Cover
Cover | 12 Months Ended |
Dec. 31, 2020shares | |
Entity Addresses [Line Items] | |
Document Type | 20-F |
Document Registration Statement | false |
Document Annual Report | true |
Document Period End Date | Dec. 31, 2020 |
Current Fiscal Year End Date | --12-31 |
Document Transition Report | false |
Document Shell Company Report | false |
Entity File Number | 1-33198 |
Entity Registrant Name | ALTERA INFRASTRUCTURE L.P. |
Entity Incorporation, State or Country Code | 1T |
Entity Address, Address Line One | Altera House, Unit 3, Prospect Park, Arnhall Business Park |
Entity Address, City or Town | Westhill, Aberdeenshire |
Entity Address, Postal Zip Code | AB32 6FJ |
Entity Address, Country | GB |
Entity Well-known Seasoned Issuer | No |
Entity Voluntary Filers | No |
Entity Current Reporting Status | Yes |
Entity Interactive Data Current | Yes |
Entity Filer Category | Non-accelerated Filer |
Entity Emerging Growth Company | false |
ICFR Auditor Attestation Flag | true |
Document Accounting Standard | International Financial Reporting Standards |
Entity Shell Company | false |
Amendment Flag | false |
Document Fiscal Year Focus | 2020 |
Document Fiscal Period Focus | FY |
Entity Central Index Key | 0001382298 |
Series A Preferred Units | |
Entity Addresses [Line Items] | |
Title of 12(b) Security | Series A Preferred Units |
Trading Symbol | ALIN PR A |
Security Exchange Name | NYSE |
Entity Common Stock, Shares Outstanding | 5,876,533 |
Series B Preferred Units | |
Entity Addresses [Line Items] | |
Title of 12(b) Security | Series B Preferred Units |
Trading Symbol | ALIN PR B |
Security Exchange Name | NYSE |
Entity Common Stock, Shares Outstanding | 4,910,019 |
Series E Preferred Units | |
Entity Addresses [Line Items] | |
Title of 12(b) Security | Series E Preferred Units |
Trading Symbol | ALIN PR E |
Security Exchange Name | NYSE |
Entity Common Stock, Shares Outstanding | 4,703,023 |
Class A Common Units | |
Entity Addresses [Line Items] | |
Entity Common Stock, Shares Outstanding | 5,217,093 |
Class B Common Units | |
Entity Addresses [Line Items] | |
Entity Common Stock, Shares Outstanding | 405,931,898 |
Business Contact | |
Entity Addresses [Line Items] | |
Entity Address, Address Line One | Altera House, Unit 3, Prospect Park, Arnhall Business Park |
Entity Address, City or Town | Westhill, Aberdeenshire |
Entity Address, Postal Zip Code | AB32 6FJ |
Entity Address, Country | GB |
City Area Code | +44 |
Local Phone Number | 1224 568 200 |
Contact Personnel Name | Mark Mitchell |
Contact Personnel Email Address | mark.mitchell@alterainfra.com |
CONSOLIDATED STATEMENTS OF FINA
CONSOLIDATED STATEMENTS OF FINANCIAL POSITION - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 | Jan. 01, 2019 |
Current assets | |||
Cash and cash equivalents | $ 235,734 | $ 199,388 | $ 225,040 |
Financial assets | 103,514 | 107,992 | 9,568 |
Accounts and other receivable, net | 222,629 | 204,825 | 143,710 |
Vessels and equipment classified as held for sale | 7,500 | 15,374 | 12,528 |
Inventory | 16,308 | 18,581 | 20,254 |
Due from related parties | 9,980 | 0 | 58,885 |
Other assets | 37,326 | 16,844 | 20,989 |
Total current assets | 632,991 | 563,004 | 490,974 |
Non-current assets | |||
Financial assets | 36,372 | 0 | 2,075 |
Accounts and other receivable, net | 0 | 17,276 | 36,536 |
Vessels and equipment | 3,029,415 | 3,025,716 | 3,548,501 |
Advances on newbuilding contracts | 127,335 | 297,100 | 113,796 |
Equity-accounted investments | 241,731 | 232,216 | 208,819 |
Deferred tax assets | 5,153 | 7,000 | 9,168 |
Due from related parties | 0 | 0 | 949 |
Other assets | 185,521 | 218,813 | 185,191 |
Goodwill | 127,113 | 127,113 | 127,113 |
Total non-current assets | 3,752,640 | 3,925,234 | 4,232,148 |
Total assets | 4,385,631 | 4,488,238 | 4,723,122 |
Current liabilities | |||
Accounts payable and other | 302,414 | 272,618 | 213,480 |
Other financial liabilities | 198,985 | 21,697 | 23,290 |
Borrowings | 362,079 | 353,238 | 554,336 |
Due to related parties | 7 | 21,306 | 183,795 |
Total current liabilities | 863,485 | 668,859 | 974,901 |
Non-current liabilities | |||
Accounts payable and other | 128,671 | 222,659 | 264,732 |
Non-current financial liabilities | 144,350 | 164,511 | 144,867 |
Borrowings | 2,808,898 | 2,831,274 | 2,543,406 |
Due to related parties | 194,628 | 0 | 0 |
Deferred tax liabilities | 700 | 3,133 | 2,183 |
Total non-current liabilities | 3,277,247 | 3,221,577 | 2,955,188 |
Total liabilities | 4,140,732 | 3,890,436 | 3,930,089 |
EQUITY | |||
Accumulated other comprehensive income | 4,071 | 4,410 | 7,361 |
Non-controlling interests in subsidiaries | 17,890 | 29,794 | 40,339 |
Total equity | 244,899 | 597,802 | 793,033 |
Total liabilities and equity | 4,385,631 | 4,488,238 | 4,723,122 |
Limited partners | Common units | |||
EQUITY | |||
Issued capital | 0 | 169,737 | 350,088 |
Limited partners | Class A common units | |||
EQUITY | |||
Issued capital | (2,505) | 0 | 0 |
Limited partners | Class B common units | |||
EQUITY | |||
Issued capital | (157,897) | 0 | 0 |
Limited partners | Preferred units | |||
EQUITY | |||
Issued capital | 376,512 | 384,274 | 384,274 |
General partner | |||
EQUITY | |||
Issued capital | $ 6,828 | $ 9,587 | $ 10,971 |
CONSOLIDATED STATEMENTS OF CHAN
CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY (Parenthetical) - $ / shares | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
Series A Preferred Units | ||
Dividends per share (USD per share) | $ 1.8124 | $ 1.8124 |
Series B Preferred Units | ||
Dividends per share (USD per share) | 2.1252 | 2.1252 |
Series E Preferred Units | ||
Dividends per share (USD per share) | $ 2.2188 | $ 2.2188 |
CONSOLIDATED STATEMENTS OF INCO
CONSOLIDATED STATEMENTS OF INCOME (LOSS) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
Condensed Income Statements, Captions [Line Items] | ||
Revenues | $ 1,182,110 | $ 1,252,938 |
Direct operating costs | (627,792) | (606,691) |
General and administrative expenses | (44,360) | (54,927) |
Depreciation and amortization | (316,317) | (358,474) |
Interest expense | (192,723) | (205,667) |
Interest income | 2,770 | 5,111 |
Equity-accounted income (loss) | 35,921 | 33,768 |
Impairment expense, net | (268,612) | (187,680) |
Gain (Loss) on Dispositions, Net | 3,411 | 12,548 |
Realized and unrealized gain (loss) on derivative instruments | (96,499) | (34,682) |
Foreign currency exchange gain (loss) | (7,861) | 2,193 |
Other income (expenses), net | (10,472) | (9,677) |
Income (loss) before income tax (expense) recovery | (340,424) | (151,240) |
Income tax (expense) recovery | ||
Current | 6,543 | 4,666 |
Deferred | (804) | 3,161 |
Net income (loss) | (346,163) | (159,067) |
Attributable to: | ||
Non-controlling interests in subsidiaries | $ (7,154) | $ (8,409) |
Basic and diluted earnings (loss) per limited partner common unit | $ (0.90) | $ (0.44) |
Limited partners | Common units | ||
Income tax (expense) recovery | ||
Net income (loss) | $ (181,424) | |
Attributable to: | ||
Profit (loss), attributable to owners of parent | $ (368,341) | (181,424) |
Limited partners | Preferred units | ||
Income tax (expense) recovery | ||
Net income (loss) | 32,150 | |
Attributable to: | ||
Profit (loss), attributable to owners of parent | 32,103 | 32,150 |
General partner | ||
Income tax (expense) recovery | ||
Net income (loss) | (1,384) | |
Attributable to: | ||
Profit (loss), attributable to owners of parent | $ (2,771) | $ (1,384) |
CONSOLIDATED STATEMENTS OF COMP
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
Condensed Statement of Income Captions [Line Items] | ||
Net income (loss) | $ (346,163) | $ (159,067) |
Items that will not be reclassified subsequently to net income (loss): | ||
Pension adjustments, net of taxes | 1,438 | (1,662) |
Items that may be reclassified subsequently to net income (loss): | ||
Other comprehensive income (loss) | (339) | (2,951) |
Comprehensive income | (346,502) | (162,018) |
Comprehensive income (loss) Attributable to: | ||
Non-controlling interests in subsidiaries | (7,154) | (8,409) |
Limited partners | Common units | ||
Condensed Statement of Income Captions [Line Items] | ||
Net income (loss) | (181,424) | |
Items that may be reclassified subsequently to net income (loss): | ||
Comprehensive income | (184,353) | |
Comprehensive income (loss) Attributable to: | ||
Comprehensive income, attributable to owners of parent | (368,677) | (184,353) |
Limited partners | Preferred units | ||
Condensed Statement of Income Captions [Line Items] | ||
Net income (loss) | 32,150 | |
Items that may be reclassified subsequently to net income (loss): | ||
Comprehensive income | 32,150 | |
Comprehensive income (loss) Attributable to: | ||
Comprehensive income, attributable to owners of parent | 32,103 | 32,150 |
General partner | ||
Condensed Statement of Income Captions [Line Items] | ||
Net income (loss) | (1,384) | |
Items that may be reclassified subsequently to net income (loss): | ||
Comprehensive income | (1,406) | |
Comprehensive income (loss) Attributable to: | ||
Comprehensive income, attributable to owners of parent | (2,774) | (1,406) |
Interest expense | ||
Items that may be reclassified subsequently to net income (loss): | ||
Realized gain on qualifying cash flow hedging instruments | (811) | (689) |
Equity income | ||
Items that may be reclassified subsequently to net income (loss): | ||
Realized gain on qualifying cash flow hedging instruments | $ (966) | $ (600) |
CONSOLIDATED STATEMENTS OF CH_2
CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY - USD ($) shares in Thousands, $ in Thousands | Total | General partner | Common unitsLimited partners | Series A Preferred Units | Series B Preferred Units | Series E Preferred Units | Issued Capital And Additional Paid-In CapitalClass A common unitsLimited partners | Issued Capital And Additional Paid-In CapitalClass B common unitsLimited partners | Issued Capital And Additional Paid-In CapitalCommon unitsLimited partners | Preferred Units | Preferred UnitsSeries A Preferred Units | Preferred UnitsSeries B Preferred Units | Preferred UnitsSeries E Preferred Units | General PartnerGeneral partner | Accumulated other comprehensive income | Non-controlling interests |
Number of shares outstanding at beginning of period at Jan. 01, 2019 | 0 | 0 | 410,315 | 15,800 | ||||||||||||
Beginning balance, equity at Jan. 01, 2019 | $ 793,033 | $ 0 | $ 0 | $ 350,088 | $ 384,274 | $ 10,971 | $ 7,361 | $ 40,339 | ||||||||
Net income (loss) | (159,067) | $ (1,384) | $ (181,424) | $ (181,424) | $ 32,150 | (1,384) | (8,409) | |||||||||
Other comprehensive income (loss) | (2,951) | (2,951) | ||||||||||||||
Dividends declared | $ (10,874) | $ (10,626) | $ (10,650) | $ (10,874) | $ (10,626) | $ (10,650) | ||||||||||
Other distributions | (3,636) | (3,636) | ||||||||||||||
Contribution from non-controlling interests in subsidiaries | 1,500 | 1,500 | ||||||||||||||
Equity based compensation and other (shares) | 834 | |||||||||||||||
Equity based compensation and other | 1,073 | $ 1,073 | ||||||||||||||
Number of shares outstanding at end of period at Dec. 31, 2019 | 0 | 0 | 411,149 | 15,800 | ||||||||||||
Ending balance, equity at Dec. 31, 2019 | 597,802 | $ 0 | $ 0 | $ 169,737 | $ 384,274 | 9,587 | 4,410 | 29,794 | ||||||||
Exchange of equity instruments (in shares) | 5,217 | 405,932 | (411,149) | |||||||||||||
Exchange of equity instruments | 0 | $ 2,154 | $ 167,583 | $ (169,737) | ||||||||||||
Net income (loss) | (346,163) | (4,674) | (363,667) | 32,103 | (2,771) | (7,154) | ||||||||||
Other comprehensive income (loss) | (339) | (339) | ||||||||||||||
Dividends declared | $ (10,855) | $ (10,613) | $ (10,636) | $ (10,855) | $ (10,613) | $ (10,636) | ||||||||||
Other distributions | (4,750) | (4,750) | ||||||||||||||
Contribution of Capital from Brookfield | 37,060 | 37,060 | ||||||||||||||
Repurchase of Preferred Units | (6,200) | 20 | 1,529 | $ (7,761) | 12 | |||||||||||
Repurchase of Preferred Units (in shares) | (311) | |||||||||||||||
Equity based compensation and other | (407) | $ (5) | $ (402) | |||||||||||||
Number of shares outstanding at end of period at Dec. 31, 2020 | 5,217 | 405,932 | 0 | 15,489 | ||||||||||||
Ending balance, equity at Dec. 31, 2020 | $ 244,899 | $ (2,505) | $ (157,897) | $ 0 | $ 376,512 | $ 6,828 | $ 4,071 | $ 17,890 |
CONSOLIDATED STATEMENTS OF CASH
CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
Operating Activities | ||
Net income (loss) | $ (346,163) | $ (159,067) |
Adjusted for the following items: | ||
Depreciation and amortization | 316,317 | 358,474 |
Equity-accounted (income) loss, net of distributions received | (6,532) | (16,113) |
Impairment expense, net | 268,612 | 187,680 |
(Gain) loss on dispositions, net | (3,411) | (12,548) |
Unrealized (gain) loss on derivative instruments | 36,045 | 443 |
Deferred income tax expense (recovery) | (804) | 3,161 |
Provisions and other items | (3,503) | (1,547) |
Other non-cash items | 34,629 | (22,942) |
Changes in non-cash working capital, net | (12,871) | 13,341 |
Net operating cash flow | 282,319 | 350,882 |
Financing Activities | ||
Proceeds from borrowings | 312,149 | 492,517 |
Repayments of borrowings and settlement of related derivative instruments | (329,073) | (410,429) |
Financing costs related to borrowings | (8,023) | (20,752) |
Proceeds from borrowings related to sale and leaseback of vessels | 119,073 | 23,800 |
Repayments of borrowings related to sale and leaseback of vessels | (1,190) | 0 |
Financing costs related to borrowings from sale and leaseback of vessels | (187) | (2,256) |
Proceeds from borrowings from related parties | 205,000 | 95,000 |
Prepayment of borrowings from related parties | 0 | (200,000) |
Lease liability repayments | (20,332) | (14,695) |
Capital provided by others who have interests in subsidiaries | 0 | 1,500 |
Distributions to limited partners and preferred unitholders | (32,103) | (32,150) |
Distributions to others who have interests in subsidiaries | (4,750) | (3,636) |
Repurchase of preferred units | (6,200) | 0 |
Net financing cash flow | 234,364 | (71,101) |
Investing Activities | ||
Vessels and equipment | (479,981) | (231,658) |
Equity-accounted investments | (3,948) | (7,886) |
Vessels and equipment | 27,996 | 33,341 |
Changes in restricted cash | (26,520) | (98,329) |
Acquisition of company (net of cash acquired of $6.4 million) | 6,430 | 0 |
Net investing cash flow | (476,023) | (304,532) |
Cash and cash equivalents | ||
Change during the year | 40,660 | (24,751) |
Impact of foreign exchange on cash | (4,314) | (901) |
Balance, beginning of the year | 199,388 | 225,040 |
Balance, end of the year | $ 235,734 | $ 199,388 |
CONSOLIDATED STATEMENTS OF CA_2
CONSOLIDATED STATEMENTS OF CASH FLOWS (Parenthetical) $ in Millions | 12 Months Ended |
Dec. 31, 2020USD ($) | |
Statement of cash flows [abstract] | |
Cash acquired | $ 6.4 |
Nature and Description of the P
Nature and Description of the Partnership | 12 Months Ended |
Dec. 31, 2020 | |
Nature And Description Of The Partnership [Abstract] | |
Disclosure of general information about financial statements | Nature and Description of the Partnership Altera Infrastructure L.P. and its wholly-owned or controlled subsidiaries (collectively, the Partnership and formerly Teekay Offshore Partners L.P.) is an international infrastructure services provider to the offshore oil and gas industry, focused on the ownership and operation of critical infrastructure assets in offshore oil regions of the North Sea, Brazil and the East Coast of Canada. The Partnership was formed as a limited partnership established under the laws of the Republic of the Marshall Islands in August 2006 and the Partnership's affairs are governed by the Marshall Islands Limited Partnership Act and its limited partnership agreement as amended on October 27, 2020. The Partnership is a subsidiary of Brookfield Business Partners L.P. (NYSE: BBU) (TSX: BBU.UN) (or with its affiliates, Brookfield ). The Partnership’s preferred equity units are listed on the New York Stock Exchange under the ticker symbols “ALIN PR A”, “ALIN PR B” and “ALIN PR E” respectively. The registered head office of the Partnership is Altera House, Unit 3, Prospect Park, Arnhall Business Park, Westhill, Aberdeenshire, AB32 6FJ, United Kingdom. |
Significant Accounting Policies
Significant Accounting Policies | 12 Months Ended |
Dec. 31, 2020 | |
Disclosure Of Significant Accounting Policies [Abstract] | |
Significant Accounting Policies | Significant Accounting Policies a. Basis of presentation These consolidated financial statements of the Partnership have been prepared in accordance with International Financial Reporting Standards as issued by the International Accounting Standards Board (or IFRS ) and using the accounting policies described below. The consolidated financial statements have been prepared under the assumption that the Partnership operates on a going concern basis and have been presented in U.S. dollars rounded to the nearest thousand unless otherwise indicated. For all periods up to and including the year ended December 31, 2019, the Partnership prepared its financial statements in accordance with accordance with United States Generally Accepted Accounting Principles (or previous GAAP ). These financial statements for the year ended December 31, 2020, are the first the Partnership has prepared in accordance with IFRS. Refer to Note 3 for information on how the Partnership adopted IFRS. In the opinion of management of the Partnership’s general partner, Altera Infrastructure GP L.L.C. (or the general partner ), these consolidated financial statements reflect all adjustments, which are of a normal recurring nature, necessary to present fairly, in all material respects, the Partnership’s consolidated financial position, results of operations, changes in total equity and cash flows as at dates and for the periods presented. These consolidated financial statements were approved by management and authorized for issue on March 4, 2020. b. Going concern As at December 31, 2020, the Partnership had a working capital deficit of $230.5 million primarily relating to the scheduled maturities and repayments of $362.1 million of outstanding borrowings and the settlement of $199.0 million of other financial liabilities, primarily interest rate swaps, during the 12 months ending December 31, 2021, which amounts were classified as current liabilities as at December 31, 2020. The Partnership also anticipates making payments related to commitments to fund certain vessels under construction through 2022 of $248.5 million; however, the Partnership has secured long-term financing related to these vessels. The working capital deficit of $230.5 million as at December 31, 2020, has significantly increased from $105.9 million as at December 31, 2019. The increase in the working capital deficit was primarily due to: a $177.3 million increase in other financial liabilities, primarily due to certain interest rate swaps containing early-termination provisions, which, if exercised, would terminate these interest rate swaps during the 12 months ending December 31, 2021 (see note 19); partially offset by a $36.3 million increase in cash and cash equivalents. Based on these factors, the Partnership will need to obtain additional sources of financing, in addition to amounts generated from operations, to meet its obligations and commitments and minimum liquidity requirements under its financial covenants. Additional potential sources of financing that the Partnership is actively pursuing or may consider pursuing, during the one-year period to December 31, 2021, include entering into new debt facilities, borrowing additional amounts under existing facilities, the refinancing or extension of certain borrowings and interest rate swaps, selling certain assets, seeking joint venture partners for the Partnerships business interests and/or capital raises. Additional potential sources of amounts generated from operations include the extensions and redeployments of existing assets. The Partnership is actively pursuing or may pursue the financing initiatives described above, which it considers probable of completion based on the Partnership’s history of being able to raise and refinance borrowings for similar types of vessels and based on the Partnership's assessment of current conditions and estimated future conditions. The Partnership is in various stages of progression on these matters. In February 2021, the Partnership entered into two unsecured revolving credit facilities with Brookfield, which provide for borrowings of up to $70.0 million and $30.0 million, respectively, and refinanced an existing term loan relating to the financing of the Petrojarl I FPSO unit, which provides for borrowings of $75.0 million. Additionally, in February 2021, the Partnership terminated or amended a total of four of its interest rate swaps that contained early-termination provisions, which, if exercised, would have terminated these interest rate swaps during the 12 months ending December 31, 2021. See Note 31 for additional information. Based on the Partnership’s liquidity at the date of these consolidated financial statements, the liquidity it expects to generate from operations over the following year, and by incorporating the Partnership’s plans to raise additional liquidity that it considers probable of completion, the Partnership expects that it will have sufficient liquidity to enable the Partnership to continue as a going concern for at least the one-year period to December 31, 2021. c. Basis of consolidation The consolidated financial statements include the accounts of the Partnership and its consolidated subsidiaries, which are the entities over which the Partnership has control. An investor controls an investee when it is exposed, or has rights, to variable returns from its involvement with the investee and has the ability to affect those returns through its power over the investee. Non-controlling interests in the equity of the Partnership’s subsidiaries held by others are shown separately in equity in the consolidated statements of financial position. All intercompany balances, transactions, revenues and expenses are eliminated in full in these consolidated financial statements. d. Interests in other entities (i) Subsidiaries Subsidiaries are consolidated from the date of acquisition, being the date on which the Partnership obtained control, and continue to be consolidated until the date when control is lost. Non-controlling interests may be initially measured either at fair value or at the non-controlling interests’ proportionate share of the fair value of the acquiree’s identifiable net assets. The choice of measurement basis is made on an acquisition by acquisition basis. Subsequent to acquisition, the carrying amount of non-controlling interests is the amount of those interests at initial recognition plus the non-controlling interests’ share of subsequent changes in the Partnership's capital in addition to changes in ownership interests. Total comprehensive income (loss) is attributed to non-controlling interests, even if this results in the non-controlling interests having a deficit balance. The following provides information about the Partnership's wholly-owned subsidiaries as at December 31, 2020: Name of Subsidiary State or Jurisdiction of Incorporation Proportion of Ownership Interest ALP Ace BV Netherlands 100% ALP Centre BV Netherlands 100% ALP Defender BV Netherlands 100% ALP Forward BV Netherlands 100% ALP Guard BV Netherlands 100% ALP Ippon BV Netherlands 100% ALP Keeper BV Netherlands 100% ALP Maritime Contractors BV Netherlands 100% ALP Maritime Group BV Netherlands 100% ALP Maritime Holding BV Netherlands 100% ALP Maritime Services BV Netherlands 100% ALP Ocean Towage Holding BV Netherlands 100% ALP Striker BV Netherlands 100% ALP Sweeper BV Netherlands 100% ALP Winger BV Netherlands 100% Altera (Atlantic) Chartering ULC Canada 100% Altera (Atlantic) Management ULC Canada 100% Altera Al Rayyan LLC Marshall Islands 100% Altera do Brasil Servicos Maritimos Ltda. Brazil 100% Altera Grand Banks AS Norway 100% Altera Grand Banks Shipping AS Norway 100% Altera Infrastructure Crewing AS Norway 100% Altera Infrastructure Coöperatief U.A. Netherlands 100% Altera Infrastructure Finance Corp. Marshall Islands 100% Altera Infrastructure Group Ltd. Marshall Islands 100% Altera Infrastructure FSO Holdings Limited United Kingdom 100% Altera Infrastructure Holdings LLC Marshall Islands 100% Altera Infrastructure Holdings Pte. Ltd. Singapore 100% Altera Infrastructure Norway AS Norway 100% Altera Infrastructure Production (Singapore) Pte. Ltd. Singapore 100% Altera Infrastructure Production AS Norway 100% Altera Infrastructure Production Crew AS Norway 100% Altera Infrastructure Production Holdings AS Norway 100% Altera Infrastructure Production Holdings Limited United Kingdom 100% Altera Infrastructure Services Pte. Ltd Singapore 100% Altera Knarr AS Norway 100% Altera Libra Netherlands BV Netherlands 100% Altera Luxembourg S.a.r.l. Luxembourg 100% Altera Netherlands BV Netherlands 100% Altera Norway Hiload AS Norway 100% Altera Norway Holdings AS Norway 100% Altera Norway Marine AS Norway 100% Altera Operations Australia Pty Ltd. Australia 100% Altera Partners Holding AS Norway 100% Altera Petrojarl FPSO Petrolífera do Brasil Ltda. Brazil 100% Altera Petrojarl I Servicos de Petroleo Ltda. Brazil 100% Altera Piranema Servicos de Petroleo Ltda. Brazil 100% Altera Production UK Limited United Kingdom 100% Altera Shuttle Loading Pte. Ltd. Singapore 100% Altera Shuttle Tanker Finance LLC Marshall Islands 100% Altera Shuttle Tankers LLC Marshall Islands 100% Altera Varg Production Limited. United Kingdom 100% Altera Voyageur Production Limited. United Kingdom 100% Altera Wave AS Norway 100% Altera Wind AS Norway 100% Amundsen Spirit LLC Marshall Islands 100% Apollo Spirit LLC Marshall Islands 100% Arendal Spirit AS Norway 100% Arendal Spirit LLC Marshall Islands 100% Aurora Spirit AS Norway 100% Bossa Nova Spirit LLC Marshall Islands 100% Clipper LLC Marshall Islands 100% Current Spirit AS Norway 100% Dampier Spirit LLC Marshall Islands 100% Gina Krog AS Norway 100% Gina Krog Offshore Pte. Ltd. Singapore 100% Golar Nor (UK) Limited United Kingdom 100% Knarr LLC Marshall Islands 100% Lambada Spirit LLC Marshall Islands 100% Logitel Offshore Holding AS Norway 100% Logitel Offshore Norway AS Norway 100% Logitel Offshore Pte. Ltd. Singapore 100% Logitel Offshore Rig I Pte. Ltd. Singapore 100% Logitel Offshore Rig II Pte. Ltd. Singapore 100% Logitel Offshore Rig III LLC Marshall Islands 100% Nansen Spirit LLC Marshall Islands 100% Navion Bergen AS Norway 100% Navion Bergen LLC Marshall Islands 100% Navion Gothenburg AS Norway 100% Navion Offshore Loading AS Norway 100% Peary Spirit LLC Marshall Islands 100% Petrojarl I LLC Marshall Islands 100% Petrojarl I Production AS Norway 100% Piranema LLC Marshall Islands 100% Piranema Production AS Norway 100% Rainbow Spirit AS Norway 100% Salamander Production (UK) Limited United Kingdom 100% Samba Spirit LLC Marshall Islands 100% Scott Spirit LLC Marshall Islands 100% Sertanejo Spirit LLC Marshall Islands 100% Siri Holdings LLC Marshall Islands 100% Teekay Australia Offshore Holdings Pty Ltd. Australia 100% Teekay FSO Finance Pty Ltd. Australia 100% Teekay Hiload LLC Marshall Islands 100% Teekay Offshore Business Process Services (Philippines) Inc. Philippines 100% Tide Spirit AS Norway 100% Tiro Sidon UK L.L.P. United Kingdom 100% Teekay Petrojarl Offshore Siri AS Norway 100% TPO Siri LLC Marshall Islands 100% Varg LLC Marshall Islands 100% Varg Production AS Norway 100% Voyageur LLC Marshall Islands 100% The following table presents details of non-wholly owned subsidiaries of the Partnership: Name of Subsidiary State or Jurisdiction of Incorporation Proportion of Ownership Interest KS Apollo Spirit Norway 89% Navion Gothenburg LLC Marshall Islands 50% Nordic Rio LLC Marshall Islands 50% Partrederiet Stena Ugland Shuttle Tankers I DA Norway 50% Partrederiet Stena Ugland Shuttle Tankers II DA Norway 50% Partrederiet Stena Ugland Shuttle Tankers III DA Norway 50% The Partnership has determined that the above entities are non-wholly owned subsidiaries of the Partnership based on its assessment of control. For non-wholly owned subsidiaries, the Partnership is exposed to variable returns from its involvement with the investee and has substantive decision making authority to affect the returns of its investment, as well as the power to direct the activities of the entities that can significantly impact the economic performance of the entity. (ii) Joint ventures Joint ventures are joint arrangements whereby the parties that have joint control of the arrangement have rights to the net assets of the joint arrangement. Joint control is the contractually agreed sharing of control over an arrangement, which exists when decisions about the relevant activities require unanimous consent of the parties sharing control. The Partnership accounts for joint ventures using the equity method of accounting within equity-accounted investments in the consolidated statements of financial position. Interests in joint ventures accounted for using the equity method are initially recognized at cost. Subsequent to initial recognition, the carrying value of the Partnership’s interest in a joint venture is adjusted for the Partnership’s share of comprehensive income and distributions of the investee. Profit and losses resulting from transactions with a joint venture are recognized in the consolidated financial statements based on the interests of unrelated investors in the investee. The carrying value of joint ventures is assessed for impairment at each reporting date. Impairment losses on equity-accounted investments may be subsequently reversed in net income. Further information on the impairment of long-lived assets is available in Note 2(l). The following table presents details of the Partnership's joint ventures: Name of Joint Venture State or Jurisdiction of Incorporation Proportion of Ownership Interest OOG-TKP FPSO GmbH Austria 50% OOG-TKP FPSO GmbH & Co KG Austria 50% OOG-TKP Oil Services Ltd. Cayman Islands 50% OOG-TK Libra GmbH Austria 50% OOG-TK Libra GmbH & Co KG Austria 50% OOGTK Libra Operator Holdings Limited Cayman Islands 50% OOGTK Libra Producao de Petroleo Ltda Brazil 50% OOG-TKP Operator Holdings Limited Cayman Islands 50% OOG-TKP Producao de Petroleo Ltda Brazil 50% TK-Ocyan Libra Oil Services Ltd. Cayman Islands 50% e. Foreign currency translation The U.S. dollar is the functional and presentation currency of the Partnership. The Partnership’s vessels operate in international shipping markets in which substantially all income and expenses are settled in U.S. dollars. In addition, the Partnership's most significant assets, its vessels and equipment, are bought and sold in U.S. dollars and the Partnership's most significant liabilities, its commercial bank borrowings, are denominated in U.S. dollars. Foreign currency denominated monetary assets and liabilities are translated using the rate of exchange prevailing at the reporting date and non-monetary assets and liabilities are measured at historic cost and are translated at the rate of exchange at the transaction date. Foreign currency denominated revenues and expenses are measured at average rates during the period. Gains or losses on translation of these items are included in foreign currency exchange gain (loss) in the consolidated statements of income (loss). f. Cash and cash equivalents Cash and cash equivalents include cash on hand, non-restricted deposits and short-term investments with original maturities of three months or less. g. Accounts and other receivable, net Accounts and other receivable, net includes trade receivables and other unbilled receivables. Accounts and other receivable, net, except for trade receivables, are recognized initially at fair value and subsequently measured at amortized cost using the effective interest method, less any allowance for expected credit losses. Trade receivables are recognized initially at their transaction price. h. Inventory Inventories are the materials or supplies consumed in the rendering of services. Inventory is valued at the lower of cost and net realizable value. Cost is determined using specific identification where possible and practicable or using the first-in, first-out method. Costs include direct and indirect expenditures incurred in bringing the inventory to its existing condition and location. Net realizable value represents the estimated selling price in the ordinary course of business, less the estimated costs of completion and the estimated costs necessary to make the sale. i. Related party transactions In the normal course of operations, the Partnership enters into various transactions with related parties, which have been measured at their exchange value and are recognized in the consolidated financial statements. Related party transactions are further described in Note 22. j. Vessels and equipment Vessels and equipment are measured at cost less accumulated depreciation and accumulated impairment losses, if any. Cost includes expenditures that are directly attributable to the acquisition of the asset including the cost of materials and direct labor, any other costs directly attributable to bringing the assets to a working condition for their intended use, and the cost of dismantling and removing the items and restoring the site on which they are located. All pre-delivery costs incurred during the construction of vessels and equipment, including interest, supervision and technical costs, are capitalized. The acquisition cost and all costs incurred to restore used vessels and equipment purchased by the Partnership to the standard required to service the Partnership’s customers are capitalized. Depreciation of an asset commences when it is available for use. Vessels and equipment are depreciated for each component of the asset classes as follows: Component Estimated Useful Life Dry docks and Overhauls 2.5 - 5 years Capital Modifications (1) 3 - 20 years Vessels and Equipment (2) 9 - 35 years (1) Includes field and contract specific equipment for the Partnership's FPSO units and FSO units, capital upgrades for the Partnership's shuttle tankers and mid-life refurbishments for the Partnership's UMS. (2) Certain of the Partnership's FPSO units and FSO units have undergone conversions or capital upgrades prior to commencing operations under their current contracts. The estimated useful lives of such vessels is generally substantially lower than that of a comparable newbuilding vessel. For a newbuilding vessel, the Partnership uses an estimated useful life of 20 to 25 years for its FPSO units, 20 years for its shuttle tankers, 35 years for its UMS and 25 years for its towage and offshore installation (or Towage ) vessels. The estimated useful life of the Partnership's FSO units are generally the contract term for the unit, inclusive of extension options. Depreciation on vessels and equipment is calculated on a straight-line basis so as to write-off the net cost of each asset over its expected useful life to its estimated residual value. Residual value of the vessel hull is estimated as the lightweight tonnage of each vessel multiplied by scrap value per ton. The estimated useful lives, residual values and depreciation methods are reviewed annually, with the effect of any changes recognized on a prospective basis. Vessel capital modifications include the addition of new equipment or can encompass various modifications to the vessel which are aimed at improving 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. Generally, the Partnership dry docks each shuttle tanker or towage vessel every two and a half to five years, depending on the nature of work and external requirements. The vessels are required to undergo planned dry docking for replacement of certain components, major repairs and major maintenance of other components, which cannot be carried out while the vessels are operating. 