers. The bonds mature in December 2023 and accrue interest at a fixed combined rate of 4.96%. As at December 31, 2013, the carrying amount of the bonds was $174.2 million. The bonds are collateralized by first-priority mortgages on the vessels to which the bonds relate, together with other related security. | |||||||||
Interest payments on the revolving credit facilities and the term loans are based on LIBOR plus a margin. At December 31, 2013, and December 31, 2012, the margins ranged between 0.30% and 3.25%. The weighted-average effective interest rate on the Partnership’s variable rate long-term debt as at December 31, 2013 was 2.7% (December 31, 2012 – 2.0%). This rate does not include the effect of the Partnership’s interest rate swaps (see note 11). | |||||||||
The aggregate annual long-term debt principal repayments required to be made subsequent to December 31, 2013 are $806.0 million (2014), $149.8 million (2015), $309.3 million (2016), $344.2 million (2017), $348.7 million (2018) and $411.0 million (thereafter). | |||||||||
Obligations under the Partnership’s credit facilities are secured by certain vessels, and if the Partnership is unable to repay debt under the credit facilities, the lenders could seek to foreclose on those assets. The Partnership has one revolving credit facility that requires the Partnership to maintain a vessel value to outstanding drawn principal balance ratio of a minimum of 105%. As at December 31, 2013, this ratio was 122.9%. The vessel value used in this ratio is the appraised values prepared by the Partnership based on second hand sale and purchase market data. A further delay in the recovery of the conventional tanker market could negatively affect this ratio. | |||||||||
As at December 31, 2013 the Partnership and Teekay Corporation were in compliance with all covenants in the credit facilities and long-term debt. |
Leases
Leases | 12 Months Ended | |
Dec. 31, 2013 | ||
Text Block [Abstract] | ' | |
Leases | ' | |
8 | Leases | |
Charters-out | ||
Time charters and bareboat charters of the Partnership’s vessels to customers are accounted for as operating leases. The cost, accumulated depreciation and carrying amount of the vessels accounted for as operating leases at December 31, 2013 were $3.5 billion, $0.8 billion and $2.7 billion, respectively. As at December 31, 2013, minimum scheduled future revenues under these time charters and bareboat charters to be received by the Partnership, then in place were approximately $3.6 billion, comprised of $652.0 million (2014), $607.6 million (2015), $517.8 million (2016), $523.2 million (2017), $344.9 million (2018) and $989.0 million (thereafter). | ||
The minimum scheduled future revenues should not be construed to reflect total charter hire revenues for any of the years. Minimum scheduled future revenues do not include revenue generated from new contracts entered into after December 31, 2013, revenue from unexercised option periods of contracts that existed on December 31, 2013, or variable or contingent revenues. In addition, minimum scheduled future revenues presented in this paragraph have been reduced by estimated off-hire time for period maintenance. The amounts may vary given unscheduled future events such as vessel maintenance. | ||
Direct Financing Lease | ||
Leasing of certain VOC equipment is accounted for as direct financing leases. As at December 31, 2013, the minimum lease payments receivable under the direct financing leases approximated $1.0 million (2012 - $3.5 million), including unearned income of $nil (2012 - $0.2 million). As at December 31, 2013, future scheduled payments under the direct financing leases to be received by the Partnership, then in place were approximately $1.0 million, comprised of $1.0 million (2014). | ||
Leasing of the Falcon Spirit FSO unit is accounted for as a direct financing lease. As at December 31, 2013, the minimum lease payments receivable under the direct financing lease approximated $29.9 million (2012 - $38.4 million), including unearned income of $11.8 million (2012 - $17.0 million). The estimated unguaranteed residual value of the leased vessel is $8.5 million. As at December 31, 2013, future scheduled payments under the direct financing lease to be received by the Partnership, were approximately $29.9 million, comprised of $8.6 million (2014), $8.7 million (2015), $8.8 million (2016) and $3.8 million (2017). | ||
Charters-in | ||
As at December 31, 2013, minimum commitments owing by the Partnership under vessel operating leases by which the Partnership charters-in vessels were approximately $33.8 million, comprised of $27.0 million (2014) and $6.8 million (2015). The Partnership recognizes the expense from these charters, which is included in time-charter hire expense, on a straight-line basis over the firm period of the charters. |
Restructuring_Charge
Restructuring Charge | 12 Months Ended | |
Dec. 31, 2013 | ||
Restructuring And Related Activities [Abstract] | ' | |
Restructuring Charge | ' | |
9 | Restructuring Charge | |
During the years ended December 31, 2013 and 2012, the Partnership recognized restructuring charges of $1.6 million and $0.6 million, respectively, relating to the reorganization of the Partnership’s shuttle tanker marine operations and restructuring charges of $0.4 million and $0.5 million, respectively, relating to the reorganization of the Partnership’s conventional tanker marine operations. The purpose of the restructuring is to create better alignment with its marine operations resulting in a lower cost organization going forward. Both reorganizations were completed in 2013. Under these plans, the Partnership recorded restructuring charges in total of $2.2 million and $0.9 million, respectively, since these plans began in 2012. | ||
During the year ended December 31, 2013, the Partnership incurred $0.6 million of restructuring charges related to the reflagging of one shuttle tanker which commenced in September 2013 and was completed in October 2013. | ||
During the year ended December 31, 2011, the Partnership incurred $3.9 million of restructuring charges related to the sale of the Karratha Spirit FSO unit and the termination of the time-charter-out contract for the Basker Spirit shuttle tanker. During the year ended December 31, 2011, the Partnership terminated the employment of certain seafarers for these two vessels. | ||
As of December 31, 2013, 2012 and 2011, restructuring liabilities of $0.7 million, $0.3 million and $nil were recorded in accrued liabilities on the consolidated balance sheets. |
Related_Party_Transactions
Related Party Transactions | 12 Months Ended | ||||||||||||
Dec. 31, 2013 | |||||||||||||
Related Party Transactions [Abstract] | ' | ||||||||||||
Related Party Transactions | ' | ||||||||||||
10 | Related Party Transactions | ||||||||||||
a) | The Partnership has entered into an omnibus agreement with Teekay Corporation, Teekay LNG Partners L.P., the General Partner and others governing, among other things, when the Partnership, Teekay Corporation and Teekay LNG Partners L.P. may compete with each other and certain rights of first offering on liquefied natural gas carriers, oil tankers, shuttle tankers, FSO units and FPSO units. | ||||||||||||
b) | On October 1, 2010, the Partnership acquired from Teekay Corporation the Rio das Ostras FPSO unit, which is on a long-term charter to Petroleo Brasileiro SA (or Petrobras), for a purchase price of $157.7 million, plus working capital of $12.4 million. The purchase agreement provides that Teekay Corporation shall reimburse the Partnership for upgrade costs in excess of the upgrade estimate as of the closing date. During the year ended December 31, 2011, Teekay Corporation reimbursed the Partnership for $2.0 million of such upgrade costs, which is reflected as a capital contribution. | ||||||||||||
c) | On March 8, 2011, the Partnership acquired Teekay Corporation’s 49% interest in OPCO for a combination of $175 million in cash (less $15 million in distributions made by OPCO to Teekay Corporation between December 31, 2010 and the date of acquisition) and the issuance of 7.6 million of the Partnership’s common units to Teekay Corporation and a 2% proportionate interest to the General Partner in a private placement (see note 15). The acquisition increased the Partnership’s ownership of OPCO to 100%. The excess of the proceeds paid by the Partnership over Teekay Corporation’s historical book value of $128.0 million for the 49% interest in OPCO was accounted for as an equity distribution to Teekay Corporation of $258.3 million. | ||||||||||||
d) | On August 2, 2011, the Partnership acquired from Teekay Corporation the Peary Spirit for a purchase price of $134.5 million. The purchase price was financed through the assumption of debt of $96.8 million and $37.7 million with cash. The excess of $5.5 million of the cash portion of the purchase price over the book value of the net assets of $32.2 million is accounted for as an equity distribution to Teekay Corporation. Immediately prior to the acquisition, $36.9 million of amounts due to Teekay Corporation by Peary Spirit LLC was converted to equity of the vessel entity. For the period October 1, 2010 to August 2, 2011, the Partnership consolidated Peary Spirit LLC on its financial statements as it was considered a variable interest entity and the Partnership was the primary beneficiary. | ||||||||||||
e) | On October 1, 2011, the Partnership acquired from Teekay Corporation a newbuilding shuttle tanker, the Scott Spirit, for $116.0 million. The purchase price was 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. On October 1, 2012, the Partnership repaid a portion of the liability, which at the repayment date was $5.9 million. As at December 31, 2012, the outstanding liability was $5.7 million, which was included in due to affiliates. The remaining liability was settled as of the year end of December 31, 2013. The purchase price was financed through the assumption of debt of $93.3 million and $23.0 million with cash. The excess of $35.6 million of the purchase price over the book value of the net liabilities of $2.6 million, which includes the fair value of an interest rate swap of ($34.6) million, was accounted for as an equity distribution to Teekay Corporation. Immediately prior to the acquisition, $34.5 million of amounts due to Teekay Corporation by Scott Spirit LLC was converted to equity. | ||||||||||||
The following costs attributable to the operations of the Scott Spirit were incurred by Teekay Corporation, and have been allocated to the Partnership as part of the results of the Dropdown Predecessor: | |||||||||||||
• | Vessel operating expenses (consisting primarily of vessel management fees) and general and administrative expenses of $0.1 million and $0.1 million, respectively, for the year ended December 31, 2011. | ||||||||||||
• | Interest expense incurred by Teekay Corporation on its credit facilities that were used to finance the acquisition of the Scott Spirit of $0.3 million for the year ended December 31, 2011. | ||||||||||||
• | Teekay Corporation entered into an interest rate swap to offset increases or decreases in the variable-rate interest payments of the credit facilities that were used to finance the acquisition of the Scott Spirit. The unrealized loss on this interest rate swap allocated to the Partnership is $12.2 million for the year ended December 31, 2011. This amount is reflected in realized and unrealized gain (loss) on derivative instruments. | ||||||||||||
f) | On October 1, 2012, the Partnership acquired from Teekay Corporation the VOC equipment on board the Amundsen Spirit, the Nansen Spirit, the Peary Spirit and the Scott Spirit for $12.8 million. On December 31, 2012, the Partnership recognized this liability in due to affiliates. The purchase price was financed with cash. The excess of $2.8 million of the purchase price over the net carrying value of the equipment is accounted for as an equity distribution to Teekay Corporation. | ||||||||||||
g) | On May 2, 2013, the Partnership acquired from Teekay Corporation its 100% interest in Voyageur LLC, which owns the Voyageur Spirit 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, for an original purchase price of $540.0 million. The purchase price was financed with the assumption of the $230.0 million debt facility secured by the unit, $270.0 million with cash, of which a partial prepayment of $150.0 million was made to Teekay Corporation in February 2013, and the non-cash issuance of 1.4 million common units to Teekay Corporation, which had a value of $40.0 million at the time Teekay Corporation offered to sell the unit to the Partnership. | ||||||||||||
Interest expense incurred by Teekay Corporation on its credit facilities that were used to finance the acquisition of the Voyageur Spirit of $0.3 million for the year ended December 31, 2013 has been allocated to the Partnership as part of the results of the Dropdown Predecessor. | |||||||||||||
On April 13, 2013, the Voyageur Spirit FPSO unit began production and on May 2, 2013, the Partnership acquired the unit from Teekay Corporation. Upon commencing production, the Partnership and its sponsor, Teekay Corporation, had a specified time period to receive final acceptance from the charterer, at which point the unit would commence full operations under the contract with E.ON. However, due to a defect encountered in one of its two gas compressors, the FPSO unit was unable to achieve final acceptance within the allowable timeframe, resulting in the FPSO unit being declared off-hire by the charterer retroactive to April 13, 2013. This resulted in $29.2 million of the charter rate being foregone for the year ended December 31, 2013, inclusive of both the Dropdown Predecessor period from April 13, 2013 to May 1, 2013 and the period owned by the Partnership from May 2, 2013 to August 26, 2013. | |||||||||||||
On August 27, 2013, repairs to the defective gas compressor on the Voyageur Spirit FPSO were completed and the unit achieved full production capacity. On September 30, 2013, the Partnership entered into an interim agreement with E.ON whereby the Partnership was compensated for production beginning August 27, 2013 through until the receipt of final acceptance by E.ON. Compensation was based on actual production relative to the operating capacity of the FPSO unit; however, any restrictions on production as a result of the charterer were included in this compensation. Teekay Corporation has indemnified the Partnership for a further $2.1 million for the production shortfall from August 27, 2013 to December 31, 2013. In addition, the Partnership has been indemnified for a further $3.6 million associated with unrecovered repair costs to address the compressor issues. Teekay Corporation’s indemnification to the Partnership for loss of the charter rate under the charter agreement with E.ON and certain unrecovered vessel operating expenses from the date of first oil on April 13, 2013 until receipt of the certificate of final acceptance from E.ON, is subject to a maximum of $54 million. | |||||||||||||
On April 4, 2014, the Partnership received the certificate of final acceptance from the charterer, which declared the unit on-hire retroactive to February 22, 2014. | |||||||||||||
Any amounts paid as indemnification from Teekay Corporation to the Partnership were effectively treated as a reduction in the purchase price paid by the Partnership for the FPSO unit. Any future compensation received by the Partnership from the charterer related to the indemnification period will reduce the amount of Teekay Corporation’s indemnification to the Partnership. As at December 31, 2013, the $540.0 million original purchase price of the Voyageur Spirit FPSO unit has effectively been reduced to $509.3 million ($279.3 million net of assumed debt of $230.0 million) to reflect the $34.9 million indemnification amount for the last three quarters of 2013, partially offset by the excess value of $4.3 million relating to the 1.4 million common units issued to Teekay Corporation on the date of closing of the transaction in May 2013 compared to the date Teekay Corporation offered to sell the unit to the Partnership. The excess of the purchase price (net of assumed debt) over the book value of the net assets of $201.8 million is accounted for as an equity distribution to Teekay Corporation of $77.6 million. | |||||||||||||
h) | The Itajai FPSO unit achieved first oil in February 2013, at which time the unit commenced operations under a nine-year, fixed-rate time-charter contract with Petrobras, with six additional one-year extension options exercisable by Petrobras. On June 10, 2013, the Partnership acquired Teekay Corporation’s 50% interest in OOG-TKP FPSO GmbH & Co KG, a joint venture with Odebrecht, which owns the Itajai FPSO unit, for a purchase price of $53.8 million. The joint venture is a borrower under a term loan which at the time Teekay Corporation offered to sell its interest in the joint venture, had an outstanding balance of $300.0 million. Prior to finalizing the purchase, the joint venture repaid $10.5 million of its originally drawn down debt and as a result, the joint venture’s outstanding debt was $289.5 million as of the purchase date. The purchase price was paid in cash. The excess of the purchase price over Teekay Corporation’s carrying value of its 50% interest in the Itajai FPSO has been accounted for as an equity distribution to Teekay Corporation of $6.6 million. The Partnership’s investment in the Itajai FPSO unit is accounted for using the equity method. | ||||||||||||
The purchase price was based on an estimate of the fully built-up cost of the Itajai FPSO, including certain outstanding contractual items. To the extent the resolution of the outstanding contractual items results in a change to the fully built-up cost, the Partnership will not be exposed to changes in the fully built-up cost. | |||||||||||||
i) | In June 2011, the Partnership entered into a new long-term contract with a subsidiary of BG Group plc (or BG) to provide shuttle tanker services in Brazil. The contract with BG is serviced with four newbuilding shuttle tankers (or the BG Shuttle Tankers) under ten-year time charter contracts. The Partnership took delivery of the four BG Shuttle Tankers in the second half of 2013. The Partnership received shipbuilding and site supervision services from certain subsidiaries of Teekay Corporation relating to BG Shuttle Tankers. These costs were originally capitalized and included as part of advances on newbuilding contracts. Upon delivery of the vessels, these costs were reclassified to vessels and equipment. As at December 31, 2013 and December 31, 2012, shipbuilding and site supervision costs provided by Teekay Corporation subsidiaries totaled $14.2 million and $2.8 million, respectively. | ||||||||||||
j) | During the year ended, December 31, 2013, two conventional tankers, two shuttle tankers and two FSO units of the Partnership were employed on long-term time-charter-out contracts with subsidiaries of Teekay Corporation, and two conventional tankers of the Partnership were employed on long-term time-charter-out contracts with a joint venture in which Teekay Corporation has a 50% interest. During the years ended December 31, 2013 and 2012, the Partnership terminated the long-term time-charter-out contracts employed by three of its conventional tankers with a subsidiary of Teekay Corporation. In 2013 and 2012, the Partnership received early termination fees from Teekay Corporation of $11.3 million and $14.7 million, respectively, which is recorded in net income (loss) from discontinued operations on the consolidated statements of income (loss). Teekay Corporation and its wholly owned subsidiaries provide substantially all of the Partnership’s commercial, technical, crew training, strategic, business development and administrative services needs. In addition, the Partnership reimburses the General Partner for expenses incurred by the General Partner that are necessary or appropriate for the conduct of the Partnership’s business. Such related party transactions were as follows for the periods indicated: | ||||||||||||
Year Ended December 31, | |||||||||||||
2013 | 2012 | 2011 | |||||||||||
$ | $ | $ | |||||||||||
Revenues(1) | 71,905 | 64,166 | 62,233 | ||||||||||
Vessel operating expenses(2) | (39,820 | ) | (44,024 | ) | (38,760 | ) | |||||||
General and administrative(3)(4) | (29,528 | ) | (21,184 | ) | (26,660 | ) | |||||||
Interest income(5) | 1,217 | — | — | ||||||||||
Interest expense(6) | (450 | ) | (392 | ) | (316 | ) | |||||||
Realized and unrealized loss on derivative instruments(7) | — | — | (12,186 | ) | |||||||||
Other expense(8) | (319 | ) | (657 | ) | (812 | ) | |||||||
Net income from related party transactions from discontinued operations (9) | 19,255 | 59,872 | 106,483 | ||||||||||
-1 | Includes revenue from long-term time-charter-out contracts and short-term time-charter-out contracts with subsidiaries or affiliates of Teekay Corporation, including management fees from ship management services provided by the Partnership to a subsidiary of Teekay Corporation. | ||||||||||||
-2 | Includes ship management and crew training services provided by Teekay Corporation. The cost of ship management services provided by Teekay Corporation of $34.9 million for the year ended December 31, 2013, have been presented as vessel operating expenses (see note 1). The amounts reclassified from general and administrative to vessel operating expenses in the comparative periods to conform to the presentation adopted in the current periods were $38.7 million and $33.5 million for the years ended December 31, 2012 and 2011, respectively. | ||||||||||||
-3 | Includes commercial, technical, strategic, business development and administrative management fees charged by Teekay Corporation and reimbursements to Teekay Corporation and our General Partner for costs incurred on the Partnership’s behalf. | ||||||||||||
-4 | Includes a $1.0 million and $1.7 million success fee to Teekay Corporation for assistance with the acquisition of the 2010-built HiLoad Dynamic Positioning unit from Remora AS during the year ended December 31, 2013 and the acquisition of the 2007-built Piranema Spirit from Sevan Marine ASA during the year ended December 31, 2011, respectively. | ||||||||||||
-5 | Includes interest income related to the interest received from Teekay Corporation on the $150 million prepayment for the Voyageur Spirit. The Partnership received interest at a rate of LIBOR plus a margin of 4.25% on the prepaid funds to Teekay Corporation from February 26, 2013 until the Partnership acquired the FPSO unit on May 2, 2013. | ||||||||||||
-6 | Guarantee fee related to the final bullet payment of the Piranema Spirit FPSO debt facility guaranteed by Teekay Corporation for 2011 through 2013 and interest allocated from Teekay Corporation as a result of the Dropdown Predecessor during the year ended December 31, 2011. | ||||||||||||
-7 | Realized and unrealized losses on interest rate swaps allocated from Teekay Corporation as a result of the Dropdown Predecessor. | ||||||||||||
-8 | Unrealized loss from the change in fair value of the Partnership’s contingent consideration liability relating to the acquisition of the Scott Spirit (see note 3a). | ||||||||||||
-9 | Related party transactions relating to seven conventional tankers determined to be discontinued operations. This includes revenue from long-term time-charter-out contracts with subsidiaries or affiliates of Teekay Corporation, including the early termination fee described above; crew training fees charged by Teekay Corporation accounted for as vessel operating expenses; and commercial, technical, strategic and business development management fees charged by Teekay Corporation. | ||||||||||||
k) | At December 31, 2013, due from affiliates totaled $15.2 million (December 31, 2012 - $29.7 million) and due to affiliates totaled $121.9 million (December 31, 2012 - $47.8 million). Due to and from affiliates are non-interest bearing and unsecured and are expected to be settled within the next fiscal year in the normal course of operations. | ||||||||||||
Derivative_Instruments
Derivative Instruments | 12 Months Ended | ||||||||||||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||||||||||||
Derivative Instruments And Hedging Activities Disclosure [Abstract] | ' | ||||||||||||||||||||||||||
Derivative Instruments | ' | ||||||||||||||||||||||||||
11 | Derivative Instruments | ||||||||||||||||||||||||||
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 December 31, 2013, the Partnership was committed to the following foreign currency forward contracts: | |||||||||||||||||||||||||||
Contract Amount | Fair Value / Carrying | Average | Expected Maturity | ||||||||||||||||||||||||
in Foreign | Amount of Asset/(Liability) | Forward | |||||||||||||||||||||||||
Currency | (in thousands of U.S. Dollars) | Rate(1) | 2014 | 2015 | |||||||||||||||||||||||
(thousands) | Non-hedge | (in thousands of U.S. Dollars) | |||||||||||||||||||||||||
Norwegian Kroner | 333,000 | -842 | 6.02 | 49,563 | 5,764 | ||||||||||||||||||||||
-1 | Average forward rate represents the contracted amount of foreign currency one U.S. Dollar will buy. | ||||||||||||||||||||||||||
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 NOK based on NIBOR plus a margin for a payment of U.S. Dollar fixed interest. 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 December 31, 2013, the Partnership was committed to the following cross currency swaps: | |||||||||||||||||||||||||||
Principal | Principal | Floating Rate Receivable | Fair Value / | ||||||||||||||||||||||||
Amount | Amount | Reference | Margin | Fixed Rate | Asset | Remaining | |||||||||||||||||||||
NOK | USD | Rate | Payable | (Liability) | Term (years) | ||||||||||||||||||||||
600,000 | 101,351 | NIBOR | 5.75 | % | 7.49 | % | (5,503 | ) | 3.1 | ||||||||||||||||||
500,000 | 89,710 | NIBOR | 4 | % | 4.8 | % | (8,185 | ) | 2.1 | ||||||||||||||||||
800,000 | 143,536 | NIBOR | 4.75 | % | 5.93 | % | (11,745 | ) | 4.1 | ||||||||||||||||||
(25,433 | ) | ||||||||||||||||||||||||||
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 USD LIBOR denominated borrowings. | |||||||||||||||||||||||||||
As at December 31, 2013, the Partnership was committed to the following interest rate swap agreements: | |||||||||||||||||||||||||||
Interest | Notional | Fair Value / | Weighted- | Fixed | |||||||||||||||||||||||
Rate | Amount | Carrying | Average | Interest | |||||||||||||||||||||||
Index | $ | Amount of | Remaining | Rate | |||||||||||||||||||||||
Assets | Term | (%) (1) | |||||||||||||||||||||||||
(Liability) | (years) | ||||||||||||||||||||||||||
$ | |||||||||||||||||||||||||||
U.S. Dollar-denominated interest rate swaps(2) | LIBOR | 800,000 | (103,818 | ) | 8.9 | 4.7 | |||||||||||||||||||||
U.S. Dollar-denominated interest rate swaps(3) | LIBOR | 934,189 | (37,325 | ) | 6 | 2.7 | |||||||||||||||||||||
1,734,189 | (141,143 | ) | |||||||||||||||||||||||||
-1 | Excludes the margin the Partnership pays on its variable-rate debt, which as at December 31, 2013, ranged from 0.30% and 3.25%. | ||||||||||||||||||||||||||
-2 | Notional amount remains constant over the term of the swap. | ||||||||||||||||||||||||||
-3 | Notional amount reduces quarterly or semi-annually. | ||||||||||||||||||||||||||