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, which is generally until the commencement of the subsequent dry dock. Included in capitalized dry docking are 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. A portion of the cost of acquiring a new vessel is allocated to the components expected to be replaced or refurbished at the next dry-docking. 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. Advances on newbuilding contracts consists of prepayments related to newbuilding contracts for vessels and equipment not yet delivered to the Partnership and include the share of borrowing costs that are directly attributable to the acquisition of the underlying vessel. When a vessel is delivered, the prepaid amount is reallocated to Vessels and equipment. k. Right-of-use assets and lease obligations The Partnership assesses whether a contract is, or contains, a lease at inception of the contract. A right-of-use asset and corresponding lease liability is recognized at the lease commencement date for contracts that are, or contain, a lease component, except for short-term leases and leases of low value. Agreements to charter in vessels and to lease land and buildings for which the Partnership substantially has the right to control the asset for a period of time in exchange for consideration are recognized in the consolidated statements of financial position as right-of-use assets within Other assets and are initially measured at cost, which comprises the initial amount of the lease liabilities adjusted for any lease payments made at or before the commencement date. Subsequently, the right-of-use assets are measured at cost less accumulated depreciation and impairment losses, if any. The right-of-use assets are depreciated on a straight-line basis over the lesser of the lease term or remaining life of the underlying asset, depending on the lease terms. The Partnership charters in vessels from other vessel owners on time-charter contracts, whereby the vessel owner provides use of the vessel to the Partnership, as well as operates the vessel for the Partnership. A time-charter contract is typically for a fixed period of time, although in certain cases the Partnership may have the option to extend the charter. The Partnership will typically pay the owner a daily hire rate that is fixed over the duration of the charter. The Partnership is generally not required to pay the daily hire rate during periods the vessel is not able to operate. The Partnership has determined that all of its time-charter-in contracts contain both a lease component (lease of the vessel) and a non-lease component (operation of the vessel). The Partnership has allocated the contract consideration between the lease component and non-lease component on a relative standalone selling price basis. Given that there are no observable standalone selling prices for either of these two components, judgment is required in determining the standalone selling price of each component. The standalone selling price of the non-lease component has been determined using a cost-plus approach, whereby the Partnership estimates the cost to operate the vessel using cost benchmarking studies prepared by a third party, when available, or internal estimates when not available, plus a profit margin. The standalone selling price of the lease component has been determined using an adjusted market approach, whereby the Partnership calculates a rate excluding the operating component based on a market time-charter rate from published broker estimates, when available, or internal estimates when not available. The discount rate of the lease is determined using the Partnership’s incremental borrowing rate, which is based on the fixed interest rate the Partnership could obtain when entering into a secured loan facility of similar term. The Partnership has elected to recognize the lease payments of short-term leases in profit or loss on a straight-line basis over the lease term and variable lease payments not dependent on a rate or index in the period in which the obligation for those payments is incurred, which is consistent with the recognition of payment for the non-lease component. Short-term leases are leases with an original term of one year or less, excluding those leases with an option to extend the lease for greater than one year or an option to purchase the underlying asset, that the lessee is reasonably certain to exercise. The corresponding lease obligation is recognized as a liability in the consolidated statements of financial position under Accounts payable and other and initially measured at the present value of the outstanding lease payments at the commencement date. The Partnership recognizes the lease payments for short-term leases and leases of low value as an operating expense on a straight-line basis over the term of the lease. l. Asset impairment At each reporting date the Partnership assesses whether there is any indication that assets or cash generating units, relating specifically to its vessels and equipment and right-of use-assets, are impaired. This assessment includes a review of internal and external factors which includes, but is not limited to, changes in the technological, political, economic or legal environments in which the Partnership operates, structural changes in the industry, changes in the level of demand, physical damage and obsolescence due to technological changes. The Partnership has determined that, for impairment purposes, each individual vessel, except for the Partnership's contract of affreightment (or CoA ) vessels, is a cash generating unit. The Partnership has determined that all CoA vessels are a single cash generating unit. An impairment is recognized if the recoverable amount, determined as the higher of the estimated fair value less costs of disposal or the value in use, is less than the carrying value of the asset or cash generating unit. 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 its vessel and equipment. In cases where an active second-hand sale and purchase market exists, an appraised value is used to estimate the fair value of the vessel and equipment. 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. The value in use is the present value of the future cash flows that the Partnership expects to derive from the asset or cash generating unit. The projections of future cash flows take into account the relevant operating plans and management’s best estimate of the most probable set of conditions anticipated to prevail. At each reporting date the Partnership assesses whether there is any indication that an impairment loss may have decreased. Where an impairment loss subsequently reverses, the carrying amount of the asset or cash generating unit is increased to the revised estimate. m. Goodwill Goodwill represents the excess of the price paid for the acquisition of a business over the fair value of the net tangible and intangible assets and liabilities acquired. Goodwill is allocated to the cash generating unit or units to which it relates. The Partnership identifies cash generating units as identifiable groups of assets whose cash inflows largely independent of the cash inflows from other assets or groups of assets. The Partnership has identified the shuttle tanker segment as the group of cash generating units to which the Partnership's goodwill relates. Goodwill is evaluated for impairment on an annual basis or more frequently if an event occurs or circumstances change that would indicate that the recoverable amount of a reporting unit was below its carrying value. Impairment is determined for goodwill by assessing if the carrying value of a cash generating unit, including the allocated goodwill, exceeds its recoverable amount determined as the greater of the estimated fair value less costs of disposal or the value in use. Impairment losses recognized in respect of a cash generating unit are first allocated to the carrying value of goodwill and any excess is allocated to the carrying amount of assets in the cash generating unit. Any goodwill impairment is charged to Impairment expense, net on the consolidated statements of income (loss) in the period in which the impairment is identified. Impairment losses on goodwill are not subsequently reversed. n. Revenues Each vessel charter may, depending on its terms, contain a lease component, a non-lease component or both. Revenues that are fixed on or prior to the commencement of the contract are recognized by the Partnership on a straight-line basis daily over the term of the contract. The Partnership’s primary source of revenues is chartering its vessels and offshore units to its customers. The Partnership utilizes five primary forms of contracts, consisting of FPSO contracts, CoA, time-charter contracts, bareboat charter contracts and voyage charter contracts. A highly probable criterion is required to be met with regards to recognizing revenue arising from variable consideration resulting from contract modifications and claims. For variable consideration, revenue is only recognized to the extent that it is highly probable that a significant reversal in the amount of revenue recognized will not occur when the uncertainty associated with the variable consideration is subsequently resolved. (i) FPSO Contracts Pursuant to an FPSO contract, the Partnership charters an FPSO unit to a customer for a fixed period of time, generally more than one year. The obligations within an FPSO contract, which include the lease of the FPSO unit to the charterer as well as the operation of the FPSO unit, are satisfied as services are rendered over the duration of such contract, as measured using the time that has elapsed from commencement of performance. Fees relating to the lease and operation of the FPSO (or hire) are typically invoiced monthly in arrears, based on a fixed daily hire amount. In certain FPSO contracts, the Partnership is entitled to a lump sum amount due upon commencement of the contract and may also be entitled to termination fees if the contract is canceled early. While the fixed daily hire amount may be the same over the term of the FPSO contract, in certain cases, the daily hire amount declines over the duration of the FPSO contract. As a result of the Partnership accounting for compensation from such charters on a straight-line basis over the duration of the charter, FPSO contracts where revenues are recognized before the Partnership is entitled to such amounts under the FPSO contracts will result in the Partnership recognizing a contract asset and FPSO contracts where revenues are recognized after the Partnership is entitled to such amounts under the FPSO contracts will result in the Partnership recognizing a contract liability. Some FPSO contracts include variable consideration components in the form of expense adjustments or reimbursements, incentive compensation and penalties. For example, some FPSO contracts contain provisions that allow the Partnership to be compensated for increases in the Partnership's costs to operate the unit during the term of the contract. Such provisions may be in the form of annual hire rate adjustments for changes in inflation indices or foreign currency rates, or in the form of cost reimbursements for vessel operating expenditures incurred. The Partnership may also earn additional compensation from periodic production tariffs, which are based on the volume of oil produced, the price of oil, as well as other monthly or annual operational performance measures. During periods in which production on the FPSO unit is interrupted, penalties may be imposed. Variable consideration under the Partnership’s contracts is typically recognized as incurred as either such revenues are allocated and accounted for under lease accounting requirements or, alternatively, when such consideration is allocated to the distinct period in which such variable consideration was earned. The Partnership does not engage in any specific activities to minimize residual value risk. Given the uncertainty involved in oil field production estimates and the resu |
Transition to IFRS
Transition to IFRS | 12 Months Ended |
Dec. 31, 2020 | |
Disclosure Of First Time Adoption [Abstract] | |
Transition to IFRS | Transition to IFRS The Partnership adopted IFRS effective September 30, 2020. Prior to the adoption of IFRS, the Partnership prepared its financial statements in accordance with its previous GAAP. As a result, the 2019 comparative information has been adjusted from amounts previously reported in the Partnership’s financial statements prepared in accordance with its previous GAAP. IFRS 1 – First-time Adoption of International Financial Reporting Standards (or IFRS 1 ) requires first-time adopters to apply IFRS retrospectively. The Partnership’s transition date is January 1, 2019 (or the Transition Date ) and a consolidated statement of financial position has been prepared as at that date. These consolidated financial statements, including all periods presented, have been prepared in accordance with the IFRS accounting policies described in Note 2. a. Presentation of consolidated financial statements A full reconciliation of the Partnership's consolidated statements of financial position reported under its previous GAAP to that prepared under IFRS is presented below: As at January 1, 2019 Previous IFRS GAAP Reclassifications (1) Adjustments IFRS Previous GAAP $ $ $ $ IFRS ASSETS ASSETS Current Current Assets Cash and cash equivalents 225,040 — — 225,040 Cash and cash equivalents Restricted cash 8,540 1,028 — 9,568 Financial assets Accounts receivable 141,903 1,807 — 143,710 Accounts and other receivable, net Vessels held for sale 12,528 — — 12,528 Vessels and equipment classified — 20,254 — 20,254 Inventory Due from affiliates 58,885 — — 58,885 Due from related parties Prepaid expenses 32,199 (11,210) — 20,989 Other assets Other current assets 11,879 (11,879) — — Total current assets 490,974 — — 490,974 Total current assets Non-current assets 2,075 — 2,075 Financial assets 36,536 — 36,536 Accounts and other receivable, net Vessels and equipment, at cost 4,196,909 — (648,408) 3,548,501 Vessels and equipment Advances on newbuilding 73,713 — 40,083 113,796 Advances on newbuilding __ contracts Investments in equity-accounted 212,202 — (3,383) 208,819 Equity-accounted investments Deferred tax asset 9,168 — — 9,168 Deferred tax assets Due from affiliates 949 — — 949 Due from related parties Other assets 198,992 (38,611) 24,810 185,191 Other assets Goodwill 129,145 — (2,032) 127,113 Goodwill 4,821,078 — (588,930) 4,232,148 Total non-current assets Total assets 5,312,052 — (588,930) 4,723,122 Total assets LIABILITIES AND EQUITY LIABILITIES Current Current liabilities Accounts payable 16,423 200,708 (3,651) 213,480 Accounts payable and other Accrued liabilities 129,896 (129,896) — — Deferred revenues 55,750 (55,750) — — Current portion of derivative 23,290 — — 23,290 Other financial liabilities Due to affiliates 183,795 — — 183,795 Due to related parties Current portion of long-term debt 554,336 — — 554,336 Borrowings Other current liabilities 15,062 (15,062) — — Total current liabilities 978,552 — (3,651) 974,901 Total current liabilities Non-current liabilities Other long-term liabilities 236,616 (2,183) 30,299 264,732 Accounts payable and other Derivatives instruments 94,354 — 50,513 144,867 Other financial liabilities Long-term debt 2,543,406 — — 2,543,406 Borrowings 2,183 — 2,183 Deferred tax liabilities 2,874,376 — 80,812 2,955,188 Total non-current liabilities Total liabilities 3,852,928 — 77,161 3,930,089 Total liabilities EQUITY EQUITY Limited partners - common units 883,090 — (533,002) 350,088 Limited partners - common units Limited partners - preferred units 384,274 — — 384,274 Limited partners - preferred units General partner 15,055 — (4,084) 10,971 General partner Warrants 132,225 — (132,225) — Accumulated other 7,361 — — 7,361 Accumulated other Non-controlling interests 37,119 — 3,220 40,339 Non-controlling interests in Total equity 1,459,124 — (666,091) 793,033 Total equity Total liabilities and equity 5,312,052 — (588,930) 4,723,122 Total liabilities and equity As at December 31, 2019 Previous IFRS IFRS GAAP Reclassifications (1) Adjustments Previous GAAP $ $ $ $ IFRS ASSETS ASSETS Current Current Assets Cash and cash equivalents 199,388 — — 199,388 Cash and cash equivalents Restricted cash 17,798 1,124 89,070 107,992 Financial assets Accounts receivable 204,020 805 — 204,825 Accounts and other receivable, net Vessels held for sale 15,374 — — 15,374 Vessels and equipment classified — 18,581 — 18,581 Inventory Prepaid expenses 29,887 (13,043) — 16,844 Other assets Other current assets 7,467 (7,467) — — Total current assets 473,934 — 89,070 563,004 Total current assets Non-current assets Restricted cash - long-term 89,070 — (89,070) — Financial assets 17,276 — 17,276 Accounts and other receivable, net Vessels and equipment, at cost 3,511,758 — (486,042) 3,025,716 Vessels and equipment Advances on newbuilding 257,017 — 40,083 297,100 Advances on newbuilding Investments in equity-accounted 234,627 — (2,411) 232,216 Equity-accounted investments Deferred tax asset 7,000 — — 7,000 Deferred tax assets Other assets 220,716 (17,276) 15,373 218,813 Other assets Goodwill 129,145 — (2,032) 127,113 Goodwill 4,449,333 — (524,099) 3,925,234 Total non-current assets Total assets 4,923,267 — (435,029) 4,488,238 Total assets LIABILITIES AND EQUITY LIABILITIES Current Current liabilities Accounts payable 56,699 206,756 9,163 272,618 Accounts payable and other Accrued liabilities 140,976 (140,976) — — Deferred revenues 53,728 (53,728) — — Current portion of derivative 18,956 2,741 — 21,697 Other financial liabilities Due to related parties 20,000 — 1,306 21,306 Due to related parties Current portion of long-term debt 353,238 — — 353,238 Borrowings Other current liabilities 14,793 (14,793) — — Total current liabilities 658,390 — 10,469 668,859 Total current liabilities Non-current liabilities Other long-term liabilities 223,877 (24,422) 23,204 222,659 Accounts payable and other Derivatives instruments 143,222 21,289 — 164,511 Other financial liabilities Long-term debt 2,825,712 — 5,562 2,831,274 Borrowings 3,133 — 3,133 Deferred tax liabilities 3,192,811 — 28,766 3,221,577 Total non-current liabilities Total liabilities 3,851,201 — 39,235 3,890,436 Total liabilities EQUITY EQUITY Limited partners - common units 505,394 — (335,657) 169,737 Limited partners - common units Limited partners - preferred units 384,274 — — 384,274 Limited partners - preferred units General partner 12,164 — (2,577) 9,587 General partner Warrants 132,225 — (132,225) — Accumulated other 4,410 — — 4,410 Accumulated other comprehensive Non-controlling interests 33,599 — (3,805) 29,794 Non-controlling interests in Total equity 1,072,066 — (474,264) 597,802 Total equity Total liabilities and equity 4,923,267 — (435,029) 4,488,238 Total liabilities and equity (1) Concurrently with the adoption of IFRS, the Partnership implemented an accounting policy change related to the line items presented in its consolidated statements of financial position, in order to more closely align with the presentation adopted by its parent company, Brookfield. The reclassifications in the tables above are primarily as a result of this accounting policy change. b. Elected optional exemptions from full retrospective application IFRS 1 provides entities preparing their first consolidated financial statements in accordance with IFRS with several optional exemptions from full retrospective application of IFRS. The Partnership has applied certain of these optional exemptions as described below: Business combinations This exemption allows the Partnership to not apply IFRS 3 – Business Combinations retrospectively to past business combinations. The Partnership has elected to apply this exemption and therefore has not restated business combinations that took place prior to the Transition Date. Any goodwill arising on such business combinations before the Transition Date remains at the carrying value determined under its previous GAAP. Regardless of whether there is any indication that goodwill may be impaired, entities which are first-time adopters of IFRS shall test goodwill for impairment at the date of transition. Share-based payment transactions This exemption allows the Partnership to not apply IFRS 2 – Share-based Payments to equity instruments granted on or before November 7, 2002, or to equity instruments granted after November 7, 2002 and vested before the Transition Date. This exemption also allows the Partnership to not apply IFRS 2 – Share-based Payments to liabilities arising from share-based payment transactions that were settled before the Transition date. The Partnership has elected to apply this exemption and therefore not to apply IFRS 2 to equity instruments granted on or before November 7, 2002, to equity instruments granted after November 7, 2002 that had vested by the Transition Date and to liabilities arising from share-based payment transactions that were settled before the Transition Date. Fair value as deemed cost This exemption allows the Partnership to initially measure an item of property, plant and equipment, investment property, right-of-use assets or intangible asset at its fair value, or an amount determined by a previous GAAP revaluation, and use that amount as deemed cost as at the Transition Date on an asset-by-asset basis. The Partnership has elected to apply this exemption and measure all of its Vessels and equipment and Advances on newbuilding contracts at their fair value as at the Transition Date. Assets and liabilities of subsidiaries, joint ventures and associates This exemption allows the Partnership to measure the assets and liabilities in subsidiaries, joint ventures and associates, which transitioned to IFRS at a date earlier than the Transition Date for the Partnership, at the carrying amounts in those subsidiaries, joint ventures or associates financial statements, after adjusting for equity accounting adjustments and differences in accounting policies. The Partnership has elected to apply this exemption to its equity-accounted investments. c. Mandatory exceptions to retrospective application of IFRS In preparing these consolidated financial statements in accordance with IFRS 1, the Partnership has applied the following mandatory exceptions, which had an impact on the Partnership from full retrospective application of IFRS: Derecognition of financial assets and liabilities A first-time adopter is required to apply the derecognition requirements in IFRS 9 - Financial Instruments prospectively to transactions occurring on or after the Transition Date, but not retrospectively to financial assets or liabilities already derecognized prior to the Transition Date. The Partnership has applied this mandatory exception for the derecognition of financial assets and liabilities occurring on or after the Transition Date and has not applied this requirement retrospectively. Impairment of financial assets A first-time adopter is required to apply the impairment requirements of IFRS 9 - Financial Instruments. The Partnership has determined that an expected credit loss (ECL) provision is not material and therefore has not recognized an ECL provision as at the Transition Date. Estimates The Partnership's estimates in accordance with IFRS at the Transition Date are consistent with the estimates made at the same date in accordance with its Previous GAAP. Estimates made by the Partnership under its previous GAAP have been reassessed under IFRS as a result of changes in accounting policies. IFRS has a lower threshold for the recognition of a provision and requires the recognition of the mid-point of a range of estimates in situations where no single outcome within the range represents the best outcome, whereas the Partnership's previous GAAP required the recognition of the minimum amount of the range. d. Reconciliation of Equity from previous GAAP to IFRS The following is a reconciliation of the Partnership's equity reported in accordance with previous GAAP to its equity reported in accordance with IFRS as at the Transition Date: PARTNER'S EQUITY LIMITED PARTNERS Note Common Units and Additional Paid-in Capital Preferred General Partner Warrants Accumulated Other Comprehensive Income Non- controlling Interests Total As reported under previous 883,090 384,274 15,055 132,225 7,361 37,119 1,459,124 Transitional adjustments increasing Vessels and equipment (i) (646,673) — (4,955) — — 3,220 (648,408) Advances on newbuilding contracts (ii) 39,778 — 305 — — — 40,083 Equity-accounted investments (iii) (3,357) — (26) — — — (3,383) Goodwill (iv) (2,017) — (15) — — — (2,032) Provisions (v) (16,771) — (129) — — — (16,900) Off-market contract (vi) 14,947 — 115 — — — 15,062 Warrants (vii) 81,091 — 621 (132,225) — — (50,513) As reported under IFRS - 350,088 384,274 10,971 — 7,361 40,339 793,033 The following is a reconciliation of the Partnership's equity reported in accordance with previous GAAP to its equity reported in accordance with IFRS as at December 31, 2019: PARTNER'S EQUITY LIMITED PARTNERS Note Common Units and Additional Paid-in Capital Preferred General Partner Warrants Accumulated Other Comprehensive Income Non- controlling Interests Total As reported under previous GAAP - December 31, 2019 505,394 384,274 12,164 132,225 4,410 33,599 1,072,066 Transitional adjustments increasing Vessels and equipment (i) (478,567) — (3,670) — — (3,805) (486,042) Advances on newbuilding contracts (ii) 39,778 — 305 — — — 40,083 Equity-accounted investments (iii) (2,389) — (20) — — — (2,409) Goodwill (iv) (2,017) — (15) — — — (2,032) Provisions (v) (16,771) — (129) — — — (16,900) Warrants (vii) 131,221 — 1,004 (132,225) — — — Derecognition of financial liabilities (viii) (6,816) — (51) — — — (6,867) Other (96) — (1) — — — (97) As reported under IFRS - December 169,737 384,274 9,587 — 4,410 29,794 597,802 (i) Vessels and equipment - Under the Partnership's previous GAAP, vessels and equipment were measured at cost less accumulated depreciation and adjusted for impairments. As part of the transition to IFRS, the Partnership elected to apply the fair value as deemed cost optional exemption to its vessels and equipment as at the Transition Date. The decrease in equity is the net difference between the fair value of vessels and equipment used as a deemed cost and the carrying amounts under the Partnership's previous GAAP. For the year ended December 31, 2019, the lower carrying values from this election decreased the related depreciation and amortization and impairment expense, net. This decrease in deprecation and amortization as a result of the lower carrying values from this election was partially offset by the requirement, under IFRS, for the Partnership to componentize amounts initially recorded, in respect of vessels and equipment, into their significant components and depreciate each component separately over its expected useful life to its estimated residual value. The Partnership identified additional components relating to its FPSO units, FSO units and Towage vessels which had the impact of increasing depreciation and amortization expense, as these components were depreciated over a shorter estimated useful life. Under the Partnership's previous GAAP, vessels and equipment were tested for impairment by first comparing the undiscounted cash flows generated by the asset or cash generating unit to the carrying amount. If this test indicated an impairment, the impairment expense was then calculated by comparing the discounted cash flows or appraised values to the carrying amount of the asset or cash generating unit. Under IFRS, an impairment is recognized if the recoverable amount, determined as the higher of the estimated fair value less costs of disposal or the value in use, is less than the carrying value of the asset or cash generating unit, whereby the estimated fair value is either the discounted cash flows generated or an appraised value. As a result, the Partnership recorded impairment expenses on additional vessels and equipment under IFRS, when compared to its previous GAAP. (ii) Advances on newbuilding contracts - Under the Partnership's previous GAAP, advances on newbuilding contracts were measured at cost. As part of the transition to IFRS, the Partnership elected to apply the fair value as deemed cost optional exemption to its advances on newbuilding contracts as at the Transition Date. The increase in equity is the net difference between the fair value used as deemed cost and the carrying amount under the Partnership's previous GAAP. When the vessels and equipment are delivered to the Partnership, this associated increase in the advances in newbuildings balance will be depreciated on a straight-line basis over the vessel and equipment's expected useful life to their estimated residual value. (iii) Equity-accounted investments - The Partnership's equity-accounted investments, which are all joint ventures, transitioned to IFRS at a date earlier than the Transition Date for the Partnership. The Partnership elected the apply the optional exemption to measure the assets and liabilities in its equity-accounted investments at their carrying amount, after adjusting for equity accounting adjustments and differences in accounting policies. This exemption was applied by the Partnership as at the Transition Date and in all subsequent periods. (iv) Goodwill - As at the Transition Date, the Partnership determined that the carrying amount of goodwill associated with its Towage segment was $nil following the performance of the goodwill impairment test on the Transition Date. (v) Provisions - Estimates for provisions made by the Partnership under its previous GAAP were reassessed under IFRS, which requires a lower threshold for recognition and requires the recognition of the mid-point of a range of estimates in situations where no single outcome within the range represents the best outcome. As at the Transition Date, the provisions recognized by the Partnership decreased equity by $16.9 million when compared to its previous GAAP. (vi) Off-market contract - As at the Transition Date, the carrying amount of an off-market contract liability pertaining to the Piranema Spirit FPSO unit was derecognized under IFRS due to the requirement to offset the off-market contract against the cost of the vessel and equipment under IFRS and the Partnership's election to apply the fair value as deemed cost optional exemption to its vessels and equipment as at the Transition Date. (vii) Warrants - Warrants which the Partnership had previously issued were recorded at their fair value or relative fair value as at the date of issuance and were classified as an equity instrument under the Partnership's previous GAAP. As at the Transition Date, the Partnership classified these warrants as financial liability derivative instruments, which are measured at fair value through profit or loss under IFRS. This classification was applied by the Partnership as at the Transition Date and in all subsequent periods for which the warrants existed. (viii) Derecognition of financial liabilities - The Partnership has applied the derecognition requirements in IFRS 9 - Financial Instruments prospectively to transactions occurring on or after the Transition Date, but not retrospectively to financial liabilities already derecognized prior to the Transition Date. Under IFRS, the amortized cost of a modified financial liability, in which the terms of the financial liability are not determined to be substantially modified, is recalculated as the present value of the estimated future contractual cash flows, discounted at the original effective interest rate. The resulting gains or losses are recognized in profit or loss. Under the Partnership's previous GAAP, such gains or losses were not recognized. e. Reconciliation of Net Income and Comprehensive Income from previous GAAP to IFRS Concurrently with the adoption of IFRS, the Partnership implemented an accounting policy change related to the presentation of total compensation expenses. Previously, compensation expenses relating to shore-based employees were included in general and administrative expenses, whereas in the consolidated statements of income (loss) presented in these consolidated financial statements, the Partnership has included such expenses as a component of direct operating costs. The following is a reconciliation of the Partnership's net income (loss) and comprehensive income (loss) reported in accordance with its previous GAAP to its net income (loss) and comprehensive income (loss) in accordance with IFRS for the year ended December 31, 2019: Note Year ended December 31, 2019 Net income (loss) as reported under previous GAAP (350,895) Transitional adjustments increasing (decreasing) reported net income (loss): Vessels and equipment (i) 162,366 Equity-accounted investments (ii) 974 Off-market contract (iii) (15,062) Warrants (iv) 50,513 Derecognition of financial liabilities (v) (6,867) Other (96) Total adjustments 191,828 Net income (loss) as reported under IFRS (159,067) Attributable to: Limited partners - common units (181,424) General partner (1,384) Limited partners - preferred units 32,150 Non-controlling interests in subsidiaries (8,409) Year ended December 31, 2019 Other comprehensive income (loss) as reported under previous GAAP (353,846) Transitional adjustments increasing (decreasing) reported comprehensive income (loss): Adjustments in net income (loss) 191,828 Other comprehensive income (loss) as reported under IFRS (162,018) Attributable to: Limited partners - common units (184,353) General partner (1,406) Limited partners - preferred units 32,150 Non-controlling interests in subsidiaries (8,409) (i) Vessels and equipment - The Partnership elected to apply the fair value as deemed cost optional exemption to its vessels and equipment as at the Transition Date. The lower carrying values from this election decreased the related depreciation and amortization and impairment expense, net. This decrease in depreciation expense was partially offset by the Partnership componentizing amounts initially recorded, in respect of vessels and equipment, into their significant components and depreciating each component separately over its expected useful life to an estimated residual value. The Partnership identified additional components relating to its FPSO units, FSO units and Towage vessels, which had the impact of increasing depreciation and amortization expense, as these components were depreciated over a shorter estimated useful life. Impairment expense, net was also impacted by a lower impairment recognition threshold under IFRS compared to the Partnership's previous GAAP. This resulted in an increase in the related impairment expense, net. (ii) Equity-accounted investments - The difference in net income (loss) reflects the impact of the Partnership adopting the IFRS carrying values of its equity-accounted investments after adjusting for equity-accounting adjustments and differences in accounting policies. (iii) Off-market contract - As described in Note 3(d)(vi), the carrying amount of the off-market contract liability recognized by the Partnership under its previous GAAP was derecognized as at the Transition Date to IFRS. (iv) Warrants - As described in Note 3(d)(vii), under IFRS, the Partnership measured its warrants as financial liability derivative instruments, which are measured at fair value through profit or loss. The effect on net income (loss) relates to the fair value adjustments in the periods subsequent to the Transition Date to IFRS. (v) Derecognition of financial liabilities - As described in Note 3(d)(viii), under IFRS, a modification gain or loss is recognized on non-substantially modified financial liabilities. The effect on net income (loss) relates to the recognition of the modification gain or loss and the related amortization over the term of the modified financial liability. f. Reconciliation of Cash Flows from previous GAAP to IFRS The following items are the differences in the Partnership's consolidated statements of cash flows reported in accordance with its previous GAAP compared to in accordance with IFRS: (i) Net income (loss) - Includes the differences in net income (loss) between the Partnership's previous GAAP and IFRS as described in Note 3(e) for the year ended December 31, 2019. (ii) Dry-docking expenditures - Under the Partnership's previous GAAP, dry-dock expenditures were presented as an operating activity. Under IFRS, the Partnership has presented expenditures capitalized during the period a vessel is drydocked as an investing activity and expenditures expensed during the period a vessel is drydocked as an operating activity. (iii) Lease liability repayments - Under the Partnership's previous GAAP, lease liability repayments were presented as an operating activity. Under IFRS, the lease liability repayments relating to the principal portion of the lease liability are presented as a financing activity. (iv) Restricted cash - Under the Partnership's previous GAAP, the consolidated statement of cash flows was required to explain the change of the total of cash, cash equivalents and amounts generally described as restricted cash or restricted cash equivalents during the period. Under IFRS, the consolidated statement of cash flows explains the change of cash and cash equivalents during the period, and the Partnership has presented the movement in restricted cash as an investing activity. |
Fair Value of Financial Instrum
Fair Value of Financial Instruments | 12 Months Ended |
Dec. 31, 2020 | |
Disclosure Of Fair Value Of Financial Instruments [Abstract] | |
Fair Value of Financial Instruments | Fair Value of Financial Instruments The fair value of a financial instrument is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. In the absence of an active market, fair values are determined based on prevailing market rates for instruments with similar characteristics and risk profiles, or internal or external valuation models, such as discounted cash flow analysis, maximizing observable market inputs. Fair values determined using valuation models require the use of assumptions concerning the amount and timing of estimated future cash flows and discount rates. In determining those assumptions, the Partnership looks primarily to external readily observable market inputs such as interest rate yield curves and price and rate volatilities as applicable. Financial instruments classified as fair value through profit or loss (or FVTPL ) are carried at fair value in the consolidated statements of financial position and changes in fair values are recognized in profit or loss. The following tables provide the details of financial instruments and their associated classifications as at December 31, 2020, December 31, 2019 and January 1, 2019: December 31, 2020 December 31, 2019 Measurement Basis FVTPL Amortized cost Total FVTPL Amortized cost Total Financial assets Cash and cash equivalents — 235,734 235,734 — 199,388 199,388 Financial assets (current and non-current) 6,497 133,389 139,886 1,123 106,869 107,992 Accounts and other receivable, net (current and non-current) (1) — 212,316 212,316 — 215,951 215,951 Due from related parties (current and non-current) — 9,980 9,980 — — — Other assets (current and non-current) (2) — 59,905 59,905 — 3,875 3,875 Total 6,497 651,324 657,821 1,123 526,083 527,206 Financial liabilities Accounts payable and other (3) — 81,850 81,850 — 124,684 124,684 Other financial liabilities (current and non- current) (4) 203,597 139,738 343,335 162,178 24,030 186,208 Due to related parties (current and non-current) — 194,635 194,635 — 21,306 21,306 Borrowings (current and non-current) — 3,170,977 3,170,977 — 3,184,512 3,184,512 Total 203,597 3,587,200 3,790,797 162,178 3,354,532 3,516,710 (1) Excludes tax receivable of $10.3 million as at December 31, 2020 (December 31, 2019 - $6.2 million). (2) Includes investments in finance leases. Refer to Note 9 below. (3) Includes accounts payable and lease liabilities. Refer to Note 15 below. (4) Includes derivative instruments, obligations relating to finance leases and other financial liabilities. Refer to Note 19 below. January 1, 2019 Measurement Basis FVTPL Amortized cost Total Financial assets Cash and cash equivalents — 225,040 225,040 Financial assets (current and non-current) (1) 3,103 8,540 11,643 Accounts and other receivable, net (current and non-current) (2) — 176,948 176,948 Due from related parties (current and non-current) — 59,834 59,834 Other assets (current and non-current) (3) — 4,793 4,793 Total 3,103 475,155 478,258 Financial liabilities Accounts payable and other (4) — 36,624 36,624 Other financial liabilities (current and non-current) (1) 168,157 — 168,157 Due to related parties (current and non-current) — 183,795 183,795 Borrowings (current and non-current) — 3,097,742 3,097,742 Total 168,157 3,318,161 3,486,318 (1) Refer to Derivative Financial Instruments in Note 19 below. (2) Excludes tax receivable of $3.3 million. (3) Includes investments in finance leases. Refer to Note 9 below. (4) Includes accounts payable and lease liabilities. Refer to Note 15 below. The fair value of all financial assets and liabilities as at December 31, 2020 approximated their carrying values, with the exception of the borrowings, where fair value which was determined using Level 1 and Level 2 inputs and resulted in a fair value of $3,104 million (December 31, 2019: $3,206 million and January 1, 2019: $3,060 million) versus a carrying value of $3,171 million (December 31, 2019: $3,185 million and January 1, 2019 $3,098 million). The fair value of the Partnership’s fixed-rate and variable-rate long-term debt is either based on quoted market prices or estimated using discounted cash flow analysis based on rates currently available for debt with similar terms and remaining maturities and the current credit worthiness of the Partnership. Fair value hierarchical levels - financial instruments There were no transfers between levels during the years ended December 31, 2020 and December 31, 2019. The following table categorizes financial assets and liabilities, which are carried at fair value through profit or loss on a recurring basis, based upon the level of input as at December 31, 2020, December 31, 2019 and January 1, 2019: December 31, 2020 December 31, 2019 Level 1 Level 2 Level 3 Level 1 Level 2 Level 3 $ $ $ $ $ $ Financial assets Derivative instruments — 6,497 — — 1,123 — Total — 6,497 — — 1,123 — Financial liabilities Derivative instruments — 203,597 — — 162,178 — Total — 203,597 — — 162,178 — January 1, 2019 Level 1 Level 2 Level 3 $ $ $ Financial assets Derivative instruments — 3,103 — Total — 3,103 — Financial liabilities Derivative instruments — 117,644 50,513 Total — 117,644 50,513 The following table summarizes the valuation techniques and key inputs used in the fair value measurement of Level 2 financial instruments: Type of Asset / Liability Carrying value Valuation Techniques and Key Inputs December 31, 2020 December 31, 2019 January 1, 2019 $ $ $ Derivative instruments (197,100) (161,055) (114,541) The fair value of derivative instruments incorporates observable forward exchange rates and forward interest rates from observable yield curves, respectively, at the end of the reporting period, 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 fair value of Level 3 financial assets and liabilities is determined using valuation models which require the use of unobservable inputs, including assumptions concerning the amount and timing of estimated future cash flows and discount rates. In determining those unobservable inputs, the Partnership uses observable external market inputs such as price volatilities, as applicable, to develop assumptions regarding those unobservable inputs. The following table summarizes the valuation techniques and significant unobservable inputs used in the fair value measurement of Level 3 financial instruments: Type of Asset / Liability Carrying value Valuation techniques Significant unobservable inputs Relationship of unobservable inputs to fair value December 31, 2020 December 31, 2019 January 1, 2019 $ $ $ Warrants (1) — — (50,513) Black-Scholes model Volatility Increases (decreases) in volatility increase (decrease) fair value (1) Included in derivative instruments. See Note 19 for additional information. The following table presents the change in the balance of financial liabilities classified as Level 3 as at December 31, 2020 and December 31, 2019: December 31, 2020 December 31, 2019 $ $ Opening balance at beginning of year — 50,513 Fair value change recorded in unrealized gain (loss) on derivative instruments — (50,513) Closing balance at end of year — — |
Financial assets
Financial assets | 12 Months Ended |
Dec. 31, 2020 | |
Disclosure of financial assets [abstract] | |
Financial assets | Financial Assets December 31, 2020 December 31, 2019 January 1, 2019 $ $ $ Current Restricted cash (1) 97,017 106,869 8,540 Derivative instruments (2) 6,497 1,123 1,028 Total current 103,514 107,992 9,568 Non-current Restricted cash (1) 36,372 — — Derivative instruments (2) — — 2,075 Total non-current 36,372 — 2,075 (1) Restricted cash as at December 31, 2020 includes amounts held in escrow for a shuttle tanker newbuilding yard installment payment, a deposit related to the sale of a vessel, funds for loan facility repayments, withholding taxes and office lease prepayments (December 31, 2019 - amounts held in escrow for a shuttle tanker newbuilding yard installment payment, a guarantee for certain operating expenses, funds for scheduled loan facility repayments, withholding taxes and office lease prepayments. January 1, 2019 - amounts held in escrow as collateral on the Partnership's cross currency swaps, funds for a scheduled loan facility repayment, withholding taxes and office lease prepayments). (2) See Note 19 for additional information December 31, 2020 December 31, 2019 January 1, 2019 $ $ $ Current Derivative instruments 189,647 18,956 23,290 Obligations relating to finance leases (1) 8,839 255 — Other 499 2,486 — Total current 198,985 21,697 23,290 Non-current Derivative instruments 13,950 143,222 144,867 Obligations relating to finance leases (1) 130,400 21,289 — Total non-current 144,350 164,511 144,867 (1) See Note 12 for additional information. The financing liability accrues interest at a fixed rate of 5.5% until the related newbuilding vessels are delivered to the Partnership. Derivative Financial Instruments The Partnership’s activities expose it to a variety of financial risks, including liquidity risk, interest rate risk, foreign currency risk and credit risk. The Partnership selectively uses derivative financial instruments principally to manage certain of these risks. The aggregate amount of the Partnership's derivative financial instrument positions is as follows: December 31, 2020 December 31, 2019 January 1, 2019 Financial Asset Financial Liability Financial Asset Financial Liability Financial Asset Financial Liability $ $ $ $ $ $ Interest rate swaps — 203,597 — 161,630 3,103 108,552 Foreign currency forward contracts 6,497 — 1,123 548 — 4,650 Cross currency swaps — — — — — 4,442 Warrants — — — — — 50,513 Total 6,497 203,597 1,123 162,178 3,103 168,157 Total current 6,497 189,647 1,123 18,956 1,028 23,290 Total non-current — 13,950 — 143,222 2,075 144,867 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, any of its interest rate swaps held during the years ended December 31, 2020 and 2019 as hedges of variable rate debt. Certain of the Partnership's interest rate swaps are secured by vessels. As at December 31, 2020, the Partnership and its consolidated subsidiaries were committed to the following interest rate swap agreements: Interest Notional Fair Value / Carrying Amount of Asset (Liability) (1) $ Weighted- Fixed Interest Rate (%) (2) U.S. Dollar-denominated interest rate swaps (3)(4) LIBOR 647,368 (156,743) 0.50 4.0 % U.S. Dollar-denominated interest rate swaps (5)(6) LIBOR 526,541 (46,854) 1.40 2.9 % 1,173,909 (203,597) (1) Excludes accrued interest of $4.6 million. (2) Excludes the margin the Partnership pays on its variable-rate debt, which as at December 31, 2020, ranged between 0.90% and 6.50%. (3) Notional amount remains constant over the term of the swap, unless the swap is partially terminated. (4) Includes four interest rate swaps, which as at December 31, 2020, had a total current notional amount of $547.4 million and a total fair value liability of $155.7 million. These interest rate swaps include early termination provisions, which if exercised, would terminate these interest rate swaps in 2021. (5) Principal amount reduces quarterly or semi-annually. (6) Includes one interest rate swap, which as at December 31, 2020, had a total current notional amount of $143.3 million and a total fair value liability of $28.9 million. This interest rate swap includes early termination provisions, which if exercised, would terminate this interest rate swap in 2021. During the year ended December 31, 2020, the effective portion of previously designated and qualifying cash flow hedges recorded in accumulated other comprehensive income during the term of the hedging relationship and reclassified to earnings and reported in interest expense was a gain of $0.8 million (December 31, 2019 - gain of $0.7 million). As at December 31, 2020, the Partnership had multiple interest rate swaps and foreign currency forward contracts governed by certain master agreements. Each of the master agreements provides for the net settlement of all derivatives subject to that master agreement through a single payment in the event of default or termination of any one derivative. The fair value of these derivatives is presented on a gross basis in the Partnership’s consolidated statements of financial position. As at December 31, 2020, these derivatives had an aggregate fair value asset amount of $6.5 million and an aggregate fair value liability amount of $147.5 million (December 31, 2019 - an aggregate fair value asset amount of $1.1 million and an aggregate fair value liability amount of $118.2 million, January 1, 2019 - an aggregate fair value asset amount of nil and an aggregate fair value liability amount of $91.1 million). Total realized and unrealized gain (loss) on the Partnership's derivative financial instruments that are not designated, for accounting purposes, as hedges are recognized in earnings and reported in realized and unrealized gain (loss) on derivative instruments in the consolidated statements of income (loss) for the years ended December 31, 2020 and 2019 as follows: Year Ended December 31, 2020 2019 $ $ Realized gain (loss) on derivative instruments Interest rate swaps (59,143) (29,185) Foreign currency forward contracts (1,310) (5,054) (60,453) (34,239) Unrealized gain (loss) on derivative instruments Interest rate swaps (41,967) (56,182) Foreign currency forward contracts 5,921 5,226 Warrants (1) — 50,513 (36,046) (443) Total realized and unrealized gain (loss) on derivative instruments (96,499) (34,682) (1) See below for additional information. 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, to the extent possible and practical, interest rate swaps are entered into with different counterparties to reduce concentration risk. Other Information Regarding Derivative Financial Instruments Series D Detachable Warrants In June 2016, the Partnership issued 4,500,000 warrants with an exercise price of $4.55 per unit (the $4.55 Warrants ) and 2,250,000 warrants with an exercise price of $6.05 per unit (the $6.05 Warrants ) (collectively, the Warrants ) to a group of investors and subsidiaries of Teekay Corporation. In September 2017, the exercise price of the $6.05 Warrants was reduced to $4.55 per unit. As at December 31, 2019, the Warrants had a seven-year term and were exercisable any time after six months following their issuance date. The Warrants could be settled either in cash or common units at the Partnership’s option. The Warrants were classified as derivative financial instruments in the Partnership's consolidated statement of financial position with 6,750,000 Warrants outstanding at December 31, 2019. On January 22, 2020, Brookfield completed the Merger (see Note 23 for additional information) of all of the outstanding publicly held and listed common units representing the Partnership's limited partner interests held by parties other than Brookfield. As a result of this transaction, and the fact that the exercise price of each of the outstanding Warrants exceeded the cash consideration of $1.55 per common unit, each of the Warrants was automatically canceled and ceased to exist. No consideration was delivered in respect thereof. As at December 31, 2019, as a result of the pending Merger, the fair value measurement of the Warrants using Level 3 unobservable inputs was $nil. Brookfield Warrants In September 2017, the Partnership issued to Brookfield and Teekay Corporation 62.4 million and 3.1 million warrants, respectively (the Brookfield Warrants ), with each warrant exercisable for one common unit. As part of a separate transaction, Brookfield concurrently transferred 11.4 million Brookfield Warrants to Teekay Corporation. The Brookfield Warrants entitled the holders to acquire one common unit for each Brookfield Warrant for an exercise price of $0.01 per common unit, which was exercisable until September 25, 2024 if the Partnership's common unit volume-weighted average price was equal to or greater than $4.00 per common unit for 10 consecutive trading days. In July 2018, Brookfield, through an affiliate, exercised its option to acquire an additional 2% of ownership interests in the Partnership's general partner from an affiliate of Teekay Corporation in exchange for 1.0 million Brookfield Warrants. In May 2019, Brookfield acquired all of Teekay Corporation's remaining interests in the Partnership including 17.3 million common unit equivalent warrants. As at December 31, 2019, Brookfield held all of the 65.5 million Brookfield Warrants. On January 22, 2020, Brookfield completed the Merger (see Note 23 for additional information) of all of the outstanding publicly held and listed common units representing the Partnership's limited partner interests held by parties other than Brookfield. As a result of this transaction, and the fact that the exercise price of each of the outstanding Brookfield Warrant exceeded the cash consideration of $1.55 per common unit, each of the Brookfield Warrants was automatically canceled and ceased to exist. No consideration was delivered in respect thereof. As at December 31, 2019, as a result of the pending Merger, the fair value measurement of the Brookfield Warrants using Level 3 unobservable inputs was $nil. The following table presents the notional amounts underlying the Partnership's derivative financial instruments by term to maturity as at December 31, 2020: Total 1 Year 2 Years 3 Years 4 Years 5 Years Thereafter (in millions of U.S. Dollars) Fair value through profit or loss Interest rate swaps 1,173.9 763.1 389.1 3.8 3.8 3.8 10.3 Foreign currency forward contracts 54.1 54.1 — — — — — Total 1,228.0 817.2 389.1 3.8 3.8 3.8 10.3 |
Accounts and Other Receivable,
Accounts and Other Receivable, Net | 12 Months Ended |
Dec. 31, 2020 | |
Subclassifications of assets, liabilities and equities [abstract] | |
Accounts and Other Receivable, Net | Accounts and Other Receivable, Net December 31, 2020 December 31, 2019 January 1, 2019 $ $ $ Current Accounts receivable - trade 162,848 170,357 135,527 Accounts receivable - non-trade (1) 40,104 21,000 — Other non-trade receivable 19,677 13,468 8,183 Total current 222,629 204,825 143,710 Non-current Accounts receivable - non-trade (1) — 17,276 36,536 Total non-current — 17,276 36,536 (1) Accounts receivable - non-trade relates to a settlement agreement with respect to various disputes relating to previously-terminated charter contracts for the HiLoad DP unit and the Arendal Spirit UMS payable in two separate installments, one of which was due to the Partnership by the end of 2020 and the other by the end of 2021. |
Vessels and Equipment Classifie
Vessels and Equipment Classified as Held for Sale | 12 Months Ended |
Dec. 31, 2020 | |
Subclassifications of assets, liabilities and equities [abstract] | |
Vessels and Equipment Classified as Held for Sale | Vessels and Equipment Classified as Held for Sale December 31, 2020 December 31, 2019 January 1, 2019 Vessel Segment $ $ $ Pattani Spirit (1) FSO Segment — — 4,528 Nordic Spirit (1) Shuttle Tanker Segment — — 8,000 Petrojarl Cidade de Rio das Ostras (1) FPSO Segment — 2,374 — Navion Hispania (1) Shuttle Tanker Segment — 7,000 — Stena Sirita (1) Shuttle Tanker Segment — 6,000 — Dampier Spirit (2) FSO Segment — — — Navion Anglia Shuttle Tanker Segment 4,400 — — Navion Oslo Shuttle Tanker Segment 3,100 — — 7,500 15,374 12,528 (1) Classification as a result of the expected sales of the vessels, which were completed during the second quarter of 2019 or first quarter of 2020 (see Note 8 for additional information). (2) As at December 31, 2020, the Dampier Spirit FSO unit was classified as held for sale and had a carrying value of $nil. |
Gain (Loss) on Dispositions, Ne
Gain (Loss) on Dispositions, Net | 12 Months Ended |
Dec. 31, 2020 | |
Analysis of income and expense [abstract] | |
Gain (Loss) on Dispositions, Net | Gain (Loss) on Dispositions, Net Period Vessel Segment Net Proceeds Gain (Loss) on Dispositions, Net Q4-20 Apollo Spirit FSO Segment 9,559 5,380 Q3-20 Navion Bergen Shuttle Tanker Segment 3,385 (19) Q2-20 HiLoad DP unit Shuttle Tanker Segment — (1,388) Q1-20 Petrojarl Cidade de Rio das Ostras FPSO Segment 2,282 (92) Q1-20 Navion Hispania Shuttle Tanker Segment 6,715 (385) Q1-20 Stena Sirita Shuttle Tanker Segment 6,055 (85) Gain (loss) on dispositions, net for the year ended December 31, 2020 3,411 Q2-19 Pattani Spirit FSO Segment 15,741 11,213 Q2-19 Alexita Spirit Shuttle Tanker Segment 8,700 835 Q2-19 Nordic Spirit Shuttle Tanker Segment 8,900 500 Gain (loss) on dispositions, net for the year ended December 31, 2019 12,548 December 31, 2020 December 31, 2019 $ $ Gross carrying amount: Opening balance at beginning of year 3,531,827 3,548,501 Additions (1) 41,346 32,895 Dispositions (2) (29,242) (13,869) Transferred from advances on newbuilding contracts 543,131 — Vessels and equipment reclassified as held for sale (3) (61,564) (35,700) Closing balance at end of year 4,025,498 3,531,827 Accumulated Depreciation and Impairment: Opening balance at beginning of year (506,111) — Depreciation and amortization (4) (295,610) (339,981) Impairment expense, net (5) (245,396) (179,759) Dispositions (2) 15,050 1,244 Vessels and equipment reclassified as held for sale (3) 35,984 12,385 Closing balance at end of year (996,083) (506,111) Net book value 3,029,415 3,025,716 (1) Additions by segment for the year ended December 31, 2020 is as follows: FPSO $10.3 million, Shuttle Tanker $23.4 million, UMS $0.2 million and Towage $7.4 million (December 31, 2019 - FPSO $8.2 million, Shuttle Tanker $15.3 million, FSO $6.6 million, UMS $0.9 million and Towage $1.9 million). Additions include drydocks and overhauls, which are only included in the Partnership's Shuttle Tanker and Towage segments, and capital modifications. (2) Includes the sale of vessels and the disposal upon the replacement of certain components of vessels and equipment. (3) See Note 7 for additional information. (4) Excludes depreciation and amortization on the Partnership's right-of-use assets. See Note 10 for additional details. (5) See below for additional information. Excludes impairment expense on vessels and equipment classified as held for sale during the year ended December 31, 2020 and 2019. Certain sale and leaseback transactions in 2019 were classified as financing arrangements and did not result in derecognition of the underlying vessels and equipment as control was retained by the Partnership (see Note 12 for additional information) . Impairment expense, net The following tables contais a summary of Partnership’s impairment expense, net for the years ended December 31, 2020 and 2019, by vessel and by segment: Period Vessel Segment Event Fair Value Hierarchical Level Valuation Techniques and Key Inputs Impairment Expense Q4 2020 Randgrid FSO Change in expected earnings of the vessel Level 3 Discounted cash flow valuation 45,444 Q4 2020 Petrojarl Varg FPSO Expected sale of the vessel Level 2 Fair value less cost to sell using an appraised valuation 30,506 Q4 2020 (1) Navion Oslo Shuttle Tanker Expected sale of the vessel Level 2 Fair value less cost to sell using an appraised valuation 7,665 Q3 2020 (2) Apollo Spirit FSO Expected sale of the vessel Level 2 Fair value less cost to sell using an appraised valuation 1,620 Q3 2020 (1) Navion Anglia Shuttle Tanker Expected sale of the vessel Level 2 Fair value less cost to sell using an appraised valuation 3,100 Q2 2020 (1) Dampier Spirit FSO Expected sale of the vessel Level 2 Fair value less cost to sell using an appraised valuation 6,685 Q2 2020 (2) Navion Bergen Shuttle Tanker Expected sale of the vessel Level 2 Fair value less cost to sell using an appraised valuation 1,715 Q1 2020 ALP Forward Towage Change in the expected earnings of the vessels Level 3 Discounted cash flow valuation 8,361 Q1 2020 ALP Winger Towage 12,479 Q1 2020 ALP Ippon Towage 1,360 Q1 2020 ALP Ace Towage 731 Q1 2020 Petrojarl I FPSO Change in the expected earnings of the vessel Level 3 Discounted cash flow valuation 42,367 Q1 2020 Petrojarl Varg FPSO Change in future redeployment assumptions Level 3 Discounted cash flow valuation 27,202 Q1 2020 Petrojarl Knarr FPSO Change in expected earnings of the vessel Level 3 Discounted cash flow valuation 56,599 Q1 2020 Navion Stavanger Shuttle Tanker Change in expected earnings of the vessel Level 3 Discounted cash flow valuation 3,606 Q1 2020 Navion Gothenburg Shuttle Tanker Change in future redeployment assumptions Level 3 Discounted cash flow valuation 16,772 Q1 2020 (2) Navion Bergen Shuttle Tanker Expected sale of the vessel Level 2 Fair value less cost to sell using an appraised valuation 2,400 Impairment expense, net for the year ended December 31, 2020 268,612 Q4 2019 Arendal Spirit UMS Change in future redeployment assumptions Level 3 Discounted cash flow valuation 24,220 Q4 2019 Voyageur Spirit FPSO Change in future redeployment assumptions Level 3 Discounted cash flow valuation 97,752 Q4 2019 (2)(3) Petrojarl Cidade de Rio das Ostras FPSO Expected sale of the vessel Level 2 Fair value less cost to sell using an appraised valuation 4,382 Q3 2019 (2)(3) Stena Sirita Shuttle Tanker Expected sale of the vessel Level 2 Fair value less cost to sell using an appraised valuation 1,506 Q2 2019 Arendal Spirit UMS Change in future redeployment assumptions Level 3 Discounted cash flow valuation 11,487 Q2 2019 Petrojarl Varg FPSO Change in future redeployment assumptions Level 3 Discounted cash flow valuation 33,991 Q2 2019 Navion Gothenburg Shuttle Tanker Significant repairs required to continue operations Level 3 Discounted cash flow valuation 12,304 Q2 2019 (2)(3) Petrojarl Cidade de Rio das Ostras FPSO Expected sale of the vessel Level 2 Fair value less cost to sell using an appraised valuation 506 Q2 2019 (2)(3) Navion Hispania Shuttle Tanker Expected sale of the vessel Level 2 Fair value less cost to sell using an appraised valuation 1,532 Impairment expense, net for the year ended December 31, 2019 187,680 (1) Vessels and equipment were classified as held for sale as at December 31, 2020. (2) Vessels and equipment were sold during the year ended December 31, 2020. (3) Vessels and equipment were classified as held for sale as at December 31, 2019. For vessels measured based on a discounted cash flow valuation an increase in the discount rate of 0.5% would result in an increased impairment expense of $20.1 million and $19.1 million as at December 31, 2020 and December 31, 2019, respectively. The fair value of vessels and equipment measured on a non-recurring basis was $140.5 million and $177.0 million as at December 31, 2020 and December 31, 2019, respectively. The following table summarizes the significant unobservable inputs used in the Level 3 fair value measurements for the discounted cash flow valuations used for the Partnership's vessels and equipment: Period Vessel Segment Period of Projected Cash Flows Growth Rate (1) (%) Discount Rate Q4 2020 Randgrid FSO 2.8 - 11.8 2.00 - 3.50 8.86 Q1 2020 ALP Forward Towage 13.0 3.00 10.50 Q1 2020 ALP Winger Towage 12.5 3.00 10.50 Q1 2020 ALP Ippon Towage 12.0 3.00 10.50 Q1 2020 ALP Ace Towage 11.3 3.00 10.50 Q1 2020 Petrojarl I FPSO 3.1 - 5.1 3.00 10.13 Q1 2020 Petrojarl Varg FPSO 1.3 - 9.8 1.00 - 2.50 10.13 Q1 2020 Petrojarl Knarr FPSO 12.4 - 15.4 3.00 10.13 Q1 2020 Navion Stavanger Shuttle Tanker 3.3 2.60 - 3.50 8.25 Q1 2020 Navion Gothenburg Shuttle Tanker 5.9 2.50 8.25 Q4 2019 Arendal Spirit UMS 1.2 - 25.1 1.60 - 2.50 9.60 Q4 2019 Voyageur Spirit FPSO 15.8 - 19.8 3.00 9.60 Q2 2019 Arendal Spirit UMS 25.6 1.60 - 2.50 11.00 Q2 2019 Petrojarl Varg FPSO 13.0 1.00 - 2.50 10.00 Q2 2019 Navion Gothenburg Shuttle Tanker 6.5 - 6.7 2.00 8.00 (1) The growth rates indicated in the table above are the implicit rates used in the discounted cash flow valuations, however, cash flows have been adjusted for contractual revenues and expected offhire due to repairs and maintenance or drydocking. As at December 31, 2020, the Partnership had five vessels and equipment, with a carrying value of $190.2 million, which were in lay-up (December 31, 2019 - six vessels and equipment with a carrying value of $168.4 million, January 1, 2019 - seven vessels and equipment with a carrying value of $292.5 million) December 31, 2020 December 31, 2019 $ $ Opening balance at beginning of year 297,100 113,796 Additions 368,588 169,704 Capitalized borrowing costs 4,778 13,600 Transferred to vessels and equipment (543,131) — Closing balance at end of year 127,335 297,100 The Partnership had entered into shipbuilding contracts for the construction of seven shuttle tanker newbuildings for an estimated fully built up cost of $969.2 million. As at December 31, 2020, four of these vessels had been delivered to the Partnership. An additional vessel was delivered to the Partnership in January, 2021 and the remaining two vessels are expected to be delivered through 2022. As at December 31, 2020, gross payments made towards these commitments were $720.7 million. The Partnership has secured $733.5 million of borrowings or long-term financing under sale and leaseback transactions relating to these shuttle tanker newbuildings (see Notes 19 and 20 for additional information). As at December 31, 2020, the contractual maturities of the Partnership's obligations under its newbuilding contracts were as follows: Total 1 Year 2 Years 3 Years 4 Years 5 Years Thereafter (in millions of U.S. Dollars) Newbuilding contracts 248.5 175.5 73.0 — — — — As at December 31, 2020, the contractual maturities of the Partnership's obligations relating to the finance leases under the sale and leaseback transactions were as follows: Total 1 Year 2 Years 3 Years 4 Years 5 Years Thereafter (in millions of U.S. Dollars) Obligations related to finance leases 141.6 7.9 7.5 7.5 7.5 7.5 103.7 |
Other Assets
Other Assets | 12 Months Ended |
Dec. 31, 2020 | |
Subclassifications of assets, liabilities and equities [abstract] | |
Other Assets | Other Assets December 31, 2020 December 31, 2019 January 1, 2019 $ $ $ Current Prepayments 10,101 11,306 11,944 Investment in finance leases (1) 8,267 990 858 Contract assets (2) 18,958 3,816 7,926 Other assets (3) — 732 261 Total current 37,326 16,844 20,989 Non-current Investment in finance leases (1) 51,638 2,885 3,935 Right-of-use assets (3) 35,313 68,019 20,200 Contract assets (2) 48,288 79,896 66,905 Other assets (2) 50,282 68,013 94,151 Total non-current 185,521 218,813 185,191 (1) Includes the VOC systems on certain of the Partnership's shuttle tankers. See Note 25 for additional information. The increase in the investment in finance leases, as at December 31, 2020, was primarily related to the VOC systems on the Partnership's shuttle tanker newbuildings which were delivered to the Partnership during the year ended December 31, 2020. See Note 12 for additional information. (2) See Note 18 for additional information. (3) See Note 10 for additional information. |
Right-of-use Assets and Lease L
Right-of-use Assets and Lease Liabilities | 12 Months Ended |