As at December 31, 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 December 31, 2013, these interest rate swaps and cross currency swaps had an aggregate fair value asset amount of $4.0 million and an aggregate fair value liability amount of $151.7 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. | |||||||||||||||||||||||||||
Accounts | Current | Derivative | Accrued | Current | Derivative | ||||||||||||||||||||||
Receivable | portion of | assets | liabilities | portion of | liabilities | ||||||||||||||||||||||
derivative | derivative | ||||||||||||||||||||||||||
assets | liabilities | ||||||||||||||||||||||||||
$ | $ | $ | $ | $ | $ | ||||||||||||||||||||||
As at December 31, 2013 | |||||||||||||||||||||||||||
Foreign currency contracts | — | 213 | 4 | — | (976 | ) | (83 | ) | |||||||||||||||||||
Cross currency swap | 12 | 287 | — | — | (311 | ) | (25,421 | ) | |||||||||||||||||||
Interest rate swaps | — | — | 10,319 | (9,174 | ) | (46,657 | ) | (95,631 | ) | ||||||||||||||||||
12 | 500 | 10,323 | (9,174 | ) | (47,944 | ) | (121,135 | ) | |||||||||||||||||||
As at December 31, 2012 | |||||||||||||||||||||||||||
Foreign currency contracts | — | 2,160 | — | — | (7 | ) | — | ||||||||||||||||||||
Cross currency swap | 284 | 10,238 | 2,913 | — | — | — | |||||||||||||||||||||
Interest rate swaps | — | — | — | (9,259 | ) | (47,741 | ) | (213,731 | ) | ||||||||||||||||||
284 | 12,398 | 2,913 | (9,259 | ) | (47,748 | ) | (213,731 | ) | |||||||||||||||||||
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 (loss), (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 (losses) gains on derivative instruments designated and qualifying as cash flow hedges. | |||||||||||||||||||||||||||
Year Ended December 31, 2013 | Year Ended December 31, 2012 | ||||||||||||||||||||||||||
Balance | Statement of Income | Balance | Statement of Income | ||||||||||||||||||||||||
Sheet | Sheet | ||||||||||||||||||||||||||
(AOCI) | (AOCI) | ||||||||||||||||||||||||||
Effective | Effective | Ineffective | Effective | Effective | Ineffective | ||||||||||||||||||||||
Portion | Portion | Portion | Portion | Portion | Portion | ||||||||||||||||||||||
$ | $ | $ | $ | $ | $ | ||||||||||||||||||||||
6 | — | — | Vessel operating expenses | 713 | — | — | Vessel operating expenses | ||||||||||||||||||||
(52 | ) | (59 | ) | General and administrative expenses | 217 | (440 | ) | General and administrative expenses | |||||||||||||||||||
6 | (52 | ) | (59 | ) | 713 | 217 | (440 | ) | |||||||||||||||||||
Year Ended December 31, 2011 | |||||||||||||||||||||||||||
Balance | Statement of Loss | ||||||||||||||||||||||||||
Sheet | |||||||||||||||||||||||||||
(AOCI) | |||||||||||||||||||||||||||
Effective | Effective | Ineffective | |||||||||||||||||||||||||
Portion | Portion | Portion | |||||||||||||||||||||||||
$ | $ | $ | |||||||||||||||||||||||||
319 | 833 | (300 | ) | Vessel operating expenses | |||||||||||||||||||||||
1,512 | (6 | ) | General and administrative expenses | ||||||||||||||||||||||||
319 | 2,345 | (306 | ) | ||||||||||||||||||||||||
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 gains (losses) on derivative instruments in the consolidated statements of income (loss). The effect of the gains (losses) on these derivatives on the consolidated statements of income (loss) for the years ended 2013, 2012, and 2011 is as follows: | |||||||||||||||||||||||||||
Year ended | Year ended | Year ended | |||||||||||||||||||||||||
December 31, | December 31, | December 31, | |||||||||||||||||||||||||
2013 | 2012 | 2011 | |||||||||||||||||||||||||
$ | $ | $ | |||||||||||||||||||||||||
Realized (losses) gains relating to: | |||||||||||||||||||||||||||
Interest rate swap termination | (31,798 | ) | — | — | |||||||||||||||||||||||
Interest rate swaps | (63,050 | ) | (58,596 | ) | (58,475 | ) | |||||||||||||||||||||
Foreign currency forward contracts | (824 | ) | 2,969 | 4,704 | |||||||||||||||||||||||
(95,672 | ) | (55,627 | ) | (53,771 | ) | ||||||||||||||||||||||
Unrealized gains (losses) relating to: | |||||||||||||||||||||||||||
Interest rate swaps | 133,488 | 26,100 | (100,306 | ) | |||||||||||||||||||||||
Foreign currency forward contracts | (2,996 | ) | 3,178 | (5,667 | ) | ||||||||||||||||||||||
130,492 | 29,278 | (105,973 | ) | ||||||||||||||||||||||||
Total realized and unrealized gains (losses) on derivative instruments | 34,820 | (26,349 | ) | (159,744 | ) | ||||||||||||||||||||||
Realized and unrealized (losses) gains 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 (loss) gain in the consolidated statements of income (loss). The effect of the (loss) gain on cross currency swaps on the consolidated statements of income (loss) for the years ended 2013, 2012, and 2011 is as follows: | |||||||||||||||||||||||||||
Year ended | Year ended | Year ended | |||||||||||||||||||||||||
December 31, | December 31, | December 31, | |||||||||||||||||||||||||
2013 | 2012 | 2011 | |||||||||||||||||||||||||
$ | $ | $ | |||||||||||||||||||||||||
Realized gain on partial termination of cross- currency swap | 6,800 | — | — | ||||||||||||||||||||||||
Realized gains | 1,563 | 2,992 | 2,881 | ||||||||||||||||||||||||
Unrealized (losses) gains | (38,596 | ) | 10,700 | (1,581 | ) | ||||||||||||||||||||||
Total realized and unrealized (losses) gains on cross currency swaps | (30,233 | ) | 13,692 | 1,300 | |||||||||||||||||||||||
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. |
Income_Taxes
Income Taxes | 12 Months Ended | ||||||||||||
Dec. 31, 2013 | |||||||||||||
Income Tax Disclosure [Abstract] | ' | ||||||||||||
Income Taxes | ' | ||||||||||||
12 | Income Taxes | ||||||||||||
The significant components of the Partnership’s deferred tax assets and liabilities are as follows: | |||||||||||||
December 31, 2013 | December 31, 2012 | ||||||||||||
$ | $ | ||||||||||||
Deferred tax assets: | |||||||||||||
Tax losses carried forward(1) | 182,085 | 197,912 | |||||||||||
Provisions | 1,548 | 2,045 | |||||||||||
Other | 5,748 | 8,129 | |||||||||||
Total deferred tax assets: | 189,381 | 208,086 | |||||||||||
Deferred tax liabilities: | |||||||||||||
Vessels and equipment | 19,555 | 26,503 | |||||||||||
Long-term debt | 22,008 | 33,764 | |||||||||||
Other | 3,234 | 3,792 | |||||||||||
Total deferred tax liabilities | 44,797 | 64,059 | |||||||||||
Net deferred tax assets | 144,584 | 144,027 | |||||||||||
Valuation allowance | (136,730 | ) | (135,079 | ) | |||||||||
Net deferred tax assets(2) | 7,854 | 8,948 | |||||||||||
Disclosed in: | |||||||||||||
Deferred tax asset | 7,854 | 8,948 | |||||||||||
-1 | The net operating losses carried forward of $689.1 million are available to offset future taxable income in the applicable jurisdictions, and can be carried forward indefinitely. | ||||||||||||
-2 | The change in the net deferred tax assets is related to the change in temporary differences and foreign exchange gains. | ||||||||||||
The components of the provision for income taxes are as follows: | |||||||||||||
Year ended | Year ended | Year ended | |||||||||||
December 31, | December 31, | December 31, | |||||||||||
2013 | 2012 | 2011 | |||||||||||
$ | $ | $ | |||||||||||
Current | (75 | ) | 1,669 | (7,293 | ) | ||||||||
Deferred | (2,150 | ) | 8,808 | 614 | |||||||||
Income tax (expense) recovery | (2,225 | ) | 10,477 | (6,679 | ) | ||||||||
The Partnership operates in countries that have differing tax laws and rates. Consequently a consolidated weighted average tax rate will vary from year to year according to the source of earnings or losses by country and the change in applicable tax rates. Reconciliations of the tax charge related to the current year at the applicable statutory income tax rates and the actual tax charge related to the current year are as follows: | |||||||||||||
Year ended | Year ended | Year ended | |||||||||||
December 31, | December 31, | December 31, | |||||||||||
2013 | 2012 | 2011 | |||||||||||
$ | $ | $ | |||||||||||
Net income (loss) before taxes | 78,782 | 94,970 | (78,697 | ) | |||||||||
Net income (loss) not subject to taxes | 41,100 | 77,570 | (102,756 | ) | |||||||||
Net income subject to taxes | 37,682 | 17,400 | 24,059 | ||||||||||
At applicable statutory tax rates | 2,559 | (6,292 | ) | 6,812 | |||||||||
Permanent differences | (3,619 | ) | (12,245 | ) | (11,444 | ) | |||||||
Adjustments related to currency differences | (14,231 | ) | 6,476 | (14,044 | ) | ||||||||
Temporary differences for which no deferred tax asset was recognized | 1,758 | 23 | 705 | ||||||||||
Valuation allowance | 15,758 | 1,600 | 24,673 | ||||||||||
Prior year current taxes accrued | — | (39 | ) | (23 | ) | ||||||||
Tax expense (recovery) related to current year | 2,225 | (10,477 | ) | 6,679 | |||||||||
The following is a tabular reconciliation of the Partnership’s total amount of unrecognized tax benefits at the beginning and end of 2013, 2012, and 2011: | |||||||||||||
Year ended | Year ended | Year ended | |||||||||||
December 31, | December 31, | December 31, | |||||||||||
2013 | 2012 | 2011 | |||||||||||
$ | $ | $ | |||||||||||
Balance of unrecognized tax benefits as at beginning of the year | 3,692 | 6,231 | 5,929 | ||||||||||
Decreases for positions related to prior years | (336 | ) | (2,539 | ) | (122 | ) | |||||||
Increases for positions related to the current year | — | — | 424 | ||||||||||
Increase for positions attributable to the Dropdown Predecessor | 3,681 | — | — | ||||||||||
Balance of unrecognized tax benefits as at end of the year | 7,037 | 3,692 | 6,231 | ||||||||||
The Partnership does not presently anticipate such uncertain tax positions will significantly increase or decrease in the next 12 months; however, actual developments could differ from those currently expected. The tax years 2009 through 2013 remain open to examination by some of the taxing jurisdictions in which the Partnership is subject to tax. | |||||||||||||
The interest and penalties on unrecognized tax benefits included in the tabular reconciliation above were not material. |
Commitments_and_Contingencies
Commitments and Contingencies | 12 Months Ended | ||
Dec. 31, 2013 | |||
Commitments And Contingencies Disclosure [Abstract] | ' | ||
Commitments and Contingencies | ' | ||
13 | Commitments and Contingencies | ||
a) | On November 13, 2006, one of the Partnership’s shuttle tankers, the Navion Hispania, collided with the Njord Bravo, an FSO unit, while preparing to load an oil cargo from the Njord Bravo. The Njord Bravo services the Njord field, which is operated by Statoil Petroleum AS (or Statoil) and is located off the Norwegian coast. At the time of the incident, Statoil was chartering the Navion Hispania from the Partnership. The Navion Hispania and the Njord Bravo both incurred damage as a result of the collision. In November 2007, Navion Offshore Loading AS (or NOL) and Teekay Navion Offshore Loading Pte Ltd. (or TNOL), subsidiaries of the Partnership, and Teekay Shipping Norway AS (or TSN), a subsidiary of Teekay Corporation, were named as co-defendants in a legal action filed by Norwegian Hull Club (the hull and machinery insurers of the Njord Bravo), several other insurance underwriters and various licensees in the Njord field. The Plaintiffs sought damages for vessel repairs, expenses for a replacement vessel and other amounts related to production stoppage on the field, totaling NOK 213,000,000 (approximately $35.1 million). | ||
In December 2011, the Stavanger District Court ruling in the first instance found that NOL was liable for damages except for damages related to certain indirect or consequential losses. The court also found that Statoil ASA was liable to NOL for the same amount of damages to NOL. As a result of this ruling, as at December 31, 2012, the Partnership reported a liability in the total amount of NOK 76,000,000 (approximately $12.5 million) to the Plaintiffs and a corresponding receivable from Statoil ASA recorded in other long-term liabilities and other assets, respectively. | |||
The Plaintiffs appealed the decision and the appellate court in June 2013 held that NOL, TNOL and TSN are jointly and severally responsible towards the Plaintiffs for all the losses as a result of the collision, plus interests accrued on the amount of damages. In addition, Statoil ASA was held not to be under an obligation to indemnify NOL, TNOL and TSN for the losses. NOL, TNOL and TSN were also held liable for legal costs associated with court proceedings. As a result of this judgment, in the second quarter of 2013, the Partnership recognized a liability in the amount of NOK 213,000,000 in respect of damages, NOK 66,000,000 in respect of interest and NOK 11,000,000 in respect of legal costs, totaling NOK 290,000,000 (approximately $47.8 million), to the Plaintiffs recorded in accrued liabilities. The receivable from Statoil ASA previously recorded in other assets was reversed in the second quarter of 2013. In the fourth quarter of 2013, the Partnership recognized an additional liability of NOK 4,000,000 in respect of interest, bringing the total liability to NOK 294,000,000 (approximately $48.4 million). The judgment rendered deals with liability only and the ultimate amount of damages may be reduced compared to the NOK 213,000,000 claimed by the Plaintiffs. | |||
The Partnership and Teekay Corporation maintain protection and indemnity insurance for damages to the Navion Hispania and insurance for collision-related costs and claims. These insurance policies are expected to cover the costs related to this incident, including any costs not indemnified by Statoil, and thus a receivable of NOK 294,000,000 (approximately $48.4 million) was concurrently recorded in accounts receivable, which equals the total cost of the claim. In addition, Teekay Corporation has agreed to indemnify the Partnership for any losses it may incur in connection with this incident. | |||
In the fourth quarter of 2013, the insurer made payments directly to the Plaintiffs in full settlement of interest and partial settlement of legal costs and thus the Partnership, as at December 31, 2013, reduced its liability and related receivable to NOK 213,000,000 in respect of damages and approximately NOK 3,400,000 in respect of legal costs, totaling approximately NOK 216,400,000 (approximately $35.6 million). | |||
b) | During 2010, an unrelated party contributed the Randgrid shuttle tanker to a subsidiary of the Partnership for a 33% equity interest in the subsidiary. The non-controlling interest owner in the subsidiary holds a put option which, if exercised, would obligate the Partnership to purchase the non-controlling interest owner’s 33% share in the entity for cash in accordance with a defined formula. The redeemable non-controlling interest is subject to remeasurement if the formulaic redemption amount exceeds the carrying value. No remeasurement was required as at December 31, 2013. | ||
c) | In May 2013, the Partnership entered into an agreement with Statoil, on behalf of the field license partners, to provide an FSO unit for the Gina Krog oil and gas field located in the North Sea. The contract will be serviced by a new FSO unit that will be converted from the 1995-built shuttle tanker, the Randgrid, which the Partnership currently owns through a 67% owned subsidiary and will acquire full ownership of the vessel prior to its conversion. The FSO conversion project is expected to cost approximately $260 million, including amounts reimbursable upon delivery of the unit relating to installation and mobilization costs, and the cost of acquiring the remaining 33% ownership interest in the Randgrid shuttle tanker. Following scheduled completion in early 2017, the newly converted FSO unit will commence operations under a three-year time-charter contract to Statoil, which includes 12 additional one-year extension options. | ||
d) | In May 2013, the Partnership entered into a ten-year charter contract, plus extension options, with Salamander Energy plc (or Salamander) to supply a FSO unit in Asia. The Partnership is converting its 1993-built shuttle tanker, the Navion Clipper, into an FSO unit for an estimated fully built-up cost of approximately $51 million. As at December 31, 2013, payments made towards this commitment totaled $21.1 million. The unit is expected to commence its charter contract with Salamander in the third quarter of 2014. | ||
Supplemental_Cash_Flow_Informa
Supplemental Cash Flow Information | 12 Months Ended | ||||||||||||
Dec. 31, 2013 | |||||||||||||
Supplemental Cash Flow Elements [Abstract] | ' | ||||||||||||
Supplemental Cash Flow Information | ' | ||||||||||||
14 | Supplemental Cash Flow Information | ||||||||||||
a) | The changes in non-cash working capital items related to operating activities for the years ended December 31, 2013, 2012, and 2011 are as follows: | ||||||||||||
Year ended | Year ended | Year ended | |||||||||||
December 31, | December 31, | December 31, | |||||||||||
2013 | 2012 | 2011 | |||||||||||
$ | $ | $ | |||||||||||
Accounts receivable | (59,003 | ) | (8,750 | ) | (13,788 | ) | |||||||
Prepaid expenses and other assets | (2,884 | ) | 6,075 | (6,139 | ) | ||||||||
Accounts payable and accrued liabilities | 46,266 | 35 | (8,716 | ) | |||||||||
Advances from (to) affiliate | 67,620 | (14,807 | ) | 17,347 | |||||||||
51,999 | (17,447 | ) | (11,296 | ) | |||||||||
b) | Cash interest paid (including interest paid by the Dropdown Predecessor and realized losses on interest rate swaps) during the years ended December 31, 2013, 2012, and 2011 totaled $146.0 million, $102.1 million, and $91.1 million, respectively. | ||||||||||||
c) | Taxes paid (including taxes paid by the Dropdown Predecessor) during the years ended December 31, 2013, 2012, and 2011 totaled $0.6 million, $5.7 million and $4.8 million, respectively. | ||||||||||||
d) | The Partnership’s consolidated statement of cash flows for the years ended December 31, 2013 and 2012 reflects the Dropdown Predecessor as if the Partnership had acquired the Dropdown Predecessor when the vessels began operations under the ownership of Teekay Corporation. For non-cash changes related to the Dropdown Predecessor, see note 10. | ||||||||||||
e) | The cash portion of the purchase price of vessels acquired from Teekay Corporation is as follows: | ||||||||||||
Year ended | Year ended | Year ended | |||||||||||
December 31, | December 31, | December 31, | |||||||||||
2013 | 2012 | 2011 | |||||||||||
$ | $ | $ | |||||||||||
Voyageur Spirit (net of cash acquired of $0.9 million)(1) (note 10g) | (234,125 | ) | — | — | |||||||||
Cidade de Itajai (net of cash acquired of $1.3 million) (note 10h) | (52,520 | ) | — | — | |||||||||
Peary Spirit (note 10d) | — | — | (37,729 | ) | |||||||||
Scott Spirit (note 10e) | — | — | (22,954 | ) | |||||||||
(286,645 | ) | — | (60,683 | ) | |||||||||
-1 | As at December 31, 2013, the cash portion of the original purchase price of the Voyageur Spirit FPSO of $270.0 million was effectively reduced to reflect the $34.9 million indemnification from Teekay Corporation recorded during 2013 (see note 10g). | ||||||||||||
f) | Contribution of capital from Teekay Corporation to the Dropdown Predecessor included in other financing activities on the consolidated statements of cash flows is as follows: | ||||||||||||
Year ended | Year ended | Year ended | |||||||||||
December 31, | December 31, | December 31, | |||||||||||
2013 | 2012 | 2011 | |||||||||||
$ | $ | $ | |||||||||||
Relating to Voyageur Spirit (note 10g) | 5,596 | — | — | ||||||||||
Relating to Scott Spirit (note 10e) | — | — | 2,305 | ||||||||||
5,596 | — | 2,305 | |||||||||||
Partners_Equity_and_Net_Income
Partners' Equity and Net Income (Loss) Per Unit | 12 Months Ended | ||||||||||||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||||||||||||
Earnings Per Share [Abstract] | ' | ||||||||||||||||||||||||||
Partners' Equity and Net Income (Loss) Per Unit | ' | ||||||||||||||||||||||||||
15 | Partners’ Equity and Net Income (Loss) Per Unit | ||||||||||||||||||||||||||
At December 31, 2013, 72.1% of the Partnership’s common units outstanding were held by the public. The remaining common units, as well as the 2% general partner interest, were held by a subsidiary of Teekay Corporation. All of the Partnership’s preferred units outstanding were held by the public. | |||||||||||||||||||||||||||
Limited Partners’ Rights | |||||||||||||||||||||||||||
Significant rights of the limited partners include the following: | |||||||||||||||||||||||||||
• | Right to receive distribution of available cash within approximately 45 days after the end of each quarter. | ||||||||||||||||||||||||||
• | No limited partner shall have any management power over the Partnership’s business and affairs; the general partner shall conduct, direct and manage our activities. | ||||||||||||||||||||||||||
• | The General Partner may be removed if such removal is approved by unitholders holding at least 66 2/3% of the outstanding units voting as a single class, including units held by the General Partner and its affiliates. | ||||||||||||||||||||||||||
Incentive Distribution Rights | |||||||||||||||||||||||||||
The General Partner is entitled to incentive distributions if the amount the Partnership distributes to unitholders with respect to any quarter exceeds specified target levels shown below: | |||||||||||||||||||||||||||
Quarterly Distribution Target Amount (per unit) | Unitholders | General Partner | |||||||||||||||||||||||||
Minimum quarterly distribution of $0.35 | 98 | % | 2 | % | |||||||||||||||||||||||
Up to $0.4025 | 98 | % | 2 | % | |||||||||||||||||||||||
Above $0.4025 up to $0.4375 | 85 | % | 15 | % | |||||||||||||||||||||||
Above $0.4375 up to $0.525 | 75 | % | 25 | % | |||||||||||||||||||||||
Above $0.525 | 50 | % | 50 | % | |||||||||||||||||||||||
During the year ended December 31, 2013, cash distributions exceeded $0.4025 per unit and, consequently, the assumed distribution of net income resulted in the use of the increasing percentages to calculate the General Partner’s interest in net income for the purposes of the net income per unit calculation. | |||||||||||||||||||||||||||
In the event of a liquidation, all property and cash in excess of that required to discharge all liabilities will be distributed to the unitholders and the General Partner in proportion to their capital account balances, as adjusted to reflect any gain or loss upon the sale or other disposition of the Partnership’s assets in liquidation in accordance with the partnership agreement. | |||||||||||||||||||||||||||
Net Income (Loss) Per Unit | |||||||||||||||||||||||||||
Limited partners’ interest in net income (loss) per common unit – basic is determined by dividing net income (loss), after deducting the amount of net loss attributable to the Dropdown Predecessor, the non-controlling interests and the General Partner’s interest and the distributions on the Series A preferred units, by the weighted-average number of common units outstanding during the period. The accumulated distributions on the preferred units for the year ended December 31, 2013 was $7.3 million. The computation of limited partners’ interest in net income (loss) per common unit – diluted assumes the exercise of all dilutive restricted units using the treasury stock method. The computation of limited partners’ interest in net loss per common unit – diluted does not assume such exercises as the effect would be anti-dilutive. | |||||||||||||||||||||||||||
The General Partner’s and common unitholders’ interests in net income (loss) are calculated as if all net income (loss) was distributed according to the terms of the Partnership’s partnership agreement, regardless of whether those earnings would or could be distributed. The partnership agreement does not provide for the distribution of net income (loss); rather, it provides for the distribution of available cash, which is a contractually defined term that generally means all cash on hand at the end of each quarter less the amount of cash reserves established by the Partnership’s board of directors to provide for the proper conduct of the Partnership’s business including reserves for maintenance and replacement capital expenditure and anticipated capital requirements and any accumulated distributions on the Series A Preferred Units (defined below). Unlike available cash, net income is affected by non-cash items such as depreciation and amortization, unrealized gains and losses on derivative instruments and unrealized foreign currency translation gains and losses. | |||||||||||||||||||||||||||
The Partnership allocates the limited partners’ interest in net income (loss), including both distributed and undistributed net income (loss), between continuing operations and discontinued operations based on the proportion of net income (loss) from continuing and discontinued operations to total net income (loss). | |||||||||||||||||||||||||||
Preferred Units | |||||||||||||||||||||||||||
In April 2013, the Partnership issued 6.0 million 7.25% Series A Cumulative Redeemable Preferred Units (or Series A Preferred Units) in a public offering for net proceeds of $144.8 million. The Partnership used a portion of the net proceeds from the public offering to prepay a portion of its outstanding debt on three of its revolving credit facilities and to partially finance the purchase of the Voyageur Spirit FPSO unit and the Partnership’s interest in the Itajai FPSO unit, and used the remainder for general partnership purposes. | |||||||||||||||||||||||||||
Pursuant to the partnership agreement, distributions on the Series A Preferred units to preferred unitholders are cumulative from the date of original issue and will be payable quarterly in arrears, when, as and if declared by the board of directors of the General Partner. At any time on or after April 30, 2018, the Series A Preferred Units may be redeemed by the Partnership at a redemption price of $25.00 per unit plus an amount equal to all accumulated and unpaid distributions to the date of redemption. These units are listed on the New York Stock Exchange. | |||||||||||||||||||||||||||
Public and Private Offerings of Common Units | |||||||||||||||||||||||||||
The following table summarizes the issuances of common units over the three years ending December 31, 2013: | |||||||||||||||||||||||||||
Date | Offering | Number of | Offering | Gross | Net | Teekay | Use of Proceeds | ||||||||||||||||||||
Type | Common | Price | Proceeds (i) | Proceeds | Corporation’s | ||||||||||||||||||||||
Units | Ownership | ||||||||||||||||||||||||||
Issued | After the | ||||||||||||||||||||||||||
(in millions of U.S. Dollars) | Offering(ii) | ||||||||||||||||||||||||||
Mar-11 | Private | 7,562,814 | $ | 29.32 | 226.3 | 226.3 | 36.9 | % | Consideration for acquisition of remaining 49% in OPCO | ||||||||||||||||||
Jul-11 | Private | 713,266 | $ | 28.04 | 20.4 | 20.4 | 36.51 | % | Partially finance shipyard installments for | ||||||||||||||||||
four newbuilding shuttle tankers | |||||||||||||||||||||||||||
Nov-11 | Private | 7,112,974 | $ | 23.9 | 173.5 | 173.2 | 33.03 | % | Finance the purchase of the Piranema Spirit FPSO unit | ||||||||||||||||||
Jul-12 | Private | 1,700,022 | $ | 26.47 | 45.9 | 45.8 | 32.3 | % | Partially finance shipyard installments for four newbuilding shuttle tankers | ||||||||||||||||||
Sep-12 | Public | 7,778,832 | $ | 27.65 | 219.5 | 211.4 | 29.36 | % | Prepayment of revolving credit facilities | ||||||||||||||||||
Apr-13 | Private | 2,056,202 | $ | 29.18 | 61.2 | 61.2 | 28.67 | % | Partially finance four newbuilding shuttle tankers installments and for general partnership purposes. | ||||||||||||||||||