Dec. 31, 2020 | |
Presentation of leases for lessee [abstract] | |
Right-of-use Assets and Lease Liabilities | Right-of-use Assets and Lease Liabilities The following table presents the change in the balance of the Partnership's right-of-use assets for the years ended December 31, 2020 and 2019: December 31, 2020 December 31, 2019 $ $ Gross Carrying Amount Opening balance at beginning of year 75,104 20,200 Additions (cash and non-cash) 757 56,854 Dispositions (24,794) (1,950) Closing balance at end of year 51,067 75,104 Accumulated Depreciation Opening balance at beginning of year (7,085) — Depreciation expense (18,389) (13,369) Dispositions 9,720 6,284 Closing balance at end of year (15,754) (7,085) Net book value 35,313 68,019 As at December 31, 2020, December 31, 2019 and January 1, 2019, the Partnership's right-of-use assets were as follows: As at December 31, 2020 December 31, 2020 December 31, 2019 January 1, 2019 Weighted-average remaining lease term Weighted-average implicit interest rate $ $ $ (years) (%) Vessels and equipment 21,971 52,852 10,545 2.0 3.3% Office leases 13,342 15,167 9,655 5.4 5.5% Total 35,313 68,019 20,200 Lease related items for which the Partnership was a lessee for the years ended December 31, 2020 and December 31, 2019, were as follows: Year Ended December 31, 2020 2019 $ $ Amounts recognized in profit and loss Depreciation expense on right-of-use vessels and equipment 15,899 10,616 Depreciation expense on right-of-use office leases 2,490 2,753 Interest expense on lease liabilities 2,679 1,507 Short-term lease expense 4,314 15,965 25,382 30,841 As at December 31, 2020, the undiscounted contractual maturities of the Partnership's lease liabilities were as follows: Total 1 Year 2 Years 3 Years 4 Years 5 Years Thereafter (in millions of U.S. Dollars) Lease liabilities 38.9 15.4 14.2 2.7 2.5 2.0 2.1 |
Vessels and Equipment
Vessels and Equipment | 12 Months Ended |
Dec. 31, 2020 | |
Property, plant and equipment [abstract] | |
Vessels and Equipment | Gain (Loss) on Dispositions, Net Period Vessel Segment Net Proceeds Gain (Loss) on Dispositions, Net Q4-20 Apollo Spirit FSO Segment 9,559 5,380 Q3-20 Navion Bergen Shuttle Tanker Segment 3,385 (19) Q2-20 HiLoad DP unit Shuttle Tanker Segment — (1,388) Q1-20 Petrojarl Cidade de Rio das Ostras FPSO Segment 2,282 (92) Q1-20 Navion Hispania Shuttle Tanker Segment 6,715 (385) Q1-20 Stena Sirita Shuttle Tanker Segment 6,055 (85) Gain (loss) on dispositions, net for the year ended December 31, 2020 3,411 Q2-19 Pattani Spirit FSO Segment 15,741 11,213 Q2-19 Alexita Spirit Shuttle Tanker Segment 8,700 835 Q2-19 Nordic Spirit Shuttle Tanker Segment 8,900 500 Gain (loss) on dispositions, net for the year ended December 31, 2019 12,548 December 31, 2020 December 31, 2019 $ $ Gross carrying amount: Opening balance at beginning of year 3,531,827 3,548,501 Additions (1) 41,346 32,895 Dispositions (2) (29,242) (13,869) Transferred from advances on newbuilding contracts 543,131 — Vessels and equipment reclassified as held for sale (3) (61,564) (35,700) Closing balance at end of year 4,025,498 3,531,827 Accumulated Depreciation and Impairment: Opening balance at beginning of year (506,111) — Depreciation and amortization (4) (295,610) (339,981) Impairment expense, net (5) (245,396) (179,759) Dispositions (2) 15,050 1,244 Vessels and equipment reclassified as held for sale (3) 35,984 12,385 Closing balance at end of year (996,083) (506,111) Net book value 3,029,415 3,025,716 (1) Additions by segment for the year ended December 31, 2020 is as follows: FPSO $10.3 million, Shuttle Tanker $23.4 million, UMS $0.2 million and Towage $7.4 million (December 31, 2019 - FPSO $8.2 million, Shuttle Tanker $15.3 million, FSO $6.6 million, UMS $0.9 million and Towage $1.9 million). Additions include drydocks and overhauls, which are only included in the Partnership's Shuttle Tanker and Towage segments, and capital modifications. (2) Includes the sale of vessels and the disposal upon the replacement of certain components of vessels and equipment. (3) See Note 7 for additional information. (4) Excludes depreciation and amortization on the Partnership's right-of-use assets. See Note 10 for additional details. (5) See below for additional information. Excludes impairment expense on vessels and equipment classified as held for sale during the year ended December 31, 2020 and 2019. Certain sale and leaseback transactions in 2019 were classified as financing arrangements and did not result in derecognition of the underlying vessels and equipment as control was retained by the Partnership (see Note 12 for additional information) . Impairment expense, net The following tables contais a summary of Partnership’s impairment expense, net for the years ended December 31, 2020 and 2019, by vessel and by segment: Period Vessel Segment Event Fair Value Hierarchical Level Valuation Techniques and Key Inputs Impairment Expense Q4 2020 Randgrid FSO Change in expected earnings of the vessel Level 3 Discounted cash flow valuation 45,444 Q4 2020 Petrojarl Varg FPSO Expected sale of the vessel Level 2 Fair value less cost to sell using an appraised valuation 30,506 Q4 2020 (1) Navion Oslo Shuttle Tanker Expected sale of the vessel Level 2 Fair value less cost to sell using an appraised valuation 7,665 Q3 2020 (2) Apollo Spirit FSO Expected sale of the vessel Level 2 Fair value less cost to sell using an appraised valuation 1,620 Q3 2020 (1) Navion Anglia Shuttle Tanker Expected sale of the vessel Level 2 Fair value less cost to sell using an appraised valuation 3,100 Q2 2020 (1) Dampier Spirit FSO Expected sale of the vessel Level 2 Fair value less cost to sell using an appraised valuation 6,685 Q2 2020 (2) Navion Bergen Shuttle Tanker Expected sale of the vessel Level 2 Fair value less cost to sell using an appraised valuation 1,715 Q1 2020 ALP Forward Towage Change in the expected earnings of the vessels Level 3 Discounted cash flow valuation 8,361 Q1 2020 ALP Winger Towage 12,479 Q1 2020 ALP Ippon Towage 1,360 Q1 2020 ALP Ace Towage 731 Q1 2020 Petrojarl I FPSO Change in the expected earnings of the vessel Level 3 Discounted cash flow valuation 42,367 Q1 2020 Petrojarl Varg FPSO Change in future redeployment assumptions Level 3 Discounted cash flow valuation 27,202 Q1 2020 Petrojarl Knarr FPSO Change in expected earnings of the vessel Level 3 Discounted cash flow valuation 56,599 Q1 2020 Navion Stavanger Shuttle Tanker Change in expected earnings of the vessel Level 3 Discounted cash flow valuation 3,606 Q1 2020 Navion Gothenburg Shuttle Tanker Change in future redeployment assumptions Level 3 Discounted cash flow valuation 16,772 Q1 2020 (2) Navion Bergen Shuttle Tanker Expected sale of the vessel Level 2 Fair value less cost to sell using an appraised valuation 2,400 Impairment expense, net for the year ended December 31, 2020 268,612 Q4 2019 Arendal Spirit UMS Change in future redeployment assumptions Level 3 Discounted cash flow valuation 24,220 Q4 2019 Voyageur Spirit FPSO Change in future redeployment assumptions Level 3 Discounted cash flow valuation 97,752 Q4 2019 (2)(3) Petrojarl Cidade de Rio das Ostras FPSO Expected sale of the vessel Level 2 Fair value less cost to sell using an appraised valuation 4,382 Q3 2019 (2)(3) Stena Sirita Shuttle Tanker Expected sale of the vessel Level 2 Fair value less cost to sell using an appraised valuation 1,506 Q2 2019 Arendal Spirit UMS Change in future redeployment assumptions Level 3 Discounted cash flow valuation 11,487 Q2 2019 Petrojarl Varg FPSO Change in future redeployment assumptions Level 3 Discounted cash flow valuation 33,991 Q2 2019 Navion Gothenburg Shuttle Tanker Significant repairs required to continue operations Level 3 Discounted cash flow valuation 12,304 Q2 2019 (2)(3) Petrojarl Cidade de Rio das Ostras FPSO Expected sale of the vessel Level 2 Fair value less cost to sell using an appraised valuation 506 Q2 2019 (2)(3) Navion Hispania Shuttle Tanker Expected sale of the vessel Level 2 Fair value less cost to sell using an appraised valuation 1,532 Impairment expense, net for the year ended December 31, 2019 187,680 (1) Vessels and equipment were classified as held for sale as at December 31, 2020. (2) Vessels and equipment were sold during the year ended December 31, 2020. (3) Vessels and equipment were classified as held for sale as at December 31, 2019. For vessels measured based on a discounted cash flow valuation an increase in the discount rate of 0.5% would result in an increased impairment expense of $20.1 million and $19.1 million as at December 31, 2020 and December 31, 2019, respectively. The fair value of vessels and equipment measured on a non-recurring basis was $140.5 million and $177.0 million as at December 31, 2020 and December 31, 2019, respectively. The following table summarizes the significant unobservable inputs used in the Level 3 fair value measurements for the discounted cash flow valuations used for the Partnership's vessels and equipment: Period Vessel Segment Period of Projected Cash Flows Growth Rate (1) (%) Discount Rate Q4 2020 Randgrid FSO 2.8 - 11.8 2.00 - 3.50 8.86 Q1 2020 ALP Forward Towage 13.0 3.00 10.50 Q1 2020 ALP Winger Towage 12.5 3.00 10.50 Q1 2020 ALP Ippon Towage 12.0 3.00 10.50 Q1 2020 ALP Ace Towage 11.3 3.00 10.50 Q1 2020 Petrojarl I FPSO 3.1 - 5.1 3.00 10.13 Q1 2020 Petrojarl Varg FPSO 1.3 - 9.8 1.00 - 2.50 10.13 Q1 2020 Petrojarl Knarr FPSO 12.4 - 15.4 3.00 10.13 Q1 2020 Navion Stavanger Shuttle Tanker 3.3 2.60 - 3.50 8.25 Q1 2020 Navion Gothenburg Shuttle Tanker 5.9 2.50 8.25 Q4 2019 Arendal Spirit UMS 1.2 - 25.1 1.60 - 2.50 9.60 Q4 2019 Voyageur Spirit FPSO 15.8 - 19.8 3.00 9.60 Q2 2019 Arendal Spirit UMS 25.6 1.60 - 2.50 11.00 Q2 2019 Petrojarl Varg FPSO 13.0 1.00 - 2.50 10.00 Q2 2019 Navion Gothenburg Shuttle Tanker 6.5 - 6.7 2.00 8.00 (1) The growth rates indicated in the table above are the implicit rates used in the discounted cash flow valuations, however, cash flows have been adjusted for contractual revenues and expected offhire due to repairs and maintenance or drydocking. As at December 31, 2020, the Partnership had five vessels and equipment, with a carrying value of $190.2 million, which were in lay-up (December 31, 2019 - six vessels and equipment with a carrying value of $168.4 million, January 1, 2019 - seven vessels and equipment with a carrying value of $292.5 million) December 31, 2020 December 31, 2019 $ $ Opening balance at beginning of year 297,100 113,796 Additions 368,588 169,704 Capitalized borrowing costs 4,778 13,600 Transferred to vessels and equipment (543,131) — Closing balance at end of year 127,335 297,100 The Partnership had entered into shipbuilding contracts for the construction of seven shuttle tanker newbuildings for an estimated fully built up cost of $969.2 million. As at December 31, 2020, four of these vessels had been delivered to the Partnership. An additional vessel was delivered to the Partnership in January, 2021 and the remaining two vessels are expected to be delivered through 2022. As at December 31, 2020, gross payments made towards these commitments were $720.7 million. The Partnership has secured $733.5 million of borrowings or long-term financing under sale and leaseback transactions relating to these shuttle tanker newbuildings (see Notes 19 and 20 for additional information). As at December 31, 2020, the contractual maturities of the Partnership's obligations under its newbuilding contracts were as follows: Total 1 Year 2 Years 3 Years 4 Years 5 Years Thereafter (in millions of U.S. Dollars) Newbuilding contracts 248.5 175.5 73.0 — — — — As at December 31, 2020, the contractual maturities of the Partnership's obligations relating to the finance leases under the sale and leaseback transactions were as follows: Total 1 Year 2 Years 3 Years 4 Years 5 Years Thereafter (in millions of U.S. Dollars) Obligations related to finance leases 141.6 7.9 7.5 7.5 7.5 7.5 103.7 |
Advances on Newbuilding Contrac
Advances on Newbuilding Contracts | 12 Months Ended |
Dec. 31, 2020 | |
Disclosure of detailed information about property, plant and equipment [abstract] | |
Advances on Newbuilding Contracts | Gain (Loss) on Dispositions, Net Period Vessel Segment Net Proceeds Gain (Loss) on Dispositions, Net Q4-20 Apollo Spirit FSO Segment 9,559 5,380 Q3-20 Navion Bergen Shuttle Tanker Segment 3,385 (19) Q2-20 HiLoad DP unit Shuttle Tanker Segment — (1,388) Q1-20 Petrojarl Cidade de Rio das Ostras FPSO Segment 2,282 (92) Q1-20 Navion Hispania Shuttle Tanker Segment 6,715 (385) Q1-20 Stena Sirita Shuttle Tanker Segment 6,055 (85) Gain (loss) on dispositions, net for the year ended December 31, 2020 3,411 Q2-19 Pattani Spirit FSO Segment 15,741 11,213 Q2-19 Alexita Spirit Shuttle Tanker Segment 8,700 835 Q2-19 Nordic Spirit Shuttle Tanker Segment 8,900 500 Gain (loss) on dispositions, net for the year ended December 31, 2019 12,548 December 31, 2020 December 31, 2019 $ $ Gross carrying amount: Opening balance at beginning of year 3,531,827 3,548,501 Additions (1) 41,346 32,895 Dispositions (2) (29,242) (13,869) Transferred from advances on newbuilding contracts 543,131 — Vessels and equipment reclassified as held for sale (3) (61,564) (35,700) Closing balance at end of year 4,025,498 3,531,827 Accumulated Depreciation and Impairment: Opening balance at beginning of year (506,111) — Depreciation and amortization (4) (295,610) (339,981) Impairment expense, net (5) (245,396) (179,759) Dispositions (2) 15,050 1,244 Vessels and equipment reclassified as held for sale (3) 35,984 12,385 Closing balance at end of year (996,083) (506,111) Net book value 3,029,415 3,025,716 (1) Additions by segment for the year ended December 31, 2020 is as follows: FPSO $10.3 million, Shuttle Tanker $23.4 million, UMS $0.2 million and Towage $7.4 million (December 31, 2019 - FPSO $8.2 million, Shuttle Tanker $15.3 million, FSO $6.6 million, UMS $0.9 million and Towage $1.9 million). Additions include drydocks and overhauls, which are only included in the Partnership's Shuttle Tanker and Towage segments, and capital modifications. (2) Includes the sale of vessels and the disposal upon the replacement of certain components of vessels and equipment. (3) See Note 7 for additional information. (4) Excludes depreciation and amortization on the Partnership's right-of-use assets. See Note 10 for additional details. (5) See below for additional information. Excludes impairment expense on vessels and equipment classified as held for sale during the year ended December 31, 2020 and 2019. Certain sale and leaseback transactions in 2019 were classified as financing arrangements and did not result in derecognition of the underlying vessels and equipment as control was retained by the Partnership (see Note 12 for additional information) . Impairment expense, net The following tables contais a summary of Partnership’s impairment expense, net for the years ended December 31, 2020 and 2019, by vessel and by segment: Period Vessel Segment Event Fair Value Hierarchical Level Valuation Techniques and Key Inputs Impairment Expense Q4 2020 Randgrid FSO Change in expected earnings of the vessel Level 3 Discounted cash flow valuation 45,444 Q4 2020 Petrojarl Varg FPSO Expected sale of the vessel Level 2 Fair value less cost to sell using an appraised valuation 30,506 Q4 2020 (1) Navion Oslo Shuttle Tanker Expected sale of the vessel Level 2 Fair value less cost to sell using an appraised valuation 7,665 Q3 2020 (2) Apollo Spirit FSO Expected sale of the vessel Level 2 Fair value less cost to sell using an appraised valuation 1,620 Q3 2020 (1) Navion Anglia Shuttle Tanker Expected sale of the vessel Level 2 Fair value less cost to sell using an appraised valuation 3,100 Q2 2020 (1) Dampier Spirit FSO Expected sale of the vessel Level 2 Fair value less cost to sell using an appraised valuation 6,685 Q2 2020 (2) Navion Bergen Shuttle Tanker Expected sale of the vessel Level 2 Fair value less cost to sell using an appraised valuation 1,715 Q1 2020 ALP Forward Towage Change in the expected earnings of the vessels Level 3 Discounted cash flow valuation 8,361 Q1 2020 ALP Winger Towage 12,479 Q1 2020 ALP Ippon Towage 1,360 Q1 2020 ALP Ace Towage 731 Q1 2020 Petrojarl I FPSO Change in the expected earnings of the vessel Level 3 Discounted cash flow valuation 42,367 Q1 2020 Petrojarl Varg FPSO Change in future redeployment assumptions Level 3 Discounted cash flow valuation 27,202 Q1 2020 Petrojarl Knarr FPSO Change in expected earnings of the vessel Level 3 Discounted cash flow valuation 56,599 Q1 2020 Navion Stavanger Shuttle Tanker Change in expected earnings of the vessel Level 3 Discounted cash flow valuation 3,606 Q1 2020 Navion Gothenburg Shuttle Tanker Change in future redeployment assumptions Level 3 Discounted cash flow valuation 16,772 Q1 2020 (2) Navion Bergen Shuttle Tanker Expected sale of the vessel Level 2 Fair value less cost to sell using an appraised valuation 2,400 Impairment expense, net for the year ended December 31, 2020 268,612 Q4 2019 Arendal Spirit UMS Change in future redeployment assumptions Level 3 Discounted cash flow valuation 24,220 Q4 2019 Voyageur Spirit FPSO Change in future redeployment assumptions Level 3 Discounted cash flow valuation 97,752 Q4 2019 (2)(3) Petrojarl Cidade de Rio das Ostras FPSO Expected sale of the vessel Level 2 Fair value less cost to sell using an appraised valuation 4,382 Q3 2019 (2)(3) Stena Sirita Shuttle Tanker Expected sale of the vessel Level 2 Fair value less cost to sell using an appraised valuation 1,506 Q2 2019 Arendal Spirit UMS Change in future redeployment assumptions Level 3 Discounted cash flow valuation 11,487 Q2 2019 Petrojarl Varg FPSO Change in future redeployment assumptions Level 3 Discounted cash flow valuation 33,991 Q2 2019 Navion Gothenburg Shuttle Tanker Significant repairs required to continue operations Level 3 Discounted cash flow valuation 12,304 Q2 2019 (2)(3) Petrojarl Cidade de Rio das Ostras FPSO Expected sale of the vessel Level 2 Fair value less cost to sell using an appraised valuation 506 Q2 2019 (2)(3) Navion Hispania Shuttle Tanker Expected sale of the vessel Level 2 Fair value less cost to sell using an appraised valuation 1,532 Impairment expense, net for the year ended December 31, 2019 187,680 (1) Vessels and equipment were classified as held for sale as at December 31, 2020. (2) Vessels and equipment were sold during the year ended December 31, 2020. (3) Vessels and equipment were classified as held for sale as at December 31, 2019. For vessels measured based on a discounted cash flow valuation an increase in the discount rate of 0.5% would result in an increased impairment expense of $20.1 million and $19.1 million as at December 31, 2020 and December 31, 2019, respectively. The fair value of vessels and equipment measured on a non-recurring basis was $140.5 million and $177.0 million as at December 31, 2020 and December 31, 2019, respectively. The following table summarizes the significant unobservable inputs used in the Level 3 fair value measurements for the discounted cash flow valuations used for the Partnership's vessels and equipment: Period Vessel Segment Period of Projected Cash Flows Growth Rate (1) (%) Discount Rate Q4 2020 Randgrid FSO 2.8 - 11.8 2.00 - 3.50 8.86 Q1 2020 ALP Forward Towage 13.0 3.00 10.50 Q1 2020 ALP Winger Towage 12.5 3.00 10.50 Q1 2020 ALP Ippon Towage 12.0 3.00 10.50 Q1 2020 ALP Ace Towage 11.3 3.00 10.50 Q1 2020 Petrojarl I FPSO 3.1 - 5.1 3.00 10.13 Q1 2020 Petrojarl Varg FPSO 1.3 - 9.8 1.00 - 2.50 10.13 Q1 2020 Petrojarl Knarr FPSO 12.4 - 15.4 3.00 10.13 Q1 2020 Navion Stavanger Shuttle Tanker 3.3 2.60 - 3.50 8.25 Q1 2020 Navion Gothenburg Shuttle Tanker 5.9 2.50 8.25 Q4 2019 Arendal Spirit UMS 1.2 - 25.1 1.60 - 2.50 9.60 Q4 2019 Voyageur Spirit FPSO 15.8 - 19.8 3.00 9.60 Q2 2019 Arendal Spirit UMS 25.6 1.60 - 2.50 11.00 Q2 2019 Petrojarl Varg FPSO 13.0 1.00 - 2.50 10.00 Q2 2019 Navion Gothenburg Shuttle Tanker 6.5 - 6.7 2.00 8.00 (1) The growth rates indicated in the table above are the implicit rates used in the discounted cash flow valuations, however, cash flows have been adjusted for contractual revenues and expected offhire due to repairs and maintenance or drydocking. As at December 31, 2020, the Partnership had five vessels and equipment, with a carrying value of $190.2 million, which were in lay-up (December 31, 2019 - six vessels and equipment with a carrying value of $168.4 million, January 1, 2019 - seven vessels and equipment with a carrying value of $292.5 million) December 31, 2020 December 31, 2019 $ $ Opening balance at beginning of year 297,100 113,796 Additions 368,588 169,704 Capitalized borrowing costs 4,778 13,600 Transferred to vessels and equipment (543,131) — Closing balance at end of year 127,335 297,100 The Partnership had entered into shipbuilding contracts for the construction of seven shuttle tanker newbuildings for an estimated fully built up cost of $969.2 million. As at December 31, 2020, four of these vessels had been delivered to the Partnership. An additional vessel was delivered to the Partnership in January, 2021 and the remaining two vessels are expected to be delivered through 2022. As at December 31, 2020, gross payments made towards these commitments were $720.7 million. The Partnership has secured $733.5 million of borrowings or long-term financing under sale and leaseback transactions relating to these shuttle tanker newbuildings (see Notes 19 and 20 for additional information). As at December 31, 2020, the contractual maturities of the Partnership's obligations under its newbuilding contracts were as follows: Total 1 Year 2 Years 3 Years 4 Years 5 Years Thereafter (in millions of U.S. Dollars) Newbuilding contracts 248.5 175.5 73.0 — — — — As at December 31, 2020, the contractual maturities of the Partnership's obligations relating to the finance leases under the sale and leaseback transactions were as follows: Total 1 Year 2 Years 3 Years 4 Years 5 Years Thereafter (in millions of U.S. Dollars) Obligations related to finance leases 141.6 7.9 7.5 7.5 7.5 7.5 103.7 |
Equity-Accounted Investments
Equity-Accounted Investments | 12 Months Ended |
Dec. 31, 2020 | |
Disclosure of joint ventures [abstract] | |
Equity-Accounted Investments | Equity-Accounted Investments The Partnership has investments in two separate joint ventures, whereby the parties that have joint control of the arrangement have the rights to the net assets of the joint arrangement. Please refer to note 2d(ii) - Joint ventures. Libra Joint Venture The Partnership's investment in the Libra Joint Venture (as defined below) includes its investments in the below entities: Name of Joint Venture State or Jurisdiction of Incorporation Proportion of Ownership Interest OOG-TK Libra GmbH Austria 50% OOG-TK Libra GmbH & Co KG Austria 50% OOGTK Libra Operator Holdings Limited Cayman Islands 50% OOGTK Libra Producao de Petroleo Ltda Brazil 50% TK-Ocyan Libra Oil Services Ltd. Cayman Islands 50% In October 2014, the Partnership sold a 1995-built shuttle tanker to OOG-TK Libra GmbH & Co KG (or Libra Joint Venture ), a 50/50 joint venture between the Partnership and Ocyan S.A. (or Ocyan) which vessel was converted to an FPSO unit for the Libra field in Brazil. The FPSO unit commenced operations in late-2017. Included in the joint venture is a ten-year plus construction period loan facility, which as at December 31, 2020 had an outstanding balance of $529.1 million (December 31, 2019 - $586.5 million). The interest payments of the loan facility are based on LIBOR, plus a margin of 2.65%. The final payment under the loan facility is due October 2027. In addition, the Libra Joint Venture entered into ten-year interest rate swap agreements, with an aggregate notional amount of $483.5 million as at December 31, 2020 (December 31, 2019 - $536.1 million), which amortize quarterly over the term of the agreements. These interest rate swap agreements exchange the receipt of LIBOR-based interest for the payment of a weighted average fixed rate of 2.52%. These interest rate swap agreements are not designated as qualifying cash flow hedging relationships for accounting purposes. Itajai Joint Venture The Partnership's investment in the Itajai Joint Venture (as defined below) includes its investments in the below entities: Name of Joint Venture State or Jurisdiction of Incorporation Proportion of Ownership Interest OOG-TKP FPSO GmbH Austria 50% OOG-TKP FPSO GmbH & Co KG Austria 50% OOG-TKP Oil Services Ltd. Cayman Islands 50% OOG-TKP Operator Holdings Limited Cayman Islands 50% OOG-TKP Producao de Petroleo Ltda Brazil 50% In June 2013, the Partnership acquired its interest in OOG-TKP FPSO GmbH & Co KG (or Itajai Joint Venture ), a 50/50 joint venture between the Partnership and Ocyan, which owns the Cidade de Itajai FPSO unit currently operating in Brazil. Included in the joint venture is a term loan facility, which was amended during the year ended December 31, 2020 and as at December 31, 2020 had an outstanding balance of $53.4 million (December 31, 2019 - $105.9 million). The interest payments on the amended loan facility are based on LIBOR, plus a margin of 3.50%. The final payment under the amended loan facility is due April 2022. As part of the amendment of the loan facility, the joint venture terminated the associated interest rate swap agreements and as at December 31, 2020, the joint venture held no interest rate swap agreements (December 31, 2019 - total interest rate swap agreements with a notional balance of $105.9 million). The Partnership relies on the expertise and relationships that its joint ventures and joint venture partners may have with current and potential customers to jointly pursue FPSO projects and provide assistance in competing in new markets. As at December 31, 2020 and 2019, and January 1, 2019, the Partnership had total investments of $241.7 million, $232.2 million and $208.8 million, respectively, in its equity-accounted investments. No indicators of impairment existed as at December 31, 2020 and 2019, nor January 1, 2019. The following tables presents summarized financial information assuming a 100% ownership interest in the Partnership’s equity-accounted investments. December 31, 2020 December 31, 2019 January 1, 2019 Libra Joint Venture Itajai Joint Venture Total Libra Joint Venture Itajai Joint Venture Total Libra Joint Venture Itajai Joint Venture Total $ $ $ $ $ $ $ $ $ Current assets 123,576 29,605 153,181 126,154 33,565 159,719 114,949 34,314 149,263 Non-current assets 765,239 278,113 1,043,352 813,330 306,178 1,119,508 877,719 308,064 1,185,783 Current liabilities 83,028 43,681 126,709 80,321 46,741 127,062 87,392 47,403 134,795 Non-current liabilities 567,474 18,888 586,362 611,457 76,277 687,734 668,689 113,923 782,612 Net assets 238,313 245,149 483,462 247,706 216,725 464,431 236,587 181,052 417,639 Ownership interest 50 % 50 % 50 % 50 % 50 % 50 % 50 % 50 % 50 % Equity-accounted investments 119,157 122,575 241,731 123,853 108,363 232,216 118,294 90,526 208,819 Cash and cash equivalents 8,450 10,396 18,846 7,972 10,556 18,528 66,217 23,417 89,634 Current financial liabilities 66,223 35,533 101,756 62,676 35,954 98,630 58,281 31,782 90,063 Non-current financial liabilities 495,861 18,546 514,407 530,588 71,836 602,424 579,156 105,382 684,538 Year ended December 31, 2020 2020 2020 2019 2019 2019 Libra Joint Venture Itajai Joint Venture Total Libra Joint Venture Itajai Joint Venture Total $ $ $ $ $ $ Revenues 181,734 82,170 263,904 181,172 84,275 265,447 Depreciation and amortization (48,408) (16,419) (64,827) (47,282) (16,371) (63,653) Interest expense (20,493) (8,373) (28,866) (34,798) (6,938) (41,736) Interest income 83 170 253 203 — 203 Income tax (expense) recovery (100) (534) (634) (166) (330) (496) Net income (loss) and other comprehensive income (loss) 43,882 27,960 71,842 34,686 32,850 67,536 Ownership interest 50 % 50 % 50 % 50 % 50 % 50 % Equity-accounted income (loss) 21,941 13,980 35,921 17,343 16,425 33,768 Dividends received by the Partnership 27,492 2,250 29,742 15,405 2,250 17,655 The Partnership's investment in equity-accounted investments and its interest in the net income of its equity-accounted investments are included in the Partnership's FPSO segment. The following tables present the assets and liabilities from the Partnership’s investments in non-wholly owned subsidiaries as at December 31, 2020, December 31, 2019 and January 1, 2019, as well as of revenues, net income, other comprehensive income and distributions for the year ended December 31, 2020 and 2019: December 31, 2020 December 31, 2019 January 1, 2019 $ $ $ Current assets 38,902 30,977 19,937 Non-current assets 48,960 88,457 128,628 Current liabilities 44,109 24,371 18,732 Non-current liabilities — 28,847 41,502 Year Ended December 31, 2020 2019 $ $ Revenues 47,050 55,655 Net income (loss) and other comprehensive income (loss) (12,759) (15,106) Distributions paid to non-controlling interests (4,750) (3,636) |
Goodwill
Goodwill | 12 Months Ended |
Dec. 31, 2020 | |
Disclosure Of Goodwill [Abstract] | |
Goodwill | Goodwill The Partnership has identified the shuttle tanker segment as the group of cash generating units to which the Partnership's goodwill relates. The carrying amount of goodwill for the shuttle tanker segment was $127.1 million as at December 31, 2020 and 2019, and January 1, 2019. The Partnership conducted its annual goodwill impairment evaluation during 2020 and 2019, and on January 1, 2019, and concluded that no impairment had occurred as the recoverable amount, based on the fair value less cost of disposal using a discounted cash flow model incorporating significant unobservable inputs, exceeded the carrying amount of goodwill. The estimates regarding the expected future cash flows and discount rates are Level 3 fair value inputs based on various assumptions including existing contracts, future vessel redeployment rates, financial forecasts and industry trends. The Partnership has not previously recorded any impairment expense related to the carrying amount of goodwill for the shuttle tanker segment. The key assumptions used in the estimation of the recoverable amount are set out below. The values assigned to the key assumptions represent the Partnership's assessment of future trends in the relevant industries and have been based on historical data from both external and internal sources. 2020 2019 January 1, 2019 Discount rate 6.73% 8.25% 8.25% Exit multiple 8.0 8.0 8.0 Discount rate The discount rate is a post-tax measure, with a possible debt leveraging of 70% for 2020 (2019 - 57%, January 1, 2019 - 60%) estimated based on the observed leveraging within the industry and the long-term target leverage of the Partnership, at market interest rates of 3.9% for 2020 (2019 - 6.5%, January 1, 2019 - 7.1%). Exit Multiple The cash flow projections include specific estimates for generally six years and a terminal value thereafter. The terminal value is estimated using an EBITDA multiple generally applied to the year-six EBITDA and discounted using the discount rates described above. The EBITDA multiple was determined based on an average of the EBITDA multiples used by the Partnership's industry peers and is therefore determined to be consistent with the assumptions that a market participant would make. The Partnership has identified that a reasonably possible change in these key assumptions could cause the carrying amount to exceed the recoverable amount. The following table shows the amount by which these two assumptions would need to change individually for the estimated recoverable amount to be equal to the carrying amount. 2020 2019 January 1, 2019 Discount rate 3.23% 1.31% 0.38% Exit multiple (1.7) (0.7) (0.2) |
Accounts Payable and Other
Accounts Payable and Other | 12 Months Ended |
Dec. 31, 2020 | |
Subclassifications of assets, liabilities and equities [abstract] | |
Accounts Payable and Other | Accounts Payable and Other December 31, 2020 December 31, 2019 January 1, 2019 $ $ $ Current Accounts payable 46,022 56,699 16,423 Accrued liabilities (1) 143,660 133,435 122,428 Provisions (4) 7,522 7,540 7,468 Deferred revenues (2) 91,392 53,728 55,750 Lease liabilities (3) 13,818 21,216 11,411 Total current 302,414 272,618 213,480 Non-current Deferred revenues (2) 11,616 84,077 145,852 Lease liabilities (3) 22,010 46,769 8,790 Provisions (4) 60,179 60,366 78,992 Decommissioning liability (5) 33,901 31,420 29,302 Other 965 27 1,796 Total non-current 128,671 222,659 264,732 (1) See Note 16 for additional information. (2) See Note 18 for additional information. (3) See Note 10 for additional information. (4) See Note 17 for additional information. (5) Decommissioning liability relates to the Partnership’s requirement to remove the sub-sea mooring and riser system associated with the Randgrid FSO unit and restore the environment surrounding the facility. The liability represents the estimated cost to remove this equipment and restore the environment and takes into account the estimated timing of the cost to be incurred in future periods. The liability for the year ended December 31, 2020 was determined using a risk-free rate between 0.3% and 0.4% (December 31, 2019 - 1.6% and 2.5%) and an inflation rate of 2.5% (December 31, 2019 - 2.5%). |
Accrued Liabilities
Accrued Liabilities | 12 Months Ended |
Dec. 31, 2020 | |
Subclassifications of assets, liabilities and equities [abstract] | |
Accrued Liabilities | Accrued Liabilities December 31, 2020 December 31, 2019 January 1, 2019 $ $ $ Interest including interest rate swaps 50,714 48,047 44,887 Payroll and benefits 44,167 36,807 34,828 Audit, legal and other general expenses 16,383 24,831 14,158 Voyage and vessel expenses 31,107 19,829 25,475 Income and other tax payable 1,289 3,921 3,080 143,660 133,435 122,428 |
Provisions and Contingencies
Provisions and Contingencies | 12 Months Ended |
Dec. 31, 2020 | |
Disclosure of other provisions [abstract] | |