May-13 | Private | 1,446,654 | $ | 30.6 | 45.1 | 45.1 | 29.91 | % | Partially finance the acquisition of Voyageur | ||||||||||||||||||
During 2013 | COP | 85,508 | (iii | ) | 2.8 | 2.4 | (iii | ) | General partnership purposes | ||||||||||||||||||
Dec-13 | Private | 1,750,000 | $ | 30.5 | 54.5 | 54.4 | 29.31 | % | For general partnership purposes, which may include funding vessel conversion projects and future vessel acquisitions. | ||||||||||||||||||
(i) | Including General Partner’s 2% proportionate capital contribution | ||||||||||||||||||||||||||
(ii) | Including Teekay Corporation’s indirect 2% general partner interest | ||||||||||||||||||||||||||
(iii) | In May 2013, the Partnership implemented a continuous offering program (or COP), under which the Partnership may issue new common units, representing limited partner interests, at market prices up to a maximum aggregate amount of $100 million. | ||||||||||||||||||||||||||
Unit_Based_Compensation
Unit Based Compensation | 12 Months Ended | |
Dec. 31, 2013 | ||
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract] | ' | |
Unit Based Compensation | ' | |
16 | Unit Based Compensation | |
For the year ended December 31, 2013, 8,307 common units, with an aggregate value of $0.3 million, were granted and issued to the non-management directors of the General Partner as part of their annual compensation for 2013. | ||
During March 2013, the Partnership granted 63,309 restricted units with a fair value of $1.8 million, based on the Partnership’s closing unit price on the grant date. Each restricted unit is equal in value to one unit of the Partnership’s common units plus reinvested distributions from the grant date to the vesting date. The restricted units vest equally over three years from the grant date. Any portion of a restricted unit award that is not vested on the date of a recipient’s termination of service is cancelled, unless their termination arises as a result of the recipient’s retirement and in this case the restricted unit award will continue to vest in accordance with the vesting schedule. Upon vesting, the value of the restricted units is paid to each grantee in the form of common units or cash. During the year ended December 31, 2013, the Partnership recorded a unit based compensation expense of $0.9 million in the Partnership’s consolidated statement of income (loss). |
Acquisition_of_Piranema_Spirit
Acquisition of Piranema Spirit | 12 Months Ended | ||||
Dec. 31, 2013 | |||||
Business Combinations [Abstract] | ' | ||||
Acquisition of Piranema Spirit | ' | ||||
17 | Acquisition of Piranema Spirit | ||||
On November 30, 2011, the Partnership acquired a 100% of the shares of Piranema Production AS from Sevan Marine ASA for a total purchase price of $164.3 million. The purchase price was paid in cash and was financed through the concurrent issuance of 7.1 million common units. Piranema Production AS owns the 2007-built Piranema Spirit FPSO unit, which is operating under a long-term charter, with cost escalation clauses, to Petrobras on the Piranema field located offshore Brazil. The firm period of the charter expires in March 2018, however Petrobras has up to 11 one-year extension options. | |||||
The acquisition of the Piranema Spirit FPSO unit was accounted for using the purchase method of accounting, based upon estimates of fair value. The purchase price allocation adjustments were finalized in late 2012 and there were no changes to the preliminary fair values of the assets acquired and liabilities assumed by the Partnership. Operating results of the Piranema Spirit FPSO unit are reflected in these financial statements commencing November 30, 2011, the effective date of acquisition. During December 2011, the Partnership recognized $4.8 million of revenue and $1.5 million of net income resulting from its acquisition of the Piranema Spirit. | |||||
The following table summarizes the fair values of the assets acquired and liabilities assumed by the Partnership. | |||||
(in thousands of U.S. dollars) | As at November 30, | ||||
2011 | |||||
$ | |||||
ASSETS | |||||
Cash and cash equivalents | 2,439 | ||||
Other current assets | 5,308 | ||||
Vessels and equipment | 292,242 | ||||
Other assets - long-term | 659 | ||||
Total assets acquired | 300,648 | ||||
LIABILITIES | |||||
Current liabilities | 8,458 | ||||
In-process revenue contracts | 127,900 | ||||
Total liabilities assumed | 136,358 | ||||
Net assets acquired | 164,290 | ||||
Cash consideration | 164,290 | ||||
Net cash consideration | 161,851 | ||||
The following table shows comparative summarized consolidated pro forma financial information for the Partnership for the year ended December 31, 2011, giving effect to the acquisition of a 100% interest in the Piranema Spirit FPSO unit as if it had taken place on January 1, 2010: | |||||
(in thousands of U.S. dollars, except per unit data) | Pro Forma | ||||
Year ended | |||||
December 31, 2011 | |||||
(unaudited) | |||||
$ | |||||
Revenues | 892,130 | ||||
Net loss | (98,030 | ) | |||
Limited partners’ interest in net loss per common unit- basic | (1.60 | ) | |||
Limited partners’ interest in net loss per common unit- diluted | (1.60 | ) |
Write_down_and_Loss_on_Sale_of
Write down and Loss on Sale of Vessels and Discontinued Operations | 12 Months Ended | ||||||||||||
Dec. 31, 2013 | |||||||||||||
Goodwill And Intangible Assets Disclosure [Abstract] | ' | ||||||||||||
Write down and Loss on Sale of Vessels and Discontinued Operations | ' | ||||||||||||
18 | Write down and Loss on Sale of Vessels and Discontinued Operations | ||||||||||||
In 2013, the carrying value of six of the Partnership’s 1990s-built shuttle tankers were written down to their estimated fair value using appraised values. Of these six vessels, during the third quarter of 2013, four of the shuttle tankers were written down as the result of the re-contracting of one of the vessels at lower rates than expected during the third quarter of 2013, the cancellation of a short-term contract which occurred in September 2013 and a change in expectations for the contract renewal for two of the shuttle tankers, one operating in Brazil, and the other one in the North Sea. The Partnership’s consolidated statement of income for 2013 includes a $76.8 million write-down related to these vessels of which $37.2 million relates to two shuttle tankers which the Partnership owns through a 50%-owned subsidiary. In the fourth quarter of 2013, two shuttle tankers were written down due to a cancellation of a contract renewal and expected sale of an aging vessel to their estimated fair value. One of these two vessels was also written down in 2012. The write-down amounted to $19.3 million. These two vessels are owned through a 67%-owned subsidiary. | |||||||||||||
In 2012, the carrying value of five of the Partnership’s shuttle tankers were written down to their estimated fair value. In the third quarter of 2012, a 1993-built shuttle tanker was written down to its estimated fair value due to a change in the operating plan for the vessel. In the third and fourth quarters of 2012, two shuttle tankers, which were written down in 2011, were further written down to their estimated fair value upon sale in 2012. In the fourth quarter of 2012, a 1992-built shuttle tanker, which was written down in 2010, was further written down to its estimated fair value and classified as held-for-sale at December 31, 2012. The vessel was sold in 2013. In the fourth quarter of 2012, a 1995-built shuttle tanker was written down to its estimated fair value using discounted cash flows. The write-down was caused by the combination of the age of the vessel, the requirements of trading in the North Sea and Brazil and the weak tanker market. The estimated fair value for each of the other four vessels written down in 2012 was determined using appraised values. | |||||||||||||
In 2011, the carrying value of three of the Partnership’s older shuttle tankers were written down to their estimated fair value. The write-down was caused by the combination of the age of the vessels, the requirements of trading in the North Sea and Brazil and the weak tanker market. In 2011, two of the Partnership’s FSO units, were written down to their estimated fair value. The Karratha Spirit was sold and the Navion Saga was written down due to escalating dry-dock costs and increased operating costs. The estimated fair value of the Navion Saga was determined using discounted cash flows. The estimated fair value for each of the other four vessels written down in 2011 was determined using appraised values. | |||||||||||||
The operations of the Scotia Spirit, the Hamane Spirit, the Torben Spirit, the Luzon Spirit, the Leyte Spirit, the Poul Spirit and the Gotland Spirit prior to being considered discontinued operations, were reported within the conventional tanker segment. In 2011, the carrying value of five of the Partnership’s conventional crude oil tankers were written down to their estimated fair value. In 2011, the charter contract of the Scotia Spirit was terminated and the vessel was sold. Prior to the sale, the vessel was classified as held-for-sale. The Hamane Spirit, the Torben Spirit, the Luzon Spirit and the Leyte Spirit, vessels were sold in the second quarter of 2012, the fourth quarter of 2012, the fourth quarter of 2012, and the first quarter of 2013, respectively. The Poul Spirit was written down to its estimated fair value in the first quarter of 2013 and further written down upon sale in the second quarter of 2013. The Gotland Spirit was written down to its estimated fair value in the second quarter of 2013 and a gain was recognized upon its sale in the third quarter of 2013. | |||||||||||||
In the second quarter and first quarter of 2013 and the second quarter of 2012, the Partnership terminated the long-term time-charter-out contracts employed by the Gotland Spirit, the Poul Spirit, and the Hamane Spirit, respectively, with a subsidiary of Teekay Corporation. The Partnership received early termination fees from Teekay Corporation of $4.5 million, $6.8 million and $14.7 million in the second quarter and first quarter of 2013 and the second quarter of 2012, respectively. | |||||||||||||
The following table summarizes the net (loss) income from discontinued operations for the periods presented in the consolidated statements of income (loss): | |||||||||||||
Year Ended | Year Ended | Year Ended | |||||||||||
December 31, | December 31, | December 31, | |||||||||||
2013 | 2012 | 2011 | |||||||||||
$ | $ | $ | |||||||||||
REVENUES | 20,238 | 62,967 | 108,079 | ||||||||||
OPERATING EXPENSES | |||||||||||||
Voyage expenses | 682 | 16,201 | 27,868 | ||||||||||
Vessel operating expenses | 3,903 | 14,286 | 19,998 | ||||||||||
Depreciation and amortization | 1,236 | 5,267 | 15,980 | ||||||||||
General and administrative | 479 | 1,178 | 613 | ||||||||||
Write down and loss on sale of vessels | 18,465 | 7,675 | 54,069 | ||||||||||
Total operating expenses | 24,765 | 44,607 | 118,528 | ||||||||||
(Loss) income from vessel operations | (4,527 | ) | 18,360 | (10,449 | ) | ||||||||
OTHER ITEMS | |||||||||||||
Interest expense | (110 | ) | (822 | ) | (968 | ) | |||||||
Foreign currency exchange (loss) gain | (4 | ) | 2 | — | |||||||||
Other (expense) income - net | (1 | ) | 28 | (78 | ) | ||||||||
Total other items | (115 | ) | (792 | ) | (1,046 | ) | |||||||
Net (loss) income from discontinued operations | (4,642 | ) | 17,568 | (11,495 | ) | ||||||||
Equity_Method_Investment
Equity Method Investment | 12 Months Ended | |
Dec. 31, 2013 | ||
Equity Method Investments And Joint Ventures [Abstract] | ' | |
Equity Method Investment | ' | |
19 | Equity Method Investment | |
In June 2013, the Partnership acquired Teekay Corporation’s 50% interest in OOG-TKP FPSO GmbH & Co KG, a joint venture with Odebrecht Oil & Gas S.A. (or Odebrecht), which owns the Cidade de Itajai (or Itajai) FPSO unit (see note 10h). | ||
As at December 31, 2013, the Partnership had an investment of $52.1 million in the joint venture. No indicators of impairment existed at December 31, 2013. |
Subsequent_Events
Subsequent Events | 12 Months Ended | ||
Dec. 31, 2013 | |||
Subsequent Events [Abstract] | ' | ||
Subsequent Events | ' | ||
20 | Subsequent Events | ||
a) | In January 2014, the Partnership issued in the Norwegian bond market NOK 1,000 million in senior unsecured bonds, maturing in January 2019. The aggregate principal amount of the bonds was equivalent to $162.2 million and all interest and principal payments have been swapped into U.S. dollars at fixed rates of 6.28%. The net proceeds from the bond offerings are intended for general partnership purposes. The Partnership is applying to list the bonds on the Oslo Stock Exchange. | ||
b) | On March 14, 2014, the Partnership acquired 100% of the shares of ALP Maritime Services B.V. (or ALP), a Netherlands-based provider of long-haul ocean towage and offshore installation services to the global offshore oil and gas industry. Concurrent with this transaction, the Partnership and ALP entered into an agreement with Niigata Shipbuilding & Repair of Japan for the construction of four state-of-the-art SX-157 Ulstein Design ultra-long distance towing and anchor handling vessel newbuildings. These vessels will be equipped with dynamic positioning capability and are scheduled for delivery in 2015 and 2016. The Partnership is committed to acquire these newbuildings for a total cost of approximately $258 million. | ||
The Partnership acquired ALP for a purchase price of $6.1 million, of which $2.6 million was paid in cash on closing and a further $3.5 million representing the fair value of contingent consideration. The contingent consideration consists of $2.4 million which is contingently payable upon the delivery and employment of ALP’s four newbuildings. In addition, the contingent consideration includes a further amount of up to $2.6 million, based on ALP’s annual operating results from 2017 to 2021. The Partnership has the option to pay up to one half of the contingent consideration through the issuance of common units of the Partnership. The Partnership also incurred $1.0 million of acquisition-related costs which have been recognized in general and administrative expenses in March 2014. The Partnership financed the ALP acquisition and initial newbuilding payments through its existing liquidity and expects to secure long-term debt financing for the newbuildings prior to their deliveries. | |||
This acquisition represents the Partnership’s entrance into the long-haul ocean towage and offshore installation services business. This acquisition allows the Partnership to combine its infrastructure and access to capital with ALP’s experienced management team to further grow this niche business that is in an adjacent sector to the Partnership’s FPSO and shuttle tanker businesses. |
Summary_of_Significant_Account1
Summary of Significant Accounting Policies (Policies) | 12 Months Ended | ||||||||||||
Dec. 31, 2013 | |||||||||||||
Accounting Policies [Abstract] | ' | ||||||||||||
Basis of presentation | ' | ||||||||||||
Basis of presentation | |||||||||||||
The 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, its wholly owned or controlled subsidiaries and the Dropdown Predecessor (see note 2). As discussed in note 18, the Partnership disposed of certain conventional tankers during 2013, 2012 and 2011. The Partnership has retrospectively adjusted its prior period consolidated financial statements to comparably classify the amounts related to the operations of these conventional tankers as discontinued operations. | |||||||||||||
The preparation of consolidated 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 may differ from those estimates. | |||||||||||||
The Partnership presents non-controlling ownership interests in subsidiaries in the consolidated financial statements within the equity section, but separate from the Partners’ equity. However, in instances in which certain redemption features that are not solely within the control of the issuer are present, classification of non-controlling interests outside of permanent equity is required. The holder of the non-controlling interest of one of the Partnership’s subsidiaries holds a put option which, if exercised, would obligate the Partnership to purchase the non-controlling interest (see note 13b). As a result, the non-controlling interest that is subject to this redemption feature is not included on the Partnership’s consolidated balance sheet as part of the total equity and is presented as redeemable non-controlling interest above the equity section but below the liabilities section on the Partnership’s consolidated balance sheet. | |||||||||||||
In order to more closely align the Partnership’s presentation to many of its peers, the cost of ship management services of $34.9 million for the year ended December 31, 2013 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 amounts reclassified for the year ended December 31, 2012 and 2011 were $38.7 million and $33.5 million, respectively. | |||||||||||||
Foreign currency | ' | ||||||||||||
Foreign currency | |||||||||||||
The consolidated financial statements are stated in U.S. Dollars and the functional currency of the Partnership and its subsidiaries is the U.S. Dollar. Transactions involving other currencies during the year are converted into U.S. dollars using the exchange rates in effect at the time of the transactions. At the balance sheet dates, monetary assets and liabilities that are denominated in currencies other than the U.S. dollar are translated to reflect the year-end exchange rates. Resulting gains or losses are reflected separately in the accompanying consolidated statements of income (loss). | |||||||||||||
Operating revenues and expenses | ' | ||||||||||||
Operating revenues and expenses | |||||||||||||
Contracts of Affreightment and Voyage Charters | |||||||||||||
Revenues from contracts of affreightment and voyage charters are recognized on a proportionate performance method. Shuttle tanker voyages servicing contracts of affreightment with offshore oil fields commence with tendering of notice of readiness at a field, within the agreed lifting range, and ends with tendering of notice of readiness at a field for the next lifting. The Partnership used a discharge-to-discharge basis in determining proportionate performance for all voyage charters, whereby it recognizes revenue ratably from when product is discharged (unloaded) at the end of one voyage to when it is discharged after the next voyage. The Partnership does not begin recognizing revenue until a charter has been agreed to by the customer and the Partnership, even if the vessel has discharged its cargo and is sailing to the anticipated load port on its next voyage. | |||||||||||||
Time Charters, Bareboat Charters and FPSO Contracts | |||||||||||||
Operating Leases - The Partnership recognizes revenues from the time charters, bareboat charters and floating, production, storage and offloading (or FPSO) contracts accounted for as operating leases daily over the term of the charter as the applicable vessel operates under the charter. Receipt of incentive-based revenue from the Partnership’s FPSO units is dependent upon its operating performance and such revenue is recognized when earned by fulfillment of the applicable performance criteria. The Partnership does not recognize revenue during days that the vessel is off hire unless the contract provides for compensation while off hire. | |||||||||||||
Direct Financing Leases - Charter contracts that are accounted for as direct financing leases are reflected on the balance sheets as net investments in direct financing leases. The lease revenue is recognized on an effective interest rate method over the lease term and is included in revenues. Revenue from rendering of services are recognized as service is performed. Revenues are not recognized during days that the vessel is off-hire unless the contract provides for compensation while off hire. | |||||||||||||
The consolidated balance sheets reflect the deferred portion of revenues and expenses, which will be earned or incurred, respectively, in subsequent periods. | |||||||||||||
Operating Expenses | ' | ||||||||||||
Operating Expenses | |||||||||||||
Voyage expenses are all expenses unique to a particular voyage, including bunker fuel expenses, port fees, cargo loading and unloading expenses, canal tolls, agency fees and commissions. Vessel operating expenses include crewing, ship management services, repairs and maintenance, insurance, stores, lube oils and communication expenses. Voyage expenses and vessel operating expenses are recognized when incurred. | |||||||||||||
Cash and cash equivalents | ' | ||||||||||||
Cash and cash equivalents | |||||||||||||
The Partnership classifies all highly liquid investments with an original maturity date of three months or less when purchased as cash and cash equivalents. | |||||||||||||
Accounts receivable and allowance for doubtful accounts | ' | ||||||||||||
Accounts receivable and allowance for doubtful accounts | |||||||||||||
Accounts receivable are recorded at the invoiced amount and do not bear interest. The allowance for doubtful accounts is the Partnership’s best estimate of the amount of probable credit losses in existing accounts receivable. The Partnership determines the allowance based on historical write-off experience and customer economic data. The Partnership reviews the allowance for doubtful accounts regularly and past due balances are reviewed for collectability. Account balances are charged off against the allowance when the Partnership believes that the receivable will not be recovered. | |||||||||||||
Investment in joint venture | ' | ||||||||||||
Investment in joint venture | |||||||||||||
This investment in a joint venture is accounted for using the equity method of accounting. Under the equity method of accounting, the investment is stated at initial cost, is adjusted for subsequent additional investments and the Partnership’s proportionate share of earnings or losses and distributions. The Partnership evaluates its investment in the joint venture for impairment when events or circumstances indicate that the carrying value of such investment may have experienced an other-than-temporary decline in value below its carrying value. If the estimated fair value is less than the carrying value, the carrying value is written down to its estimated fair value and the resulting impairment is recorded in the Partnership’s consolidated statements of income (loss). | |||||||||||||
Vessels and equipment | ' | ||||||||||||
Vessels and equipment | |||||||||||||
All pre-delivery costs incurred during the construction of newbuildings, including interest, supervision and technical costs, are capitalized. The acquisition cost and all costs incurred to restore used vessels purchased by the Partnership to the standards required to properly service the Partnership’s customers are capitalized. | |||||||||||||
Vessel capital modifications include the addition of new equipment or can encompass various modifications to the vessel which are aimed at improving and/or increasing the operational efficiency and functionality of the asset. This type of expenditure is amortized over the estimated useful life of the modification. Expenditures covering recurring routine repairs or maintenance are expensed as incurred. | |||||||||||||
Depreciation is calculated on a straight-line basis over a vessel’s estimated useful life, less an estimated residual value. Shuttle and conventional tankers are depreciated using an estimated useful life of 20 to 25 years commencing the date the vessel is delivered from the shipyard, or a shorter period if regulations prevent the Partnership from operating the vessel for the estimated useful life. FPSO units are depreciated using an estimated useful life of 20 to 25 years commencing the date the unit arrives at the oil field and is in a condition that is ready to operate. Floating storage and off take (or FSO) units are depreciated over the term of the contract. Depreciation of vessels and equipment from continuing operations (including depreciation attributable to the Dropdown Predecessor) for the years ended December 31, 2013, 2012, and 2011, totalled $171.4 million, $158.0 million, and $135.4 million, respectively. Depreciation and amortization includes depreciation on all owned vessels. | |||||||||||||
Interest costs capitalized to vessels and equipment for the years ended December 31, 2013, 2012, and 2011 totaled $19.6 million, $1.5 million and $5.9 million, respectively. | |||||||||||||
Generally, the Partnership dry docks each shuttle tanker and conventional oil tanker every two and a half to five years. FSO and FPSO units are generally not dry docked. The Partnership capitalizes a portion of the costs incurred during dry docking and amortizes those costs on a straight-line basis from the completion of a dry docking over the estimated useful life of the dry dock. The Partnership includes in capitalized dry docking those costs incurred as part of the dry docking to meet regulatory requirements, or expenditures that either add economic life to the vessel, increase the vessel’s earning capacity or improve the vessel’s operating efficiency. The Partnership expenses costs related to routine repairs and maintenance performed during dry docking that do not improve operating efficiency or extend the useful lives of the assets. | |||||||||||||
Dry-docking activity for the three years ended December 31, 2013, 2012, and 2011 is summarized as follows: | |||||||||||||
Year Ended | Year Ended | Year Ended | |||||||||||
December 31, | December 31, | December 31, | |||||||||||
2013 | 2012 | 2011 | |||||||||||
$ | $ | $ | |||||||||||
Balance at beginning of the year | 45,909 | 60,158 | 71,349 | ||||||||||
Cost incurred for dry docking | 19,020 | 19,101 | 24,507 | ||||||||||
Dry-docking amortization relating to continuing operations | (22,559 | ) | (25,267 | ) | (29,276 | ) | |||||||
Dry-docking amortization relating to discontinued operations | (360 | ) | (2,087 | ) | (5,190 | ) | |||||||
Write down / sale of capitalized dry-dock expenditure | (475 | ) | (5,996 | ) | (1,232 | ) | |||||||
Balance at end of the year | 41,535 | 45,909 | 60,158 | ||||||||||
Vessels and equipment that are “held and used” are assessed for impairment when events or circumstances indicate the carrying amount of the asset may not be recoverable. If the asset’s net carrying value exceeds the net undiscounted cash flows expected to be generated over its remaining useful life, the carrying amount of the asset is reduced to its estimated fair value. The estimated fair value for the Partnership’s impaired vessels is determined using discounted cash flows or appraised values. In cases where an active second hand sale and purchase market does not exist, the Partnership uses a discounted cash flow approach to estimate the fair value of an impaired vessel. In cases where an active second hand sale and purchase market exists an appraised value is used to estimate the fair value of an impaired vessel. An appraised value is generally the amount the Partnership would expect to receive if it were to sell the vessel. Such appraisal is normally completed by the Partnership. | |||||||||||||
Direct financing leases | ' | ||||||||||||
Direct financing leases | |||||||||||||