Provisions and Contingencies | Provisions and Contingencies December 31, 2020 December 31, 2019 $ $ Opening balance at beginning of year 67,906 86,460 Additional provisions recognized 12,033 2,161 Reduction arising from payments / derecognition (12,238) (20,715) Closing balance at end of year 67,701 67,906 Occasionally the Partnership has been, and expects to continue to be, subject to legal proceedings and claims in the ordinary course of its business, principally personal injury and property casualty claims. Certain of these claims have been assessed by the Partnership as having a remote possibility of any outflow from settlement and are therefore not included in the disclosures below. In addition to the claims described below, as at December 31, 2020, approximately $10.1 million has been accrued by the Partnership and its subsidiaries relating to other various legal claims. a) In August 2014, the Partnership acquired 100% of the outstanding shares of Logitel Offshore Holding AS (or Logitel ), a Norway-based company focused on high-end UMS. At the time of the transaction, affiliates of Logitel were parties to construction contracts for three UMS newbuildings ordered from the COSCO (Nantong) Shipyard (or COSCO ) in China. The Partnership took delivery of one of the UMS newbuildings, the Arendal Spirit UMS , in February 2015. In June 2016, the Partnership canceled the UMS construction contracts for the two remaining UMS newbuildings, the Stavanger Spirit and the Nantong Spirit . As a result of this cancellation, during 2016, the Partnership wrote-off $43.7 million of assets related to these newbuildings and reversed contingent liabilities of $14.5 million associated with the delivery of these assets. An estimate of the potential damages for the cancellation of the Stavanger Spirit newbuilding contract is based on the amount due for the final yard installment of approximately $170 million less the estimated fair value of the Stavanger Spirit . Given the unique design of the vessel as well as the lack of recent sale and purchase transactions for this type of asset, the value of this vessel, and thus ultimately the amount of potential damages that may result from the cancellation, is uncertain. During December 2017, Logitel Offshore Rig II Pte Ltd., the single-purpose subsidiary relating to the Stavanger Spirit, received a notice of arbitration from COSCO to arbitrate all disputes arising from the cancellation of the construction contract of the Stavanger Spirit UMS and during March 2018, COSCO commenced arbitration against Logitel Offshore Rig II Pte Ltd. and Logitel Offshore Pte. Ltd. claiming $186.2 million plus interest, damages and costs. Pursuant to the Stavanger Spirit newbuilding contract and related agreements, COSCO only has recourse to the single-purpose subsidiary that was a party to the Stavanger Spirit newbuilding contract and its immediate parent company, Logitel Offshore Pte. Ltd., for damages incurred. Logitel Offshore Rig II Pte Ltd. and Logitel Offshore Pte. Ltd. are disputing this claim. The Partnership's estimate of potential damages for the cancellation of the Nantong Spirit newbuilding contract is based upon estimates of a number of factors, including accumulated costs incurred by COSCO, sub-supplier contract cancellation costs, as well as how such costs are treated under the termination provisions in the contract. The Partnership estimates that the amount of potential damages faced by it in relation to the cancellation of the Nantong Spirit contract could range between $10 million and $40 million. Pursuant to the Nantong Spirit newbuilding contract, COSCO only has recourse to the single-purpose subsidiary that was a party to the Nantong Spirit newbuilding contract. During June 2017, Logitel Offshore Rig III LLC, the single-purpose subsidiary relating to the Nantong Spirit , received a claim from COSCO for $51.9 million for the unpaid balance for work completed, cancellation costs and damages, and during the third quarter of 2017, COSCO commenced arbitration against Logitel Offshore Rig III LLC. Logitel Offshore Rig III LLC is disputing this claim. As at December 31, 2020, the Partnership's subsidiaries have accrued $57.6 million in the aggregate related to the above claims related to Logitel from COSCO. b) During 2019, certain entities and individuals, which together claim to hold approximately 5,000,000 of the Partnership’s common units, filed complaints in the United States District Court for the Southern District of New York naming as defendants the Partnership, the general partner, current and former members of the board of directors of the general partner, certain senior management of the Partnership, Brookfield and Brookfield Asset Management Inc. In October 2019, a joint stipulation was filed by the plaintiffs to consolidate the separate complaints. The plaintiffs purported to assert claims on behalf of a class of holders of the Partnership’s common units in relation to Brookfield’s unsolicited non-binding proposal, made in May 2019, pursuant to which Brookfield would acquire all of the Partnership’s issued and outstanding common units that Brookfield did not already own in exchange for $1.05 in cash per common unit. On October 1, 2019, the Partnership entered into an agreement with Brookfield to acquire by merger all of the outstanding publicly held common units not already held by Brookfield in exchange for $1.55 in cash per common unit (or, as an alternative, other equity consideration) and on January 22, 2020, Brookfield completed the merger of all of the outstanding publicly held and listed common units representing the Partnership's limited partner interests held by parties other than Brookfield (see Note 23 for additional information). On January 28, 2020, the same plaintiffs filed an amended complaint in which the plaintiffs purport to allege further claims in respect of the merger process and the ultimate agreed consideration of $1.55 in cash per common unit or alternative equity consideration. The complaints allege breaches of the Partnership’s limited partnership agreement and, in the alternative, breaches of an implied covenant of good faith and fair dealing. The complaints seek damages in an unspecified amount and an award to the plaintiffs of their costs and expenses incurred in the action, including their attorneys’ fees. The Partnership believes that there is no merit to these claims. The Partnership filed a motion to dismiss the claims on March 12, 2020, upon which a ruling is awaited. On October 29, 2020, one of the lead plaintiffs filed, unsolicited, a notice of voluntary dismissal, effectively withdrawing its particular claim. |
Contracts in Progress
Contracts in Progress | 12 Months Ended |
Dec. 31, 2020 | |
Disclosure Of Revenue From Contracts With Customers [Abstract] | |
Contracts in Progress | Contracts in Progress Contract Assets and Liabilities Certain customer contracts that the Partnership enters into will result in situations where the customer will pay consideration for performance to be provided in the following month or months. These receipts are a contract liability and are presented within accounts payable and other as deferred revenues until performance is provided. In other cases, the Partnership will provide performance in the month or months prior to it being entitled to invoice for such performance. This results in such receipts being reflected as a contract asset that is presented within other assets. In addition to these short-term timing differences between the timing of revenue recognition and when the entity’s right to consideration in exchange for goods or services is unconditional, the Partnership has long-term charter arrangements whereby it has received payments that are larger in the early periods of the arrangements and long-term charter arrangements whereby it will receive payments that are larger in the latter periods of the arrangements. The following table presents the contract assets and contract liabilities on the Partnership's consolidated statements of financial position associated with these long-term charter arrangements from contracts with customers: December 31, 2020 December 31, 2019 January 1, 2019 $ $ $ Contract assets Current 18,958 3,816 7,926 Non-current 48,288 79,896 66,905 67,246 83,712 74,831 Contract liabilities Current 91,392 53,728 55,750 Non-current 11,616 84,077 145,852 103,008 137,805 201,602 During the year ended December 31, 2020, the Partnership recognized revenue of $43.7 million (December 31, 2019 - $53.1 million), which was included in contract liabilities on December 31, 2019 (January 1, 2019). Contract Costs In certain cases, the Partnership incurs pre-operational costs that relate directly to a specific customer contract and that generate or enhance resources of the Partnership to satisfy future performance obligations, and where such costs are expected to be recovered via the customer contract. These costs include costs incurred to mobilize an offshore asset to an oil field, pre-operational costs incurred to prepare for commencement of operations of an offshore asset or costs incurred to reposition a vessel to a location where a charterer will take delivery of the vessel. In certain cases, the Partnership will need to make judgments about whether costs relate directly to a specific customer contract and whether costs were factored into the pricing of a customer contract and thus expected to be recovered. Such deferred costs are amortized into direct operating costs over the duration of the customer contract. Amortization of such costs for the Partnership for the years ended December 31, 2020 and 2019 were $22.8 million and $20.9 million, respectively. The balances of assets recognized from the costs to fulfill a contract with a customer classified as other assets, split between current and non-current portions, on the Partnership's consolidated statements of financial position, by main category, excluding balances in the Partnership’s equity-accounted investments, are as follows: December 31, 2020 December 31, 2019 January 1, 2019 $ $ $ Pre-operational costs 7,750 12,836 24,031 Offshore asset mobilization costs 21,509 35,632 51,302 Vessel repositioning costs 11,565 13,379 15,188 40,824 61,847 90,521 a) Revenues by type The Partnership’s primary source of revenues is chartering its vessels and offshore units to its customers. The Partnership utilizes five primary forms of contracts, consisting of FPSO contracts, CoAs, time-charter contracts, bareboat charter contracts and voyage charter contracts. All of the Partnership's revenues relate to services transferred over a period of time. During the year ended December 31, 2020, the Partnership also generated revenues from the operation of VOC systems on certain of the Partnership’s shuttle tankers, and from the management of three FPSO units and one FSO unit (December 31, 2019 - three FPSO units, one FSO unit and two shuttle tankers) on behalf of the disponent owners or charterers of these assets. The following tables contain the Partnership’s revenue for the years ended December 31, 2020 and 2019, by contract type and by segment: Year Ended December 31, 2020 FPSO Segment Shuttle Tanker Segment FSO Segment UMS Segment Towage Segment Eliminations (1) Total Revenues from contracts with customers FPSO contracts 156,804 — — — — — 156,804 CoAs — 84,171 — — — — 84,171 Time charters — 96,607 25,566 — — — 122,173 Bareboat charters — — — — — — — Voyage charters — 485 — — 45,851 (5,564) 40,772 Management fees and other 133,524 2,822 4,153 1,828 140 — 142,467 290,328 184,085 29,719 1,828 45,991 (5,564) 546,387 Other revenues FPSO contracts 192,474 — — — — — 192,474 CoAs — 145,804 — — — — 145,804 Time charters — 149,477 71,052 — — — 220,529 Bareboat charters — 21,679 13,096 — — — 34,775 Voyage charters — 37,845 — — — — 37,845 Management fees and other — 4,296 — — — — 4,296 192,474 359,101 84,148 — — — 635,723 Total revenues 482,802 543,186 113,867 1,828 45,991 (5,564) 1,182,110 (1) Includes revenues earned between segments of the Partnership, during the year ended December 31, 2020. Year Ended December 31, 2019 FPSO Segment Shuttle Tanker Segment FSO Segment UMS Segment Towage Segment Conventional Tanker Segment Total Revenues from contracts with customers FPSO contracts 192,573 — — — — — 192,573 CoAs — 83,522 — — — — 83,522 Time charters — 110,951 47,106 — — — 158,057 Bareboat charters — — — — — — — Voyage charters — 5,542 — — 74,726 7,972 88,240 Management fees and other 71,295 9,289 3,177 2,940 — — 86,701 263,868 209,304 50,283 2,940 74,726 7,972 609,093 Other revenues FPSO contracts 213,728 — — — — — 213,728 CoAs — 104,756 — — — — 104,756 Time charters — 182,143 74,656 — — — 256,799 Bareboat charters — 34,611 15,178 — — — 49,789 Voyage charters — 18,773 — — — — 18,773 Management fees and other — — — — — — — 213,728 340,283 89,834 — — — 643,845 Total revenues 477,596 549,587 140,117 2,940 74,726 7,972 1,252,938 b) Finance leases Leasing of certain vessels and equipment and VOC equipment are accounted for as finance leases. During the year ended December 31, 2020, the Partnership recorded finance income of $3.4 million on its investment in finance leases (December 31, 2019 - $0.4 million). As at December 31, 2020, the minimum lease payments receivable under the Partnership's finance leases approximated $76.2 million (December 31, 2019 - $4.6 million, January 1, 2019 - $5.9 million), including unearned income of $16.3 million (December 31, 2019 - $0.7 million, January 1, 2019 - $1.1 million). As at December 31, 2020, future scheduled payments under the finance leases to be received by the Partnership were as follows: Total 1 Year 2 Years 3 Years 4 Years 5 Years Thereafter (in millions of U.S. Dollars) Finance leases 76.2 12.8 12.8 12.1 11.5 11.5 15.5 c) Operating leases As at December 31, 2020, the carrying amount of the Partnerships vessels and equipment subject to operating leases in which the Partnership is a lessor was $2.7 billion (December 31, 2019 - $2.5 billion, January 1, 2019 - $3.0 billion). As at December 31, 2020, the undiscounted contractual earnings receivable of the Partnership’s operating leases by expected period of receipt were as follows: Total 1 Year 2 Years 3 Years 4 Years 5 Years Thereafter (in millions of U.S. Dollars) Operating leases 2,673.3 673.6 441.1 321.8 243.5 232.7 760.6 |
Other Financial Liabilities
Other Financial Liabilities | 12 Months Ended |
Dec. 31, 2020 | |
Disclosure Of Detailed Information About Financial Instruments [Abstract] | |
Other Financial Liabilities | Financial Assets December 31, 2020 December 31, 2019 January 1, 2019 $ $ $ Current Restricted cash (1) 97,017 106,869 8,540 Derivative instruments (2) 6,497 1,123 1,028 Total current 103,514 107,992 9,568 Non-current Restricted cash (1) 36,372 — — Derivative instruments (2) — — 2,075 Total non-current 36,372 — 2,075 (1) Restricted cash as at December 31, 2020 includes amounts held in escrow for a shuttle tanker newbuilding yard installment payment, a deposit related to the sale of a vessel, funds for loan facility repayments, withholding taxes and office lease prepayments (December 31, 2019 - amounts held in escrow for a shuttle tanker newbuilding yard installment payment, a guarantee for certain operating expenses, funds for scheduled loan facility repayments, withholding taxes and office lease prepayments. January 1, 2019 - amounts held in escrow as collateral on the Partnership's cross currency swaps, funds for a scheduled loan facility repayment, withholding taxes and office lease prepayments). (2) See Note 19 for additional information December 31, 2020 December 31, 2019 January 1, 2019 $ $ $ Current Derivative instruments 189,647 18,956 23,290 Obligations relating to finance leases (1) 8,839 255 — Other 499 2,486 — Total current 198,985 21,697 23,290 Non-current Derivative instruments 13,950 143,222 144,867 Obligations relating to finance leases (1) 130,400 21,289 — Total non-current 144,350 164,511 144,867 (1) See Note 12 for additional information. The financing liability accrues interest at a fixed rate of 5.5% until the related newbuilding vessels are delivered to the Partnership. Derivative Financial Instruments The Partnership’s activities expose it to a variety of financial risks, including liquidity risk, interest rate risk, foreign currency risk and credit risk. The Partnership selectively uses derivative financial instruments principally to manage certain of these risks. The aggregate amount of the Partnership's derivative financial instrument positions is as follows: December 31, 2020 December 31, 2019 January 1, 2019 Financial Asset Financial Liability Financial Asset Financial Liability Financial Asset Financial Liability $ $ $ $ $ $ Interest rate swaps — 203,597 — 161,630 3,103 108,552 Foreign currency forward contracts 6,497 — 1,123 548 — 4,650 Cross currency swaps — — — — — 4,442 Warrants — — — — — 50,513 Total 6,497 203,597 1,123 162,178 3,103 168,157 Total current 6,497 189,647 1,123 18,956 1,028 23,290 Total non-current — 13,950 — 143,222 2,075 144,867 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, any of its interest rate swaps held during the years ended December 31, 2020 and 2019 as hedges of variable rate debt. Certain of the Partnership's interest rate swaps are secured by vessels. As at December 31, 2020, the Partnership and its consolidated subsidiaries were committed to the following interest rate swap agreements: Interest Notional Fair Value / Carrying Amount of Asset (Liability) (1) $ Weighted- Fixed Interest Rate (%) (2) U.S. Dollar-denominated interest rate swaps (3)(4) LIBOR 647,368 (156,743) 0.50 4.0 % U.S. Dollar-denominated interest rate swaps (5)(6) LIBOR 526,541 (46,854) 1.40 2.9 % 1,173,909 (203,597) (1) Excludes accrued interest of $4.6 million. (2) Excludes the margin the Partnership pays on its variable-rate debt, which as at December 31, 2020, ranged between 0.90% and 6.50%. (3) Notional amount remains constant over the term of the swap, unless the swap is partially terminated. (4) Includes four interest rate swaps, which as at December 31, 2020, had a total current notional amount of $547.4 million and a total fair value liability of $155.7 million. These interest rate swaps include early termination provisions, which if exercised, would terminate these interest rate swaps in 2021. (5) Principal amount reduces quarterly or semi-annually. (6) Includes one interest rate swap, which as at December 31, 2020, had a total current notional amount of $143.3 million and a total fair value liability of $28.9 million. This interest rate swap includes early termination provisions, which if exercised, would terminate this interest rate swap in 2021. During the year ended December 31, 2020, the effective portion of previously designated and qualifying cash flow hedges recorded in accumulated other comprehensive income during the term of the hedging relationship and reclassified to earnings and reported in interest expense was a gain of $0.8 million (December 31, 2019 - gain of $0.7 million). As at December 31, 2020, the Partnership had multiple interest rate swaps and foreign currency forward contracts governed by certain master agreements. Each of the master agreements provides for the net settlement of all derivatives subject to that master agreement through a single payment in the event of default or termination of any one derivative. The fair value of these derivatives is presented on a gross basis in the Partnership’s consolidated statements of financial position. As at December 31, 2020, these derivatives had an aggregate fair value asset amount of $6.5 million and an aggregate fair value liability amount of $147.5 million (December 31, 2019 - an aggregate fair value asset amount of $1.1 million and an aggregate fair value liability amount of $118.2 million, January 1, 2019 - an aggregate fair value asset amount of nil and an aggregate fair value liability amount of $91.1 million). Total realized and unrealized gain (loss) on the Partnership's derivative financial instruments that are not designated, for accounting purposes, as hedges are recognized in earnings and reported in realized and unrealized gain (loss) on derivative instruments in the consolidated statements of income (loss) for the years ended December 31, 2020 and 2019 as follows: Year Ended December 31, 2020 2019 $ $ Realized gain (loss) on derivative instruments Interest rate swaps (59,143) (29,185) Foreign currency forward contracts (1,310) (5,054) (60,453) (34,239) Unrealized gain (loss) on derivative instruments Interest rate swaps (41,967) (56,182) Foreign currency forward contracts 5,921 5,226 Warrants (1) — 50,513 (36,046) (443) Total realized and unrealized gain (loss) on derivative instruments (96,499) (34,682) (1) See below for additional information. 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, to the extent possible and practical, interest rate swaps are entered into with different counterparties to reduce concentration risk. Other Information Regarding Derivative Financial Instruments Series D Detachable Warrants In June 2016, the Partnership issued 4,500,000 warrants with an exercise price of $4.55 per unit (the $4.55 Warrants ) and 2,250,000 warrants with an exercise price of $6.05 per unit (the $6.05 Warrants ) (collectively, the Warrants ) to a group of investors and subsidiaries of Teekay Corporation. In September 2017, the exercise price of the $6.05 Warrants was reduced to $4.55 per unit. As at December 31, 2019, the Warrants had a seven-year term and were exercisable any time after six months following their issuance date. The Warrants could be settled either in cash or common units at the Partnership’s option. The Warrants were classified as derivative financial instruments in the Partnership's consolidated statement of financial position with 6,750,000 Warrants outstanding at December 31, 2019. On January 22, 2020, Brookfield completed the Merger (see Note 23 for additional information) of all of the outstanding publicly held and listed common units representing the Partnership's limited partner interests held by parties other than Brookfield. As a result of this transaction, and the fact that the exercise price of each of the outstanding Warrants exceeded the cash consideration of $1.55 per common unit, each of the Warrants was automatically canceled and ceased to exist. No consideration was delivered in respect thereof. As at December 31, 2019, as a result of the pending Merger, the fair value measurement of the Warrants using Level 3 unobservable inputs was $nil. Brookfield Warrants In September 2017, the Partnership issued to Brookfield and Teekay Corporation 62.4 million and 3.1 million warrants, respectively (the Brookfield Warrants ), with each warrant exercisable for one common unit. As part of a separate transaction, Brookfield concurrently transferred 11.4 million Brookfield Warrants to Teekay Corporation. The Brookfield Warrants entitled the holders to acquire one common unit for each Brookfield Warrant for an exercise price of $0.01 per common unit, which was exercisable until September 25, 2024 if the Partnership's common unit volume-weighted average price was equal to or greater than $4.00 per common unit for 10 consecutive trading days. In July 2018, Brookfield, through an affiliate, exercised its option to acquire an additional 2% of ownership interests in the Partnership's general partner from an affiliate of Teekay Corporation in exchange for 1.0 million Brookfield Warrants. In May 2019, Brookfield acquired all of Teekay Corporation's remaining interests in the Partnership including 17.3 million common unit equivalent warrants. As at December 31, 2019, Brookfield held all of the 65.5 million Brookfield Warrants. On January 22, 2020, Brookfield completed the Merger (see Note 23 for additional information) of all of the outstanding publicly held and listed common units representing the Partnership's limited partner interests held by parties other than Brookfield. As a result of this transaction, and the fact that the exercise price of each of the outstanding Brookfield Warrant exceeded the cash consideration of $1.55 per common unit, each of the Brookfield Warrants was automatically canceled and ceased to exist. No consideration was delivered in respect thereof. As at December 31, 2019, as a result of the pending Merger, the fair value measurement of the Brookfield Warrants using Level 3 unobservable inputs was $nil. The following table presents the notional amounts underlying the Partnership's derivative financial instruments by term to maturity as at December 31, 2020: Total 1 Year 2 Years 3 Years 4 Years 5 Years Thereafter (in millions of U.S. Dollars) Fair value through profit or loss Interest rate swaps 1,173.9 763.1 389.1 3.8 3.8 3.8 10.3 Foreign currency forward contracts 54.1 54.1 — — — — — Total 1,228.0 817.2 389.1 3.8 3.8 3.8 10.3 |
Borrowings
Borrowings | 12 Months Ended |
Dec. 31, 2020 | |
Disclosure of detailed information about borrowings [abstract] | |
Borrowings | Borrowings Weighted average term Weighted average rate December 31, 2020 December 31, 2019 January 1, 2019 December 31, 2020 December 31, 2019 January 1, 2019 December 31, 2020 December 31, 2019 January 1, 2019 $ $ $ (years) (years) (years) (%) (%) (%) Revolving Credit __ Facilities 439,600 513,200 523,125 3.07 4.05 3.44 2.81 4.50 5.82 Term Loans 1,426,370 1,399,309 1,443,125 5.51 5.79 6.04 2.69 4.12 4.76 Public Bonds 1,138,086 1,075,000 1,034,769 2.56 3.47 3.99 7.88 8.18 7.96 Non-Public Bonds 206,870 241,145 141,158 5.04 5.88 5.07 6.13 5.98 4.88 Total 3,210,926 3,228,654 3,142,177 4.10 4.75 4.89 4.77 5.67 6.00 Less: deferred financing __ costs and other (39,949) (44,142) (44,435) Total borrowings 3,170,977 3,184,512 3,097,742 Less current portion (362,079) (353,238) (554,336) Long-term portion 2,808,898 2,831,274 2,543,406 Revolving Credit Facilities As at December 31, 2020, the Partnership had two revolving credit facilities (December 31, 2019 - two, January 1, 2019 - two), which, as at such date, provided for total borrowings of up to $439.6 million (December 31, 2019 - $513.2 million, January 1, 2019 - $523.1 million) and were fully drawn (December 31, 2019 - fully drawn). Term Loans As at December 31, 2020, the Partnership had term loans outstanding secured by 25 vessels, which totaled $1.4 billion (December 31, 2019 - secured by 24 vessels, which totaled $1.4 billion, January 1, 2019 - secured by 25 vessels, which totaled $1.4 billion). The term loans reduce over time with quarterly or semi-annual payments and have varying maturities through 2034. As at December 31, 2020, all of these term loans were guaranteed by the Partnership, a subsidiary of the Partnership or the other owner in the Partnership's non-wholly owned subsidiaries. In June 2020, the Partnership extended a $40 million commercial tranche of a term loan, relating to the financing of the Petrojarl Knarr FPSO unit, until June 2023. The interest rate swaps related to this term loan were also extended until June 2022. In relation to the extensions, certain deposit arrangements and reductions in negative mark-to-market values of the interest rate swaps were agreed with the lenders. In October 2020, the Partnership completed a $106 million upsizing of an existing term loan, relating to the partial financing of a newbuilding shuttle tanker currently under construction for operation off the East Coast of Canada. Public and Non-Public Bonds As at December 31, 2020, the Partnership had public bonds outstanding which totaled $1.1 billion (December 31, 2019 - $1.1 billion, January 1, 2019 - $1.0 billion) and non-public bonds outstanding which totaled $206.9 million (December 31, 2019 - $241.1 million, January 1, 2019 - $141.2 million). The public bonds have varying maturities through 2024 and the non-public bonds reduce over time with semi-annual payments and varying maturities through 2027. As at January 1, 2019, the Partnership had Norwegian Krone 86 million of senior unsecured bonds outstanding, equivalent to $10.0 million, that matured in January 2019. In August 2020, the Partnership issued an additional $75.0 million of its senior unsecured green bonds that mature in October 2024. These bonds were issued at 96.5% of par value of the pre-existing senior unsecured green bonds and increases the total amount outstanding to $200.0 million. The interest payments on the bonds are based on LIBOR plus a margin of 6.50%. In September 2020, the Partnership announced that it intended to commence repurchasing certain of its $700.0 million five-year senior unsecured bonds that mature in July 2023, which were issued in July 2018. As at December 31, 2020, the Partnership had repurchased $13.0 million of these bonds. As at December 31, 2020, the contractual maturities of the Partnership's borrowings were as follows: Total 1 Year 2 Years 3 Years 4 Years 5 Years Thereafter (in millions of U.S. Dollars) Borrowings: Secured debt - scheduled repayments 1,279.0 294.2 231.6 207.9 160.1 124.9 260.3 Secured debt - repayments on maturity 793.8 69.0 70.5 274.6 182.0 — 197.7 Bond repayments 1,138.1 — 251.1 687.0 200.0 — — Total borrowings 3,210.9 363.2 553.2 1,169.5 542.1 124.9 458.0 Unsecured revolving credit facility - due to related parties (1) 229.0 — — — 229.0 — — (1) See Note 22a for additional information. The Partnership is currently in compliance with all covenant requirements of its revolving credit facilities, term loans and bonds. |
Income Taxes
Income Taxes | 12 Months Ended |
Dec. 31, 2020 | |
Disclosure Of Income Taxes [Abstract] | |
Income Taxes | Income Taxes Income taxes are recognized for the amount of taxes payable by the Partnership’s subsidiaries and for the impact of deferred income tax assets and liabilities related to such subsidiaries. The significant components of the Partnership’s deferred tax assets and liabilities as at December 31, 2020 and 2019, and January 1, 2019, are as follows: December 31, 2020 December 31, 2019 January 1, 2019 $ $ $ Tax losses carried forward 5,153 7,000 9,168 Other timing differences (700) (3,133) (2,183) Total net deferred tax assets (liabilities) 4,453 3,867 6,985 Reflected in the statement of financial position as follows: Deferred tax assets 5,153 7,000 9,168 Deferred tax liabilities 700 3,133 2,183 Net deferred tax assets (liabilities) 4,453 3,867 6,985 The recognition of the deferred tax assets is based on the expectation that sufficient taxable income will be available through future taxable income supported by forecast. The net deferred tax assets (liabilities) movements are as follows: December 31, 2020 December 31, 2019 $ $ Opening net deferred tax assets (liabilities) balance at beginning of year 3,867 6,985 Deferred income tax (expense) recovery 804 (3,161) Other (218) 43 Closing net deferred tax assets (liabilities) balance at end of year 4,453 3,867 The following table details the expiry date, if applicable, of the unrecognized deferred tax assets: December 31, 2020 December 31, 2019 January 1, 2019 $ $ $ One year from reporting date 92 205 111 Two years from reporting date 122 84 129 Three years from reporting date 162 111 98 After three years from reporting date 108,788 97,475 103,564 Do not expire 153,573 134,311 134,931 Total 262,737 232,186 238,833 The major components of income tax expense for the years ended December 31, 2020 and 2019 are as follows: Year Ended Year Ended Current income tax (expense) recovery (6,543) (4,666) Deferred income tax (expense) recovery: Origination and reversal of temporary differences 2,889 (1,035) Recovery (expense) arising from previously unrecognized (derecognized) tax assets (2,085) (2,126) Total deferred income taxes 804 (3,161) Income tax (expense) recovery (5,739) (7,827) 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. The below reconciliation has been prepared using a composite statutory-rate for jurisdictions where the Partnership’s subsidiaries operate: Year Ended Year Ended Income (loss) before income tax (expense) recovery (340,424) (151,240) Net income (loss) not subject to taxes (155,010) (194,675) Net income (loss) subject to taxes (185,414) 43,435 Applicable statutory tax rate 1 % 11 % Net income (loss) subject to taxes at applicable statutory tax rates (1,222) 4,885 Permanent differences 2,219 (1,976) Adjustments related to currency differences 172 (360) Derecognition of deferred tax assets and other 4,570 5,278 Tax expense (recovery) related to current year 5,739 7,827 The unrecognized tax benefits movements are as follows: December 31, 2020 December 31, 2019 $ $ Opening unrecognized tax benefits balance at beginning of year 232,186 238,833 Increases for positions related to the current year 30,551 (6,647) Closing unrecognized tax benefits balance at end of year 262,737 232,186 |
Related Party Transactions
Related Party Transactions | 12 Months Ended |
Dec. 31, 2020 | |
Disclosure Of Related Party [Abstract] | |