The Partnership employs a number of vessels on long-term time charters and assembles, installs, operates and leases equipment that reduces volatile organic compound emissions (or VOC equipment) during loading, transportation and storage of oil and oil products. The long-term time charters and the leasing of some VOC equipment are accounted for as direct financing leases, with lease payments received by the Partnership being allocated between the net investment in the lease and other income using the effective interest method so as to produce a constant periodic rate of return over the lease term. | |||||||||||||
Debt issuance costs | ' | ||||||||||||
Debt issuance costs | |||||||||||||
Debt issuance costs, including fees, commissions and legal expenses, are deferred and presented as other non-current assets and amortized on an effective interest rate method over the term of the relevant loan. Amortization of debt issuance costs is included in interest expense. | |||||||||||||
Goodwill and intangible assets | ' | ||||||||||||
Goodwill and intangible assets | |||||||||||||
Goodwill is not amortized, but reviewed for impairment at the reporting unit level on an annual basis or more frequently if an event occurs or circumstances change that would more likely than not reduce the fair value of a reporting unit below its carrying value. When goodwill is reviewed for impairment, the Partnership may elect to assess qualitative factors to determine whether it is more likely than not that the fair value of a reporting unit is less than its carrying amount, including goodwill. Alternatively, the Partnership may bypass this step and use a fair value approach to identify potential goodwill impairment and, when necessary, measure the amount of impairment. The Partnership uses a discounted cash flow model to determine the fair value of reporting units, unless there is a readily determinable fair market value. Intangible assets are assessed for impairment when and if impairment indicators exist. An impairment loss is recognized if the carrying amount of an intangible asset is not recoverable and its carrying amount exceeds its fair value. | |||||||||||||
The Partnership’s intangible assets are amortized over their respective lives with the amount amortized each year being weighted based on the projected revenue to be earned under the contracts. | |||||||||||||
Derivative instruments | ' | ||||||||||||
Derivative instruments | |||||||||||||
All derivative instruments are initially recorded at fair value as either assets or liabilities in the accompanying consolidated balance sheets and subsequently remeasured to fair value, regardless of the purpose or intent for holding the derivative. The method of recognizing the resulting gain or loss is dependent on whether the derivative contract is designed to hedge a specific risk and also qualifies for hedge accounting. The Partnership does not apply hedge accounting to its derivative instruments, except for certain foreign exchange currency contracts and certain types of interest rate swaps that it may enter into the future (see note 11). | |||||||||||||
When a derivative is designated as a cash flow hedge, the Partnership formally documents the relationship between the derivative and the hedged item. This documentation includes the strategy and risk management objective for undertaking the hedge and the method that will be used to assess the effectiveness of the hedge. Any hedge ineffectiveness is recognized immediately in earnings, as are any gains and losses on the derivative that are excluded from the assessment of hedge effectiveness. The Partnership does not apply hedge accounting if it is determined that the hedge was not effective or will no longer be effective, the derivative was sold or exercised, or the hedged item was sold, repaid or no longer possible of occurring. | |||||||||||||
For derivative financial instruments designated and qualifying as cash flow hedges, changes in the fair value of the effective portion of the derivative financial instruments are initially recorded as a component of accumulated other comprehensive income in equity. In the periods when the hedged items affect earnings, the associated fair value changes on the hedging derivatives are transferred from equity to the corresponding earnings line item in the consolidated statements of income (loss). The ineffective portion of the change in fair value of the derivative financial instruments is immediately recognized in the consolidated statements of income (loss). If a cash flow hedge is terminated and the originally hedged items is still considered possible of occurring, the gains and losses initially recognized in equity remain there until the hedged item impacts earnings, at which point they are transferred to the corresponding earnings line item in the consolidated statements of income (loss). If the hedged items are no longer possible of occurring, amounts recognized in equity are immediately transferred to the earnings line item in the consolidated statements of income (loss). | |||||||||||||
For derivative financial instruments that are not designated or that do not qualify as accounting hedges under Financial Accounting Standards Board (or FASB) Accounting Standards Codification (or ASC) 815, Derivatives and Hedging, the changes in the fair value of the derivative financial instruments are recognized in earnings. Gains and losses from the Partnership’s non-designated foreign currency forward contracts and interest rate swaps are recorded in realized and unrealized gains (losses) on derivative instruments in the consolidated statements of income (loss). Gains and losses from the Partnership’s non-designated cross currency swaps are recorded in foreign currency exchange gain (loss) in the consolidated statements of income (loss). | |||||||||||||
Unit-based compensation | ' | ||||||||||||
Unit-based compensation | |||||||||||||
The Partnership grants restricted unit awards as incentive-based compensation to certain employees of Teekay Corporation’s subsidiaries that provide services to the Partnership. The Partnership measures the cost of such awards using the grant date fair value of the award and recognizes that cost, net of estimated forfeitures, over the requisite service period. The requisite service period consists of the period from the grant date of the award to the earlier of the date of vesting or the date the recipient becomes eligible for retirement. For unit-based compensation awards subject to graded vesting, the Partnership calculates the value of the award as if it was one single award with one expected life and amortizes the calculated expense for the entire award on a straight-line basis over the requisite service period. Unit-based compensation expenses are recorded under general and administrative expenses in the Partnership’s consolidated statements of income (loss). | |||||||||||||
Income taxes | ' | ||||||||||||
Income taxes | |||||||||||||
The Partnership’s Norwegian, Australian and Brazilian subsidiaries are subject to income taxes. The Partnership accounts for such taxes using the liability method. Under the liability method, deferred tax assets and liabilities are recognized for the anticipated future tax effects of temporary differences between the financial statement basis and the tax basis of the Partnership’s assets and liabilities using the applicable jurisdictional tax rates. A valuation allowance for deferred tax assets is recorded when it is more likely than not that some or all of the benefit from the deferred tax asset will not be realized. | |||||||||||||
Recognition of uncertain tax positions is dependent upon whether it is more-likely-than-not that a tax position taken or expected to be taken in a tax return will be sustained upon examination, including resolution of any related appeals or litigation processes, based on the technical merits of the position. If a tax position meets the more-likely-than-not recognition threshold, it is measured to determine the amount of benefit to recognize in the consolidated financial statements based on guidance in the interpretation. The Partnership recognizes interest and penalties related to uncertain tax positions in income tax recovery (expense). | |||||||||||||
Accumulated other comprehensive income (loss) | ' | ||||||||||||
Accumulated other comprehensive income (loss) | |||||||||||||
The following table contains the changes in the balance of the Partnership’s only component of accumulated other comprehensive income (loss) for the periods presented: | |||||||||||||
Qualifying Cash | |||||||||||||
Flow Hedging | |||||||||||||
Instruments | |||||||||||||
$ | |||||||||||||
Balance as at December 31, 2010 | 745 | ||||||||||||
Other comprehensive loss | (2,461 | ) | |||||||||||
Purchase of 49% of Teekay Offshore Operating L.P. (or OPCO) (note 10c) | 1,162 | ||||||||||||
Balance as at December 31, 2011 | (554 | ) | |||||||||||
Other comprehensive income | 496 | ||||||||||||
Balance as at December 31, 2012 | (58 | ) | |||||||||||
Other comprehensive income | 58 | ||||||||||||
Balance as at December 31, 2013 | — | ||||||||||||
Summary_of_Significant_Account2
Summary of Significant Accounting Policies (Tables) | 12 Months Ended | ||||||||||||
Dec. 31, 2013 | |||||||||||||
Accounting Policies [Abstract] | ' | ||||||||||||
Summary of Dry-Docking Activity | ' | ||||||||||||
Dry-docking activity for the three years ended December 31, 2013, 2012, and 2011 is summarized as follows: | |||||||||||||
Year Ended | Year Ended | Year Ended | |||||||||||
December 31, | December 31, | December 31, | |||||||||||
2013 | 2012 | 2011 | |||||||||||
$ | $ | $ | |||||||||||
Balance at beginning of the year | 45,909 | 60,158 | 71,349 | ||||||||||
Cost incurred for dry docking | 19,020 | 19,101 | 24,507 | ||||||||||
Dry-docking amortization relating to continuing operations | (22,559 | ) | (25,267 | ) | (29,276 | ) | |||||||
Dry-docking amortization relating to discontinued operations | (360 | ) | (2,087 | ) | (5,190 | ) | |||||||
Write down / sale of capitalized dry-dock expenditure | (475 | ) | (5,996 | ) | (1,232 | ) | |||||||
Balance at end of the year | 41,535 | 45,909 | 60,158 | ||||||||||
Changes in Component of Accumulated Other Comprehensive Income (Loss) | ' | ||||||||||||
The following table contains the changes in the balance of the Partnership’s only component of accumulated other comprehensive income (loss) for the periods presented: | |||||||||||||
Qualifying Cash | |||||||||||||
Flow Hedging | |||||||||||||
Instruments | |||||||||||||
$ | |||||||||||||
Balance as at December 31, 2010 | 745 | ||||||||||||
Other comprehensive loss | (2,461 | ) | |||||||||||
Purchase of 49% of Teekay Offshore Operating L.P. (or OPCO) (note 10c) | 1,162 | ||||||||||||
Balance as at December 31, 2011 | (554 | ) | |||||||||||
Other comprehensive income | 496 | ||||||||||||
Balance as at December 31, 2012 | (58 | ) | |||||||||||
Other comprehensive income | 58 | ||||||||||||
Balance as at December 31, 2013 | — | ||||||||||||
Financial_Instruments_Tables
Financial Instruments (Tables) | 12 Months Ended | ||||||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||||||
Investments All Other Investments [Abstract] | ' | ||||||||||||||||||||
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 year ended December 31, 2013, 2012 and 2011, 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: | |||||||||||||||||||||
Year Ended | |||||||||||||||||||||
December 31, 2013 | December 31, 2012 | December 31, 2011 | |||||||||||||||||||
$ | $ | $ | |||||||||||||||||||
Balance at beginning of period | (5,681 | ) | (10,894 | ) | — | ||||||||||||||||
Initial liability included in Partners’ Equity | — | — | (10,082 | ) | |||||||||||||||||
Settlement of liability | 6,000 | 5,870 | — | ||||||||||||||||||
Unrealized loss included in Other income - net | (319 | ) | (657 | ) | (812 | ) | |||||||||||||||
Balance at end of period | — | (5,681 | ) | (10,894 | ) | ||||||||||||||||
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. | |||||||||||||||||||||
December 31, 2013 | December 31, 2012 | ||||||||||||||||||||
Fair Value | Carrying | Fair | Carrying | Fair | |||||||||||||||||
Hierarchy | Amount | Value | Amount | Value | |||||||||||||||||
Level | Asset (Liability) | Asset (Liability) | Asset (Liability) | Asset (Liability) | |||||||||||||||||
$ | $ | $ | $ | ||||||||||||||||||
Recurring: | |||||||||||||||||||||
Cash and cash equivalents | Level 1 | 219,126 | 219,126 | 206,339 | 206,339 | ||||||||||||||||
Contingent consideration(note 10e) | Level 3 | — | — | (5,681 | ) | (5,681 | ) | ||||||||||||||
Derivative instruments (note 11) | |||||||||||||||||||||
Interest rate swap agreements | Level 2 | (141,143 | ) | (141,143 | ) | (270,731 | ) | (270,731 | ) | ||||||||||||
Cross currency swap agreement | Level 2 | (25,433 | ) | (25,433 | ) | 13,435 | 13,435 | ||||||||||||||
Foreign currency forward contracts | Level 2 | (842 | ) | (842 | ) | 2,153 | 2,153 | ||||||||||||||
Non-Recurring: | |||||||||||||||||||||
Vessel held for sale | Level 2 | — | — | 13,250 | 13,250 | ||||||||||||||||
Vessels and equipment (note 18) | Level 2 | 17,250 | 17,250 | — | — | ||||||||||||||||
Vessels and equipment | Level 3 | — | — | 17,979 | 17,979 | ||||||||||||||||
Other: | |||||||||||||||||||||
Long-term debt - public (note 7) | Level 1 | (487,097 | ) | (496,609 | ) | (215,641 | ) | (221,086 | ) | ||||||||||||
Long-term debt - non-public (note 7) | Level 2 | (1,881,879 | ) | (1,835,218 | ) | (1,553,991 | ) | (1,452,136 | ) | ||||||||||||
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: | |||||||||||||||||||||
Credit Quality Indicator | Grade | Year Ended | Year Ended | ||||||||||||||||||
December 31, 2013 | December 31, 2012 | ||||||||||||||||||||
$ | $ | ||||||||||||||||||||
Direct financing leases | Payment activity | Performing | 27,567 | 33,215 | |||||||||||||||||
Segment_Reporting_Tables
Segment Reporting (Tables) | 12 Months Ended | ||||||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||||||
Segment Reporting [Abstract] | ' | ||||||||||||||||||||
Revenues and Percentage of Consolidated Revenues | ' | ||||||||||||||||||||
The following table presents revenues and percentage of consolidated revenues for customers that accounted for more than 10% of the Partnership’s consolidated revenues from continuing operations during the periods presented. | |||||||||||||||||||||
(U.S. dollars in millions) | Year Ended | Year Ended | Year Ended | ||||||||||||||||||
December 31, | December 31, | December 31, | |||||||||||||||||||
2013 | 2012 | 2011 | |||||||||||||||||||
Petrobras Transporte S.A (1) | $ | 228.9 or 25 | % | $ | 259.3 or 28 | % | $ | 211.8 or 24 | % | ||||||||||||
Statoil ASA (2) | $ | 183.0 or 20 | % | $ | 198.0 or 21 | % | $ | 206.0 or 24 | % | ||||||||||||
Talisman Energy Inc(3) | $ | 122.1 or 13 | % | $ | 123.0 or 13 | % | $ | 113.1 or 13 | % | ||||||||||||
-1 | Shuttle tanker and FPSO segments | ||||||||||||||||||||
-2 | Shuttle tanker segment | ||||||||||||||||||||
-3 | FPSO segment | ||||||||||||||||||||
-4 | Shuttle tanker, conventional tanker and FSO segments | ||||||||||||||||||||
-5 | Excludes the results of seven conventional tankers as they have been determined to be discontinued operations. | ||||||||||||||||||||
Segment Results as Presented in Consolidated Financial Statements | ' | ||||||||||||||||||||
The following tables include results for these segments for the periods presented in these consolidated financial statements. | |||||||||||||||||||||
Year ended December 31, 2013 | |||||||||||||||||||||
Shuttle | FPSO | Conventional | FSO | Total | |||||||||||||||||
Tanker | Segment (2) | Tanker | Segment | ||||||||||||||||||
Segment | Segment | ||||||||||||||||||||
Revenues | 552,019 | 284,932 | 34,772 | 59,016 | 930,739 | ||||||||||||||||
Voyage expenses | 99,543 | — | 4,532 | (432 | ) | 103,643 | |||||||||||||||
Vessel operating expenses | 152,986 | 152,616 | 5,813 | 32,713 | 344,128 | ||||||||||||||||
Time-charter hire expense | 56,682 | — | — | — | 56,682 | ||||||||||||||||
Depreciation and amortization | 115,913 | 66,404 | 6,511 | 10,178 | 199,006 | ||||||||||||||||
General and administrative (1) | 21,821 | 17,742 | 2,357 | 2,553 | 44,473 | ||||||||||||||||
Write down and loss on sale of vessels | 76,782 | — | — | — | 76,782 | ||||||||||||||||
Restructuring charge | 2,169 | — | 438 | — | 2,607 | ||||||||||||||||
Income from vessel operations | 26,123 | 48,170 | 15,121 | 14,004 | 103,418 | ||||||||||||||||
Equity income | — | 6,731 | — | — | 6,731 | ||||||||||||||||
Investment in joint venture | — | 52,120 | — | — | 52,120 | ||||||||||||||||
Expenditures for vessels and equipment(3) | 427,069 | 28,260 | 68 | 181 | 455,578 | ||||||||||||||||
Expenditures for dry docking | 17,487 | — | 1,533 | — | 19,020 | ||||||||||||||||
Year ended December 31, 2012 | |||||||||||||||||||||
Shuttle | FPSO | Conventional | FSO | Total | |||||||||||||||||
Tanker | Segment | Tanker | Segment | ||||||||||||||||||
Segment | Segment | ||||||||||||||||||||
Revenues | 569,519 | 231,688 | 37,119 | 62,901 | 901,227 | ||||||||||||||||
Voyage expenses | 104,394 | — | 5,689 | 400 | 110,483 | ||||||||||||||||
Vessel operating expenses | 160,957 | 111,855 | 6,509 | 38,255 | 317,576 | ||||||||||||||||
Time-charter hire expense | 56,989 | — | — | — | 56,989 | ||||||||||||||||
Depreciation and amortization | 122,921 | 50,905 | 6,500 | 9,038 | 189,364 | ||||||||||||||||
General and administrative(1) | 20,146 | 11,208 | 1,389 | 1,838 | 34,581 | ||||||||||||||||
Write down and loss on sale of vessels | 24,542 | — | — | — | 24,542 | ||||||||||||||||
Restructuring charge | 647 | — | 468 | — | 1,115 | ||||||||||||||||
Income from vessel operations | 78,923 | 57,720 | 16,564 | 13,370 | 166,577 | ||||||||||||||||
Equity income | — | — | — | — | — | ||||||||||||||||
Investment in joint venture | — | — | — | — | — | ||||||||||||||||
Expenditures for vessels and equipment | 83,491 | 3,055 | 598 | 264 | 87,408 | ||||||||||||||||
Expenditures for dry docking | 14,977 | — | 70 | 4,054 | 19,101 | ||||||||||||||||
Year ended December 31, 2011 | |||||||||||||||||||||
Shuttle | FPSO | Conventional | FSO | ||||||||||||||||||
Tanker | Tanker | ||||||||||||||||||||
Segment | Segment | Segment | Segment | Total | |||||||||||||||||
Revenues | 573,296 | 173,836 | 31,119 | 62,731 | 840,982 | ||||||||||||||||
Voyage expenses | 95,864 | — | 332 | 1,388 | 97,584 | ||||||||||||||||
Vessel operating expenses | 186,642 | 82,434 | 6,115 | 32,769 | 307,960 | ||||||||||||||||
Time-charter hire expense | 74,478 | — | — | — | 74,478 | ||||||||||||||||
Depreciation and amortization | 115,637 | 37,496 | 6,588 | 12,009 | 171,730 | ||||||||||||||||
General and administrative (1) | 24,692 | 9,756 | 1,205 | 1,480 | 37,133 | ||||||||||||||||
Write down and loss on sale of vessels | 28,270 | — | — | 8,769 | 37,039 | ||||||||||||||||
Restructuring charge | 1,227 | — | — | 2,697 | 3,924 | ||||||||||||||||
Income from vessel operations | 46,486 | 44,150 | 16,879 | 3,619 | 111,134 | ||||||||||||||||
Equity income | — | — | — | — | — | ||||||||||||||||
Investment in joint venture | — | — | — | — | — | ||||||||||||||||
Expenditures for vessels and equipment (3) | 130,363 | 16,038 | 2,313 | (234 | ) | 148,480 | |||||||||||||||
Expenditures for dry docking | 16,892 | — | 670 | 6,945 | 24,507 | ||||||||||||||||
-1 | Includes direct general and administrative expenses and indirect general and administrative expenses (allocated to each segment based on estimated use of corporate resources). | ||||||||||||||||||||
-2 | Income from vessel operations for the year ended December 31, 2013 excludes $29.2 million, inclusive of the Dropdown Predecessor period, relating to the Voyageur Spirit FPSO. The unit had been declared off-hire retroactive to when it commenced production on April 13, 2013, given a delay in achieving final acceptance from the charterer, up until an interim agreement was reached with the charterer. Please read note 10g for more information. Income from vessel operations for the year ended December 31, 2013 also excludes a further $2.1 million from the Voyageur Spirit FPSO as relating to a production shortfall from August 27, 2013 to December 31, 2013. Under an interim agreement with the charterer, Teekay Corporation has indemnified the Partnership for these amounts which have effectively been treated as reductions to the purchase price of the Voyageur Spirit FPSO (see note 10g). | ||||||||||||||||||||
-3 | Excludes the purchase of the Voyageur Spirit (note 10g), the Itajai (note 10h), and the Piranema Spirit (note 17) FPSO units. | ||||||||||||||||||||
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: | |||||||||||||||||||||
December 31, 2013 | December 31, 2012 | ||||||||||||||||||||
$ | $ | ||||||||||||||||||||
Shuttle tanker segment | 2,004,505 | 1,758,619 | |||||||||||||||||||
FPSO segment | 1,303,229 | 752,835 | |||||||||||||||||||
Conventional tanker segment | 144,723 | 178,172 | |||||||||||||||||||
FSO segment | 102,452 | 79,629 | |||||||||||||||||||
Unallocated: | |||||||||||||||||||||
Cash and cash equivalents | 219,126 | 206,339 | |||||||||||||||||||
Other assets | 32,051 | 77,797 | |||||||||||||||||||
Consolidated total assets | 3,806,086 | 3,053,391 | |||||||||||||||||||
Goodwill_Intangible_Assets_and1
Goodwill, Intangible Assets and In-Process Revenue Contracts (Tables) | 12 Months Ended | ||||||||||||
Dec. 31, 2013 | |||||||||||||
Text Block [Abstract] | ' | ||||||||||||
Intangible Assets | ' | ||||||||||||
As at December 31, 2013, intangible assets consisted of: | |||||||||||||
Gross Carrying | Accumulated | Net Carrying | |||||||||||
Amount | Amortization | Amount | |||||||||||
Customer contracts (shuttle tanker segment) | 124,250 | (114,204 | ) | 10,046 | |||||||||
Customer contracts (FPSO segment) | 353 | (353 | ) | — | |||||||||
Other intangible assets (FPSO segment) | 390 | — | 390 | ||||||||||
124,993 | (114,557 | ) | 10,436 | ||||||||||
As at December 31, 2012, intangible assets consisted of: | |||||||||||||
Gross Carrying | Accumulated | Net Carrying | |||||||||||
Amount | Amortization | Amount | |||||||||||
Customer contracts (shuttle tanker segment) | 124,250 | (109,153 | ) | 15,097 | |||||||||
Customer contracts (FPSO segment) | 353 | (313 | ) | 40 | |||||||||
Other intangible assets (FPSO segment) | 390 | — | 390 | ||||||||||
124,993 | (109,466 | ) | 15,527 | ||||||||||
Accrued_Liabilities_Tables
Accrued Liabilities (Tables) | 12 Months Ended | ||||||||
Dec. 31, 2013 | |||||||||
Payables And Accruals [Abstract] | ' | ||||||||
Components of Accrued Liabilities | ' | ||||||||
December 31, 2013 | December 31, 2012 | ||||||||
$ | $ | ||||||||
Voyage and vessel expenses | 72,481 | 33,949 | |||||||
Audit, legal and other general expenses | 37,473 | 2,134 | |||||||
Interest including interest rate swaps | 20,185 | 14,713 | |||||||
Payroll and benefits | 6,803 | 9,864 | |||||||
Income tax payable and other | 1,214 | 1,048 | |||||||
138,156 | 61,708 |
LongTerm_Debt_Tables
Long-Term Debt (Tables) | 12 Months Ended | ||||||||
Dec. 31, 2013 | |||||||||
Debt Disclosure [Abstract] | ' | ||||||||
Long-Term Debt | ' | ||||||||
December 31, 2013 | December 31, 2012 | ||||||||
$ | $ | ||||||||
U.S. Dollar-denominated Revolving Credit Facilities due through 2018 | 743,494 | 812,509 | |||||||
Norwegian Kroner Bonds due through 2018 | 312,947 | 215,641 | |||||||
U.S. Dollar-denominated Term Loans due through 2018 | 188,854 | 213,993 | |||||||
U.S. Dollar-denominated Term Loans due through 2023 | 949,531 | 527,489 | |||||||
U.S. Dollar Bonds due through 2023 | 174,150 | — | |||||||
2,368,976 | 1,769,632 | ||||||||
Less current portion | 806,009 | 248,385 | |||||||
Total | 1,562,967 | 1,521,247 | |||||||
Related_Party_Transactions_Tab
Related Party Transactions (Tables) | 12 Months Ended | ||||||||||||
Dec. 31, 2013 | |||||||||||||
Related Party Transactions [Abstract] | ' | ||||||||||||
Revenues (Expenses) from Related Party Transactions | ' | ||||||||||||
Such related party transactions were as follows for the periods indicated: | |||||||||||||
Year Ended December 31, | |||||||||||||
2013 | 2012 | 2011 | |||||||||||
$ | $ | $ | |||||||||||
Revenues(1) | 71,905 | 64,166 | 62,233 | ||||||||||
Vessel operating expenses(2) | (39,820 | ) | (44,024 | ) | (38,760 | ) | |||||||
General and administrative(3)(4) | (29,528 | ) | (21,184 | ) | (26,660 | ) | |||||||
Interest income(5) | 1,217 | — | — | ||||||||||
Interest expense(6) | (450 | ) | (392 | ) | (316 | ) | |||||||
Realized and unrealized loss on derivative instruments(7) | — | — | (12,186 | ) | |||||||||
Other expense(8) | (319 | ) | (657 | ) | (812 | ) | |||||||
Net income from related party transactions from discontinued operations (9) | 19,255 | 59,872 | 106,483 | ||||||||||
-1 | Includes revenue from long-term time-charter-out contracts and short-term time-charter-out contracts with subsidiaries or affiliates of Teekay Corporation, including management fees from ship management services provided by the Partnership to a subsidiary of Teekay Corporation. | ||||||||||||
-2 | Includes ship management and crew training services provided by Teekay Corporation. The cost of ship management services provided by Teekay Corporation of $34.9 million for the year ended December 31, 2013, have been presented as vessel operating expenses (see note 1). The amounts reclassified from general and administrative to vessel operating expenses in the comparative periods to conform to the presentation adopted in the current periods were $38.7 million and $33.5 million for the years ended December 31, 2012 and 2011, respectively. | ||||||||||||
-3 | Includes commercial, technical, strategic, business development and administrative management fees charged by Teekay Corporation and reimbursements to Teekay Corporation and our General Partner for costs incurred on the Partnership’s behalf. | ||||||||||||
-4 | Includes a $1.0 million and $1.7 million success fee to Teekay Corporation for assistance with the acquisition of the 2010-built HiLoad Dynamic Positioning unit from Remora AS during the year ended December 31, 2013 and the acquisition of the 2007-built Piranema Spirit from Sevan Marine ASA during the year ended December 31, 2011, respectively. | ||||||||||||
-5 | Includes interest income related to the interest received from Teekay Corporation on the $150 million prepayment for the Voyageur Spirit. The Partnership received interest at a rate of LIBOR plus a margin of 4.25% on the prepaid funds to Teekay Corporation from February 26, 2013 until the Partnership acquired the FPSO unit on May 2, 2013. | ||||||||||||
-6 | Guarantee fee related to the final bullet payment of the Piranema Spirit FPSO debt facility guaranteed by Teekay Corporation for 2011 through 2013 and interest allocated from Teekay Corporation as a result of the Dropdown Predecessor during the year ended December 31, 2011. | ||||||||||||
-7 | Realized and unrealized losses on interest rate swaps allocated from Teekay Corporation as a result of the Dropdown Predecessor. | ||||||||||||
-8 | Unrealized loss from the change in fair value of the Partnership’s contingent consideration liability relating to the acquisition of the Scott Spirit (see note 3a). | ||||||||||||
-9 | Related party transactions relating to seven conventional tankers determined to be discontinued operations. This includes revenue from long-term time-charter-out contracts with subsidiaries or affiliates of Teekay Corporation, including the early termination fee described above; crew training fees charged by Teekay Corporation accounted for as vessel operating expenses; and commercial, technical, strategic and business development management fees charged by Teekay Corporation. |