Related Party Transactions | Related Party TransactionsThe key management personnel that are principally responsible for the operations of the Partnership are as follows: Name Position Ingvild Sæther President and Chief Executive Officer, Altera Infrastructure Group Ltd. Jan Rune Steinsland Chief Financial Officer, Altera Infrastructure Group Ltd. Duncan Donaldson General Counsel, Altera Infrastructure Group Ltd. During the year ended December 31, 2020, total compensation expenses of these three key management personnel of the Partnership was $2.2 million (December 31, 2019 - $2.0 million). The Partnership is a party to the following transactions with related parties: a) As at December 31, 2020, the Partnership had an undrawn balance of $nil (December 31, 2019 - $105.0 million, January 1, 2019 - $nil) relating to an unsecured revolving credit facility, which subsequent to May 8, 2019, was provided solely by Brookfield and prior to May 8, 2019 was provided by Brookfield and Teekay Corporation, and provided for borrowings of up to $125.0 million. In August 2020, the Partnership agreed to amend the existing credit facility with Brookfield, to increase the borrowings available under the unsecured revolving credit facility from $125.0 million to $200.0 million and extend its term from October 1, 2020 to October 31, 2024 and in November 2020 the Partnership agreed to further amend the existing credit facility with Brookfield, to increase the borrowings available under the unsecured revolving credit facility from $200.0 million to $225.0 million. The agreement provides the Partnership the option to defer interest payments of up to $25.0 million until maturity. The Partnership determined that each amendment to the unsecured revolving credit facility was a substantial modification resulting in the derecognition of the original liability and the recognition of the modified arrangement at its fair value. As the interest rate under the new modified facility was deemed to be at below market terms (the interest payments on the revolving credit facility are based on LIBOR plus a margin of 5.00% per annum, with interest payable monthly), based on the Partnership's assessment taken from its public bonds and preferred units, the Partnership determined that Brookfield was acting in its capacity as an equity owner and the $37.1 million decrease between the carrying value of the original facility and the fair value of the modified arrangement was classified as an equity contribution in the Partnership's consolidated statements of changes in equity. The difference between the fair value and the nominal amount of the modified arrangement will be recognized as an adjustment to interest expense over the remaining term of the loan using the effective interest rate method. Any outstanding principal balances are due on the maturity date. The revolving credit facility contains covenants that require the Partnership to maintain a minimum liquidity (cash, cash equivalents and undrawn committed revolving credit lines with at least six months to maturity) in an amount equal to the greater of $75.0 million and 5.0% of the Partnership’s total consolidated debt. As at December 31, 2020, the Partnership was in compliance with these covenants. For additional information on the change in the balance of borrowings from related parties, refer to note 28. b) On July 2, 2018, the Partnership issued, in a U.S. private placement, a total of $700.0 million of five -year senior unsecured bonds that mature in July 2023. The interest payments on the bonds are fixed at a rate 8.50% (see Note 20 for additional information). Brookfield purchased $500.0 million of these bonds and as at December 31, 2020 , Brookfield held $411.3 million of these bonds ( December 31, 2019 - $423.6 million, January 1, 2019 - $475.0 million), which is included in the non-current portion of borrowings on the Partnership's consolidated statements of financial position. The Partnership also reimburses its general partner for expenses incurred by the general partner that are necessary or appropriate for the conduct of the Partnership’s business. Effective May 8, 2019, Teekay Corporation and its wholly-owned subsidiaries were no longer related parties of the Partnership; however, the Partnership continues to provide certain services to Teekay Corporation. During the period to May 8, 2019, two shuttle tankers and three FSO units of the Partnership were employed on long-term time-charter-out or bareboat contracts with subsidiaries of Teekay Corporation. The Partnership's related party transactions recognized in the consolidated statements of income (loss) were as follows for the periods indicated: Year Ended December 31, 2020 2019 Revenues (1) 8,079 42,628 Direct operating costs (2) — (2,535) General and administrative expenses (3) (1,134) (8,811) Depreciation and amortization (209) — Interest expense (4)(5) (43,831) (46,101) Realized and unrealized gain (loss) on derivative instruments (6) — 49,832 Other income (expenses), net (7) — (1,949) (1) Includes revenue from services provided to the Partnership's equity-accounted investments and from time-charter-out or bareboat contracts with subsidiaries of Teekay Corporation, including management fees for ship management services provided by the Partnership to a subsidiary of Teekay Corporation prior to May 8, 2019. (2) Includes ship management and crew training services provided by Teekay Corporation prior to May 8, 2019. (3) Includes commercial, technical, strategic, business development and administrative management fees charged by Teekay Corporation and for reimbursements to Teekay Corporation for costs incurred on the Partnership’s behalf prior to May 8, 2019 and reimbursements to the general partner for costs incurred on the Partnership’s behalf. (4) Includes interest expense of $35.0 million for the year ended December 31, 2020 (December 31, 2019 - $38.5 million), incurred on a portion of five-year senior unsecured bonds held by Brookfield (see Note 22b for additional information). (5) Includes interest expense of $7.3 million for the year ended December 31, 2020 (December 31, 2019 - $8.3 million) and a net interest accretion expense of $1.4 million for the year ended December 31, 2020 (December 31, 2019 - interest accretion income of $0.6 million) incurred on the unsecured revolving credit facility provided by Brookfield and, prior to May 8,2019, Teekay Corporation (see Note 22a for additional information). (6) Relates to unrealized gain (loss) on warrants held by Brookfield and Teekay Corporation prior to May 8, 2019 (see Note 19 for additional information). (7) Relates to a loss on refinancing of the unsecured revolving credit facility provided by Brookfield during the year ended December 31, 2019. As at December 31, 2020, the carrying value of amounts due from related parties totaled $10.0 million (December 31, 2019 - $nil, January 1, 2019 - $58.9 million) and as at December 31, 2020, consisted only of amounts receivable from the Partnership's general partner. As at December 31, 2020, the carrying value of amounts due to related parties totaled $194.6 million (December 31, 2019 - $21.3 million, January 1, 2019 - $183.8 million). As at December 31, 2020, the amounts due to related parties consisted only of the unsecured revolving credit facility provided by Brookfield (see note 22a). |
Equity
Equity | 12 Months Ended |
Dec. 31, 2020 | |
Disclosure Of Share Capital, Reserves And Other Equity Interest [Abstract] | |
Equity | Equity As at December 31, 2020, the Partnership's capital structure was comprised of three classes of partnership units; Class A common units, Class B common units and preferred limited partnership units, in addition to the general partnership interest. The Partnership may issue additional securities at any time and from time to time for such consideration and on such terms and conditions as the General Partner shall determine, without the approval of any Limited Partners. Limited Partners' Rights Significant rights of the Class A Common Unitholders include the following: • The Class A Common Unitholders are entitled to receive, to the extent permitted by law, such distributions as may from time to time be declared by the general partner’s board of directors. Upon any liquidation, dissolution or winding up of the Partnership’s affairs, whether voluntary or involuntary, the Class A Common Unitholders are entitled to receive distributions of the Partnership’s assets, after it has satisfied or made provision for its debts and other obligations and for payment to the holders any class or series of limited partner interests (including the Partnership’s preferred units) having preferential rights to receive distributions of Partnership assets. • No limited partner has any management power over the Partnership’s business and affairs; the general partner conducts, directs and manages the Partnership's activities. • The Class A Common Units have no voting rights except as required by the Marshall Islands Limited Partnership Act, but only to the extent that such voting rights under such Act may not be waived. • Class A Unitholders have certain pre-emptive rights, entitling them to purchase a portion of certain issuances of additional common units (or other securities that have rights and preferences that rank pari passu with the common units). • The Class A Common Units are subject to certain redemption provisions in connection with any Brookfield Sales Event (as defined in the Partnership’s partnership agreement). • No Class A Common Unitholder may sell, assign, convey, pledge, transfer or otherwise dispose of any Class A Common Units other than in connection with a Brookfield Sales Event (as defined in the Partnership's partnership agreement), and any sale, assignment, conveyance, pledge, transfer or other disposition of Class A Common Units in violation of the Partnership's partnership agreement, other than by operation of law (including intestacy), shall be null and void. Significant rights of the Class B Common Unitholders include the following: • Right to receive distributions of Available Cash (as defined in the Partnership’s partnership agreement) similar to those applicable to the Class A Common Unitholders. • No limited partner has any management power over the Partnership’s business and affairs; the general partner conducts, directs and manages the Partnership's activities. • The Class B Common Units are entitled to vote on various matters, as specified in the Partnership’s partnership agreement. • The general partner may be removed if such removal is approved by the Class B Common Unitholders holding at least 66.67% of the outstanding units voting as a single class, including units held by the general partner and its affiliates. On January 22, 2020, Brookfield completed its acquisition by merger (or the Merger ) of all of the outstanding publicly held and listed common units representing the Partnership's limited partner interests held by parties other than Brookfield (or unaffiliated unitholders ) pursuant to an agreement and plan of merger (or the Merger Agreement ) among the Partnership, the general partner and certain members of Brookfield. Under the terms of the Merger Agreement, (a) a newly formed subsidiary of Brookfield merged with and into the Partnership, with the Partnership surviving as a wholly owned subsidiary of Brookfield and the Partnership's general partner, and (b) common units held by unaffiliated unitholders were converted into the right to receive $1.55 in cash per common unit (or the cash consideration ), other than common units held by unaffiliated unitholders who, as an alternative to receiving the cash consideration, elected to forego the cash consideration and instead receive one of the Partnership's newly designated unlisted Class A Common Unit per common unit held immediately prior to the Merger (or the equity consideration ). The Class A Common Units are economically equivalent to the Class B Common Units held by Brookfield following the Merger, but have limited voting rights and limited transferability. At December 31, 2020, Brookfield held 100% of the Class B Common Units, representing 98.7% of the outstanding common units and 100% of the general partner interest. All of the Partnership's Class A Common Units, representing 1.3% of the Partnership’s outstanding common units, were held by entities other than Brookfield and its affiliates. At December 31, 2020, all of the Partnership’s outstanding Series A Cumulative Redeemable Preferred Units (or the Series A Preferred Units ), Series B Cumulative Redeemable Preferred Units (or the Series B Preferred Units ) and Series E Fixed-to-Floating Rate Cumulative Redeemable Perpetual Preferred Units (or the Series E Preferred Units ) were held by entities other than Brookfield and its affiliates. As a result of the Merger, the Partnership's common units that previously existed, were exchanged for either Class A Common Units or Class B Common Units. The net assets ascribed to the previously existing common units immediately preceding the Merger were allocated to the Class A Common Units or Class B Common Units based on their proportionate ownership percentages. As a result of the Merger , each of the Partnership's outstanding warrants (the Warrants ) were automatically canceled and ceased to exist. No consideration was delivered in respect thereof. Pursuant to the terms of the Merger Agreement, the Partnership's outstanding preferred units were unchanged and remain outstanding following the Merger. Incentive Distribution Rights As a result of the Merger, the general partner's incentive distribution rights, which granted the holder varying distributions based on the amount of quarterly cash distributions per common unit, were canceled and ceased to exist. Series A, B and E Preferred Units In April 2013, the Partnership issued 6.0 million 7.25% Series A Preferred Units in a public offering with an aggregate redemption amount of $150.0 million, for net proceeds of $144.8 million. Pursuant to the partnership agreement, distributions on the Series A Preferred Units to preferred unitholders are cumulative from the date of original issue and are 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 under the symbol "ALIN PR A". In April 2015, the Partnership issued 5.0 million 8.50% Series B Preferred Units in a public offering with an aggregate redemption amount of $125.0 million, for net proceeds of $120.8 million. Pursuant to the partnership agreement, distributions on the Series B Preferred Units to preferred unitholders are cumulative from the date of original issue and are 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 20, 2020, the Series B 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 under the symbol "ALIN PR B". In January 2018, the Partnership issued 4.8 million 8.875% Series E Preferred Units in a public offering for net proceeds of $116.0 million. Pursuant to the partnership agreement, distributions on the Series E Preferred Units to preferred unitholders are cumulative from the date of original issue, payable quarterly in arrears, when, as and if declared by the board of directors of the general partner. Distributions are payable on the Series E Preferred Units (i) from and including the original issue date to, but excluding, February 15, 2025 at a fixed rate equal to 8.875% per annum of the stated liquidation preference of $25.00 per unit and (ii) from and including February 15, 2025, at a floating rate equal to three-month LIBOR plus 6.407%. These units are listed on the New York Stock Exchange under the symbol "ALIN PR E". In September 2020, the Partnership announced that it intended to repurchase certain of its outstanding Series A, B and E Preferred Units. As at December 31, 2020, the Partnership had repurchased 123,467 of the Series A Preferred Units, 89,981 of the Series B Preferred Units and 96,977 of the Series E Preferred units, for a total cash payment of $6.2 million that resulted in a net gain on repurchase of $1.6 million, which was recorded in the Partnership's Consolidated Statement of Changes in Equity as an equity contribution to the Class A and Class B common unitholders, as well as the general partner. Net Income (Loss) Per Limited Partner Unit The general partner’s and common unitholders’ interests in net income (loss) are calculated as if all net income (loss) were distributed, 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 that, with respect to any quarter, the general partner may elect to distribute Available Cash, which is a contractually defined term that generally means all cash on hand at the end of each quarter less, among other things, the amount of cash reserves established by the general partner’s board of directors to provide for the proper conduct of the Partnership’s business, including, among other things, any accumulated distributions on, or redemptions of, the Series A, Series B and Series E Preferred Units. Unlike available cash, net income (loss) is affected by non-cash items such as depreciation and amortization, unrealized gain or loss on derivative instruments and unrealized foreign currency translation gain and loss. For all periods presented in these consolidated financial statements, no common unit equivalent warrants or restricted units were included in the computation of limited partners’ interest in net income (loss) per common unit - diluted, as their effect was anti-dilutive. The weighted average number of total common units were as follows for the periods indicated: Year Ended December 31, 2020 2019 Weighted average number of total common units 411,148,991 410,727,035 Preferred Unit Distributions The distributions payable or paid on the preferred units for the year ended December 31, 2020 were $32.1 million (December 31, 2019 - $32.2 million). On January 28, 2021, the general partner of the Partnership declared the following distributions payable on February 16, 2021 to all preferred unitholders on record on February 8, 2021: • Series A Preferred Units - $0.4531 per unit • Series B Preferred Units - $0.5313 per unit • Series E Preferred Units - $0.5547 per unit |
Non-Wholly Owned Subsidiaries
Non-Wholly Owned Subsidiaries | 12 Months Ended |
Dec. 31, 2020 | |
Disclosure of subsidiaries [abstract] | |
Non-Wholly Owned Subsidiaries | Equity-Accounted Investments The Partnership has investments in two separate joint ventures, whereby the parties that have joint control of the arrangement have the rights to the net assets of the joint arrangement. Please refer to note 2d(ii) - Joint ventures. Libra Joint Venture The Partnership's investment in the Libra Joint Venture (as defined below) includes its investments in the below entities: Name of Joint Venture State or Jurisdiction of Incorporation Proportion of Ownership Interest OOG-TK Libra GmbH Austria 50% OOG-TK Libra GmbH & Co KG Austria 50% OOGTK Libra Operator Holdings Limited Cayman Islands 50% OOGTK Libra Producao de Petroleo Ltda Brazil 50% TK-Ocyan Libra Oil Services Ltd. Cayman Islands 50% In October 2014, the Partnership sold a 1995-built shuttle tanker to OOG-TK Libra GmbH & Co KG (or Libra Joint Venture ), a 50/50 joint venture between the Partnership and Ocyan S.A. (or Ocyan) which vessel was converted to an FPSO unit for the Libra field in Brazil. The FPSO unit commenced operations in late-2017. Included in the joint venture is a ten-year plus construction period loan facility, which as at December 31, 2020 had an outstanding balance of $529.1 million (December 31, 2019 - $586.5 million). The interest payments of the loan facility are based on LIBOR, plus a margin of 2.65%. The final payment under the loan facility is due October 2027. In addition, the Libra Joint Venture entered into ten-year interest rate swap agreements, with an aggregate notional amount of $483.5 million as at December 31, 2020 (December 31, 2019 - $536.1 million), which amortize quarterly over the term of the agreements. These interest rate swap agreements exchange the receipt of LIBOR-based interest for the payment of a weighted average fixed rate of 2.52%. These interest rate swap agreements are not designated as qualifying cash flow hedging relationships for accounting purposes. Itajai Joint Venture The Partnership's investment in the Itajai Joint Venture (as defined below) includes its investments in the below entities: Name of Joint Venture State or Jurisdiction of Incorporation Proportion of Ownership Interest OOG-TKP FPSO GmbH Austria 50% OOG-TKP FPSO GmbH & Co KG Austria 50% OOG-TKP Oil Services Ltd. Cayman Islands 50% OOG-TKP Operator Holdings Limited Cayman Islands 50% OOG-TKP Producao de Petroleo Ltda Brazil 50% In June 2013, the Partnership acquired its interest in OOG-TKP FPSO GmbH & Co KG (or Itajai Joint Venture ), a 50/50 joint venture between the Partnership and Ocyan, which owns the Cidade de Itajai FPSO unit currently operating in Brazil. Included in the joint venture is a term loan facility, which was amended during the year ended December 31, 2020 and as at December 31, 2020 had an outstanding balance of $53.4 million (December 31, 2019 - $105.9 million). The interest payments on the amended loan facility are based on LIBOR, plus a margin of 3.50%. The final payment under the amended loan facility is due April 2022. As part of the amendment of the loan facility, the joint venture terminated the associated interest rate swap agreements and as at December 31, 2020, the joint venture held no interest rate swap agreements (December 31, 2019 - total interest rate swap agreements with a notional balance of $105.9 million). The Partnership relies on the expertise and relationships that its joint ventures and joint venture partners may have with current and potential customers to jointly pursue FPSO projects and provide assistance in competing in new markets. As at December 31, 2020 and 2019, and January 1, 2019, the Partnership had total investments of $241.7 million, $232.2 million and $208.8 million, respectively, in its equity-accounted investments. No indicators of impairment existed as at December 31, 2020 and 2019, nor January 1, 2019. The following tables presents summarized financial information assuming a 100% ownership interest in the Partnership’s equity-accounted investments. December 31, 2020 December 31, 2019 January 1, 2019 Libra Joint Venture Itajai Joint Venture Total Libra Joint Venture Itajai Joint Venture Total Libra Joint Venture Itajai Joint Venture Total $ $ $ $ $ $ $ $ $ Current assets 123,576 29,605 153,181 126,154 33,565 159,719 114,949 34,314 149,263 Non-current assets 765,239 278,113 1,043,352 813,330 306,178 1,119,508 877,719 308,064 1,185,783 Current liabilities 83,028 43,681 126,709 80,321 46,741 127,062 87,392 47,403 134,795 Non-current liabilities 567,474 18,888 586,362 611,457 76,277 687,734 668,689 113,923 782,612 Net assets 238,313 245,149 483,462 247,706 216,725 464,431 236,587 181,052 417,639 Ownership interest 50 % 50 % 50 % 50 % 50 % 50 % 50 % 50 % 50 % Equity-accounted investments 119,157 122,575 241,731 123,853 108,363 232,216 118,294 90,526 208,819 Cash and cash equivalents 8,450 10,396 18,846 7,972 10,556 18,528 66,217 23,417 89,634 Current financial liabilities 66,223 35,533 101,756 62,676 35,954 98,630 58,281 31,782 90,063 Non-current financial liabilities 495,861 18,546 514,407 530,588 71,836 602,424 579,156 105,382 684,538 Year ended December 31, 2020 2020 2020 2019 2019 2019 Libra Joint Venture Itajai Joint Venture Total Libra Joint Venture Itajai Joint Venture Total $ $ $ $ $ $ Revenues 181,734 82,170 263,904 181,172 84,275 265,447 Depreciation and amortization (48,408) (16,419) (64,827) (47,282) (16,371) (63,653) Interest expense (20,493) (8,373) (28,866) (34,798) (6,938) (41,736) Interest income 83 170 253 203 — 203 Income tax (expense) recovery (100) (534) (634) (166) (330) (496) Net income (loss) and other comprehensive income (loss) 43,882 27,960 71,842 34,686 32,850 67,536 Ownership interest 50 % 50 % 50 % 50 % 50 % 50 % Equity-accounted income (loss) 21,941 13,980 35,921 17,343 16,425 33,768 Dividends received by the Partnership 27,492 2,250 29,742 15,405 2,250 17,655 The Partnership's investment in equity-accounted investments and its interest in the net income of its equity-accounted investments are included in the Partnership's FPSO segment. The following tables present the assets and liabilities from the Partnership’s investments in non-wholly owned subsidiaries as at December 31, 2020, December 31, 2019 and January 1, 2019, as well as of revenues, net income, other comprehensive income and distributions for the year ended December 31, 2020 and 2019: December 31, 2020 December 31, 2019 January 1, 2019 $ $ $ Current assets 38,902 30,977 19,937 Non-current assets 48,960 88,457 128,628 Current liabilities 44,109 24,371 18,732 Non-current liabilities — 28,847 41,502 Year Ended December 31, 2020 2019 $ $ Revenues 47,050 55,655 Net income (loss) and other comprehensive income (loss) (12,759) (15,106) Distributions paid to non-controlling interests (4,750) (3,636) |
Revenues
Revenues | 12 Months Ended |
Dec. 31, 2020 | |
Analysis of income and expense [abstract] | |
Revenues | Contracts in Progress Contract Assets and Liabilities Certain customer contracts that the Partnership enters into will result in situations where the customer will pay consideration for performance to be provided in the following month or months. These receipts are a contract liability and are presented within accounts payable and other as deferred revenues until performance is provided. In other cases, the Partnership will provide performance in the month or months prior to it being entitled to invoice for such performance. This results in such receipts being reflected as a contract asset that is presented within other assets. In addition to these short-term timing differences between the timing of revenue recognition and when the entity’s right to consideration in exchange for goods or services is unconditional, the Partnership has long-term charter arrangements whereby it has received payments that are larger in the early periods of the arrangements and long-term charter arrangements whereby it will receive payments that are larger in the latter periods of the arrangements. The following table presents the contract assets and contract liabilities on the Partnership's consolidated statements of financial position associated with these long-term charter arrangements from contracts with customers: December 31, 2020 December 31, 2019 January 1, 2019 $ $ $ Contract assets Current 18,958 3,816 7,926 Non-current 48,288 79,896 66,905 67,246 83,712 74,831 Contract liabilities Current 91,392 53,728 55,750 Non-current 11,616 84,077 145,852 103,008 137,805 201,602 During the year ended December 31, 2020, the Partnership recognized revenue of $43.7 million (December 31, 2019 - $53.1 million), which was included in contract liabilities on December 31, 2019 (January 1, 2019). Contract Costs In certain cases, the Partnership incurs pre-operational costs that relate directly to a specific customer contract and that generate or enhance resources of the Partnership to satisfy future performance obligations, and where such costs are expected to be recovered via the customer contract. These costs include costs incurred to mobilize an offshore asset to an oil field, pre-operational costs incurred to prepare for commencement of operations of an offshore asset or costs incurred to reposition a vessel to a location where a charterer will take delivery of the vessel. In certain cases, the Partnership will need to make judgments about whether costs relate directly to a specific customer contract and whether costs were factored into the pricing of a customer contract and thus expected to be recovered. Such deferred costs are amortized into direct operating costs over the duration of the customer contract. Amortization of such costs for the Partnership for the years ended December 31, 2020 and 2019 were $22.8 million and $20.9 million, respectively. The balances of assets recognized from the costs to fulfill a contract with a customer classified as other assets, split between current and non-current portions, on the Partnership's consolidated statements of financial position, by main category, excluding balances in the Partnership’s equity-accounted investments, are as follows: December 31, 2020 December 31, 2019 January 1, 2019 $ $ $ Pre-operational costs 7,750 12,836 24,031 Offshore asset mobilization costs 21,509 35,632 51,302 Vessel repositioning costs 11,565 13,379 15,188 40,824 61,847 90,521 a) Revenues by type The Partnership’s primary source of revenues is chartering its vessels and offshore units to its customers. The Partnership utilizes five primary forms of contracts, consisting of FPSO contracts, CoAs, time-charter contracts, bareboat charter contracts and voyage charter contracts. All of the Partnership's revenues relate to services transferred over a period of time. During the year ended December 31, 2020, the Partnership also generated revenues from the operation of VOC systems on certain of the Partnership’s shuttle tankers, and from the management of three FPSO units and one FSO unit (December 31, 2019 - three FPSO units, one FSO unit and two shuttle tankers) on behalf of the disponent owners or charterers of these assets. The following tables contain the Partnership’s revenue for the years ended December 31, 2020 and 2019, by contract type and by segment: Year Ended December 31, 2020 FPSO Segment Shuttle Tanker Segment FSO Segment UMS Segment Towage Segment Eliminations (1) Total Revenues from contracts with customers FPSO contracts 156,804 — — — — — 156,804 CoAs — 84,171 — — — — 84,171 Time charters — 96,607 25,566 — — — 122,173 Bareboat charters — — — — — — — Voyage charters — 485 — — 45,851 (5,564) 40,772 Management fees and other 133,524 2,822 4,153 1,828 140 — 142,467 290,328 184,085 29,719 1,828 45,991 (5,564) 546,387 Other revenues FPSO contracts 192,474 — — — — — 192,474 CoAs — 145,804 — — — — 145,804 Time charters — 149,477 71,052 — — — 220,529 Bareboat charters — 21,679 13,096 — — — 34,775 Voyage charters — 37,845 — — — — 37,845 Management fees and other — 4,296 — — — — 4,296 192,474 359,101 84,148 — — — 635,723 Total revenues 482,802 543,186 113,867 1,828 45,991 (5,564) 1,182,110 (1) Includes revenues earned between segments of the Partnership, during the year ended December 31, 2020. Year Ended December 31, 2019 FPSO Segment Shuttle Tanker Segment FSO Segment UMS Segment Towage Segment Conventional Tanker Segment Total Revenues from contracts with customers FPSO contracts 192,573 — — — — — 192,573 CoAs — 83,522 — — — — 83,522 Time charters — 110,951 47,106 — — — 158,057 Bareboat charters — — — — — — — Voyage charters — 5,542 — — 74,726 7,972 88,240 Management fees and other 71,295 9,289 3,177 2,940 — — 86,701 263,868 209,304 50,283 2,940 74,726 7,972 609,093 Other revenues FPSO contracts 213,728 — — — — — 213,728 CoAs — 104,756 — — — — 104,756 Time charters — 182,143 74,656 — — — 256,799 Bareboat charters — 34,611 15,178 — — — 49,789 Voyage charters — 18,773 — — — — 18,773 Management fees and other — — — — — — — 213,728 340,283 89,834 — — — 643,845 Total revenues 477,596 549,587 140,117 2,940 74,726 7,972 1,252,938 b) Finance leases Leasing of certain vessels and equipment and VOC equipment are accounted for as finance leases. During the year ended December 31, 2020, the Partnership recorded finance income of $3.4 million on its investment in finance leases (December 31, 2019 - $0.4 million). As at December 31, 2020, the minimum lease payments receivable under the Partnership's finance leases approximated $76.2 million (December 31, 2019 - $4.6 million, January 1, 2019 - $5.9 million), including unearned income of $16.3 million (December 31, 2019 - $0.7 million, January 1, 2019 - $1.1 million). As at December 31, 2020, future scheduled payments under the finance leases to be received by the Partnership were as follows: Total 1 Year 2 Years 3 Years 4 Years 5 Years Thereafter (in millions of U.S. Dollars) Finance leases 76.2 12.8 12.8 12.1 11.5 11.5 15.5 c) Operating leases As at December 31, 2020, the carrying amount of the Partnerships vessels and equipment subject to operating leases in which the Partnership is a lessor was $2.7 billion (December 31, 2019 - $2.5 billion, January 1, 2019 - $3.0 billion). As at December 31, 2020, the undiscounted contractual earnings receivable of the Partnership’s operating leases by expected period of receipt were as follows: Total 1 Year 2 Years 3 Years 4 Years 5 Years Thereafter (in millions of U.S. Dollars) Operating leases 2,673.3 673.6 441.1 321.8 243.5 232.7 760.6 |
Direct Operating Costs
Direct Operating Costs | 12 Months Ended |
Dec. 31, 2020 | |
Analysis of income and expense [abstract] | |
Direct Operating Costs | Direct Operating Costs Direct operating costs include all attributable expenses except interest, depreciation and amortization, impairment expense, other expenses, and taxes and primarily relate to cost of revenues. The following table lists direct operating costs for the year ended December 31, 2020 and 2019 by nature: Year Ended December 31, 2020 2019 $ $ Voyage expenses (1) 113,618 132,556 Operating expenses 268,999 229,400 Charter hire 18,325 33,202 Compensation 226,850 211,533 Total 627,792 606,691 (1) Expenses unique to a particular voyage, including any bunker fuel expenses, port fees, cargo loading and unloading expenses, canal tolls, agency fees and commissions. |
Segment Information
Segment Information | 12 Months Ended |
Dec. 31, 2020 | |
Disclosure Of Entity's Operating Segments [Abstract] | |
Segment Information | Segment Information For the year ended December 31, 2020, the Partnership's operations were organized into five (December 31, 2019 - six) operating segments: FPSO, shuttle tanker, FSO, UMS and towage. During the three months ended March 31, 2019, the Partnership redelivered its two in-chartered conventional tankers to their owners and ceased operations in the conventional tanker segment. These operating segments are regularly reviewed by the Partnership's CODM for the purpose of allocating resources to the segment and to assess its performance. The key measure used by the CODM in assessing performance and in making resource allocation decisions is Adjusted EBITDA, which is calculated as net income (loss) before interest expense, interest income, income tax expense, and depreciation and amortization, adjusted to exclude certain items whose timing or amount cannot be reasonably estimated in advance or that are not considered representative of core operating performance. Such adjustments include impairment expenses, gain (loss) on dispositions, net, unrealized gain (loss) on derivative instruments, foreign currency exchange gain (loss) and certain other income or expenses. Adjusted EBITDA also excludes: realized gain or loss on interest rate swaps, as management, in assessing the Partnership's performance, views these gains or losses as an element of interest expense; realized gain or loss on derivative instruments resulting from amendments or terminations of the underlying instruments; and equity-accounted income (loss). Adjusted EBITDA also includes the Partnership's proportionate share of Adjusted EBITDA from its equity-accounted investments and excludes the non-controlling interests' proportionate share of Adjusted EBITDA. The Partnership does not have control over the operations of, nor does it have any legal claim to the revenues and expenses of its equity-accounted investments. Consequently, the cash flow generated by the Partnership’s equity-accounted investments may not be available for use by the Partnership in the period that such cash flows are generated. Adjusted EBITDA is also used by external users of the Partnership's consolidated financial statements, such as investors and the Partnership’s controlling unitholder. The following tables include the results for the Partnership’s reportable segments for the periods presented in these consolidated financial statements: Year Ended December 31, 2020 FPSO Segment Shuttle Tanker Segment FSO Segment UMS Segment Towage Segment Corporate/Eliminations Total Revenues 482,802 543,186 113,867 1,828 45,991 (5,564) 1,182,110 Direct operating costs (270,419) (251,259) (51,018) (8,977) (51,683) 5,564 (627,792) General and administrative (1) (28,590) (10,891) (2,889) (397) (1,593) — (44,360) Realized loss on foreign currency forward contracts — — — — — (1,310) (1,310) Adjusted EBITDA from equity-accounted investments (2) 101,352 — — — — — 101,352 Adjusted EBITDA attributable to non-controlling interests — (10,989) 312 — — — (10,677) Adjusted EBITDA 285,145 270,047 60,272 (7,546) (7,285) (1,310) 599,323 Year Ended December 31, 2019 FPSO Segment Shuttle Tanker Segment FSO UMS Segment Towage Conventional Segment Corporate/Eliminations Total Revenues 477,596 549,587 140,117 2,940 74,726 7,972 — 1,252,938 Direct operating costs (235,335) (245,833) (43,234) (5,825) (67,160) (9,304) — (606,691) General and administrative (1) (31,773) (14,986) (4,169) (1,567) (2,328) (104) — (54,927) Realized loss on foreign currency forward contracts — — — — — — (5,054) (5,054) Adjusted EBITDA from equity-accounted investments (2) 98,297 — — — — — — 98,297 Adjusted EBITDA attributable to non-controlling interests — (10,864) (500) — — — — (11,364) Adjusted EBITDA 308,785 277,904 92,214 (4,452) 5,238 (1,436) (5,054) 673,199 (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) Adjusted EBITDA from equity-accounted investments represents the Partnership's proportionate share of Adjusted EBITDA from equity-accounted vessels. The following table includes reconciliations of Adjusted EBITDA to net income (loss) for the periods presented in these consolidated financial statements: Year Ended December 31, 2020 2019 $ $ Adjusted EBITDA 599,323 673,199 Depreciation and amortization (1) (316,317) (358,474) Interest expense (192,723) (205,667) Interest income 2,770 5,111 Expenses and gains (losses) relating to equity-accounted investments (2) (65,431) (64,529) Impairment expense, net (3) (268,612) (187,680) Gain (loss) on dispositions, net (4) 3,411 12,548 Realized and unrealized gain (loss) on derivative instruments (5) (95,189) (29,628) Foreign currency exchange gain (loss) (7,861) 2,193 Other income (expenses), net (10,472) (9,677) Adjusted EBITDA attributable to non-controlling interests 10,677 11,364 Income (loss) before income tax (expense) recovery (340,424) (151,240) Income tax (expense) recovery Current (6,543) (4,666) Deferred 804 (3,161) Net loss (346,163) (159,067) (1) Depreciation and amortization by segment for the year ended December 31, 2020 is as follows: FPSO $94.3 million, Shuttle Tanker $163.9 million, FSO $38.0 million, UMS $2.3 million and Towage $17.9 million (December 31, 2019 - FPSO $109.9 million, Shuttle Tanker $184.1 million, FSO $43.3 million, UMS $3.4 million and Towage $17.8 million). (2) Includes depreciation and amortization, interest expense, interest income, realized and unrealized gain (loss) on derivative instruments, foreign currency exchange gain (loss) and income tax (expense) recovery relating to equity-accounted investments. The sum of (a) Adjusted EBITDA from equity-accounted investments and (b) expenses and gains (losses) relating to equity-accounted investments from this table equals the amount of equity-accounted income (loss) included on the Partnership's consolidated statements of income (loss). (3) Impairment expense, net by segment for the year ended December 31, 2020 is as follows: FPSO $156.7 million, Shuttle Tanker $35.3 million, FSO $53.8 million and Towage $22.9 million (December 31, 2019 - FPSO $136.6 million, Shuttle Tanker $15.3 million and UMS $35.7 million). (see Note 11 for additional information). (4) Gain (loss) on dispositions, net by segment for the year ended December 31, 2020 is as follows: FPSO $(0.1) million, Shuttle Tanker segment $(1.9) million and FSO $5.4 million (December 31, 2019 - Shuttle Tanker $1.3 million and FSO $11.2 million). (see Note 8 for additional information). (5) Excludes the realized loss on foreign currency forward contracts. Segment Assets For the purpose of monitoring segment performance and allocating resources between segments, the CODM monitors the assets, including equity-accounted investments, attributable to each segment. A reconciliation of the Partnership's asset by reportable operating segment as at December 31, 2020, December 31, 2019 and January 1, 2019 are as follows: December 31, 2020 December 31, 2019 January 1, 2019 $ $ $ FPSO segment 1,220,084 1,481,797 1,723,693 Shuttle tanker segment 2,134,382 1,902,811 1,864,919 FSO segment 242,312 346,854 384,768 UMS segment 100,467 100,796 137,795 Towage segment 301,270 341,826 365,778 Conventional tanker segment — — 4,080 Corporate/Other Cash and cash equivalents and restricted cash 369,123 306,256 233,580 Other assets 17,993 7,898 8,509 Total assets 4,385,631 4,488,238 4,723,122 Revenues from External Customers The table below summarize the Partnership's segment revenue by geography based on the operating location of the Partnership's assets for the year ended December 31, 2020 and 2019: Year Ended December 31, 2020 FPSO Segment Shuttle Tanker Segment FSO UMS Segment Towage Eliminations Total Revenues from contracts with customers Norway 119,537 109,001 17,088 1,828 — — 247,454 Brazil 48,484 25,578 — — — — 74,062 Netherlands — — — — 45,991 (5,564) 40,427 Canada — 48,097 — — — — 48,097 United Kingdom 122,307 1,409 — — — — 123,716 Australia — — 5,157 — — — 5,157 Other — — 7,474 — — — 7,474 Total revenues from contracts with customers 290,328 184,085 29,719 1,828 45,991 (5,564) 546,387 Other revenues Norway 146,938 179,773 64,638 — — — 391,349 Brazil 39,750 76,116 — — — — 115,866 Netherlands — — — — — — — Canada — 62,269 — — — — 62,269 United Kingdom 5,786 3,098 5,353 — — — 14,237 Australia — — 483 — — — 483 Other — 37,845 13,674 — — — 51,519 Total other revenues 192,474 359,101 84,148 — — — 635,723 Total revenues 482,802 543,186 113,867 1,828 45,991 (5,564) 1,182,110 Year Ended December 31, 2019 FPSO Segment Shuttle Tanker Segment FSO UMS Segment Towage Conventional Segment Total Revenues from contracts with customers Norway 153,483 124,512 28,131 2,940 — — 309,066 Brazil 56,221 30,907 — — — — 87,128 Netherlands — — — — 74,726 — 74,726 Canada — 43,123 — — — — 43,123 United Kingdom 54,164 10,762 — — — — 64,926 Australia — — 14,137 — — — 14,137 Other — — 8,015 — — 7,972 15,987 Total revenues from contracts with customers 263,868 209,304 50,283 2,940 74,726 7,972 609,093 Other revenues Norway 136,186 156,065 67,533 — — — 359,784 Brazil 64,903 86,220 — — — — 151,123 Netherlands — — — — — — — Canada — 54,053 — — — — 54,053 United Kingdom 12,639 25,172 5,681 — — — 43,492 Australia — — 3,276 — — — 3,276 Other — 18,773 13,344 — — — 32,117 Total other revenues 213,728 340,283 89,834 — — — 643,845 Total revenues 477,596 549,587 140,117 2,940 74,726 7,972 1,252,938 For the year ended December 31, 2020, the Partnership recognized $0.1 million of revenues relating to lease income from variable lease payments not dependent on an index or rate (December 31, 2019 - $1.8 million). The following table presents revenues and percentage of consolidated revenues for customers that accounted for more than 10% of the Partnership’s consolidated revenues during the periods presented: (U.S. Dollars in millions, except percentages) Year Ended Year Ended Royal Dutch Shell Plc (1) $319.4 or 27% $311.3 or 25% BP Plc (2) $162.1 or 14% — (4) Equinor ASA (3) $143.3 or 12% $170.8 or 14% (1) Shuttle tanker and FPSO segments. (2) Shuttle tanker and FPSO segments. (3) Shuttle tanker and FSO segments. (4) Percentage of consolidated revenue was less than 10%. Non-current Assets The tables below summarize the Partnership's non-current assets by geography as at December 31, 2020, December 31, 2019 and January 1, 2019: December 31, 2020 FPSO Segment Shuttle Tanker Segment FSO UMS Segment Towage Corporate/Other Total Norway 560,469 1,203,857 157,221 59,798 — 36,552 2,017,897 Brazil 443,559 385,647 — — — — 829,206 Netherlands — — — — 288,823 — 288,823 Canada — 355,497 — — — — 355,497 United Kingdom 111,832 60,542 — — — — 172,374 Other — 32,353 56,490 — — — 88,843 Total non-current assets 1,115,860 2,037,896 213,711 59,798 288,823 36,552 3,752,640 December 31, 2019 FPSO Segment Shuttle Tanker Segment FSO UMS Segment Towage Corporate/Other Total Norway 765,980 882,811 236,060 79,276 — 1,008 1,965,135 Brazil 502,084 455,023 — — — — 957,107 Netherlands — — — — 323,920 — 323,920 Canada — 363,527 — — — — 363,527 United Kingdom 119,247 81,349 5,002 — — — 205,598 Australia — — 14,687 — — — 14,687 Other — 32,752 62,508 — — — 95,260 Total non-current assets 1,387,311 1,815,462 318,257 79,276 323,920 1,008 3,925,234 January 1, 2019 FPSO Segment Shuttle Tanker Segment FSO UMS Segment Towage Corporate/Other Total Norway 863,122 767,751 265,252 137,168 — 178 2,033,471 Brazil 517,393 517,647 — — — — 1,035,040 Netherlands — — — — 339,048 — 339,048 Canada — 366,875 — — — — 366,875 United Kingdom 230,495 101,389 7,400 — — — 339,284 Australia — — 16,190 — — — 16,190 Other — 33,700 68,540 — — — 102,240 Total non-current assets 1,611,010 1,787,362 357,382 137,168 339,048 178 4,232,148 |
Supplemental Cash Flow Informat
Supplemental Cash Flow Information | 12 Months Ended |
Dec. 31, 2020 | |
Disclosure Of Cash Flow Statements [Abstract] | |
Supplemental Cash Flow Information | Supplemental Cash Flow Information Year Ended December 31, 2020 December 31, 2019 $ $ Interest paid 174,827 204,074 Income taxes paid 7,368 4,859 Amounts paid and received for interest were reflected as operating cash flows in the consolidated statements of cash flow. The changes in non-cash working capital items related to operating activities for the years ended December 31, 2020 and 2019 are as follows: Year Ended December 31, 2020 December 31, 2019 $ $ Accounts and other receivable, net (2,154) (62,287) Other assets 7,867 6,362 Accounts payable and other (8,652) 68,165 Due from (to) related parties (9,932) 1,101 Changes in non-cash working capital, net (12,871) 13,341 The following table presents the change in the balance of borrowings arising from financing activities as at December 31, 2020 and 2019: December 31, 2020 December 31, 2019 $ $ Opening balance of borrowings at beginning of year 3,184,512 3,097,742 Cash flows related to borrowings (24,947) 61,336 Non-cash changes: Deferred financing costs amortization 13,943 15,483 Other (2,531) 9,951 Closing balance of borrowings at end of year 3,170,977 3,184,512 The following table presents the change in the balance of obligations related to finance leases arising from financing activities as at December 31, 2020 and 2019: December 31, 2020 December 31, 2019 $ $ Opening balance of obligations relating to finance leases at beginning of year 21,544 — Cash flows related to obligations relating to finance leases 117,696 21,547 Non-cash changes: Other (1) (3) Closing balance of obligations relating to finance leases at end of year 139,239 21,544 The following table presents the change in the balance of borrowings from related parties arising from financing activities as at December 31, 2020 and 2019: December 31, 2020 December 31, 2019 $ $ Opening balance of borrowings from related parties at beginning of year 21,306 125,000 Cash flows related to borrowings from related parties 205,000 (105,000) Non-cash changes: Changes in fair value (37,060) 1,949 Other (1) 5,382 (643) Closing balance of borrowings from related parties at end of year 194,628 21,306 (1) Includes deferred interest payments and accretion income on the borrowings from related parties. The following table presents the change in the balance of lease liabilities arising from financing activities as at December 31, 2020 and 2019: December 31, 2020 December 31, 2019 $ $ Opening balance of lease liabilities at beginning of year 67,985 20,201 Cash flows related to lease liabilities (20,332) (14,695) Non-cash changes: Additions 757 63,349 Dispositions (15,074) (1,854) Other 2,492 984 Closing balance of lease liabilities at end of year 35,828 67,985 |
Other income (expenses), net
Other income (expenses), net | 12 Months Ended |
Dec. 31, 2020 | |
Analysis of income and expense [abstract] | |
Other income (expenses), net | Other income (expenses), net The table below summarize the Partnership's other income (expenses), net for the year ended December 31, 2020 and 2019: Year Ended December 31, 2020 2019 $ $ Restructuring costs (1) (9,994) (119) Gain (loss) on modification of financial liabilities, net — (8,332) Other, net (478) (1,226) Total other income (expenses), net (10,472) (9,677) (1) During the year ended December 31, 2020, the Partnership recognized restructuring costs of $10.0 million primarily related to severance costs from the contract termination of the Dampier Spirit FSO unit and severance costs associated with the transition of administrative services from Teekay Corporation to the Partnership. |
Subsequent Events
Subsequent Events | 12 Months Ended |
Dec. 31, 2020 | |
Disclosure Of Events After Reporting Period [Abstract] | |
Subsequent Events | Subsequent Events a. In February 2021, the Partnership entered into two unsecured revolving credit facilities provided by Brookfield. The borrowings available under the two revolving credit facilities are $70.0 million and $30.0 million, respectively, and mature in February 2022. The interest payments on the revolving credit facilities are based on LIBOR plus a margin of 5.00% per annum, with interest payable one, two, three or six months after the drawdown on the facilities, at the election of the Partnership in consultation with Brookfield. b. In February 2021, the Partnership refinanced an existing term loan relating to the financing of the Petrojarl I FPSO unit. As at December 31, 2020, this term loan had an outstanding balance of $34.2 million and matured in September 2021. The new facility provides for borrowings of $75.0 million, which reduces over time with monthly payments and matures in February 2024. The interest payments on the new facility are based on LIBOR plus a margin of 3.50% per annum, with interest payable one or three months after the drawdown on the new facility, at the election of the Partnership. |
Significant Accounting Polici_2
Significant Accounting Policies (Policies) | 12 Months Ended |
Dec. 31, 2020 | |
Disclosure Of Significant Accounting Policies [Abstract] | |
Basis of preparation | Basis of presentation These consolidated financial statements of the Partnership have been prepared in accordance with International Financial Reporting Standards as issued by the International Accounting Standards Board (or IFRS ) and using the accounting policies described below. The consolidated financial statements have been prepared under the assumption that the Partnership operates on a going concern basis and have been presented in U.S. dollars rounded to the nearest thousand unless otherwise indicated. For all periods up to and including the year ended December 31, 2019, the Partnership prepared its financial statements in accordance with accordance with United States Generally Accepted Accounting Principles (or previous GAAP ). These financial statements for the year ended December 31, 2020, are the first the Partnership has prepared in accordance with IFRS. Refer to Note 3 for information on how the Partnership adopted IFRS. In the opinion of management of the Partnership’s general partner, Altera Infrastructure GP L.L.C. (or the general partner ), these consolidated financial statements reflect all adjustments, which are of a normal recurring nature, necessary to present fairly, in all material respects, the Partnership’s consolidated financial position, results of operations, changes in total equity and cash flows as at dates and for the periods presented. These consolidated financial statements were approved by management and authorized for issue on March 4, 2020. |
Going concern | Going concern As at December 31, 2020, the Partnership had a working capital deficit of $230.5 million primarily relating to the scheduled maturities and repayments of $362.1 million of outstanding borrowings and the settlement of $199.0 million of other financial liabilities, primarily interest rate swaps, during the 12 months ending December 31, 2021, which amounts were classified as current liabilities as at December 31, 2020. The Partnership also anticipates making payments related to commitments to fund certain vessels under construction through 2022 of $248.5 million; however, the Partnership has secured long-term financing related to these vessels. The working capital deficit of $230.5 million as at December 31, 2020, has significantly increased from $105.9 million as at December 31, 2019. The increase in the working capital deficit was primarily due to: a $177.3 million increase in other financial liabilities, primarily due to certain interest rate swaps containing early-termination provisions, which, if exercised, would terminate these interest rate swaps during the 12 months ending December 31, 2021 (see note 19); partially offset by a $36.3 million increase in cash and cash equivalents. Based on these factors, the Partnership will need to obtain additional sources of financing, in addition to amounts generated from operations, to meet its obligations and commitments and minimum liquidity requirements under its financial covenants. Additional potential sources of financing that the Partnership is actively pursuing or may consider pursuing, during the one-year period to December 31, 2021, include entering into new debt facilities, borrowing additional amounts under existing facilities, the refinancing or extension of certain borrowings and interest rate swaps, selling certain assets, seeking joint venture partners for the Partnerships business interests and/or capital raises. Additional potential sources of amounts generated from operations include the extensions and redeployments of existing assets. The Partnership is actively pursuing or may pursue the financing initiatives described above, which it considers probable of completion based on the Partnership’s history of being able to raise and refinance borrowings for similar types of vessels and based on the Partnership's assessment of current conditions and estimated future conditions. The Partnership is in various stages of progression on these matters. In February 2021, the Partnership entered into two unsecured revolving credit facilities with Brookfield, which provide for borrowings of up to $70.0 million and $30.0 million, respectively, and refinanced an existing term loan relating to the financing of the Petrojarl I FPSO unit, which provides for borrowings of $75.0 million. Additionally, in February 2021, the Partnership terminated or amended a total of four of its interest rate swaps that contained early-termination provisions, which, if exercised, would have terminated these interest rate swaps during the 12 months ending December 31, 2021. See Note 31 for additional information. Based on the Partnership’s liquidity at the date of these consolidated financial statements, the liquidity it expects to generate from operations over the following year, and by incorporating the Partnership’s plans to raise additional liquidity that it considers probable of completion, the Partnership expects that it will have sufficient liquidity to enable the Partnership to continue as a going concern for at least the one-year period to December 31, 2021. |
Basis of consolidation | Basis of consolidationThe consolidated financial statements include the accounts of the Partnership and its consolidated subsidiaries, which are the entities over which the Partnership has control. An investor controls an investee when it is exposed, or has rights, to variable returns from its involvement with the investee and has the ability to affect those returns through its power over the investee. Non-controlling interests in the equity of the Partnership’s subsidiaries held by others are shown separately in equity in the consolidated statements of financial position. All intercompany balances, transactions, revenues and expenses are eliminated in full in these consolidated financial statements. |
Interests in other entities | Interests in other entities (i) Subsidiaries Subsidiaries are consolidated from the date of acquisition, being the date on which the Partnership obtained control, and continue to be consolidated until the date when control is lost. Non-controlling interests may be initially measured either at fair value or at the non-controlling interests’ proportionate share of the fair value of the acquiree’s identifiable net assets. The choice of measurement basis is made on an acquisition by acquisition basis. Subsequent to acquisition, the carrying amount of non-controlling interests is the amount of those interests at initial recognition plus the non-controlling interests’ share of subsequent changes in the Partnership's capital in addition to changes in ownership interests. Total comprehensive income (loss) is attributed to non-controlling interests, even if this results in the non-controlling interests having a deficit balance. The following provides information about the Partnership's wholly-owned subsidiaries as at December 31, 2020: Name of Subsidiary State or Jurisdiction of Incorporation Proportion of Ownership Interest ALP Ace BV Netherlands 100% ALP Centre BV Netherlands 100% ALP Defender BV Netherlands 100% ALP Forward BV Netherlands 100% ALP Guard BV Netherlands 100% ALP Ippon BV Netherlands 100% ALP Keeper BV Netherlands 100% ALP Maritime Contractors BV Netherlands 100% ALP Maritime Group BV Netherlands 100% ALP Maritime Holding BV Netherlands 100% ALP Maritime Services BV Netherlands 100% ALP Ocean Towage Holding BV Netherlands 100% ALP Striker BV Netherlands 100% ALP Sweeper BV Netherlands 100% ALP Winger BV Netherlands 100% Altera (Atlantic) Chartering ULC Canada 100% Altera (Atlantic) Management ULC Canada 100% Altera Al Rayyan LLC Marshall Islands 100% Altera do Brasil Servicos Maritimos Ltda. Brazil 100% Altera Grand Banks AS Norway 100% Altera Grand Banks Shipping AS Norway 100% Altera Infrastructure Crewing AS Norway 100% Altera Infrastructure Coöperatief U.A. Netherlands 100% Altera Infrastructure Finance Corp. Marshall Islands 100% Altera Infrastructure Group Ltd. Marshall Islands 100% Altera Infrastructure FSO Holdings Limited United Kingdom 100% Altera Infrastructure Holdings LLC Marshall Islands 100% Altera Infrastructure Holdings Pte. Ltd. Singapore 100% Altera Infrastructure Norway AS Norway 100% Altera Infrastructure Production (Singapore) Pte. Ltd. Singapore 100% Altera Infrastructure Production AS Norway 100% Altera Infrastructure Production Crew AS Norway 100% Altera Infrastructure Production Holdings AS Norway 100% Altera Infrastructure Production Holdings Limited United Kingdom 100% Altera Infrastructure Services Pte. Ltd Singapore 100% Altera Knarr AS Norway 100% Altera Libra Netherlands BV Netherlands 100% Altera Luxembourg S.a.r.l. Luxembourg 100% Altera Netherlands BV Netherlands 100% Altera Norway Hiload AS Norway 100% Altera Norway Holdings AS Norway 100% Altera Norway Marine AS Norway 100% Altera Operations Australia Pty Ltd. Australia 100% Altera Partners Holding AS Norway 100% Altera Petrojarl FPSO Petrolífera do Brasil Ltda. Brazil 100% Altera Petrojarl I Servicos de Petroleo Ltda. Brazil 100% Altera Piranema Servicos de Petroleo Ltda. Brazil 100% Altera Production UK Limited United Kingdom 100% Altera Shuttle Loading Pte. Ltd. Singapore 100% Altera Shuttle Tanker Finance LLC Marshall Islands 100% Altera Shuttle Tankers LLC Marshall Islands 100% Altera Varg Production Limited. United Kingdom 100% Altera Voyageur Production Limited. United Kingdom 100% Altera Wave AS Norway 100% Altera Wind AS Norway 100% Amundsen Spirit LLC Marshall Islands 100% Apollo Spirit LLC Marshall Islands 100% Arendal Spirit AS Norway 100% Arendal Spirit LLC Marshall Islands 100% Aurora Spirit AS Norway 100% Bossa Nova Spirit LLC Marshall Islands 100% Clipper LLC Marshall Islands 100% Current Spirit AS Norway 100% Dampier Spirit LLC Marshall Islands 100% Gina Krog AS Norway 100% Gina Krog Offshore Pte. Ltd. Singapore 100% Golar Nor (UK) Limited United Kingdom 100% Knarr LLC Marshall Islands 100% Lambada Spirit LLC Marshall Islands 100% Logitel Offshore Holding AS Norway 100% Logitel Offshore Norway AS Norway 100% Logitel Offshore Pte. Ltd. Singapore 100% Logitel Offshore Rig I Pte. Ltd. Singapore 100% Logitel Offshore Rig II Pte. Ltd. Singapore 100% Logitel Offshore Rig III LLC Marshall Islands 100% Nansen Spirit LLC Marshall Islands 100% Navion Bergen AS Norway 100% Navion Bergen LLC Marshall Islands 100% Navion Gothenburg AS Norway 100% Navion Offshore Loading AS Norway 100% Peary Spirit LLC Marshall Islands 100% Petrojarl I LLC Marshall Islands 100% Petrojarl I Production AS Norway 100% Piranema LLC Marshall Islands 100% Piranema Production AS Norway 100% Rainbow Spirit AS Norway 100% Salamander Production (UK) Limited United Kingdom 100% Samba Spirit LLC Marshall Islands 100% Scott Spirit LLC Marshall Islands 100% Sertanejo Spirit LLC Marshall Islands 100% Siri Holdings LLC Marshall Islands 100% Teekay Australia Offshore Holdings Pty Ltd. Australia 100% Teekay FSO Finance Pty Ltd. Australia 100% Teekay Hiload LLC Marshall Islands 100% Teekay Offshore Business Process Services (Philippines) Inc. Philippines 100% Tide Spirit AS Norway 100% Tiro Sidon UK L.L.P. United Kingdom 100% Teekay Petrojarl Offshore Siri AS Norway 100% TPO Siri LLC Marshall Islands 100% Varg LLC Marshall Islands 100% Varg Production AS Norway 100% Voyageur LLC Marshall Islands 100% The following table presents details of non-wholly owned subsidiaries of the Partnership: Name of Subsidiary State or Jurisdiction of Incorporation Proportion of Ownership Interest KS Apollo Spirit Norway 89% Navion Gothenburg LLC Marshall Islands 50% Nordic Rio LLC Marshall Islands 50% Partrederiet Stena Ugland Shuttle Tankers I DA Norway 50% Partrederiet Stena Ugland Shuttle Tankers II DA Norway 50% Partrederiet Stena Ugland Shuttle Tankers III DA Norway 50% The Partnership has determined that the above entities are non-wholly owned subsidiaries of the Partnership based on its assessment of control. For non-wholly owned subsidiaries, the Partnership is exposed to variable returns from its involvement with the investee and has substantive decision making authority to affect the returns of its investment, as well as the power to direct the activities of the entities that can significantly impact the economic performance of the entity. (ii) Joint ventures Joint ventures are joint arrangements whereby the parties that have joint control of the arrangement have rights to the net assets of the joint arrangement. Joint control is the contractually agreed sharing of control over an arrangement, which exists when decisions about the relevant activities require unanimous consent of the parties sharing control. The Partnership accounts for joint ventures using the equity method of accounting within equity-accounted investments in the consolidated statements of financial position. Interests in joint ventures accounted for using the equity method are initially recognized at cost. Subsequent to initial recognition, the carrying value of the Partnership’s interest in a joint venture is adjusted for the Partnership’s share of comprehensive income and distributions of the investee. Profit and losses resulting from transactions with a joint venture are recognized in the consolidated financial statements based on the interests of unrelated investors in the investee. The carrying value of joint ventures is assessed for impairment at each reporting date. Impairment losses on equity-accounted investments may be subsequently reversed in net income. Further information on the impairment of long-lived assets is available in Note 2(l). The following table presents details of the Partnership's joint ventures: Name of Joint Venture State or Jurisdiction of Incorporation Proportion of Ownership Interest OOG-TKP FPSO GmbH Austria 50% OOG-TKP FPSO GmbH & Co KG Austria 50% OOG-TKP Oil Services Ltd. Cayman Islands 50% OOG-TK Libra GmbH Austria 50% OOG-TK Libra GmbH & Co KG Austria 50% OOGTK Libra Operator Holdings Limited Cayman Islands 50% OOGTK Libra Producao de Petroleo Ltda Brazil 50% OOG-TKP Operator Holdings Limited Cayman Islands 50% OOG-TKP Producao de Petroleo Ltda Brazil 50% TK-Ocyan Libra Oil Services Ltd. Cayman Islands 50% |
Foreign currency translation | Foreign currency translationThe U.S. dollar is the functional and presentation currency of the Partnership. The Partnership’s vessels operate in international shipping markets in which substantially all income and expenses are settled in U.S. dollars. In addition, the Partnership's most significant assets, its vessels and equipment, are bought and sold in U.S. dollars and the Partnership's most significant liabilities, its commercial bank borrowings, are denominated in U.S. dollars. Foreign currency denominated monetary assets and liabilities are translated using the rate of exchange prevailing at the reporting date and non-monetary assets and liabilities are measured at historic cost and are translated at the rate of exchange at the transaction date. Foreign currency denominated revenues and expenses are measured at average rates during the period. Gains or losses on translation of these items are included in foreign currency exchange gain (loss) in the consolidated statements of income (loss). |
Cash and cash equivalents | Cash and cash equivalentsCash and cash equivalents include cash on hand, non-restricted deposits and short-term investments with original maturities of three months or less. |
Accounts and other receivable, net | Accounts and other receivable, netAccounts and other receivable, net includes trade receivables and other unbilled receivables. Accounts and other receivable, net, except for trade receivables, are recognized initially at fair value and subsequently measured at amortized cost using the effective interest method, less any allowance for expected credit losses. Trade receivables are recognized initially at their transaction price. |
Inventory | InventoryInventories are the materials or supplies consumed in the rendering of services. Inventory is valued at the lower of cost and net realizable value. Cost is determined using specific identification where possible and practicable or using the first-in, first-out method. Costs include direct and indirect expenditures incurred in bringing the inventory to its existing condition and location. Net realizable value represents the estimated selling price in the ordinary course of business, less the estimated costs of completion and the estimated costs necessary to make the sale. |
Related party transactions | Related party transactionsIn the normal course of operations, the Partnership enters into various transactions with related parties, which have been measured at their exchange value and are recognized in the consolidated financial statements. Related party transactions are further described in Note 22. |
Vessels and equipment | Vessels and equipment Vessels and equipment are measured at cost less accumulated depreciation and accumulated impairment losses, if any. Cost includes expenditures that are directly attributable to the acquisition of the asset including the cost of materials and direct labor, any other costs directly attributable to bringing the assets to a working condition for their intended use, and the cost of dismantling and removing the items and restoring the site on which they are located. All pre-delivery costs incurred during the construction of vessels and equipment, including interest, supervision and technical costs, are capitalized. The acquisition cost and all costs incurred to restore used vessels and equipment purchased by the Partnership to the standard required to service the Partnership’s customers are capitalized. Depreciation of an asset commences when it is available for use. Vessels and equipment are depreciated for each component of the asset classes as follows: Component Estimated Useful Life Dry docks and Overhauls 2.5 - 5 years Capital Modifications (1) 3 - 20 years Vessels and Equipment (2) 9 - 35 years (1) Includes field and contract specific equipment for the Partnership's FPSO units and FSO units, capital upgrades for the Partnership's shuttle tankers and mid-life refurbishments for the Partnership's UMS. (2) Certain of the Partnership's FPSO units and FSO units have undergone conversions or capital upgrades prior to commencing operations under their current contracts. The estimated useful lives of such vessels is generally substantially lower than that of a comparable newbuilding vessel. For a newbuilding vessel, the Partnership uses an estimated useful life of 20 to 25 years for its FPSO units, 20 years for its shuttle tankers, 35 years for its UMS and 25 years for its towage and offshore installation (or Towage ) vessels. The estimated useful life of the Partnership's FSO units are generally the contract term for the unit, inclusive of extension options. Depreciation on vessels and equipment is calculated on a straight-line basis so as to write-off the net cost of each asset over its expected useful life to its estimated residual value. Residual value of the vessel hull is estimated as the lightweight tonnage of each vessel multiplied by scrap value per ton. The estimated useful lives, residual values and depreciation methods are reviewed annually, with the effect of any changes recognized on a prospective basis. Vessel capital modifications include the addition of new equipment or can encompass various modifications to the vessel which are aimed at improving 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. Generally, the Partnership dry docks each shuttle tanker or towage vessel every two and a half to five years, depending on the nature of work and external requirements. The vessels are required to undergo planned dry docking for replacement of certain components, major repairs and major maintenance of other components, which cannot be carried out while the vessels are operating. 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, which is generally until the commencement of the subsequent dry dock. Included in capitalized dry docking are 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. A portion of the cost of acquiring a new vessel is allocated to the components expected to be replaced or refurbished at the next dry-docking. 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. Advances on newbuilding contracts consists of prepayments related to newbuilding contracts for vessels and equipment not yet delivered to the Partnership and include the share of borrowing costs that are directly attributable to the acquisition of the underlying vessel. When a vessel is delivered, the prepaid amount is reallocated to Vessels and equipment. |