Derivative_Instruments_Tables
Derivative Instruments (Tables) | 12 Months Ended | ||||||||||||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||||||||||||
Derivative Instruments And Hedging Activities Disclosure [Abstract] | ' | ||||||||||||||||||||||||||
Foreign Currency Forward Contracts | ' | ||||||||||||||||||||||||||
As at December 31, 2013, the Partnership was committed to the following foreign currency forward contracts: | |||||||||||||||||||||||||||
Contract Amount | Fair Value / Carrying | Average | Expected Maturity | ||||||||||||||||||||||||
in Foreign | Amount of Asset/(Liability) | Forward | |||||||||||||||||||||||||
Currency | (in thousands of U.S. Dollars) | Rate(1) | 2014 | 2015 | |||||||||||||||||||||||
(thousands) | Non-hedge | (in thousands of U.S. Dollars) | |||||||||||||||||||||||||
Norwegian Kroner | 333,000 | -842 | 6.02 | 49,563 | 5,764 | ||||||||||||||||||||||
-1 | Average forward rate represents the contracted amount of foreign currency one U.S. Dollar will buy. | ||||||||||||||||||||||||||
Summary of Cross Currency Swaps | ' | ||||||||||||||||||||||||||
As at December 31, 2013, the Partnership was committed to the following cross currency swaps: | |||||||||||||||||||||||||||
Principal | Principal | Floating Rate Receivable | Fair Value / | ||||||||||||||||||||||||
Amount | Amount | Reference | Margin | Fixed Rate | Asset | Remaining | |||||||||||||||||||||
NOK | USD | Rate | Payable | (Liability) | Term (years) | ||||||||||||||||||||||
600,000 | 101,351 | NIBOR | 5.75 | % | 7.49 | % | (5,503 | ) | 3.1 | ||||||||||||||||||
500,000 | 89,710 | NIBOR | 4 | % | 4.8 | % | (8,185 | ) | 2.1 | ||||||||||||||||||
800,000 | 143,536 | NIBOR | 4.75 | % | 5.93 | % | (11,745 | ) | 4.1 | ||||||||||||||||||
(25,433 | ) | ||||||||||||||||||||||||||
Interest Rate Swap Agreements | ' | ||||||||||||||||||||||||||
As at December 31, 2013, the Partnership was committed to the following interest rate swap agreements: | |||||||||||||||||||||||||||
Interest | Notional | Fair Value / | Weighted- | Fixed | |||||||||||||||||||||||
Rate | Amount | Carrying | Average | Interest | |||||||||||||||||||||||
Index | $ | Amount of | Remaining | Rate | |||||||||||||||||||||||
Assets | Term | (%) (1) | |||||||||||||||||||||||||
(Liability) | (years) | ||||||||||||||||||||||||||
$ | |||||||||||||||||||||||||||
U.S. Dollar-denominated interest rate swaps(2) | LIBOR | 800,000 | (103,818 | ) | 8.9 | 4.7 | |||||||||||||||||||||
U.S. Dollar-denominated interest rate swaps(3) | LIBOR | 934,189 | (37,325 | ) | 6 | 2.7 | |||||||||||||||||||||
1,734,189 | (141,143 | ) | |||||||||||||||||||||||||
-1 | Excludes the margin the Partnership pays on its variable-rate debt, which as at December 31, 2013, ranged from 0.30% and 3.25%. | ||||||||||||||||||||||||||
-2 | Notional amount remains constant over the term of the swap. | ||||||||||||||||||||||||||
-3 | Notional amount reduces quarterly or semi-annually. | ||||||||||||||||||||||||||
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. | |||||||||||||||||||||||||||
Accounts | Current | Derivative | Accrued | Current | Derivative | ||||||||||||||||||||||
Receivable | portion of | assets | liabilities | portion of | liabilities | ||||||||||||||||||||||
derivative | derivative | ||||||||||||||||||||||||||
assets | liabilities | ||||||||||||||||||||||||||
$ | $ | $ | $ | $ | $ | ||||||||||||||||||||||
As at December 31, 2013 | |||||||||||||||||||||||||||
Foreign currency contracts | — | 213 | 4 | — | (976 | ) | (83 | ) | |||||||||||||||||||
Cross currency swap | 12 | 287 | — | — | (311 | ) | (25,421 | ) | |||||||||||||||||||
Interest rate swaps | — | — | 10,319 | (9,174 | ) | (46,657 | ) | (95,631 | ) | ||||||||||||||||||
12 | 500 | 10,323 | (9,174 | ) | (47,944 | ) | (121,135 | ) | |||||||||||||||||||
As at December 31, 2012 | |||||||||||||||||||||||||||
Foreign currency contracts | — | 2,160 | — | — | (7 | ) | — | ||||||||||||||||||||
Cross currency swap | 284 | 10,238 | 2,913 | — | — | — | |||||||||||||||||||||
Interest rate swaps | — | — | — | (9,259 | ) | (47,741 | ) | (213,731 | ) | ||||||||||||||||||
284 | 12,398 | 2,913 | (9,259 | ) | (47,748 | ) | (213,731 | ) | |||||||||||||||||||
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 (loss), (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 (losses) gains on derivative instruments designated and qualifying as cash flow hedges. | |||||||||||||||||||||||||||
Year Ended December 31, 2013 | Year Ended December 31, 2012 | ||||||||||||||||||||||||||
Balance | Statement of Income | Balance | Statement of Income | ||||||||||||||||||||||||
Sheet | Sheet | ||||||||||||||||||||||||||
(AOCI) | (AOCI) | ||||||||||||||||||||||||||
Effective | Effective | Ineffective | Effective | Effective | Ineffective | ||||||||||||||||||||||
Portion | Portion | Portion | Portion | Portion | Portion | ||||||||||||||||||||||
$ | $ | $ | $ | $ | $ | ||||||||||||||||||||||
6 | — | — | Vessel operating expenses | 713 | — | — | Vessel operating expenses | ||||||||||||||||||||
(52 | ) | (59 | ) | General and administrative expenses | 217 | (440 | ) | General and administrative expenses | |||||||||||||||||||
6 | (52 | ) | (59 | ) | 713 | 217 | (440 | ) | |||||||||||||||||||
Year Ended December 31, 2011 | |||||||||||||||||||||||||||
Balance | Statement of Loss | ||||||||||||||||||||||||||
Sheet | |||||||||||||||||||||||||||
(AOCI) | |||||||||||||||||||||||||||
Effective | Effective | Ineffective | |||||||||||||||||||||||||
Portion | Portion | Portion | |||||||||||||||||||||||||
$ | $ | $ | |||||||||||||||||||||||||
319 | 833 | (300 | ) | Vessel operating expenses | |||||||||||||||||||||||
1,512 | (6 | ) | General and administrative expenses | ||||||||||||||||||||||||
319 | 2,345 | (306 | ) | ||||||||||||||||||||||||
Effect of Gains (Losses) on Derivatives | ' | ||||||||||||||||||||||||||
The effect of the gains (losses) on these derivatives on the consolidated statements of income (loss) for the years ended 2013, 2012, and 2011 is as follows: | |||||||||||||||||||||||||||
Year ended | Year ended | Year ended | |||||||||||||||||||||||||
December 31, | December 31, | December 31, | |||||||||||||||||||||||||
2013 | 2012 | 2011 | |||||||||||||||||||||||||
$ | $ | $ | |||||||||||||||||||||||||
Realized (losses) gains relating to: | |||||||||||||||||||||||||||
Interest rate swap termination | (31,798 | ) | — | — | |||||||||||||||||||||||
Interest rate swaps | (63,050 | ) | (58,596 | ) | (58,475 | ) | |||||||||||||||||||||
Foreign currency forward contracts | (824 | ) | 2,969 | 4,704 | |||||||||||||||||||||||
(95,672 | ) | (55,627 | ) | (53,771 | ) | ||||||||||||||||||||||
Unrealized gains (losses) relating to: | |||||||||||||||||||||||||||
Interest rate swaps | 133,488 | 26,100 | (100,306 | ) | |||||||||||||||||||||||
Foreign currency forward contracts | (2,996 | ) | 3,178 | (5,667 | ) | ||||||||||||||||||||||
130,492 | 29,278 | (105,973 | ) | ||||||||||||||||||||||||
Total realized and unrealized gains (losses) on derivative instruments | 34,820 | (26,349 | ) | (159,744 | ) | ||||||||||||||||||||||
Effect of Gain (Loss) on Cross Currency Swaps on Consolidated Statements of Income (Loss) | ' | ||||||||||||||||||||||||||
The effect of the (loss) gain on cross currency swaps on the consolidated statements of income (loss) for the years ended 2013, 2012, and 2011 is as follows: | |||||||||||||||||||||||||||
Year ended | Year ended | Year ended | |||||||||||||||||||||||||
December 31, | December 31, | December 31, | |||||||||||||||||||||||||
2013 | 2012 | 2011 | |||||||||||||||||||||||||
$ | $ | $ | |||||||||||||||||||||||||
Realized gain on partial termination of cross- currency swap | 6,800 | — | — | ||||||||||||||||||||||||
Realized gains | 1,563 | 2,992 | 2,881 | ||||||||||||||||||||||||
Unrealized (losses) gains | (38,596 | ) | 10,700 | (1,581 | ) | ||||||||||||||||||||||
Total realized and unrealized (losses) gains on cross currency swaps | (30,233 | ) | 13,692 | 1,300 | |||||||||||||||||||||||
Income_Taxes_Tables
Income Taxes (Tables) | 12 Months Ended | ||||||||||||
Dec. 31, 2013 | |||||||||||||
Income Tax Disclosure [Abstract] | ' | ||||||||||||
Components of Partnership's Deferred Tax Assets and Liabilities | ' | ||||||||||||
The significant components of the Partnership’s deferred tax assets and liabilities are as follows: | |||||||||||||
December 31, 2013 | December 31, 2012 | ||||||||||||
$ | $ | ||||||||||||
Deferred tax assets: | |||||||||||||
Tax losses carried forward(1) | 182,085 | 197,912 | |||||||||||
Provisions | 1,548 | 2,045 | |||||||||||
Other | 5,748 | 8,129 | |||||||||||
Total deferred tax assets: | 189,381 | 208,086 | |||||||||||
Deferred tax liabilities: | |||||||||||||
Vessels and equipment | 19,555 | 26,503 | |||||||||||
Long-term debt | 22,008 | 33,764 | |||||||||||
Other | 3,234 | 3,792 | |||||||||||
Total deferred tax liabilities | 44,797 | 64,059 | |||||||||||
Net deferred tax assets | 144,584 | 144,027 | |||||||||||
Valuation allowance | (136,730 | ) | (135,079 | ) | |||||||||
Net deferred tax assets(2) | 7,854 | 8,948 | |||||||||||
Disclosed in: | |||||||||||||
Deferred tax asset | 7,854 | 8,948 | |||||||||||
-1 | The net operating losses carried forward of $689.1 million are available to offset future taxable income in the applicable jurisdictions, and can be carried forward indefinitely. | ||||||||||||
-2 | The change in the net deferred tax assets is related to the change in temporary differences and foreign exchange gains. | ||||||||||||
Components of Provision for Income Taxes | ' | ||||||||||||
The components of the provision for income taxes are as follows: | |||||||||||||
Year ended | Year ended | Year ended | |||||||||||
December 31, | December 31, | December 31, | |||||||||||
2013 | 2012 | 2011 | |||||||||||
$ | $ | $ | |||||||||||
Current | (75 | ) | 1,669 | (7,293 | ) | ||||||||
Deferred | (2,150 | ) | 8,808 | 614 | |||||||||
Income tax (expense) recovery | (2,225 | ) | 10,477 | (6,679 | ) | ||||||||
Reconciliations of Income Tax Rate and Actual Tax Charge | ' | ||||||||||||
Reconciliations of the tax charge related to the current year at the applicable statutory income tax rates and the actual tax charge related to the current year are as follows: | |||||||||||||
Year ended | Year ended | Year ended | |||||||||||
December 31, | December 31, | December 31, | |||||||||||
2013 | 2012 | 2011 | |||||||||||
$ | $ | $ | |||||||||||
Net income (loss) before taxes | 78,782 | 94,970 | (78,697 | ) | |||||||||
Net income (loss) not subject to taxes | 41,100 | 77,570 | (102,756 | ) | |||||||||
Net income subject to taxes | 37,682 | 17,400 | 24,059 | ||||||||||
At applicable statutory tax rates | 2,559 | (6,292 | ) | 6,812 | |||||||||
Permanent differences | (3,619 | ) | (12,245 | ) | (11,444 | ) | |||||||
Adjustments related to currency differences | (14,231 | ) | 6,476 | (14,044 | ) | ||||||||
Temporary differences for which no deferred tax asset was recognized | 1,758 | 23 | 705 | ||||||||||
Valuation allowance | 15,758 | 1,600 | 24,673 | ||||||||||
Prior year current taxes accrued | — | (39 | ) | (23 | ) | ||||||||
Tax expense (recovery) related to current year | 2,225 | (10,477 | ) | 6,679 | |||||||||
Reconciliation of Partnership's Total Amount of Unrecognized Tax Benefits | ' | ||||||||||||
The following is a tabular reconciliation of the Partnership’s total amount of unrecognized tax benefits at the beginning and end of 2013, 2012, and 2011: | |||||||||||||
Year ended | Year ended | Year ended | |||||||||||
December 31, | December 31, | December 31, | |||||||||||
2013 | 2012 | 2011 | |||||||||||
$ | $ | $ | |||||||||||
Balance of unrecognized tax benefits as at beginning of the year | 3,692 | 6,231 | 5,929 | ||||||||||
Decreases for positions related to prior years | (336 | ) | (2,539 | ) | (122 | ) | |||||||
Increases for positions related to the current year | — | — | 424 | ||||||||||
Increase for positions attributable to the Dropdown Predecessor | 3,681 | — | — | ||||||||||
Balance of unrecognized tax benefits as at end of the year | 7,037 | 3,692 | 6,231 | ||||||||||
Supplemental_Cash_Flow_Informa1
Supplemental Cash Flow Information (Tables) | 12 Months Ended | ||||||||||||
Dec. 31, 2013 | |||||||||||||
Supplemental Cash Flow Elements [Abstract] | ' | ||||||||||||
Changes in Non-cash Working Capital Items Related to Operating Activities | ' | ||||||||||||
a) | The changes in non-cash working capital items related to operating activities for the years ended December 31, 2013, 2012, and 2011 are as follows: | ||||||||||||
Year ended | Year ended | Year ended | |||||||||||
December 31, | December 31, | December 31, | |||||||||||
2013 | 2012 | 2011 | |||||||||||
$ | $ | $ | |||||||||||
Accounts receivable | (59,003 | ) | (8,750 | ) | (13,788 | ) | |||||||
Prepaid expenses and other assets | (2,884 | ) | 6,075 | (6,139 | ) | ||||||||
Accounts payable and accrued liabilities | 46,266 | 35 | (8,716 | ) | |||||||||
Advances from (to) affiliate | 67,620 | (14,807 | ) | 17,347 | |||||||||
51,999 | (17,447 | ) | (11,296 | ) | |||||||||
Cash Portion of Purchase Price of Vessels Acquired from Teekay Corporation | ' | ||||||||||||
e) | The cash portion of the purchase price of vessels acquired from Teekay Corporation is as follows: | ||||||||||||
Year ended | Year ended | Year ended | |||||||||||
December 31, | December 31, | December 31, | |||||||||||
2013 | 2012 | 2011 | |||||||||||
$ | $ | $ | |||||||||||
Voyageur Spirit (net of cash acquired of $0.9 million)(1) (note 10g) | (234,125 | ) | — | — | |||||||||
Cidade de Itajai (net of cash acquired of $1.3 million) (note 10h) | (52,520 | ) | — | — | |||||||||
Peary Spirit (note 10d) | — | — | (37,729 | ) | |||||||||
Scott Spirit (note 10e) | — | — | (22,954 | ) | |||||||||
(286,645 | ) | — | (60,683 | ) | |||||||||
Contribution of Capital from Teekay Corporation to Dropdown Predecessor | ' | ||||||||||||
f) | Contribution of capital from Teekay Corporation to the Dropdown Predecessor included in other financing activities on the consolidated statements of cash flows is as follows: | ||||||||||||
Year ended | Year ended | Year ended | |||||||||||
December 31, | December 31, | December 31, | |||||||||||
2013 | 2012 | 2011 | |||||||||||
$ | $ | $ | |||||||||||
Relating to Voyageur Spirit (note 10g) | 5,596 | — | — | ||||||||||
Relating to Scott Spirit (note 10e) | — | — | 2,305 | ||||||||||
5,596 | — | 2,305 | |||||||||||
Partners_Equity_and_Net_Income1
Partners' Equity and Net Income (Loss) Per Unit (Tables) | 12 Months Ended | ||||||||||||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||||||||||||
Earnings Per Share [Abstract] | ' | ||||||||||||||||||||||||||
Summary of Incentive Distribution Rights | ' | ||||||||||||||||||||||||||
The General Partner is entitled to incentive distributions if the amount the Partnership distributes to unitholders with respect to any quarter exceeds specified target levels shown below: | |||||||||||||||||||||||||||
Quarterly Distribution Target Amount (per unit) | Unitholders | General Partner | |||||||||||||||||||||||||
Minimum quarterly distribution of $0.35 | 98 | % | 2 | % | |||||||||||||||||||||||
Up to $0.4025 | 98 | % | 2 | % | |||||||||||||||||||||||
Above $0.4025 up to $0.4375 | 85 | % | 15 | % | |||||||||||||||||||||||
Above $0.4375 up to $0.525 | 75 | % | 25 | % | |||||||||||||||||||||||
Above $0.525 | 50 | % | 50 | % | |||||||||||||||||||||||
Summary of Issuances of Common Units | ' | ||||||||||||||||||||||||||
The following table summarizes the issuances of common units over the three years ending December 31, 2013: | |||||||||||||||||||||||||||
Date | Offering | Number of | Offering | Gross | Net | Teekay | Use of Proceeds | ||||||||||||||||||||
Type | Common | Price | Proceeds (i) | Proceeds | Corporation’s | ||||||||||||||||||||||
Units | Ownership | ||||||||||||||||||||||||||
Issued | After the | ||||||||||||||||||||||||||
(in millions of U.S. Dollars) | Offering(ii) | ||||||||||||||||||||||||||
Mar-11 | Private | 7,562,814 | $ | 29.32 | 226.3 | 226.3 | 36.9 | % | Consideration for acquisition of remaining 49% in OPCO | ||||||||||||||||||
Jul-11 | Private | 713,266 | $ | 28.04 | 20.4 | 20.4 | 36.51 | % | Partially finance shipyard installments for | ||||||||||||||||||
four newbuilding shuttle tankers | |||||||||||||||||||||||||||
Nov-11 | Private | 7,112,974 | $ | 23.9 | 173.5 | 173.2 | 33.03 | % | Finance the purchase of the Piranema Spirit FPSO unit | ||||||||||||||||||
Jul-12 | Private | 1,700,022 | $ | 26.47 | 45.9 | 45.8 | 32.3 | % | Partially finance shipyard installments for four newbuilding shuttle tankers | ||||||||||||||||||
Sep-12 | Public | 7,778,832 | $ | 27.65 | 219.5 | 211.4 | 29.36 | % | Prepayment of revolving credit facilities | ||||||||||||||||||
Apr-13 | Private | 2,056,202 | $ | 29.18 | 61.2 | 61.2 | 28.67 | % | Partially finance four newbuilding shuttle tankers installments and for general partnership purposes. | ||||||||||||||||||
May-13 | Private | 1,446,654 | $ | 30.6 | 45.1 | 45.1 | 29.91 | % | Partially finance the acquisition of Voyageur | ||||||||||||||||||
During 2013 | COP | 85,508 | (iii | ) | 2.8 | 2.4 | (iii | ) | General partnership purposes | ||||||||||||||||||
Dec-13 | Private | 1,750,000 | $ | 30.5 | 54.5 | 54.4 | 29.31 | % | For general partnership purposes, which may include funding vessel conversion projects and future vessel acquisitions. | ||||||||||||||||||
(i) | Including General Partner’s 2% proportionate capital contribution | ||||||||||||||||||||||||||
(ii) | Including Teekay Corporation’s indirect 2% general partner interest | ||||||||||||||||||||||||||
(iii) | In May 2013, the Partnership implemented a continuous offering program (or COP), under which the Partnership may issue new common units, representing limited partner interests, at market prices up to a maximum aggregate amount of $100 million. |
Acquisition_of_Piranema_Spirit1
Acquisition of Piranema Spirit (Tables) | 12 Months Ended | ||||
Dec. 31, 2013 | |||||
Business Combinations [Abstract] | ' | ||||
Fair Values of Assets Acquired and Liabilities Assumed by Partnership | ' | ||||
The following table summarizes the fair values of the assets acquired and liabilities assumed by the Partnership. | |||||
(in thousands of U.S. dollars) | As at November 30, | ||||
2011 | |||||
$ | |||||
ASSETS | |||||
Cash and cash equivalents | 2,439 | ||||
Other current assets | 5,308 | ||||
Vessels and equipment | 292,242 | ||||
Other assets - long-term | 659 | ||||
Total assets acquired | 300,648 | ||||
LIABILITIES | |||||
Current liabilities | 8,458 | ||||
In-process revenue contracts | 127,900 | ||||
Total liabilities assumed | 136,358 | ||||
Net assets acquired | 164,290 | ||||
Cash consideration | 164,290 | ||||
Net cash consideration | 161,851 | ||||
Consolidated Pro Forma Financial Information | ' | ||||
The following table shows comparative summarized consolidated pro forma financial information for the Partnership for the year ended December 31, 2011, giving effect to the acquisition of a 100% interest in the Piranema Spirit FPSO unit as if it had taken place on January 1, 2010: | |||||
(in thousands of U.S. dollars, except per unit data) | Pro Forma | ||||
Year ended | |||||
December 31, 2011 | |||||
(unaudited) | |||||
$ | |||||
Revenues | 892,130 | ||||
Net loss | (98,030 | ) | |||
Limited partners’ interest in net loss per common unit- basic | (1.60 | ) | |||
Limited partners’ interest in net loss per common unit- diluted | (1.60 | ) | |||
Write_down_and_Loss_on_Sale_of1
Write down and Loss on Sale of Vessels and Discontinued Operations (Tables) | 12 Months Ended | ||||||||||||
Dec. 31, 2013 | |||||||||||||
Goodwill And Intangible Assets Disclosure [Abstract] | ' | ||||||||||||
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): | |||||||||||||
Year Ended | Year Ended | Year Ended | |||||||||||
December 31, | December 31, | December 31, | |||||||||||
2013 | 2012 | 2011 | |||||||||||
$ | $ | $ | |||||||||||
REVENUES | 20,238 | 62,967 | 108,079 | ||||||||||
OPERATING EXPENSES | |||||||||||||
Voyage expenses | 682 | 16,201 | 27,868 | ||||||||||
Vessel operating expenses | 3,903 | 14,286 | 19,998 | ||||||||||
Depreciation and amortization | 1,236 | 5,267 | 15,980 | ||||||||||
General and administrative | 479 | 1,178 | 613 | ||||||||||
Write down and loss on sale of vessels | 18,465 | 7,675 | 54,069 | ||||||||||
Total operating expenses | 24,765 | 44,607 | 118,528 | ||||||||||
(Loss) income from vessel operations | (4,527 | ) | 18,360 | (10,449 | ) | ||||||||
OTHER ITEMS | |||||||||||||
Interest expense | (110 | ) | (822 | ) | (968 | ) | |||||||
Foreign currency exchange (loss) gain | (4 | ) | 2 | — | |||||||||
Other (expense) income - net | (1 | ) | 28 | (78 | ) | ||||||||
Total other items | (115 | ) | (792 | ) | (1,046 | ) | |||||||
Net (loss) income from discontinued operations | (4,642 | ) | 17,568 | (11,495 | ) | ||||||||
Summary_of_Significant_Account3
Summary of Significant Accounting Policies - Additional Information (Detail) (USD $) | 12 Months Ended | ||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
Property, Plant and Equipment [Line Items] | ' | ' | ' |
Cost of ship management services | $34,900,000 | $38,700,000 | $33,500,000 |
Depreciation of vessels and equipment | 199,006,000 | 189,364,000 | 171,730,000 |
Interest costs capitalized to vessels and equipment | 19,600,000 | 1,500,000 | 5,900,000 |
Vessel [Member] | ' | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' | ' |
Depreciation of vessels and equipment | $171,400,000 | $158,000,000 | $135,400,000 |
Minimum [Member] | FPSO [Member] | ' | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' | ' |
Estimated useful life | '20 years | ' | ' |
Minimum [Member] | Shuttle and Conventional Tankers [Member] | ' | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' | ' |
Estimated useful life | '20 years | ' | ' |
Dry docks period | '2 years 6 months | ' | ' |
Maximum [Member] | FPSO [Member] | ' | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' | ' |
Estimated useful life | '25 years | ' | ' |
Maximum [Member] | Shuttle and Conventional Tankers [Member] | ' | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' | ' |
Estimated useful life | '25 years | ' | ' |
Dry docks period | '5 years | ' | ' |
Summary_of_Significant_Account4
Summary of Significant Accounting Policies - Summary of Dry-Docking Activity (Detail) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Property, Plant and Equipment [Line Items] | ' | ' | ' |
Balance at beginning of the year | $2,327,337 | ' | ' |
Cost incurred for dry docking | 19,020 | 19,101 | 24,507 |
Dry-docking amortization relating to continuing operations | -199,006 | -189,364 | -171,730 |
Write down / sale of capitalized dry-dock expenditure | -76,782 | -24,542 | -37,039 |
Balance at end of the year | 3,089,582 | 2,327,337 | ' |
Dry-docking Activity [Member] | ' | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' | ' |
Balance at beginning of the year | 45,909 | 60,158 | 71,349 |
Cost incurred for dry docking | 19,020 | 19,101 | 24,507 |
Dry-docking amortization relating to continuing operations | -22,559 | -25,267 | -29,276 |
Dry-docking amortization relating to discontinued operations | -360 | -2,087 | -5,190 |
Write down / sale of capitalized dry-dock expenditure | -475 | -5,996 | -1,232 |
Balance at end of the year | $41,535 | $45,909 | $60,158 |
Summary_of_Significant_Account5
Summary of Significant Accounting Policies - Changes in Component of Accumulated Other Comprehensive Income (Loss) (Detail) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Accumulated Other Comprehensive Income Loss Net Of Tax [Abstract] | ' | ' | ' |
Qualifying Cash Flow Hedging Instruments, Beginning Balance | ($58) | ($554) | $745 |
Other comprehensive income (loss) | 58 | 496 | -2,461 |
Purchase of 49% of Teekay Offshore Operating L.P. (or OPCO) (note 10c) | ' | ' | 1,162 |
Qualifying Cash Flow Hedging Instruments, Ending Balance | ' | ($58) | ($554) |
Summary_of_Significant_Account6
Summary of Significant Accounting Policies - Changes in Component of Accumulated Other Comprehensive Income (Loss) (Parenthetical) (Detail) | Dec. 31, 2011 |
Accumulated Other Comprehensive Income Loss Net Of Tax [Abstract] | ' |
Percentage of purchase amount | 49.00% |
Dropdown_Predecessor_Additiona
Dropdown Predecessor - Additional Information (Detail) (USD $) | 12 Months Ended | 12 Months Ended | |||||||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2013 | Dec. 31, 2011 | Dec. 31, 2013 | 2-May-13 | Dec. 31, 2013 | Dec. 31, 2011 |
Dropdown Predecessor [Member] | Dropdown Predecessor [Member] | Voyageur Spirit [Member] | Voyageur Spirit [Member] | Voyageur Spirit [Member] | Scott Spirit [Member] | ||||
Dropdown Predecessor [Member] | Dropdown Predecessor [Member] | ||||||||
Business Acquisition, Equity Interests Issued or Issuable [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Percentage of shares acquired in entity under common control | ' | ' | 49.00% | ' | ' | 100.00% | 100.00% | ' | ' |
Increase (Decrease) Partnership's net income | $71,915 | $123,015 | ($96,871) | ($2,225) | ($15,075) | ' | ' | ($2,225) | ($15,075) |
Increase (Decrease) Partnership's comprehensive income | $58 | $496 | ($2,026) | ' | ' | ' | ' | ($2,225) | ($15,075) |
Financial_Instruments_Addition
Financial Instruments - Additional Information (Detail) (USD $) | 0 Months Ended | 1 Months Ended | 12 Months Ended | |||
Oct. 01, 2011 | Oct. 01, 2013 | Oct. 01, 2012 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2013 | |
Scott Spirit [Member] | ' | ' | ' | ' | ' | ' |
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items] | ' | ' | ' | ' | ' | ' |
Business acquisition purchase price | $116,000,000 | ' | ' | ' | ' | ' |
Purchase price adjustment maximum | ' | ' | ' | ' | ' | 12,000,000 |
Estimated fair value of the consideration liability based upon new ship days, number of days | ' | ' | ' | '219 days | '787 days | ' |
Estimated fair value of the consideration liability based upon new ship days, average daily hire rate | ' | ' | ' | 59,255 | 53,043 | ' |
Estimated increase in the daily rate for existing ship days | ' | ' | ' | 15,532 | 0 | ' |
Existing ship days used to determine increase in daily rate used to estimate fair value of the consideration liability | ' | ' | ' | '365 days | '0 days | ' |
Payout amount as provided for in the contingent consideration formula, Minimum | ' | ' | ' | ' | ' | 0 |
Additional purchase price paid by the Partnership | ' | 6,000,000 | 5,900,000 | ' | ' | ' |
Navion Norvegia [Member] | ' | ' | ' | ' | ' | ' |
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items] | ' | ' | ' | ' | ' | ' |
Estimated fair value of vessel | ' | ' | ' | 18,000,000 | ' | ' |
Estimated trading life of the vessel | ' | ' | ' | '2 years 2 months 12 days | ' | ' |
Future revenues based on field production forecasts | ' | ' | ' | 37,200,000 | ' | ' |
Operating and dry-dock expenditures | ' | ' | ' | 20,500,000 | ' | ' |
Residual value based on vessel's light weight tonnage and price of steel | ' | ' | ' | $6,500,000 | ' | ' |
Weighted average cost of capital, discount rate | ' | ' | ' | 7.90% | ' | ' |
Financial_Instruments_Changes_
Financial Instruments - Changes in Fair Value for Partnership's Contingent Consideration Liability Measured Recurring Basis Using Significant Unobservable Inputs (Level 3) (Detail) (Scott Spirit [Member], USD $) | 1 Months Ended | 12 Months Ended | |||||
In Thousands, unless otherwise specified | Oct. 01, 2013 | Oct. 01, 2012 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Oct. 01, 2012 | Dec. 31, 2011 |
Contingent consideration [Member] | Contingent consideration [Member] | Contingent consideration [Member] | Contingent consideration [Member] | ||||
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ' | ' | ' | ' | ' | ' | ' |
Balance at beginning of period | ' | ' | ($5,681) | ($5,681) | ($10,894) | ' | ' |
Initial liability included in Partners' Equity | ' | ' | ' | ' | ' | ' | -10,082 |
Settlement of liability | 6,000 | 5,900 | ' | 6,000 | 5,870 | 5,870 | ' |
Unrealized loss included in Other income - net | ' | ' | ' | -319 | -657 | ' | -812 |
Balance at end of period | ' | ' | ($5,681) | ' | ($5,681) | ' | ($10,894) |
Financial_Instruments_Estimate
Financial Instruments - Estimated Fair Value of Financial Instruments Measured at Fair Value on Recurring Basis (Detail) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2010 |
In Thousands, unless otherwise specified | ||||
Recurring: | ' | ' | ' | ' |
Cash and cash equivalents | $219,126 | $206,339 | $179,934 | $166,483 |
Derivative instruments | ' | ' | ' | ' |
Fair Value /Carrying Amount of Assets (Liability) | 141,143 | ' | ' | ' |
Non-Recurring: | ' | ' | ' | ' |
Vessel held for sale | ' | 13,250 | ' | ' |
Long-term debt | -2,368,976 | -1,769,632 | ' | ' |
Cross currency swap agreements [Member] | ' | ' | ' | ' |
Derivative instruments | ' | ' | ' | ' |
Fair value/ Carrying Amount of Assets (Liability) | -25,433 | ' | ' | ' |
Carrying Amount [Member] | Level 1 [Member] | Recurring [Member] | ' | ' | ' | ' |
Recurring: | ' | ' | ' | ' |
Cash and cash equivalents | 219,126 | 206,339 | ' | ' |
Carrying Amount [Member] | Level 1 [Member] | Public [Member] | ' | ' | ' | ' |
Non-Recurring: | ' | ' | ' | ' |
Long-term debt | -487,097 | -215,641 | ' | ' |
Carrying Amount [Member] | Level 3 [Member] | Recurring [Member] | ' | ' | ' | ' |
Recurring: | ' | ' | ' | ' |
Contingent consideration | ' | -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 swaps [Member] | ' | ' | ' | ' |
Derivative instruments | ' | ' | ' | ' |
Fair Value /Carrying Amount of Assets (Liability) | -141,143 | -270,731 | ' | ' |
Carrying Amount [Member] | Level 2 [Member] | Recurring [Member] | Cross currency swap agreements [Member] | ' | ' | ' | ' |
Derivative instruments | ' | ' | ' | ' |
Fair value/ Carrying Amount of Assets (Liability) | -25,433 | 13,435 | ' | ' |
Carrying Amount [Member] | Level 2 [Member] | Recurring [Member] | Foreign currency forward contracts [Member] | ' | ' | ' | ' |
Derivative instruments | ' | ' | ' | ' |
Fair Value /Carrying Amount of Assets (Liability) | -842 | 2,153 | ' | ' |
Carrying Amount [Member] | Level 2 [Member] | Non-Recurring [Member] | ' | ' | ' | ' |
Non-Recurring: | ' | ' | ' | ' |
Vessel held for sale | ' | 13,250 | ' | ' |
Vessels and equipment | 17,250 | ' | ' | ' |
Carrying Amount [Member] | Level 2 [Member] | Non-Public [Member] | ' | ' | ' | ' |
Non-Recurring: | ' | ' | ' | ' |
Long-term debt | -1,881,879 | -1,553,991 | ' | ' |
Fair Value [Member] | Level 1 [Member] | Recurring [Member] | ' | ' | ' | ' |
Recurring: | ' | ' | ' | ' |
Cash and cash equivalents | 219,126 | 206,339 | ' | ' |
Fair Value [Member] | Level 1 [Member] | Public [Member] | ' | ' | ' | ' |
Non-Recurring: | ' | ' | ' | ' |
Long-term debt | -496,609 | -221,086 | ' | ' |
Fair Value [Member] | Level 3 [Member] | Recurring [Member] | ' | ' | ' | ' |
Recurring: | ' | ' | ' | ' |
Contingent consideration | ' | -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 swaps [Member] | ' | ' | ' | ' |
Derivative instruments | ' | ' | ' | ' |
Fair Value /Carrying Amount of Assets (Liability) | -141,143 | -270,731 | ' | ' |
Fair Value [Member] | Level 2 [Member] | Recurring [Member] | Cross currency swap agreements [Member] | ' | ' | ' | ' |
Derivative instruments | ' | ' | ' | ' |
Fair value/ Carrying Amount of Assets (Liability) | -25,433 | 13,435 | ' | ' |
Fair Value [Member] | Level 2 [Member] | Recurring [Member] | Foreign currency forward contracts [Member] | ' | ' | ' | ' |
Derivative instruments | ' | ' | ' | ' |
Fair Value /Carrying Amount of Assets (Liability) | -842 | 2,153 | ' | ' |
Fair Value [Member] | Level 2 [Member] | Non-Recurring [Member] | ' | ' | ' | ' |
Non-Recurring: | ' | ' | ' | ' |
Vessel held for sale | ' | 13,250 | ' | ' |
Vessels and equipment | 17,250 | ' | ' | ' |
Fair Value [Member] | Level 2 [Member] | Non-Public [Member] | ' | ' | ' | ' |
Non-Recurring: | ' | ' | ' | ' |
Long-term debt | ($1,835,218) | ($1,452,136) | ' | ' |
Financial_Instruments_Summary_
Financial Instruments - Summary of Partnership's Financing Receivables (Detail) (Payment activity [Member], Performing [Member], USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Payment activity [Member] | Performing [Member] | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Direct financing leases | $27,567 | $33,215 |
Segment_Reporting_Additional_I
Segment Reporting - Additional Information (Detail) | 12 Months Ended |
Dec. 31, 2013 | |
Segment | |
Segment Reporting Information [Line Items] | ' |
Number of reportable segments | 4 |
Discontinued Operations [Member] | ' |
Segment Reporting Information [Line Items] | ' |
Number of vessels | 7 |
Segment_Reporting_Revenues_and
Segment Reporting - Revenues and Percentage of Consolidated Revenues (Detail) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Revenue, Major Customer [Line Items] | ' | ' | ' |
Revenues | $930,739 | $901,227 | $840,982 |
Petrobras Transporte S.A [Member] | Customer Concentration Risk [Member] | ' | ' | ' |
Revenue, Major Customer [Line Items] | ' | ' | ' |
Revenues | 228,900 | 259,300 | 211,800 |
Petrobras Transporte S.A [Member] | Sales Revenue, Net [Member] | Customer Concentration Risk [Member] | ' | ' | ' |
Revenue, Major Customer [Line Items] | ' | ' | ' |
Percentage of consolidated revenue | 25.00% | 28.00% | 24.00% |
Statoil ASA [Member] | Customer Concentration Risk [Member] | ' | ' | ' |
Revenue, Major Customer [Line Items] | ' | ' | ' |
Revenues | 183,000 | 198,000 | 206,000 |
Statoil ASA [Member] | Sales Revenue, Net [Member] | Customer Concentration Risk [Member] | ' | ' | ' |
Revenue, Major Customer [Line Items] | ' | ' | ' |
Percentage of consolidated revenue | 20.00% | 21.00% | 24.00% |
Talisman Energy Inc [Member] | Customer Concentration Risk [Member] | ' | ' | ' |
Revenue, Major Customer [Line Items] | ' | ' | ' |
Revenues | $122,100 | $123,000 | $113,100 |
Talisman Energy Inc [Member] | Sales Revenue, Net [Member] | Customer Concentration Risk [Member] | ' | ' | ' |
Revenue, Major Customer [Line Items] | ' | ' | ' |
Percentage of consolidated revenue | 13.00% | 13.00% | 13.00% |
Segment_Reporting_Segment_Resu
Segment Reporting - Segment Results as Presented in Consolidated Financial Statements (Detail) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Segment Reporting Information [Line Items] | ' | ' | ' |
Revenues | $930,739 | $901,227 | $840,982 |
Voyage expenses | 103,643 | 110,483 | 97,584 |
Vessel operating expenses | 344,128 | 317,576 | 307,960 |
Time-charter hire expense | 56,682 | 56,989 | 74,478 |
Depreciation and amortization | 199,006 | 189,364 | 171,730 |
General and administrative | 44,473 | 34,581 | 37,133 |
Write down and loss on sale of vessels | 76,782 | 24,542 | 37,039 |
Restructuring charge | 2,607 | 1,115 | 3,924 |
Income from vessel operations | 103,418 | 166,577 | 111,134 |
Equity income | 6,731 | 0 | 0 |
Investment in joint venture | 52,120 | 0 | 0 |
Expenditures for vessels and equipment | 455,578 | 87,408 | 148,480 |
Expenditures for dry docking | 19,020 | 19,101 | 24,507 |
Shuttle Tankers [Member] | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' |
Revenues | 552,019 | 569,519 | 573,296 |
Voyage expenses | 99,543 | 104,394 | 95,864 |
Vessel operating expenses | 152,986 | 160,957 | 186,642 |
Time-charter hire expense | 56,682 | 56,989 | 74,478 |
Depreciation and amortization | 115,913 | 122,921 | 115,637 |
General and administrative | 21,821 | 20,146 | 24,692 |
Write down and loss on sale of vessels | 76,782 | 24,542 | 28,270 |
Restructuring charge | 2,169 | 647 | 1,227 |
Income from vessel operations | 26,123 | 78,923 | 46,486 |
Equity income | 0 | 0 | 0 |
Investment in joint venture | 0 | 0 | 0 |
Expenditures for vessels and equipment | 427,069 | 83,491 | 130,363 |
Expenditures for dry docking | 17,487 | 14,977 | 16,892 |
FPSO [Member] | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' |
Revenues | 284,932 | 231,688 | 173,836 |
Voyage expenses | 0 | 0 | 0 |
Vessel operating expenses | 152,616 | 111,855 | 82,434 |
Time-charter hire expense | 0 | 0 | 0 |
Depreciation and amortization | 66,404 | 50,905 | 37,496 |
General and administrative | 17,742 | 11,208 | 9,756 |
Write down and loss on sale of vessels | 0 | 0 | 0 |
Restructuring charge | ' | 0 | 0 |
Income from vessel operations | 48,170 | 57,720 | 44,150 |
Equity income | 6,731 | 0 | 0 |
Investment in joint venture | 52,120 | 0 | 0 |
Expenditures for vessels and equipment | 28,260 | 3,055 | 16,038 |
Expenditures for dry docking | 0 | 0 | 0 |
Conventional Tanker [Member] | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' |
Revenues | 34,772 | 37,119 | 31,119 |
Voyage expenses | 4,532 | 5,689 | 332 |
Vessel operating expenses | 5,813 | 6,509 | 6,115 |
Time-charter hire expense | 0 | 0 | 0 |
Depreciation and amortization | 6,511 | 6,500 | 6,588 |
General and administrative | 2,357 | 1,389 | 1,205 |
Write down and loss on sale of vessels | 0 | 0 | 0 |
Restructuring charge | 438 | 468 | 0 |
Income from vessel operations | 15,121 | 16,564 | 16,879 |
Equity income | 0 | 0 | 0 |
Investment in joint venture | 0 | 0 | 0 |
Expenditures for vessels and equipment | 68 | 598 | 2,313 |
Expenditures for dry docking | 1,533 | 70 | 670 |
FSO [Member] | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' |
Revenues | 59,016 | 62,901 | 62,731 |
Voyage expenses | -432 | 400 | 1,388 |
Vessel operating expenses | 32,713 | 38,255 | 32,769 |
Time-charter hire expense | 0 | 0 | 0 |
Depreciation and amortization | 10,178 | 9,038 | 12,009 |
General and administrative | 2,553 | 1,838 | 1,480 |
Write down and loss on sale of vessels | 0 | 0 | 8,769 |
Restructuring charge | 0 | 0 | 2,697 |
Income from vessel operations | 14,004 | 13,370 | 3,619 |
Equity income | 0 | 0 | 0 |
Investment in joint venture | 0 | 0 | 0 |
Expenditures for vessels and equipment | 181 | 264 | -234 |
Expenditures for dry docking | $0 | $4,054 | $6,945 |
Segment_Reporting_Segment_Resu1
Segment Reporting - Segment Results as Presented in Consolidated Financial Statements (Parenthetical) (Detail) (USD $) | 12 Months Ended | 4 Months Ended | 12 Months Ended | |||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | |
Voyageur Spirit [Member] | Voyageur Spirit [Member] | Voyageur Spirit [Member] | ||||
Indemnification Agreement [Member] | Indemnification Agreement [Member] | |||||
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' | ' |
Amount of charter rate being forgone | $56,682,000 | $56,989,000 | $74,478,000 | $29,200,000 | ' | $29,200,000 |
Indeminification of revenue loss | ' | ' | ' | ' | $2,100,000 | $3,600,000 |
Segment_Reporting_Reconciliati
Segment Reporting - Reconciliation of Total Segment Assets to Total Assets Presented in Accompanying Consolidated Balance Sheets (Detail) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2010 |
In Thousands, unless otherwise specified | ||||
Segment Reporting Information [Line Items] | ' | ' | ' | ' |
Cash and cash equivalents | $219,126 | $206,339 | $179,934 | $166,483 |
Other assets | 32,051 | 77,797 | ' | ' |
Total assets | 3,806,086 | 3,053,391 | ' | ' |
Shuttle Tankers [Member] | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' |
Total assets | 2,004,505 | 1,758,619 | ' | ' |
FPSO [Member] | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' |
Total assets | 1,303,229 | 752,835 | ' | ' |
Conventional Tanker [Member] | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' |
Total assets | 144,723 | 178,172 | ' | ' |
FSO Segment [Member] | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' |
Total assets | $102,452 | $79,629 | ' | ' |
Goodwill_Intangible_Assets_and2
Goodwill, Intangible Assets and In-Process Revenue Contracts - Additional Information (Detail) (USD $) | 12 Months Ended | ||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
Acquired Finite Lived Intangible Liabilities [Line Items] | ' | ' | ' |
Goodwill | $127,113,000 | $127,113,000 | ' |
Aggregate amortization expense of intangible assets | 12,744,000 | 12,714,000 | 1,148,000 |
Piranema Spirit [Member] | ' | ' | ' |
Acquired Finite Lived Intangible Liabilities [Line Items] | ' | ' | ' |
Amortization of revenue - 2014 | 12,700,000 | ' | ' |
Amortization of revenue - 2015 | 12,700,000 | ' | ' |
Amortization of revenue - 2016 | 12,800,000 | ' | ' |
Amortization of revenue- 2017 | 12,700,000 | ' | ' |
Amortization of revenue- 2018 | 9,100,000 | ' | ' |
Amortization of revenue thereafter | 41,300,000 | ' | ' |
Amortization expense of intangible assets [Member] | ' | ' | ' |
Acquired Finite Lived Intangible Liabilities [Line Items] | ' | ' | ' |
Aggregate amortization expense of intangible assets | 5,100,000 | 6,000,000 | 7,100,000 |
Amortization expense - 2014 | 4,000,000 | ' | ' |
Amortization expense - 2015 | 3,000,000 | ' | ' |
Amortization expense - 2016 | 2,000,000 | ' | ' |
Amortization expense - 2017 | 1,000,000 | ' | ' |
Amortization expense thereafter | 0 | ' | ' |
Shuttle Tankers [Member] | ' | ' | ' |
Acquired Finite Lived Intangible Liabilities [Line Items] | ' | ' | ' |
Goodwill impairment | $0 | $0 | ' |
Goodwill_Intangible_Assets_and3
Goodwill, Intangible Assets and In-Process Revenue Contracts - Intangible Assets (Detail) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Schedule Of Finite And Indefinite Lived Intangible Assets [Line Items] | ' | ' |
Gross Carrying Amount | $124,993 | $124,993 |
Accumulated Amortization | -114,557 | -109,466 |
Net Carrying Amount | 10,436 | 15,527 |
FPSO [Member] | ' | ' |
Schedule Of Finite And Indefinite Lived Intangible Assets [Line Items] | ' | ' |
Gross Carrying Amount | 390 | 390 |
Net Carrying Amount | 390 | 390 |
FPSO [Member] | Customer contracts [Member] | ' | ' |
Schedule Of Finite And Indefinite Lived Intangible Assets [Line Items] | ' | ' |
Gross Carrying Amount | 353 | 353 |
Accumulated Amortization | -353 | -313 |
Net Carrying Amount | ' | 40 |
Shuttle Tankers [Member] | Customer contracts [Member] | ' | ' |
Schedule Of Finite And Indefinite Lived Intangible Assets [Line Items] | ' | ' |
Gross Carrying Amount | 124,250 | 124,250 |
Accumulated Amortization | -114,204 | -109,153 |
Net Carrying Amount | $10,046 | $15,097 |
Accrued_Liabilities_Components
Accrued Liabilities - Components of Accrued Liabilities (Detail) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Payables And Accruals [Abstract] | ' | ' |
Voyage and vessel expenses | $72,481 | $33,949 |
Audit, legal and other general expenses | 37,473 | 2,134 |
Interest including interest rate swaps | 20,185 | 14,713 |
Payroll and benefits | 6,803 | 9,864 |
Income tax payable and other | 1,214 | 1,048 |
Total Accrued Liabilities | $138,156 | $61,708 |
LongTerm_Debt_LongTerm_Debt_De
Long-Term Debt - Long-Term Debt (Detail) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Debt Instrument [Line Items] | ' | ' |
Long-term debt | $2,368,976 | $1,769,632 |
Less current portion | 806,009 | 248,385 |
Total | 1,562,967 | 1,521,247 |
U.S. Dollar-denominated Revolving Credit Facilities due through 2018 [Member] | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Long-term debt | 743,494 | 812,509 |
Norwegian Kroner Bonds due through 2018 [Member] | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Long-term debt | 312,947 | 215,641 |
U.S. Dollar-denominated Term Loans due through 2018 [Member] | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Long-term debt | 188,854 | 213,993 |
U.S. Dollar-denominated Term Loans due through 2023 [Member] | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Long-term debt | 949,531 | 527,489 |
U.S. Dollar Bonds due through 2023 [Member] | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Long-term debt | $174,150 | ' |
LongTerm_Debt_Additional_Infor
Long-Term Debt - Additional Information (Detail) | Dec. 31, 2013 | Jan. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Jan. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 |
In Millions, unless otherwise specified | CreditFacility | NOK | Norwegian Kroner Bond due in 2017 [Member] | Norwegian Kroner Bond due in 2017 [Member] | Norwegian kroner bond [Member] | Norwegian kroner bond [Member] | Norwegian Kroner Bond due in 2016 [Member] | Norwegian Kroner Bonds due through 2018 [Member] | Guaranteed by Partnership and Subsidiaries [Member] | Guaranteed by Teekay Corporation [Member] | Revolving Credit Facility [Member] | Interest rate swaps [Member] | Interest rate swaps [Member] | Interest rate swaps [Member] | Interest rate swaps [Member] |
USD ($) | NIBOR Loan [Member] | USD ($) | NOK | NIBOR Loan [Member] | NIBOR Loan [Member] | USD ($) | USD ($) | Norwegian Kroner Bond due in 2017 [Member] | Norwegian Kroner Bond due in 2016 [Member] | Norwegian Kroner Bonds due through 2018 [Member] | |||||
NOK | NOK | NOK | CreditFacility | USD ($) | USD ($) | USD ($) | |||||||||
Debt Instrument [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Number of long-term revolving credit facilities | 1 | ' | ' | ' | ' | ' | ' | ' | ' | ' | 7 | ' | ' | ' | ' |
Revolving credit facilities borrowing capacity | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $855.40 | ' | ' | ' | ' |
Undrawn amount of revolving credit facility | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 111.9 | ' | ' | ' | ' |
Amount reduced under revolving credit facilities, 2014 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 615 | ' | ' | ' | ' |
Amount reduced under revolving credit facilities, 2015 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 59.2 | ' | ' | ' | ' |
Amount reduced under revolving credit facilities, 2016 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 121.9 | ' | ' | ' | ' |
Amount reduced under revolving credit facilities, 2017 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 20.9 | ' | ' | ' | ' |
Amount reduced under revolving credit facilities, 2018 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 38.4 | ' | ' | ' | ' |
Debt instrument collateral, description | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 'The revolving credit facilities are collateralized by first-priority mortgages granted on 24 of the Partnership's vessels, together with other related security. | ' | ' | ' | ' |
Minimum liquidity required by revolving credit facility covenants descriptions | ' | ' | ' | ' | ' | ' | ' | ' | 'Five of the revolving credit facilities are guaranteed by the Partnership and certain of its subsidiaries for all outstanding amounts and contain covenants that require the Partnership to maintain the greater of a minimum liquidity (cash, cash equivalents and undrawn committed revolving credit lines with at least six months to maturity) of at least $75.0 million and 5.0% of the Partnership's total consolidated debt. | 'Two revolving credit facilities are guaranteed by Teekay Corporation and contain covenants that require Teekay Corporation to maintain the greater of a minimum liquidity (cash and cash equivalents) of at least $50.0 million and 5.0% of Teekay Corporation's total consolidated debt which has recourse to Teekay Corporation. | ' | ' | ' | ' | ' |
Senior unsecured bonds issued | ' | 600 | 98.8 | 600 | 214.1 | 1,300 | 500 | 800 | 75 | ' | ' | ' | ' | ' | ' |
Marginal rate added for interest paid | ' | ' | ' | 5.75% | ' | ' | 4.00% | 4.75% | 5.00% | ' | ' | ' | ' | ' | ' |
Reference rate for the variable rate of the debt instrument | ' | ' | 'NIBOR | ' | ' | ' | 'NIBOR | 'NIBOR | ' | ' | ' | ' | ' | ' | ' |
Fixed interest rates based on interest rate swaps | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1.12% | 7.49% | 4.80% | 5.93% |
Debt instrument transfer of principal amount | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $101.40 | $89.70 | $143.50 |
LongTerm_Debt_Additional_Infor1
Long-Term Debt - Additional Information1 (Detail) | 12 Months Ended | 12 Months Ended | 12 Months Ended | 12 Months Ended | 12 Months Ended | |||||||||||||||||||||||
Dec. 31, 2013 | Dec. 31, 2013 | Jan. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | |
USD ($) | NOK | NOK | USD ($) | Minimum [Member] | Minimum [Member] | Maximum [Member] | Maximum [Member] | Interest rate swaps [Member] | Cross currency swap agreement partial termination [Member] | U.S. Dollar-denominated Term Loans due through 2018 [Member] | U.S. Dollar-denominated Term Loans due through 2018 [Member] | U.S. Dollar-denominated Term Loans due through 2018 [Member] | U.S. Dollar-denominated Term Loans due through 2018 [Member] | U.S. Dollar-denominated Term Loans due through 2018 [Member] | Ten-year senior secured bonds [Member] | U.S. Dollar-denominated Revolving Credit Facilities due through 2018 [Member] | U.S. Dollar-denominated Revolving Credit Facilities due through 2018 [Member] | U.S. Dollar-denominated Revolving Credit Facilities due through 2018 [Member] | Norwegian Kroner Bond due in 2013 [Member] | Norwegian Kroner Bond due in 2013 [Member] | Norwegian Kroner Bond due in 2013 [Member] | Norwegian Kroner Bond due in 2013 [Member] | U.S. Dollar-denominated Term Loans due through 2023 [Member] | U.S. Dollar-denominated Term Loans due through 2023 [Member] | U.S. Dollar-denominated Term Loans due through 2023 [Member] | U.S. Dollar-denominated Term Loans due through 2023 [Member] | Term Loans Due 2022 [Member] | |
Subsidiary | USD ($) | USD ($) | USD ($) | Guarantee of Indebtedness of Others [Member] | Guarantee of Indebtedness of Others [Member] | Guarantee of Indebtedness of Others [Member] | USD ($) | USD ($) | USD ($) | Minimum [Member] | USD ($) | NOK | NIBOR Loan [Member] | LIBOR Loan [Member] | USD ($) | USD ($) | Guarantee of Indebtedness of Others [Member] | Guarantee of Indebtedness of Others [Member] | USD ($) | |||||||||
CreditFacility | JV Partner [Member] | Partnership [Member] | Parent [Member] | Partnership [Member] | Parent [Member] | |||||||||||||||||||||||
USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | ||||||||||||||||||||||||
Debt Instrument [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Senior unsecured bonds issued | ' | ' | 600,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 211,500,000 | ' | ' | ' | ' | ' | ' | ' |
Reference rate for the variable rate of the debt instrument | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 'NIBOR | 'LIBOR | ' | ' | ' | ' | ' |
Marginal rate added for interest paid | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 4.75% | 5.04% | ' | ' | ' | ' | ' |
Debt instrument transfer of principal amount | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 34,700,000 | ' | ' | ' | ' | ' | ' | ' | ' |
Interest Rate Index | ' | ' | ' | ' | ' | ' | ' | ' | 'LIBOR | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Fixed interest rate of bonds | ' | ' | ' | ' | ' | ' | ' | ' | 1.12% | ' | ' | ' | ' | ' | ' | 4.96% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
LIBOR rate receivable variable | ' | ' | ' | ' | ' | ' | ' | ' | 'The floating LIBOR rate receivable from the interest rate swap was capped at 3.5%, which effectively resulted in a fixed rate of 1.12% unless LIBOR exceeded 3.5%, in which case the Partnership's related interest rate effectively floated at LIBOR, but reduced by 2.38%. | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Repurchase of bond | ' | 388,500,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Loss on bond repurchase | -1,759,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Realized gains (losses) included in foreign currency exchange loss | 6,600,000 | ' | ' | ' | ' | ' | ' | ' | ' | 6,800,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Partnership's subsidiaries | 6 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Partnership's interest owned in subsidiaries | 50.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Carrying amount of debt | 2,368,976,000 | ' | ' | 1,769,632,000 | ' | ' | ' | ' | ' | ' | 188,854,000 | 213,993,000 | ' | ' | ' | ' | 743,494,000 | 812,509,000 | ' | ' | ' | ' | ' | 949,531,000 | 527,489,000 | ' | ' | ' |
Guaranteed term loans | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 94,400,000 | 55,600,000 | 38,900,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 548,900,000 | 400,600,000 | ' |
Final bullet payments | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 29,100,000 | ' | ' | ' | 29,000,000 |
Senior secured bonds issued | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 174,200,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Range of credit facility margin | ' | ' | ' | ' | 0.30% | 0.30% | 3.25% | 3.25% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Weighted-average effective interest rate | 2.70% | ' | ' | 2.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Aggregate principal repayments, 2014 | 806,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Aggregate principal repayments, 2015 | 149,800,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Aggregate principal repayments, 2016 | 309,300,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Aggregate principal repayments, 2017 | 344,200,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Aggregate principal repayments, 2018 | 348,700,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Aggregate principal repayments, thereafter | $411,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Number of facility | 1 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Asset value to outstanding drawn principal balance ratio | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 122.90% | ' | 105.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Leases_Additional_Information_
Leases - Additional Information (Detail) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
VOC [Member] | ' | ' |
Schedule Of Operating Leases [Line Items] | ' | ' |
Minimum lease payments receivable | $1,000,000 | $3,500,000 |
Unearned income | 0 | 200,000 |
Lease payments receivable - 2014 | 1,000,000 | ' |
Leasing of the Falcon Spirit FSO unit [Member] | ' | ' |
Schedule Of Operating Leases [Line Items] | ' | ' |
Minimum lease payments receivable | 29,900,000 | 38,400,000 |
Unearned income | 11,800,000 | 17,000,000 |
Lease payments receivable - 2014 | 8,600,000 | ' |
Estimated unguaranteed residual value | 8,500,000 | ' |
Lease payments receivable - 2015 | 8,700,000 | ' |
Lease payments receivable - 2016 | 8,800,000 | ' |
Lease payments receivable - 2017 | 3,800,000 | ' |
Charters-out [Member] | ' | ' |
Schedule Of Operating Leases [Line Items] | ' | ' |
Operating leases cost | 3,500,000,000 | ' |
Operating leases accumulated depreciation | 800,000,000 | ' |
Operating leases carrying amount of the vessels | 2,700,000,000 | ' |
Minimum scheduled future revenues | 3,600,000,000 | ' |
Revenues receivable - 2014 | 652,000,000 | ' |
Revenues receivable - 2015 | 607,600,000 | ' |
Revenues receivable - 2016 | 517,800,000 | ' |
Revenues receivable - 2017 | 523,200,000 | ' |
Revenues receivable - 2018 | 344,900,000 | ' |
Revenues receivable - Thereafter | 989,000,000 | ' |
Charters-in [Member] | ' | ' |
Schedule Of Operating Leases [Line Items] | ' | ' |
Minimum commitments owing by the Partnership | 33,800,000 | ' |
Minimum commitments under vessel operating leases - 2014 | 27,000,000 | ' |
Minimum commitments under vessel operating leases - 2015 | $6,800,000 | ' |
Restructuring_Charge_Additiona
Restructuring Charge - Additional Information (Detail) (USD $) | 12 Months Ended | ||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
Restructuring Cost and Reserve [Line Items] | ' | ' | ' |
Restructuring charges | $2,607,000 | $1,115,000 | $3,924,000 |
Restructuring liabilities | 700,000 | 300,000 | ' |
Shuttle Tankers Reflagged [Member] | ' | ' | ' |
Restructuring Cost and Reserve [Line Items] | ' | ' | ' |
Restructuring charges | 600,000 | ' | ' |
FSO Units And Shuttle Tanker [Member] | ' | ' | ' |
Restructuring Cost and Reserve [Line Items] | ' | ' | ' |
Restructuring charges | ' | ' | 3,900,000 |
Shuttle Tankers [Member] | ' | ' | ' |
Restructuring Cost and Reserve [Line Items] | ' | ' | ' |
Restructuring charges | 1,600,000 | 600,000 | ' |
Total restructuring charges recorded under plan | 2,200,000 | ' | ' |
Conventional Tanker [Member] | ' | ' | ' |
Restructuring Cost and Reserve [Line Items] | ' | ' | ' |
Restructuring charges | 400,000 | 500,000 | ' |
Total restructuring charges recorded under plan | $900,000 | ' | ' |
Related_Party_Transactions_Add
Related Party Transactions - Additional Information (Detail) (USD $) | 12 Months Ended | 0 Months Ended | 12 Months Ended | 0 Months Ended | 2 Months Ended | 0 Months Ended | 12 Months Ended | 0 Months Ended | 1 Months Ended | 12 Months Ended | 0 Months Ended | 1 Months Ended | 2 Months Ended | 8 Months Ended | 12 Months Ended | 0 Months Ended | ||||||||||||||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Oct. 01, 2010 | Dec. 31, 2011 | Mar. 08, 2011 | Mar. 08, 2011 | Aug. 02, 2011 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Oct. 01, 2011 | Oct. 01, 2013 | Oct. 01, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2013 | Dec. 31, 2012 | Oct. 01, 2012 | Dec. 31, 2011 | 2-May-13 | 31-May-13 | Feb. 28, 2013 | 2-May-13 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | 2-May-13 | |
Rio das Ostras FPSO unit [Member] | Rio das Ostras FPSO unit [Member] | OPCO [Member] | OPCO [Member] | Peary Spirit [Member] | Peary Spirit [Member] | Peary Spirit [Member] | Peary Spirit [Member] | Scott Spirit [Member] | Scott Spirit [Member] | Scott Spirit [Member] | Scott Spirit [Member] | Scott Spirit [Member] | Scott Spirit [Member] | Scott Spirit [Member] | Scott Spirit [Member] | Scott Spirit [Member] | Scott Spirit [Member] | Voyageur Spirit [Member] | Voyageur Spirit [Member] | Voyageur Spirit [Member] | Voyageur Spirit [Member] | Voyageur Spirit [Member] | Voyageur Spirit [Member] | Voyageur Spirit [Member] | Voyageur Spirit [Member] | Voyageur Spirit [Member] | ||||
Contingent consideration [Member] | Contingent consideration [Member] | Contingent consideration [Member] | Contingent consideration [Member] | Contract | Adjusted [Member] | |||||||||||||||||||||||||
Related Party Transaction [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Entity acquired, purchase price | ' | ' | ' | $157,700,000 | ' | ' | ' | $134,500,000 | ' | ' | ' | $116,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $540,000,000 |
Entity acquired, working capital | ' | ' | ' | 12,400,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Upgrade costs, which is reflected as a capital contribution | ' | ' | 2,000,000 | ' | 2,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Percentage of ownership in acquired entity after acquisition | ' | ' | 49.00% | ' | ' | 49.00% | 49.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 100.00% | ' | ' | 100.00% | 100.00% | 100.00% | ' | ' | ' |
Portion of Purchase price paid in cash | 286,645,000 | ' | 60,683,000 | ' | ' | 175,000,000 | ' | 37,700,000 | ' | ' | 37,729,000 | 23,000,000 | ' | ' | ' | ' | 22,954,000 | ' | ' | ' | ' | 270,000,000 | 270,000,000 | ' | 150,000,000 | ' | 234,125,000 | ' | ' | ' |
Distributions made by acquired entity to non-controlling interest before acquisition | ' | ' | ' | ' | ' | ' | 15,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Private placement, common units issued | ' | ' | ' | ' | ' | 7,600,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
General partner's interest | 2.00% | ' | ' | ' | ' | 2.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Percentage of ownership in acquired entity after acquisition | ' | ' | ' | ' | ' | 100.00% | 100.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Historical book value of interest in acquired entity | ' | ' | ' | ' | ' | 128,000,000 | 128,000,000 | 32,200,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Excess purchase price over net carrying value | 44,268,000 | -2,794,000 | ' | ' | ' | 258,300,000 | ' | 5,500,000 | ' | ' | ' | 35,600,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Entity acquired, purchase price of loan due to parent | ' | ' | ' | ' | ' | ' | ' | 96,800,000 | ' | ' | ' | ' | ' | ' | 93,300,000 | ' | ' | ' | ' | ' | ' | 230,000,000 | ' | ' | ' | ' | ' | ' | ' | ' |
Debt converted to equity | ' | ' | 36,905,000 | ' | ' | ' | ' | 36,905,000 | ' | ' | ' | 34,500,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Purchase price adjustment maximum | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 12,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Repayment of portion of liability by partnership | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 6,000,000 | 5,900,000 | ' | ' | ' | 6,000,000 | 5,870,000 | 5,870,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Outstanding liability due to affiliates | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 5,681,000 | ' | ' | 5,681,000 | ' | 10,894,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Number of years following acquisition purchase price is subject to adjustment | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 'Two years | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Liabilities assumed on business combination | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 2,600,000 | ' | ' | ' | ' | ' | ' | ' | 230,000,000 | ' | ' | 230,000,000 | ' | ' | ' | ' | ' |
Fair value of interest rate swap | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | -34,600,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Vessel operating expenses | 344,128,000 | 317,576,000 | 307,960,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 100,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
General and administrative expenses | 44,473,000 | 34,581,000 | 37,133,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 100,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Interest expense | 450,000 | 392,000 | 316,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 300,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Realized and unrealized gains (losses) on non designated derivative instrument | -34,820,000 | 26,349,000 | 159,744,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 12,200,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Acquired VOC Equipment Price | ' | 12,848,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Operating lease arrangement period, lessor | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | '5 years | ' | ' | ' | ' |
Additional fixed rate time charter contract period | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | '1 year | '1 year | ' | ' | ' |
Maximum available contract extension options | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 10 | ' | ' | ' | ' |
Partial prepayment to acquire entity | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 150,000,000 | ' | ' | ' | ' | ' | ' |
Purchase price financed through the issuance of new units | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $40,000,000 | ' | ' | ' | ' | ' | ' | ' | ' |
Common units issued | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1,400,000 | ' | ' | ' | ' | ' | ' | ' | ' |
Related_Party_Transactions_Add1
Related Party Transactions - Additional Information 1 (Detail) (USD $) | 12 Months Ended | 1 Months Ended | 12 Months Ended | 3 Months Ended | 12 Months Ended | 9 Months Ended | 12 Months Ended | 4 Months Ended | 12 Months Ended | 0 Months Ended | ||||||||||||||||||||||||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Jun. 30, 2011 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Jun. 30, 2013 | Mar. 31, 2013 | Jun. 30, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2011 | Dec. 31, 2013 | 2-May-13 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Jun. 10, 2013 | Jun. 10, 2013 | Jun. 10, 2013 | 31-May-13 | |
Shuttle Tankers [Member] | Shuttle Tankers [Member] | Shuttle Tankers [Member] | Shuttle Tankers [Member] | Shuttle Tankers [Member] | Conventional Tanker [Member] | Conventional Tanker [Member] | Conventional Tanker [Member] | Conventional Tanker [Member] | FSO [Member] | FSO [Member] | FSO [Member] | Teekay Corporation [Member] | Teekay Corporation [Member] | Teekay Corporation [Member] | Teekay Corporation [Member] | Teekay Corporation [Member] | Teekay Corporation [Member] | Dropdown Predecessor [Member] | Dropdown Predecessor [Member] | Voyageur Spirit [Member] | Voyageur Spirit [Member] | Voyageur Spirit [Member] | Voyageur Spirit [Member] | Voyageur Spirit [Member] | Voyageur Spirit [Member] | Voyageur Spirit [Member] | Itajai FPSO Joint Venture [Member] | Itajai FPSO Joint Venture [Member] | Itajai FPSO Joint Venture [Member] | Itajai FPSO Joint Venture [Member] | ||||
Vessel | Affiliated Entity [Member] | Affiliated Entity [Member] | Tank | Conventional Tanker [Member] | Maximum [Member] | Initial [Member] | Indemnification Agreement [Member] | Indemnification Agreement [Member] | Dropdown Predecessor [Member] | Teekay Corporation [Member] | Joint Venture Partner [Member] | Joint Venture Partner [Member] | ||||||||||||||||||||||
Tank | Tank | Tank | ||||||||||||||||||||||||||||||||
Related Party Transaction [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Interest expense | $62,855,000 | $47,508,000 | $35,929,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $300,000 | ' | ' | ' | ' |
Amount of charter rate being forgone | 56,682,000 | 56,989,000 | 74,478,000 | ' | 56,682,000 | 56,989,000 | 74,478,000 | ' | 0 | 0 | 0 | ' | 0 | 0 | 0 | ' | ' | ' | ' | ' | ' | ' | ' | 29,200,000 | ' | ' | ' | ' | 29,200,000 | ' | ' | ' | ' | ' |
Indeminification of revenue loss | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 54,000,000 | ' | 2,100,000 | 3,600,000 | ' | ' | ' | ' | ' |
Entity acquired, purchase price | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 509,300,000 | ' | ' | ' | ' | ' | ' | ' |
Net assumed debt on purchase | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 279,300,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Liabilities assumed on business combination | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 230,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Indemnification amount | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 34,900,000 | ' | ' | ' | ' | ' |
Excess purchase price over book value | 203,977,000 | ' | 12,519,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 203,977,000 | 12,519,000 | ' | ' | ' | ' | ' | ' | 201,800,000 | ' | ' | ' | ' |
Equity distribution | 192,142,000 | 164,720,000 | 156,284,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 77,600,000 | ' | ' | ' | ' |
Carrying value in excess of fair value | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 4,300,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Percentage of interest in joint venture | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 50.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Entity acquired, purchase price | 52,520,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 53,800,000 | ' | ' | ' |
Joint venture debt | 2,368,976,000 | 1,769,632,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 289,500,000 | 300,000,000 |
Repayment of debt drawn down | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 10,500,000 | ' | ' |
Carrying value of equity contribution from Teekay Corporation | -6,590,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 6,590,000 | ' | ' |
Shipbuilding and site supervision costs | 14,200,000 | 2,800,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Number of vessels | ' | ' | ' | 4 | ' | ' | ' | 2 | ' | ' | ' | 2 | 2 | ' | ' | ' | ' | ' | ' | ' | 2 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Percentage of interest in joint venture | 50.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Early termination fee | $71,905,000 | $64,166,000 | $62,233,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $4,500,000 | $6,800,000 | $14,700,000 | $11,300,000 | $14,700,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Related_Party_Transactions_Rev
Related Party Transactions - Revenues (Expenses) from Related Party Transactions (Detail) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Related Party Transaction [Line Items] | ' | ' | ' |
Revenues | $71,905 | $64,166 | $62,233 |
Vessel operating expenses | -39,820 | -44,024 | -38,760 |
General and administrative | -29,528 | -21,184 | -26,660 |
Interest income | 1,217 | ' | ' |
Interest expense | -450 | -392 | -316 |
Realized and unrealized loss on derivative instruments | ' | ' | -12,186 |
Other expense | -319 | -657 | -812 |
Voyageur Spirit [Member] | ' | ' | ' |
Related Party Transaction [Line Items] | ' | ' | ' |
Reference rate for the variable rate of the debt instrument | 'LIBOR | ' | ' |
Discontinued Operations [Member] | ' | ' | ' |
Related Party Transaction [Line Items] | ' | ' | ' |
General and administrative | $19,255 | $59,872 | $106,483 |
Related_Party_Transactions_Rev1
Related Party Transactions - Revenues (Expenses) from Related Party Transactions (Parenthetical) (Detail) (USD $) | 0 Months Ended | 1 Months Ended | 2 Months Ended | 12 Months Ended | ||
2-May-13 | 31-May-13 | 2-May-13 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
Related Party Transaction [Line Items] | ' | ' | ' | ' | ' | ' |
Vessel operating expenses | ' | ' | ' | $344,128,000 | $317,576,000 | $307,960,000 |
Cash consideration | ' | ' | ' | 286,645,000 | ' | 60,683,000 |
Discontinued Operations [Member] | ' | ' | ' | ' | ' | ' |
Related Party Transaction [Line Items] | ' | ' | ' | ' | ' | ' |
Vessel operating expenses | ' | ' | ' | 3,903,000 | 14,286,000 | 19,998,000 |
Number of vessels | ' | ' | ' | 7 | ' | ' |
Voyageur Spirit [Member] | ' | ' | ' | ' | ' | ' |
Related Party Transaction [Line Items] | ' | ' | ' | ' | ' | ' |
Cash consideration | 270,000,000 | 270,000,000 | 150,000,000 | 234,125,000 | ' | ' |
Margin portion of LIBOR interest rate | ' | ' | 4.25% | ' | ' | ' |
Technical Management Fee [Member] | ' | ' | ' | ' | ' | ' |
Related Party Transaction [Line Items] | ' | ' | ' | ' | ' | ' |
Vessel operating expenses | ' | ' | ' | 34,900,000 | ' | ' |
Technical Management Fee [Member] | Reclassification from general and administrative expense [Member] | ' | ' | ' | ' | ' | ' |
Related Party Transaction [Line Items] | ' | ' | ' | ' | ' | ' |
Vessel operating expenses | ' | ' | ' | ' | 38,700,000 | 33,500,000 |
Teekay Corporation [Member] | ' | ' | ' | ' | ' | ' |
Related Party Transaction [Line Items] | ' | ' | ' | ' | ' | ' |
Success fee for assistance with acquisition | ' | ' | ' | $1,000,000 | ' | $1,700,000 |
Related_Party_Transactions_Add2
Related Party Transactions - Additional Information 1 (Parenthetical) (Detail) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Related Party Transactions [Abstract] | ' | ' |
Due from affiliates | $15,202 | $29,682 |
Due to affiliates | $121,864 | $47,810 |
Derivative_Instruments_Foreign
Derivative Instruments - Foreign Currency Forward Contracts (Detail) (USD $) | Dec. 31, 2013 |
In Thousands, unless otherwise specified | |
Derivative [Line Items] | ' |
Contract Amount in Foreign Currency | $1,734,189 |
Norwegian Kroner [Member] | ' |
Derivative [Line Items] | ' |
Contract Amount in Foreign Currency | 333,000 |
Average Forward Rate | 6.02 |
Fair Value / Carrying Amount of Asset/(Liability) Non-hedge | -842 |
Expected Maturity Current Year | 49,563 |
Expected Maturity Next Fiscal Year | $5,764 |
Derivative_Instruments_Summary
Derivative Instruments - Summary of Cross Currency Swaps (Detail) | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | USD ($) | Cross currency swap agreements [Member] | Cross currency swap agreements [Member] | Cross currency swap agreements [Member] | Cross currency swap agreements [Member] | Cross currency swap agreements [Member] | Cross currency swap agreements [Member] | Cross currency swap agreements [Member] |
USD ($) | Maturing in 2017 [Member] | Maturing in 2017 [Member] | Maturing in 2016 [Member] | Maturing in 2016 [Member] | Maturing in 2018 [Member] | Maturing in 2018 [Member] | ||
USD ($) | NOK | USD ($) | NOK | USD ($) | NOK | |||
Derivative Instruments, Gain (Loss) [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' |
Fair Value / Asset (Liability) | ' | ($25,433) | ($5,503) | ' | ($8,185) | ' | ($11,745) | ' |
Principal Amount | $1,734,189 | ' | $101,351 | 600,000 | $89,710 | 500,000 | $143,536 | 800,000 |
Floating Rate Receivable Reference Rate | ' | ' | 'NIBOR | 'NIBOR | 'NIBOR | 'NIBOR | 'NIBOR | 'NIBOR |
Floating Rate Receivable Reference Margin | ' | ' | 5.75% | 5.75% | 4.00% | 4.00% | 4.75% | 4.75% |
Fixed Rate Payable | ' | ' | 7.49% | 7.49% | 4.80% | 4.80% | 5.93% | 5.93% |
Remaining Term (years) | ' | ' | '3 years 1 month 6 days | '3 years 1 month 6 days | '2 years 1 month 6 days | '2 years 1 month 6 days | '4 years 1 month 6 days | '4 years 1 month 6 days |
Derivative_Instruments_Interes
Derivative Instruments - Interest Rate Swap Agreements (Detail) (USD $) | 12 Months Ended |
In Thousands, unless otherwise specified | Dec. 31, 2013 |
Derivative [Line Items] | ' |
Notional Amount | $1,734,189 |
Fair Value / Carrying Amount of Assets (Liability) | -141,143 |
U.S. Dollar-denominated interest rate swaps [Member] | ' |
Derivative [Line Items] | ' |
Interest Rate Index | 'LIBOR |
Notional Amount | 800,000 |
Fair Value / Carrying Amount of Assets (Liability) | -103,818 |
Weighted-Average Remaining Term (years) | '8 years 10 months 24 days |
Fixed Interest Rate | 4.70% |
U.S. Dollar-denominated interest rate swaps [Member] | ' |
Derivative [Line Items] | ' |
Interest Rate Index | 'LIBOR |
Notional Amount | 934,189 |
Fair Value / Carrying Amount of Assets (Liability) | ($37,325) |
Weighted-Average Remaining Term (years) | '6 years |
Fixed Interest Rate | 2.70% |
Derivative_Instruments_Interes1
Derivative Instruments - Interest Rate Swap Agreements (Parenthetical) (Detail) (Interest rate swaps [Member]) | Dec. 31, 2013 |
Minimum [Member] | ' |
Derivative [Line Items] | ' |
Partnership pays on its variable-rate debt | 0.30% |
Maximum [Member] | ' |
Derivative [Line Items] | ' |
Partnership pays variable-rate debt | 3.25% |
Derivative_Instruments_Additio
Derivative Instruments - Additional Information (Detail) (Interest rate swaps and cross currency swaps [Member], USD $) | Dec. 31, 2013 |
In Millions, unless otherwise specified | |
Interest rate swaps and cross currency swaps [Member] | ' |
Derivative Instruments, Gain (Loss) [Line Items] | ' |
Aggregate fair value asset | $4 |
Aggregate fair value liability | $151.70 |
Derivative_Instruments_Locatio
Derivative Instruments - Location and Fair Value Amounts of Derivative Instruments (Detail) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Derivatives, Fair Value [Line Items] | ' | ' |
Accounts Receivable | $176,265 | $91,879 |
Current portion of derivative assets | 500 | 12,398 |
Derivative assets | 10,323 | 2,913 |
Accrued liabilities | -138,156 | -61,708 |
Current portion of derivative liabilities | -47,944 | -47,748 |
Derivative liabilities | -121,135 | -213,731 |
Derivative Financial Instruments, Assets [Member] | ' | ' |
Derivatives, Fair Value [Line Items] | ' | ' |
Accounts Receivable | 12 | 284 |
Current portion of derivative assets | 500 | 12,398 |
Derivative assets | 10,323 | 2,913 |
Derivative Financial Instruments, Liabilities [Member] | ' | ' |
Derivatives, Fair Value [Line Items] | ' | ' |
Accrued liabilities | -9,174 | -9,259 |
Current portion of derivative liabilities | -47,944 | -47,748 |
Derivative liabilities | -121,135 | -213,731 |
Foreign currency contracts [Member] | Derivative Financial Instruments, Assets [Member] | ' | ' |
Derivatives, Fair Value [Line Items] | ' | ' |
Accounts Receivable | ' | ' |
Current portion of derivative assets | 213 | 2,160 |
Derivative assets | 4 | ' |
Foreign currency contracts [Member] | Derivative Financial Instruments, Liabilities [Member] | ' | ' |
Derivatives, Fair Value [Line Items] | ' | ' |
Accrued liabilities | ' | ' |
Current portion of derivative liabilities | -976 | -7 |
Derivative liabilities | -83 | ' |
Cross currency swap [Member] | Derivative Financial Instruments, Assets [Member] | ' | ' |
Derivatives, Fair Value [Line Items] | ' | ' |
Accounts Receivable | 12 | 284 |
Current portion of derivative assets | 287 | 10,238 |
Derivative assets | ' | 2,913 |
Cross currency swap [Member] | Derivative Financial Instruments, Liabilities [Member] | ' | ' |
Derivatives, Fair Value [Line Items] | ' | ' |
Accrued liabilities | ' | ' |
Current portion of derivative liabilities | -311 | ' |
Derivative liabilities | -25,421 | ' |
Interest rate swaps [Member] | Derivative Financial Instruments, Assets [Member] | ' | ' |
Derivatives, Fair Value [Line Items] | ' | ' |
Accounts Receivable | ' | ' |
Current portion of derivative assets | ' | ' |
Derivative assets | 10,319 | ' |
Interest rate swaps [Member] | Derivative Financial Instruments, Liabilities [Member] | ' | ' |
Derivatives, Fair Value [Line Items] | ' | ' |
Accrued liabilities | -9,174 | -9,259 |
Current portion of derivative liabilities | -46,657 | -47,741 |
Derivative liabilities | ($95,631) | ($213,731) |
Derivative_Instruments_Effecti
Derivative Instruments - Effective Portion of Gains (Losses) on Foreign Currency Contracts (Detail) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Derivative [Line Items] | ' | ' | ' |
Balance Sheet (AOCI) Effective Portion | $6 | $713 | $319 |
Statement of Income (Loss) Effective Portion | -52 | 217 | 2,345 |
Statement of Income (Loss) Ineffective Portion | -59 | -440 | -306 |
General and administrative expenses [Member] | ' | ' | ' |
Derivative [Line Items] | ' | ' | ' |
Statement of Income (Loss) Effective Portion | -52 | 217 | 1,512 |
Statement of Income (Loss) Ineffective Portion | -59 | -440 | -6 |
Vessel operating expenses [Member] | ' | ' | ' |
Derivative [Line Items] | ' | ' | ' |
Balance Sheet (AOCI) Effective Portion | 6 | 713 | 319 |
Statement of Income (Loss) Effective Portion | ' | ' | 833 |
Statement of Income (Loss) Ineffective Portion | ' | ' | ($300) |
Derivative_Instruments_Effect_
Derivative Instruments - Effect of Gains (Losses) on Derivatives (Detail) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Unrealized gains (losses) relating to: | ' | ' | ' |
Derivative instruments not designated as hedging instruments unrealized gain (loss) net | $91,837 | $39,538 | ($107,860) |
Total realized and unrealized gains (losses) on non-designated derivative instruments | 34,820 | -26,349 | -159,744 |
Not Designated as Hedging Instrument [Member] | ' | ' | ' |
Realized (losses) gains relating to: | ' | ' | ' |
Derivative instruments not designated as hedging instruments realized gain (loss) net | -95,672 | -55,627 | -53,771 |
Unrealized gains (losses) relating to: | ' | ' | ' |
Derivative instruments not designated as hedging instruments unrealized gain (loss) net | 130,492 | 29,278 | -105,973 |
Not Designated as Hedging Instrument [Member] | Interest rate swap termination [Member] | ' | ' | ' |
Realized (losses) gains relating to: | ' | ' | ' |
Derivative instruments not designated as hedging instruments realized gain (loss) net | -31,798 | ' | ' |
Not Designated as Hedging Instrument [Member] | Interest rate swaps [Member] | ' | ' | ' |
Realized (losses) gains relating to: | ' | ' | ' |
Derivative instruments not designated as hedging instruments realized gain (loss) net | -63,050 | -58,596 | -58,475 |
Unrealized gains (losses) relating to: | ' | ' | ' |
Derivative instruments not designated as hedging instruments unrealized gain (loss) net | 133,488 | 26,100 | -100,306 |
Not Designated as Hedging Instrument [Member] | Foreign currency forward contracts [Member] | ' | ' | ' |
Realized (losses) gains relating to: | ' | ' | ' |
Derivative instruments not designated as hedging instruments realized gain (loss) net | -824 | 2,969 | 4,704 |
Unrealized gains (losses) relating to: | ' | ' | ' |
Derivative instruments not designated as hedging instruments unrealized gain (loss) net | ($2,996) | $3,178 | ($5,667) |
Derivative_Instruments_Effect_1
Derivative Instruments - Effect of Gain (Loss) on Cross Currency Swaps on Consolidated Statements of Income (Loss) (Detail) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Derivative Instruments, Gain (Loss) [Line Items] | ' | ' | ' |
Realized gains | $6,600 | ' | ' |
Cross currency swap agreement partial termination [Member] | ' | ' | ' |
Derivative Instruments, Gain (Loss) [Line Items] | ' | ' | ' |
Realized gains | 6,800 | ' | ' |
Foreign Exchange and Other Derivative Financial Instruments [Member] | ' | ' | ' |
Derivative Instruments, Gain (Loss) [Line Items] | ' | ' | ' |
Total realized and unrealized (losses) gains on cross currency swaps | -30,233 | 13,692 | 1,300 |
Foreign Exchange and Other Derivative Financial Instruments [Member] | Cross currency swap agreement partial termination [Member] | ' | ' | ' |
Derivative Instruments, Gain (Loss) [Line Items] | ' | ' | ' |
Realized gains | 6,800 | ' | ' |
Foreign Exchange and Other Derivative Financial Instruments [Member] | Cross currency swap agreements [Member] | ' | ' | ' |
Derivative Instruments, Gain (Loss) [Line Items] | ' | ' | ' |
Realized gains | 1,563 | 2,992 | 2,881 |
Unrealized (losses) gains | ($38,596) | $10,700 | ($1,581) |
Income_Taxes_Components_of_Par
Income Taxes - Components of Partnership's Deferred Tax Assets and Liabilities (Detail) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Deferred tax assets: | ' | ' |
Tax losses carried forward | $182,085 | $197,912 |
Provisions | 1,548 | 2,045 |
Other | 5,748 | 8,129 |
Total deferred tax assets: | 189,381 | 208,086 |
Deferred tax liabilities: | ' | ' |
Vessels and equipment | 19,555 | 26,503 |
Long-term debt | 22,008 | 33,764 |
Other | 3,234 | 3,792 |
Total deferred tax liabilities | 44,797 | 64,059 |
Net deferred tax assets | 144,584 | 144,027 |
Valuation allowance | -136,730 | -135,079 |
Net deferred tax assets | $7,854 | $8,948 |
Income_Taxes_Components_of_Par1
Income Taxes - Components of Partnership's Deferred Tax Assets and Liabilities (Parenthetical) (Detail) (USD $) | Dec. 31, 2013 |
In Millions, unless otherwise specified | |
Income Tax Disclosure [Abstract] | ' |
Net operating loss carry forward | $689.10 |
Income_Taxes_Components_of_Pro
Income Taxes - Components of Provision for Income Taxes (Detail) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Income Tax Disclosure [Abstract] | ' | ' | ' |
Current | ($75) | $1,669 | ($7,293) |
Deferred | -2,150 | 8,808 | 614 |
Income tax (expense) recovery | ($2,225) | $10,477 | ($6,679) |
Income_Taxes_Reconciliations_o
Income Taxes - Reconciliations of Income Tax Rate and Actual Tax Charge (Detail) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Income Tax Disclosure [Abstract] | ' | ' | ' |
Net income (loss) before taxes | $78,782 | $94,970 | ($78,697) |
Net income (loss) not subject to taxes | 41,100 | 77,570 | -102,756 |
Net income subject to taxes | 37,682 | 17,400 | 24,059 |
At applicable statutory tax rates | 2,559 | -6,292 | 6,812 |
Permanent differences | -3,619 | -12,245 | -11,444 |
Adjustments related to currency differences | -14,231 | 6,476 | -14,044 |
Temporary differences for which no deferred tax asset was recognized | 1,758 | 23 | 705 |
Valuation allowance | 15,758 | 1,600 | 24,673 |
Prior year current taxes accrued | ' | -39 | -23 |
Tax expense (recovery) related to current year | $2,225 | ($10,477) | $6,679 |
Income_Taxes_Reconciliation_of
Income Taxes - Reconciliation of Partnership's Total Amount of Unrecognized Tax Benefits (Detail) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Income Tax Contingency [Line Items] | ' | ' | ' |
Balance of unrecognized tax benefits as at beginning of the year | $3,692 | $6,231 | $5,929 |
Decreases for positions related to prior years | -336 | -2,539 | -122 |
Increases for positions related to the current year | ' | ' | 424 |
Balance of unrecognized tax benefits as at end of the year | 7,037 | 3,692 | 6,231 |
Dropdown Predecessor [Member] | ' | ' | ' |
Income Tax Contingency [Line Items] | ' | ' | ' |
Increases for positions related to the current year | $3,681 | ' | ' |
Commitments_and_Contingencies_
Commitments and Contingencies - Additional Information (Detail) | Dec. 31, 2013 | Dec. 31, 2012 | 31-May-13 | Dec. 31, 2013 | 31-May-13 | Dec. 31, 2013 | Jun. 30, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2013 | Jun. 30, 2013 | Jun. 30, 2013 | Dec. 31, 2013 | Jun. 30, 2013 | Dec. 31, 2013 | Jun. 30, 2013 | Dec. 31, 2013 | Jun. 30, 2013 |
USD ($) | USD ($) | Randgrid shuttle tanker [Member] | Randgrid shuttle tanker [Member] | Navion Clipper [Member] | Navion Clipper [Member] | Navion Offshore Loading [Member] | Navion Offshore Loading [Member] | Navion Offshore Loading [Member] | Navion Offshore Loading [Member] | Navion Offshore Loading [Member] | Navion Offshore Loading [Member] | Navion Offshore Loading [Member] | Navion Offshore Loading [Member] | Navion Offshore Loading [Member] | Navion Offshore Loading [Member] | Navion Offshore Loading [Member] | Navion Offshore Loading [Member] | Navion Offshore Loading [Member] | Navion Offshore Loading [Member] | Navion Offshore Loading [Member] | |
USD ($) | USD ($) | USD ($) | NOK | USD ($) | NOK | USD ($) | NOK | Appellate Court [Member] | Appellate Court [Member] | Appellate Court [Member] | Appellate Court [Member] | Loss from Catastrophes [Member] | Loss from Catastrophes [Member] | Legal Fees [Member] | Legal Fees [Member] | Interest Expense [Member] | Interest Expense [Member] | ||||
Option | USD ($) | NOK | USD ($) | NOK | NOK | Appellate Court [Member] | NOK | Appellate Court [Member] | Appellate Court [Member] | Appellate Court [Member] | |||||||||||
NOK | NOK | NOK | NOK | ||||||||||||||||||
Loss Contingencies [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Plaintiffs sought for damages | ' | ' | ' | ' | ' | ' | 213,000,000 | $35,100,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Loss contingency, liability accrual | ' | ' | ' | ' | ' | ' | ' | 35,600,000 | 216,400,000 | 12,500,000 | 76,000,000 | 48,400,000 | 294,000,000 | 47,800,000 | 290,000,000 | 213,000,000 | 213,000,000 | 3,400,000 | 11,000,000 | 4,000,000 | 66,000,000 |
Percentage of ownership by non-controlling owners | ' | ' | ' | 33.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Percentage of currently owned interest | 50.00% | ' | 67.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Expected cost of project | ' | ' | 260,000,000 | ' | 51,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Operating lease arrangement period, lessor | ' | ' | '3 years | ' | '10 years | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Additional term of contract | ' | ' | '1 year | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Number of extension options | ' | ' | 12 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Payments made towards commitment | $31,675,000 | $29,384,000 | ' | ' | ' | $21,100,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Supplemental_Cash_Flow_Informa2
Supplemental Cash Flow Information - Changes in Non-cash Working Capital Items Related to Operating Activities (Detail) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Supplemental Cash Flow Information [Abstract] | ' | ' | ' |
Accounts receivable | ($59,003) | ($8,750) | ($13,788) |
Prepaid expenses and other assets | -2,884 | 6,075 | -6,139 |
Accounts payable and accrued liabilities | 46,266 | 35 | -8,716 |
Advances from (to) affiliate | 67,620 | -14,807 | 17,347 |
Change in non-cash working capital items related to operating activities | $51,999 | ($17,447) | ($11,296) |
Supplemental_Cash_Flow_Informa3
Supplemental Cash Flow Information - Additional Information (Detail) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Supplemental Cash Flow Information [Abstract] | ' | ' | ' |
Cash interest paid | $146 | $102.10 | $91.10 |
Income taxes paid | $0.60 | $5.70 | $4.80 |
Supplemental_Cash_Flow_Informa4
Supplemental Cash Flow Information - Cash Portion of Purchase Price of Vessels Acquired from Teekay Corporation (Detail) (USD $) | 12 Months Ended | 0 Months Ended | 1 Months Ended | 2 Months Ended | 12 Months Ended | 0 Months Ended | 12 Months Ended | 0 Months Ended | 12 Months Ended | |||||||||||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | 2-May-13 | 31-May-13 | 2-May-13 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Aug. 02, 2011 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Oct. 01, 2011 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Voyageur Spirit [Member] | Voyageur Spirit [Member] | Voyageur Spirit [Member] | Voyageur Spirit [Member] | Voyageur Spirit [Member] | Voyageur Spirit [Member] | Cidade de Itajai [Member] | Cidade de Itajai [Member] | Cidade de Itajai [Member] | Peary Spirit [Member] | Peary Spirit [Member] | Peary Spirit [Member] | Peary Spirit [Member] | Scott Spirit [Member] | Scott Spirit [Member] | Scott Spirit [Member] | Scott Spirit [Member] | ||||
Business Acquisition [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Purchase of vessels from Teekay Corporation | ($286,645) | ' | ($60,683) | ($270,000) | ($270,000) | ($150,000) | ($234,125) | ' | ' | ($52,520) | ' | ' | ($37,700) | ' | ' | ($37,729) | ($23,000) | ' | ' | ($22,954) |
Supplemental_Cash_Flow_Informa5
Supplemental Cash Flow Information - Cash Portion of Purchase Price of Vessels Acquired from Teekay Corporation (Parenthetical) (Detail) (USD $) | 0 Months Ended | 1 Months Ended | 2 Months Ended | 12 Months Ended | ||
2-May-13 | 31-May-13 | 2-May-13 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
Business Acquisition [Line Items] | ' | ' | ' | ' | ' | ' |
Cash portion of original purchase price | ' | ' | ' | $286,645,000 | ' | $60,683,000 |
Voyageur Spirit [Member] | ' | ' | ' | ' | ' | ' |
Business Acquisition [Line Items] | ' | ' | ' | ' | ' | ' |
Cash acquired, amount | ' | ' | ' | 900,000 | ' | ' |
Cash portion of original purchase price | 270,000,000 | 270,000,000 | 150,000,000 | 234,125,000 | ' | ' |
Voyageur Spirit [Member] | Indemnification Agreement [Member] | ' | ' | ' | ' | ' | ' |
Business Acquisition [Line Items] | ' | ' | ' | ' | ' | ' |
Indemnification amount | ' | ' | ' | 34,900,000 | ' | ' |
Cidade de Itajai [Member] | ' | ' | ' | ' | ' | ' |
Business Acquisition [Line Items] | ' | ' | ' | ' | ' | ' |
Cash acquired, amount | ' | ' | ' | 1,300,000 | ' | ' |
Cash portion of original purchase price | ' | ' | ' | $52,520,000 | ' | ' |
Supplemental_Cash_Flow_Informa6
Supplemental Cash Flow Information - Contribution of Capital from Teekay Corporation to Dropdown Predecessor (Detail) (Dropdown Predecessor [Member], USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Contribution Of Capital From Corporation To Dropdown Predecessors [Line Items] | ' | ' | ' |
Contribution of capital from Teekay Corporation to dropdown predecessors | $5,596 | $0 | $2,305 |
Voyageur Spirit [Member] | ' | ' | ' |
Contribution Of Capital From Corporation To Dropdown Predecessors [Line Items] | ' | ' | ' |
Contribution of capital from Teekay Corporation to dropdown predecessors | 5,596 | 0 | 0 |
Scott Spirit [Member] | ' | ' | ' |
Contribution Of Capital From Corporation To Dropdown Predecessors [Line Items] | ' | ' | ' |
Contribution of capital from Teekay Corporation to dropdown predecessors | $0 | $0 | $2,305 |
Partners_Equity_and_Net_Income2
Partners' Equity and Net Income (Loss) Per Unit - Additional Information (Detail) (USD $) | 1 Months Ended | 12 Months Ended | 1 Months Ended | 12 Months Ended | ||
Sep. 30, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Apr. 30, 2013 | Dec. 31, 2013 | |
Preferred Units [Member] | Preferred Units [Member] | |||||
Limited Partners' Capital Account [Line Items] | ' | ' | ' | ' | ' | ' |
Percentage of limited partner units outstanding held by public | ' | 72.10% | ' | ' | ' | ' |
General partner's interest | ' | 2.00% | ' | ' | ' | ' |
Number of days within which to receive distributed available cash | ' | '45 days | ' | ' | ' | ' |
Minimum percentage of outstanding units to be held for general partner removal | ' | 66.66% | ' | ' | ' | ' |
Exceeded cash distributions per unit | ' | $0.40 | ' | ' | ' | ' |
Accumulated distributions on the preferred units | ' | $7,300,000 | ' | ' | ' | ' |
Public offering made by Partnership | 7,778,832 | 85,508 | ' | ' | 6,000,000 | 6,000,000 |
Preferred Units dividend rate | ' | ' | ' | ' | 7.25% | ' |
Net proceeds from public offering | ' | $263,751,000 | $257,229,000 | $419,924,000 | $144,800,000 | $144,800,000 |
Redemption of Preferred Units | ' | $25 | ' | ' | ' | ' |
Partners_Equity_and_Net_Income3
Partners' Equity and Net Income (Loss) Per Unit - Summary of Incentive Distribution Rights (Detail) | 12 Months Ended |
Dec. 31, 2013 | |
Unitholders [Member] | Common Units [Member] | ' |
Incentive Distribution Made to Managing Member or General Partner [Line Items] | ' |
Minimum quarterly distribution of $0.35 | 98.00% |
Up to $0.4025 | 98.00% |
Above $0.4025 up to $0.4375 | 85.00% |
Above $0.4375 up to $0.525 | 75.00% |
Above $0.525 | 50.00% |
General Partner [Member] | ' |
Incentive Distribution Made to Managing Member or General Partner [Line Items] | ' |
Minimum quarterly distribution of $0.35 | 2.00% |
Up to $0.4025 | 2.00% |
Above $0.4025 up to $0.4375 | 15.00% |
Above $0.4375 up to $0.525 | 25.00% |
Above $0.525 | 50.00% |
Partners_Equity_and_Net_Income4
Partners' Equity and Net Income (Loss) Per Unit - Summary of Incentive Distribution Rights (Parenthetical) (Detail) (USD $) | 12 Months Ended |
Dec. 31, 2013 | |
Minimum [Member] | Minimum quarterly distribution of $0.35 [Member] | ' |
Incentive Distribution Made to Managing Member or General Partner [Line Items] | ' |
Quarterly distribution target amount | $0.35 |
Minimum [Member] | Above $0.4025 up to $0.4375 [Member] | ' |
Incentive Distribution Made to Managing Member or General Partner [Line Items] | ' |
Quarterly distribution target amount | $0.40 |
Minimum [Member] | Above $0.4375 up to $0.525 [Member] | ' |
Incentive Distribution Made to Managing Member or General Partner [Line Items] | ' |
Quarterly distribution target amount | $0.44 |
Maximum [Member] | Up to $0.4025 [Member] | ' |
Incentive Distribution Made to Managing Member or General Partner [Line Items] | ' |
Quarterly distribution target amount | $0.40 |
Maximum [Member] | Above $0.4025 up to $0.4375 [Member] | ' |
Incentive Distribution Made to Managing Member or General Partner [Line Items] | ' |
Quarterly distribution target amount | $0.44 |
Maximum [Member] | Above $0.4375 up to $0.525 [Member] | ' |
Incentive Distribution Made to Managing Member or General Partner [Line Items] | ' |
Quarterly distribution target amount | $0.53 |
Maximum [Member] | Above $0.525 [Member] | ' |
Incentive Distribution Made to Managing Member or General Partner [Line Items] | ' |
Quarterly distribution target amount | $0.53 |
Partners_Equity_and_Net_Income5
Partners' Equity and Net Income (Loss) Per Unit - Summary of Issuances of Common Units (Detail) (USD $) | 1 Months Ended | 12 Months Ended | |||||||
In Millions, except Share data, unless otherwise specified | Dec. 31, 2013 | 31-May-13 | Apr. 30, 2013 | Sep. 30, 2012 | Jul. 31, 2012 | Nov. 30, 2011 | Jul. 31, 2011 | Mar. 31, 2011 | Dec. 31, 2013 |
Capital Unit [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Number of Common Units Issued | ' | ' | ' | 7,778,832 | ' | ' | ' | ' | 85,508 |
Number of Common Units Issued | 1,750,000 | 1,446,654 | 2,056,202 | ' | 1,700,022 | 7,112,974 | 713,266 | 7,562,814 | ' |
Offering Price | $30.50 | $30.60 | $29.18 | $27.65 | $26.47 | $23.90 | $28.04 | $29.32 | $30.50 |
Revolving Credit Facilities [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Capital Unit [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Gross Proceeds, Sold in public and continuing offering program | ' | ' | ' | $219.50 | ' | ' | ' | ' | ' |
Net proceeds from equity offerings | ' | ' | ' | 211.4 | ' | ' | ' | ' | ' |
Teekay Corporation's Ownership After the Offering | ' | ' | ' | 29.36% | ' | ' | ' | ' | ' |
Liquefied Natural Gas Carrier Acquisition [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Capital Unit [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Gross Proceeds, Private placement | ' | 45.1 | ' | ' | ' | 173.5 | ' | 226.3 | ' |
Net proceeds from equity offerings | ' | 45.1 | ' | ' | ' | 173.2 | ' | 226.3 | ' |
Teekay Corporation's Ownership After the Offering | ' | 29.91% | ' | ' | ' | 33.03% | ' | 36.90% | ' |
Liquefied Natural Gas Carrier New Building [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Capital Unit [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Gross Proceeds, Private placement | ' | ' | ' | ' | 45.9 | ' | 20.4 | ' | ' |
Net proceeds from equity offerings | ' | ' | ' | ' | 45.8 | ' | 20.4 | ' | ' |
Teekay Corporation's Ownership After the Offering | ' | ' | ' | ' | 32.30% | ' | 36.51% | ' | ' |
General Partnership Capital And Newbuilding Shuttle Tankers [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Capital Unit [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Gross Proceeds, Private placement | ' | ' | 61.2 | ' | ' | ' | ' | ' | ' |
Net proceeds from equity offerings | ' | ' | 61.2 | ' | ' | ' | ' | ' | ' |
Teekay Corporation's Ownership After the Offering | ' | ' | 28.67% | ' | ' | ' | ' | ' | ' |
General Partnership Capital [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Capital Unit [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Gross Proceeds, Private placement | 54.5 | ' | ' | ' | ' | ' | ' | ' | ' |
Gross Proceeds, Sold in public and continuing offering program | ' | ' | ' | ' | ' | ' | ' | ' | 2.8 |
Net proceeds from equity offerings | $54.40 | ' | ' | ' | ' | ' | ' | ' | $2.40 |
Teekay Corporation's Ownership After the Offering | 29.31% | ' | ' | ' | ' | ' | ' | ' | ' |
Partners_Equity_and_Net_Income6
Partners' Equity and Net Income (Loss) Per Unit - Summary of Issuances of Common Units (Parenthetical) (Detail) (USD $) | 12 Months Ended | |
In Millions, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2011 |
Capital Unit [Line Items] | ' | ' |
General partner's interest | 2.00% | ' |
Percentage of noncontrolling interest acquired | ' | 49.00% |
General Partner [Member] | ' | ' |
Capital Unit [Line Items] | ' | ' |
General partner's interest | 2.00% | ' |
Limited Partner [Member] | ' | ' |
Capital Unit [Line Items] | ' | ' |
Issue new common units, limited partner interests | 100 | ' |
Unit_Based_Compensation_Additi
Unit Based Compensation - Additional Information (Detail) (USD $) | 12 Months Ended | 1 Months Ended | |
Dec. 31, 2013 | Dec. 31, 2013 | Mar. 31, 2013 | |
Non-management directors [Member] | Restricted Stock Units (RSUs) [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' |
Common units, granted | ' | 8,307 | 63,309 |
Common units aggregate value, granted | ' | $300,000 | $1,800,000 |
Vesting period from grant date | ' | ' | '3 years |
Unit based compensation expense | $946,000 | ' | ' |
Acquisition_of_Piranema_Spirit2
Acquisition of Piranema Spirit - Additional Information (Detail) (USD $) | 12 Months Ended | 0 Months Ended | 1 Months Ended | 0 Months Ended | |||
In Thousands, except Share data in Millions, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Nov. 30, 2011 | Dec. 31, 2011 | Nov. 30, 2011 | Nov. 30, 2011 |
Piranema Spirit [Member] | Piranema Spirit [Member] | Piranema Spirit [Member] | Piranema Spirit [Member] | ||||
Maximum [Member] | |||||||
Option | |||||||
Business Acquisition [Line Items] | ' | ' | ' | ' | ' | ' | ' |
Percentage of shares acquired in Piranema production AS from Seven Marine ASA | ' | ' | 49.00% | 100.00% | ' | 100.00% | ' |
Total purchase price paid in cash | $286,645 | ' | $60,683 | $164,290 | ' | $164,290 | ' |
Issued common units | ' | ' | ' | 7.1 | ' | 7.1 | ' |
Number of one-year extension options associated with long-term charter | ' | ' | ' | ' | ' | ' | 11 |
Piranema revenue | 930,739 | 901,227 | 840,982 | ' | 4,800 | ' | ' |
Piranema contribution to net income | $71,915 | $123,015 | ($96,871) | ' | $1,500 | ' | ' |
Acquisition_of_Piranema_Spirit3
Acquisition of Piranema Spirit - Fair Values of Assets Acquired and Liabilities Assumed by Partnership (Detail) (USD $) | 12 Months Ended | 0 Months Ended | 1 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Nov. 30, 2011 | Nov. 30, 2011 |
Piranema Spirit [Member] | Piranema Spirit [Member] | ||||
ASSETS | ' | ' | ' | ' | ' |
Cash and cash equivalents | ' | ' | ' | $2,439 | $2,439 |
Other current assets | ' | ' | ' | 5,308 | 5,308 |
Vessels and equipment | ' | ' | ' | 292,242 | 292,242 |
Other assets - long-term | ' | ' | ' | 659 | 659 |
Total assets acquired | ' | ' | ' | 300,648 | 300,648 |
LIABILITIES | ' | ' | ' | ' | ' |
Current liabilities | ' | ' | ' | 8,458 | 8,458 |
In-process revenue contracts | ' | ' | ' | 127,900 | 127,900 |
Total liabilities assumed | ' | ' | ' | 136,358 | 136,358 |
Net assets acquired | ' | ' | ' | 164,290 | 164,290 |
Cash consideration | 286,645 | ' | 60,683 | 164,290 | 164,290 |
Net cash consideration | ' | ' | $161,851 | ' | $161,851 |
Acquisition_of_Piranema_Spirit4
Acquisition of Piranema Spirit - Consolidated Pro Forma Financial Information (Detail) (USD $) | 12 Months Ended |
In Thousands, except Per Share data, unless otherwise specified | Dec. 31, 2011 |
Business Combinations [Abstract] | ' |
Revenues | $892,130 |
Net loss | ($98,030) |
Limited partners' interest in net loss per common unit- basic | ($1.60) |
Limited partners' interest in net loss per common unit- diluted | ($1.60) |
Write_down_and_Loss_on_Sale_of2
Write down and Loss on Sale of Vessels and Discontinued Operations - Additional Information (Detail) (USD $) | 12 Months Ended | 3 Months Ended | 12 Months Ended | |||||||||||||||||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Jun. 30, 2013 | Mar. 31, 2013 | Jun. 30, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2013 |
Teekay Corporation [Member] | Teekay Corporation [Member] | Teekay Corporation [Member] | Teekay Corporation [Member] | Teekay Corporation [Member] | Impaired Asset [Member] | Older shuttle tankers [Member] | Shuttle Tankers [Member] | Conventional Tanker [Member] | 1993-built shuttle tankers [Member] | 1992-built shuttle tanker [Member] | 1990s-built shuttle tankers [Member] | 1990s-built shuttle tankers [Member] | 1990s-built shuttle tankers [Member] | 1990s-built shuttle tankers [Member] | 1990s-built shuttle tankers [Member] | 1990s-built shuttle tankers [Member] | ||||
Vessel | Impaired Asset [Member] | Impaired Asset [Member] | Shuttle Tankers [Member] | Shuttle Tankers [Member] | Shuttle Tankers [Member] | Two vessels [Member] | Two vessels [Member] | Recontracting [Member] | Cancellation [Member] | |||||||||||
Vessel | Vessel | Impaired Asset [Member] | ||||||||||||||||||
Appraised Value [Member] | ||||||||||||||||||||
Vessel | ||||||||||||||||||||
Impaired Long-Lived Assets Held and Used [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Write down and loss on sale of vessels, description | ' | ' | ' | ' | ' | ' | ' | ' | ' | 'The write-down was caused by the combination of the age of the vessels, the requirements of trading in the North Sea and Brazil and the weak tanker market. In 2011, two of the Partnershipbs FSO units, were written down to their estimated fair value. The Karratha Spirit was sold and the Navion Saga was written down due to escalating dry-dock costs and increased operating costs. The estimated fair value of the Navion Saga was determined using discounted cash flows. The estimated fair value for each of the other four vessels written down in 2011 was determined using an appraised value. | ' | ' | 'In the third quarter of 2012, a 1993-built shuttle tanker was written down to its estimated fair value due to a change in the operating plan for the vessel. In the third and fourth quarters of 2012, two shuttle tankers, which were written down in 2011, were further written down to their estimated fair value upon sale in 2012. | 'In the fourth quarter of 2012, a 1992-built shuttle tanker, which was written down in 2010, was further written down to its estimated fair value and classified as held-for-sale at December 31, 2012. The vessel was sold in 2013. In the fourth quarter of 2012, a 1995-built shuttle tanker was written down to its estimated fair value using discounted cash flows. The write-down was caused by the combination of the age of the vessel, the requirements of trading in the North Sea and Brazil and the weak tanker market. The estimated fair value for each of the other four vessels written down in 2012 was determined using an appraised value. | ' | ' | ' | ' | 'Included in this count of six, during the third quarter of 2013, four shuttle tankers were written down as the result of the re-contracting of one of the vessels at lower rates than expected during the third quarter of 2013, the cancellation of a short-term contract which occurred in September 2013 and a change in expectations for the contract renewal for two of the shuttle tankers, one operating in Brazil, and the other one in the North Sea. | 'In the fourth quarter of 2013, two shuttle tankers were written down due to a cancellation of a contract renewal and expected sale of an aging vessel to their estimated fair value. One of these two vessels was written down in 2012. |
Number of vessels | ' | ' | ' | ' | ' | ' | ' | ' | 3 | ' | 5 | 5 | ' | ' | ' | 6 | ' | ' | ' | ' |
Write-down value of vessels | ($76,782) | ($24,542) | ($37,039) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $76,800 | ' | $37,200 | $19,300 | ' | ' |
Ownership interest | 50.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 50.00% | 67.00% | ' | ' |
Early termination fees | $71,905 | $64,166 | $62,233 | $4,500 | $6,800 | $14,700 | $11,300 | $14,700 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Write_down_and_Loss_on_Sale_of3
Write down and Loss on Sale of Vessels and Discontinued Operations - Summary of Net (Loss) Income from Discontinued Operations (Detail) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ' | ' | ' |
Revenues | $930,739 | $901,227 | $840,982 |
OPERATING EXPENSES | ' | ' | ' |
Voyage expenses | 103,643 | 110,483 | 97,584 |
Vessel operating expenses | 344,128 | 317,576 | 307,960 |
Depreciation and amortization | 199,006 | 189,364 | 171,730 |
General and administrative | 44,473 | 34,581 | 37,133 |
Write down and loss on sale of vessels | -76,782 | -24,542 | -37,039 |
Total operating expenses | 827,321 | 734,650 | 729,848 |
(Loss) income from vessel operations | 103,418 | 166,577 | 111,134 |
OTHER ITEMS | ' | ' | ' |
Interest expense | -62,855 | -47,508 | -35,929 |
Foreign currency exchange (loss) gain | -5,278 | -315 | 1,500 |
Total other items | -24,636 | -71,607 | -189,831 |
Net (loss) income from discontinued operations | -4,642 | 17,568 | -11,495 |
Discontinued Operations [Member] | ' | ' | ' |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ' | ' | ' |
Revenues | 20,238 | 62,967 | 108,079 |
OPERATING EXPENSES | ' | ' | ' |
Voyage expenses | 682 | 16,201 | 27,868 |
Vessel operating expenses | 3,903 | 14,286 | 19,998 |
Depreciation and amortization | 1,236 | 5,267 | 15,980 |
General and administrative | 479 | 1,178 | 613 |
Write down and loss on sale of vessels | 18,465 | 7,675 | 54,069 |
Total operating expenses | 24,765 | 44,607 | 118,528 |
(Loss) income from vessel operations | -4,527 | 18,360 | -10,449 |
OTHER ITEMS | ' | ' | ' |
Interest expense | -110 | -822 | -968 |
Foreign currency exchange (loss) gain | -4 | 2 | ' |
Other (expense) income - net | -1 | 28 | -78 |
Total other items | -115 | -792 | -1,046 |
Net (loss) income from discontinued operations | ($4,642) | $17,568 | ($11,495) |
Equity_Method_Investment_Addit
Equity Method Investment - Additional Information (Detail) (USD $) | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Jun. 30, 2013 |
In Thousands, unless otherwise specified | Teekay Corporation [Member] | Odebrecht Oil And Gas Sa [Member] | Odebrecht Oil And Gas Sa [Member] | |
Teekay Corporation [Member] | Teekay Corporation [Member] | |||
FPSO Units [Member] | ||||
Schedule of Equity Method Investments [Line Items] | ' | ' | ' | ' |
Percentage of interest in joint venture | ' | 50.00% | ' | 50.00% |
Investment in joint venture | $52,120 | ' | $52,120 | ' |
Subsequent_Events_Additional_I
Subsequent Events - Additional Information (Detail) | 12 Months Ended | 0 Months Ended | 1 Months Ended | 0 Months Ended | |||||||||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Jan. 31, 2013 | Mar. 14, 2014 | Mar. 31, 2014 | Mar. 14, 2014 | Mar. 31, 2014 | Mar. 14, 2014 | Mar. 14, 2014 | Mar. 14, 2014 | Jan. 31, 2014 | Jan. 31, 2014 | |
USD ($) | USD ($) | USD ($) | NOK | Subsequent Event [Member] | Subsequent Event [Member] | Subsequent Event [Member] | Subsequent Event [Member] | Subsequent Event [Member] | Subsequent Event [Member] | Subsequent Event [Member] | Subsequent Event [Member] | Subsequent Event [Member] | |
Alp Maritime Services Bv [Member] | Alp Maritime Services Bv [Member] | Alp Maritime Services Bv [Member] | Alp Maritime Services Bv [Member] | Alp Maritime Services Bv [Member] | Alp Maritime Services Bv [Member] | Alp Maritime Services Bv [Member] | Norwegian Kroner Bond Due In January Two Thousand Nineteen [Member] | Norwegian Kroner Bond Due In January Two Thousand Nineteen [Member] | |||||
USD ($) | USD ($) | Cash [Member] | Newbuildings [Member] | Contingent consideration [Member] | Delivered [Member] | Contingent Consideration On Operating Results [Member] | USD ($) | NOK | |||||
USD ($) | Vessel | USD ($) | USD ($) | USD ($) | |||||||||
Subsequent Event [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Senior unsecured bonds issued | ' | ' | ' | 600,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | 1,000,000,000 |
Senior unsecured bonds issued | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 162,200,000 | ' |
Fixed interest rate on loans | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 6.28% | 6.28% |
Percentage of noncontrolling interest acquired | ' | ' | 49.00% | ' | 100.00% | ' | ' | ' | ' | ' | ' | ' | ' |
Expected cost of newbuildings | ' | ' | ' | ' | 258,000,000 | ' | ' | ' | ' | ' | ' | ' | ' |
Purchase price paid | 286,645,000 | ' | 60,683,000 | ' | 6,100,000 | ' | 2,600,000 | ' | 3,500,000 | ' | ' | ' | ' |
Contingent consideration payable | ' | ' | ' | ' | ' | ' | ' | ' | ' | 2,400,000 | 2,600,000 | ' | ' |
Acquisition-related costs | ' | ' | ' | ' | ' | $1,000,000 | ' | ' | ' | ' | ' | ' | ' |
Number of vessels | ' | ' | ' | ' | ' | ' | ' | 4 | ' | ' | ' | ' | ' |