Right-of-use assets and lease obligations | Right-of-use assets and lease obligations The Partnership assesses whether a contract is, or contains, a lease at inception of the contract. A right-of-use asset and corresponding lease liability is recognized at the lease commencement date for contracts that are, or contain, a lease component, except for short-term leases and leases of low value. Agreements to charter in vessels and to lease land and buildings for which the Partnership substantially has the right to control the asset for a period of time in exchange for consideration are recognized in the consolidated statements of financial position as right-of-use assets within Other assets and are initially measured at cost, which comprises the initial amount of the lease liabilities adjusted for any lease payments made at or before the commencement date. Subsequently, the right-of-use assets are measured at cost less accumulated depreciation and impairment losses, if any. The right-of-use assets are depreciated on a straight-line basis over the lesser of the lease term or remaining life of the underlying asset, depending on the lease terms. The Partnership charters in vessels from other vessel owners on time-charter contracts, whereby the vessel owner provides use of the vessel to the Partnership, as well as operates the vessel for the Partnership. A time-charter contract is typically for a fixed period of time, although in certain cases the Partnership may have the option to extend the charter. The Partnership will typically pay the owner a daily hire rate that is fixed over the duration of the charter. The Partnership is generally not required to pay the daily hire rate during periods the vessel is not able to operate. The Partnership has determined that all of its time-charter-in contracts contain both a lease component (lease of the vessel) and a non-lease component (operation of the vessel). The Partnership has allocated the contract consideration between the lease component and non-lease component on a relative standalone selling price basis. Given that there are no observable standalone selling prices for either of these two components, judgment is required in determining the standalone selling price of each component. The standalone selling price of the non-lease component has been determined using a cost-plus approach, whereby the Partnership estimates the cost to operate the vessel using cost benchmarking studies prepared by a third party, when available, or internal estimates when not available, plus a profit margin. The standalone selling price of the lease component has been determined using an adjusted market approach, whereby the Partnership calculates a rate excluding the operating component based on a market time-charter rate from published broker estimates, when available, or internal estimates when not available. The discount rate of the lease is determined using the Partnership’s incremental borrowing rate, which is based on the fixed interest rate the Partnership could obtain when entering into a secured loan facility of similar term. The Partnership has elected to recognize the lease payments of short-term leases in profit or loss on a straight-line basis over the lease term and variable lease payments not dependent on a rate or index in the period in which the obligation for those payments is incurred, which is consistent with the recognition of payment for the non-lease component. Short-term leases are leases with an original term of one year or less, excluding those leases with an option to extend the lease for greater than one year or an option to purchase the underlying asset, that the lessee is reasonably certain to exercise. The corresponding lease obligation is recognized as a liability in the consolidated statements of financial position under Accounts payable and other and initially measured at the present value of the outstanding lease payments at the commencement date. The Partnership recognizes the lease payments for short-term leases and leases of low value as an operating expense on a straight-line basis over the term of the lease. |
Asset impairment | Asset impairment At each reporting date the Partnership assesses whether there is any indication that assets or cash generating units, relating specifically to its vessels and equipment and right-of use-assets, are impaired. This assessment includes a review of internal and external factors which includes, but is not limited to, changes in the technological, political, economic or legal environments in which the Partnership operates, structural changes in the industry, changes in the level of demand, physical damage and obsolescence due to technological changes. The Partnership has determined that, for impairment purposes, each individual vessel, except for the Partnership's contract of affreightment (or CoA ) vessels, is a cash generating unit. The Partnership has determined that all CoA vessels are a single cash generating unit. An impairment is recognized if the recoverable amount, determined as the higher of the estimated fair value less costs of disposal or the value in use, is less than the carrying value of the asset or cash generating unit. 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 its vessel and equipment. In cases where an active second-hand sale and purchase market exists, an appraised value is used to estimate the fair value of the vessel and equipment. 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. The value in use is the present value of the future cash flows that the Partnership expects to derive from the asset or cash generating unit. The projections of future cash flows take into account the relevant operating plans and management’s best estimate of the most probable set of conditions anticipated to prevail. At each reporting date the Partnership assesses whether there is any indication that an impairment loss may have decreased. Where an impairment loss subsequently reverses, the carrying amount of the asset or cash generating unit is increased to the revised estimate. |
Goodwill | GoodwillGoodwill represents the excess of the price paid for the acquisition of a business over the fair value of the net tangible and intangible assets and liabilities acquired. Goodwill is allocated to the cash generating unit or units to which it relates. The Partnership identifies cash generating units as identifiable groups of assets whose cash inflows largely independent of the cash inflows from other assets or groups of assets. The Partnership has identified the shuttle tanker segment as the group of cash generating units to which the Partnership's goodwill relates. Goodwill is evaluated for impairment on an annual basis or more frequently if an event occurs or circumstances change that would indicate that the recoverable amount of a reporting unit was below its carrying value. Impairment is determined for goodwill by assessing if the carrying value of a cash generating unit, including the allocated goodwill, exceeds its recoverable amount determined as the greater of the estimated fair value less costs of disposal or the value in use. Impairment losses recognized in respect of a cash generating unit are first allocated to the carrying value of goodwill and any excess is allocated to the carrying amount of assets in the cash generating unit. Any goodwill impairment is charged to Impairment expense, net on the consolidated statements of income (loss) in the period in which the impairment is identified. Impairment losses on goodwill are not subsequently reversed. |
Revenues | Revenues Each vessel charter may, depending on its terms, contain a lease component, a non-lease component or both. Revenues that are fixed on or prior to the commencement of the contract are recognized by the Partnership on a straight-line basis daily over the term of the contract. The Partnership’s primary source of revenues is chartering its vessels and offshore units to its customers. The Partnership utilizes five primary forms of contracts, consisting of FPSO contracts, CoA, time-charter contracts, bareboat charter contracts and voyage charter contracts. A highly probable criterion is required to be met with regards to recognizing revenue arising from variable consideration resulting from contract modifications and claims. For variable consideration, revenue is only recognized to the extent that it is highly probable that a significant reversal in the amount of revenue recognized will not occur when the uncertainty associated with the variable consideration is subsequently resolved. (i) FPSO Contracts Pursuant to an FPSO contract, the Partnership charters an FPSO unit to a customer for a fixed period of time, generally more than one year. The obligations within an FPSO contract, which include the lease of the FPSO unit to the charterer as well as the operation of the FPSO unit, are satisfied as services are rendered over the duration of such contract, as measured using the time that has elapsed from commencement of performance. Fees relating to the lease and operation of the FPSO (or hire) are typically invoiced monthly in arrears, based on a fixed daily hire amount. In certain FPSO contracts, the Partnership is entitled to a lump sum amount due upon commencement of the contract and may also be entitled to termination fees if the contract is canceled early. While the fixed daily hire amount may be the same over the term of the FPSO contract, in certain cases, the daily hire amount declines over the duration of the FPSO contract. As a result of the Partnership accounting for compensation from such charters on a straight-line basis over the duration of the charter, FPSO contracts where revenues are recognized before the Partnership is entitled to such amounts under the FPSO contracts will result in the Partnership recognizing a contract asset and FPSO contracts where revenues are recognized after the Partnership is entitled to such amounts under the FPSO contracts will result in the Partnership recognizing a contract liability. Some FPSO contracts include variable consideration components in the form of expense adjustments or reimbursements, incentive compensation and penalties. For example, some FPSO contracts contain provisions that allow the Partnership to be compensated for increases in the Partnership's costs to operate the unit during the term of the contract. Such provisions may be in the form of annual hire rate adjustments for changes in inflation indices or foreign currency rates, or in the form of cost reimbursements for vessel operating expenditures incurred. The Partnership may also earn additional compensation from periodic production tariffs, which are based on the volume of oil produced, the price of oil, as well as other monthly or annual operational performance measures. During periods in which production on the FPSO unit is interrupted, penalties may be imposed. Variable consideration under the Partnership’s contracts is typically recognized as incurred as either such revenues are allocated and accounted for under lease accounting requirements or, alternatively, when such consideration is allocated to the distinct period in which such variable consideration was earned. The Partnership does not engage in any specific activities to minimize residual value risk. Given the uncertainty involved in oil field production estimates and the resulting impact on oil field life, FPSO contracts typically will include extension options or options to terminate early. The Partnership has allocated the contract consideration between the lease component and non-lease component on a relative standalone selling price basis. Given that there are no observable standalone selling prices for either of these two components, judgment is required in determining the standalone selling price of each component. The standalone selling price of the non-lease component has been determined using a cost-plus approach, whereby the Partnership estimates the cost to operate the unit using internal estimates, plus a profit margin. The standalone selling price of the lease component has been determined using an adjusted market approach, whereby the Partnership calculates a rate excluding the operating component based on a market rate from published broker estimates, when available, or internal estimates when not available. (ii) CoAs Voyages performed pursuant to a CoA for the Partnership’s shuttle tankers are priced based on the pre-agreed terms in the CoA. The obligations within a voyage performed pursuant to a CoA, which the Partnership believes will typically include the lease of the vessel to the charterer as well as the operation of the vessel, are satisfied as services are rendered over the duration of the voyage, as measured using the time that has elapsed from commencement of performance. In addition, any expenses that are unique to a particular voyage, including any bunker fuel expenses, port fees, cargo loading and unloading expenses, canal tolls, agency fees and commissions, are the responsibility of the vessel owner. Consideration for such voyages consists of a fixed daily hire rate for the duration of the voyage, the reimbursement of costs incurred from fuel consumed during the voyage, as well as a fixed lump sum intended to compensate for time necessary for the vessel to return to the field following completion of the voyage. While such consideration is generally fixed, certain sources of variability exist, including variability in the duration of the voyage and the actual quantity of fuel consumed during the voyage. Payment for the voyage is not due until the voyage is completed. The duration of a single voyage will typically be less than two weeks and, as a result, the Partnership has applied the practical expedient in IFRS 15.121(a). The Partnership does not engage in any specific activities to minimize residual value risk due to the short-term nature of the contracts. The Partnership has allocated the contract consideration between the lease component and non-lease component on a relative standalone selling price basis. Given that there are no observable standalone selling prices for either of these two components, judgment is required in determining the standalone selling price of each component. The standalone selling price of the non-lease component has been determined using a cost-plus approach, whereby the Partnership estimates the cost to operate the vessel using internal estimates, plus a profit margin. The standalone selling price of the lease component has been determined using an adjusted market approach, whereby the Partnership calculates a rate excluding the operating component based on a market rate from published broker estimates, when available, or internal estimates when not available. (iii) Time Charter Contracts Pursuant to a time charter contract, the Partnership charters a vessel or FSO unit to a customer for a fixed period of time, generally one year or more. The obligations under a time-charter contract, which includes the lease of the vessel to the charterer as well as the operation of the vessel, are satisfied as services are rendered over the duration of such contract, as measured using the time that has elapsed from commencement. In addition, any expenses that are unique to a particular voyage, including any bunker fuel expenses, port fees, cargo loading and unloading expenses, canal tolls, agency fees and commissions, are the responsibility of the customer, as long as the vessel is not off-hire. Hire is typically invoiced monthly in advance for time-charter contracts, based on a fixed daily hire amount. In certain long-term time-charters, the fixed daily hire amount will increase on an annual basis by a fixed amount to offset expected increases in operating costs. Therefore, the Partnership has applied the practical expedient in IFRS 15.B16. As a result of the Partnership accounting for compensation from such charters on a straight-line basis over the duration of the charter, such fixed increases in rate will result in revenues being accrued in the first portion of the charter and such amount drawn down in the last portion of the charter. Some times charters include variable consideration components in the form of expense adjustments or reimbursements, incentive compensation and penalties. For example, certain time charters contain provisions that allow the Partnership to be compensated for increases in the Partnership's costs during the term of the charter. Such provisions may be in the form of annual hire rate adjustments for changes in inflation indices or in the form of cost reimbursements for vessel operating expenditures or dry-docking expenditures. During periods in which the vessels are off-hire or minimum speed and performance metrics are not met, penalties may be imposed. Variable consideration under the Partnership’s contracts is typically recognized as incurred as either such revenues are allocated and accounted for under lease accounting requirements or, alternatively, as such consideration is allocated to the distinct period in which such variable consideration was earned. The Partnership does not engage in any specific activities to minimize residual value risk. The Partnership has allocated the contract consideration between the lease component and non-lease component on a relative standalone selling price basis. Given that there are no observable standalone selling prices for either of these two components, judgment is required in determining the standalone selling price of each component. The standalone selling price of the non-lease component has been determined using a cost-plus approach, whereby the Partnership estimates the cost to operate the vessel using internal estimates, plus a profit margin. The standalone selling price of the lease component has been determined using an adjusted market approach, whereby the Partnership calculates a rate excluding the operating component based on a market rate from published broker estimates, when available, or internal estimates when not available. (iv) Bareboat Charter Contracts Pursuant to a bareboat charter contract, the Partnership charters a vessel or FSO unit to a customer for a fixed period of time, generally one year or more, at rates that are generally fixed. The customer is responsible for operation and maintenance of the vessel with their own crew as well as any expenses that are unique to a particular voyage, including any bunker fuel expenses, port fees, cargo loading and unloading expenses, canal tolls, agency fees and commissions. If the vessel goes off-hire due to a mechanical issue or any other reason, the monthly hire received by the vessel owner is normally not impacted by such events. A bareboat charter contract contains only a lease component and revenue is recognized over the duration of such contract, as measured using the time that has elapsed from commencement of the lease. Hire is typically invoiced monthly in advance for bareboat charters, based on a fixed daily hire amount. Revenue is recognized in line with invoicing using the practical expedient in IFRS 15.B16. (v) Voyage Charters Voyage charters are charters for a specific voyage. Voyage charters for the Partnership’s shuttle tankers and towage vessels are priced on a current or “spot” market rate. The obligations within a voyage charter contract are satisfied as services are rendered over the duration of the voyage, as measured using the time that has elapsed from commencement of performance. In addition, expenses that are unique to a particular voyage, including any bunker fuel expenses, port fees, cargo loading and unloading expenses, canal tolls, agency fees and commissions, are the responsibility of the vessel owner. The Partnership’s voyage charters for shuttle tankers normally contain a lease, whereas for towage vessels such contracts do not normally contain a lease. Such determination involves judgment about the decision-making rights the charterer has under the contract. Consideration for such contracts is generally fixed; however, certain sources of variability exist. Delays caused by the charterer result in additional consideration. Payment for the voyage is not due until the voyage is completed. The duration of a single voyage will typically be less than three months and, as a result, the Partnership has applied the practical expedient in IFRS 15.121(a). The Partnership does not engage in any specific activities to minimize residual value risk due to the short-term nature of the contracts. Where the term of the contract is based on the duration of a single voyage, the Partnership uses a load-to-discharge basis in determining proportionate performance. Consequently, the Partnership does not begin recognizing revenue until a voyage charter has been agreed to by the customer and the Partnership, even if the vessel has discharged its prior cargo and is sailing to the anticipated load location for its next voyage. For towage voyages, proportionate performance is determined based on commencement of the tow to completion of the tow. The consolidated statements of financial position reflect, in Other assets, the accrued portion of revenues for those voyages that commence prior to the consolidated statement of financial position date and complete after the date of the consolidated statement of financial position and reflect, in Accounts payable and other, the deferred portion of revenues which will be earned in subsequent periods. (vi) Management Fees and Other The Partnership also generates revenues from the operation of volatile organic compounds (or VOC ) systems on certain of the Partnership’s shuttle tankers, and from the management of certain vessels on behalf of the disponent owners or charterers of these assets. Such services include the arrangement of third-party goods and services for the asset’s disponent owner or charterer. The obligations within these contracts typically consists of crewing, technical management, insurance and, potentially, commercial management. The obligations are satisfied concurrently and rendered over the duration of the management contract, as measured using the time that has elapsed from commencement of the contract. Consideration for |
Direct operating costs | Direct operating costs Direct operating cost include the following expenses: voyage expenses; operating expenses; charter hire and compensation. 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. Operating expenses include ship management services, repairs and maintenance, insurance, stores, lube oils and communication expenses. Charter hire expenses represent the cost to charter-in a vessel for a fixed period of time. Compensation includes the compensation costs for crewing and shore-based employees. Voyage expenses and operating expenses are recognized when incurred except when the Partnership incurs pre-operational costs related to the repositioning of a vessel that relates directly to a specific customer contract, that generates or enhances resources of the Partnership that will be used in satisfying performance obligations in the future, and where such costs are expected to be recovered via the customer contract. In this case, such costs are capitalized as contract costs and amortized over the duration of the customer contract. The Partnership recognizes operating leases from vessels chartered from other owners in charter hire expenses. |
Financial instruments | Financial instruments Classification and measurement The table below summarizes the Partnership’s classification and measurement of financial assets and liabilities: Measurement Category Consolidated Statement of Financial Position Account Financial assets Cash and cash equivalents Amortized cost Cash and cash equivalents Restricted cash Amortized cost Financial assets Derivative instruments FVTPL Financial assets Other financial assets Amortized cost Financial assets Accounts receivable Amortized cost Accounts and other receivable, net Due from related parties Amortized cost Due from related parties Investment in finance leases Amortized cost Other assets Financial liabilities Accounts payable and other Amortized cost Accounts payable and other Derivative instruments FVTPL Other financial liabilities Obligations relating to finance leases Amortized cost Other financial liabilities Due to related parties Amortized cost Due to related parties Borrowings Amortized cost Borrowings The classification of financial assets depends on the specific business model for managing the financial assets and the contractual cash flow characteristics of the financial asset. At initial recognition, the Partnership measures a financial asset or liability at its fair value plus, in the case of a financial asset not at fair value through profit or loss (or FVTPL ), transaction costs that are directly attributable to the acquisition of the financial asset. Transaction costs of financial assets and liabilities carried at FVTPL are expensed in Other income (expenses), net in the consolidated statements of income (loss). Financial assets are measured at amortized cost dependent on their contractual cash flow characteristics and the business model for which they are held. Financial assets classified as amortized cost are recorded initially at fair value, then subsequently measured at amortized cost using the effective interest rate method, less any impairment. Financial liabilities measured at amortized cost are initially recorded at fair value and, in the case of borrowings, net of directly attributable transaction costs. Financial liabilities are then subsequently measured at amortized cost using the effective interest rate method with gains or losses recognized in the consolidated statements of income (loss). Impairment The Partnership recognizes a loss allowance for expected credit losses (or ECL ) on financial assets measured subsequently at amortized cost, including trade receivables, amounts due from related parties, investments in finance leases and contract assets. The ECL is recognized upon inception of the financial asset and revised at each reporting date thereafter until maturity or disposal of the financial asset. The Partnership measures the loss allowance for a financial asset at an amount equal to the lifetime ECL if the credit risk on a financial asset has increased significantly since initial recognition. If the credit risk on a financial asset has not increased significantly, the Partnership measures the loss allowance for that financial instrument at an amount equal to the 12-months ECL. In making this assessment, the Partnership considers information that is reasonable and supportable, including historical experience and forward looking information that is available without undue cost or effort. The Partnership utilizes a simplified approach for measuring the loss allowance at an amount equal to the lifetime ECL for trade receivables, contract assets and investments in finance leases. The ECL on trade receivables are estimated by using reference to past default experience of the debtor and an analysis of the debtor’s current financial position, which also forms a basis for the Partnership's future expectations for potential defaults of the debtor. The ECL is presented as a direct reduction to the carrying value of the financial asset it relates to. The initial recognition of an ECL and all changes to an ECL at each reporting date thereafter are reflected in Other income (expenses), net in the consolidated statements of income (loss). As at December 31, 2020, the Partnership recorded an ECL of $1.4 million (December 31, 2019 - $nil. January 1, 2019 - $nil). Derivative instruments The Partnership selectively utilizes derivative financial instruments primarily to manage financial risks, including foreign exchange risks and interest rate risks. All derivative instruments are initially recorded at fair value as either assets or liabilities in the accompanying consolidated statements of financial position and subsequently remeasured to fair value, regardless of the purpose or intent for holding the derivative instrument. Hedge accounting is applied when the derivative is designated as a hedge of a specific exposure and there is assurance that it will continue to be highly effective as a hedge based on an expectation of offsetting cash flows or fair value. Hedge accounting is not applied if the hedge is not effective or will no longer be effective, the derivative was sold or exercised, or the hedged item was sold, repaid or is no longer probable of occurring. Hedge accounting is discontinued prospectively when the derivative no longer qualifies as a hedge or the hedging relationship is terminated. Once discontinued, the cumulative change in fair value of a derivative that was previously recorded in Other comprehensive income by the application of hedge accounting will be recognized in the Partnership's profit or loss over the remaining term of the original hedging relationship as amounts related to the hedged item are recognized in profit or loss. The Partnership has not designated, for accounting purposes, any derivatives as hedges of a specific exposure for all periods presented in these consolidated financial statements. For derivative financial instruments that are not designated as accounting hedges, 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 gain (loss) on derivative instruments in the consolidated statements of income (loss). The assets or liabilities relating to unrealized mark-to-market gains and losses on derivative financial instruments are recorded in financial assets and other financial liabilities, respectively. |
Fair value measurement | Fair value measurement Fair value is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date, regardless of whether that price is directly observable or estimated using another valuation technique. In estimating the fair value of an asset or a liability, the Partnership takes into account the characteristics of the asset or liability if market participants would take those characteristics into account when pricing the asset or liability at the measurement date. Fair value measurement is disaggregated into three hierarchical levels: Level 1, 2 or 3. Fair value hierarchical levels are based on the degree to which the inputs to the fair value measurement are observable. The levels are as follows: Level 1 - Inputs are unadjusted, quoted prices in active markets for identical assets or liabilities at the measurement date. Level 2 - Inputs (other than quoted prices included in Level 1) are either directly or indirectly observable for the asset or liability through correlation with market data at the measurement date and for the duration of the asset’s or liability’s anticipated life. Level 3 - Inputs are unobservable and reflect management’s best estimate of what market participants would use in pricing the asset or liability at the measurement date. Consideration is given to the risk inherent in the valuation technique and the risk inherent in the inputs in determining the estimate. Further information on fair value measurements is described in Note 4. |
Income taxes | Income taxes The Partnership is subject to income taxes relating to its subsidiaries in Norway, Australia, Brazil, the United Kingdom, Singapore, Qatar, Canada, Luxembourg and the Netherlands. (i) Current income tax Current income tax assets and liabilities are measured at the amount expected to be paid to tax authorities, net of recoveries based on the tax rates and laws enacted or substantively enacted at the reporting date. (ii) Deferred income tax Deferred income tax liabilities are provided for using the liability method on temporary differences between the tax bases used in the computation of taxable income and carrying amounts of assets and liabilities in the consolidated financial statements. Deferred income tax assets are recognized for all deductible temporary differences, carry forward of unused tax credits and unused tax losses, to the extent that it is probable that deductions, tax credits and tax losses can be utilized. Such deferred income tax assets and liabilities are not recognized if the temporary difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the taxable income nor the accounting income, other than in a business combination. The carrying amount of deferred income tax assets are reviewed at each reporting date and reduced to the extent it is no longer probable that the income tax asset will be recovered. Deferred income tax liabilities are recognized for taxable temporary differences associated with equity-accounted investments, except where the Partnership is able to control the reversal of the temporary difference and it is probable that the temporary differences will not reverse in the foreseeable future. Deferred income tax assets arising from deductible temporary differences associated with such investments are only recognized to the extent that it is probable that there will be sufficient taxable income against which to utilize the benefits of the temporary differences and they are expected to reverse in the foreseeable future. Deferred income tax assets and liabilities are measured at the tax rates that are expected to apply in the period in which the liability is settled or the asset realized, based on tax rates and tax laws that have been enacted or substantively enacted by the end of the reporting period. The measurement of deferred income tax liabilities and assets reflects the tax consequences that would follow from the manner in which the Partnership expects, at the end of the reporting period, to recover or settle the carrying amount of its assets and liabilities. Deferred income tax assets and liabilities are offset when there is a legally enforceable right to set off current tax assets against current tax liabilities and when they relate to income taxes levied by the same taxation authority within a single taxable entity or the Partnership intends to settle its current tax assets and liabilities on a net basis in the case where there exist different taxable entities in the same taxation authority and when there is a legally enforceable right to set off current tax assets against current tax liabilities. |
Provisions | Provisions Provisions are recognized when the Partnership has a present obligation, either legal or constructive, as a result of a past event, it is probable that the Partnership will be required to settle the obligation and a reliable estimate of the amount of the obligation can be made. Provisions are recorded within Accounts payable and other in the consolidated statements of financial position. The amount recognized as a provision is the best estimate of the consideration required to settle the present obligation at the end of the reporting period, taking into account the risks and uncertainties surrounding the obligation. Where a provision is measured using the cash flows estimated to settle the obligation, its carrying amount is the present value of those cash flows. When some or all of the economic benefits required to settle a provision are expected to be recovered from a third party, the receivable is recognized as an asset if it is virtually certain that reimbursement will be received and the amount of the receivable can be measured reliably. (i) Decommissioning liability The Partnership has a decommissioning liability related to the requirement to remove the sub-sea mooring and riser system associated with the Randgrid FSO unit and to restore the environment surrounding the facility. The costs associated with this decommissioning liability are to be reimbursed by the charterer, if certain conditions associated with the work are met. The obligation is expected to be settled at the end of the contract under which the FSO unit currently operates. The Partnership recognizes a decommissioning liability in the period in which it has a present legal or constructive liability and a reasonable estimate of the amount can be made. Liabilities are measured based on current requirements, technology and price levels and the present value is calculated using amounts discounted over the period for which the cash flows are expected to occur. Amounts are discounted using a rate that reflects the risks specific to the liability. On a periodic basis, management reviews these estimates and changes, if any, will be applied prospectively. The estimated decommissioning liability is recorded as a non-current liability, with a corresponding increase in the carrying amount of the related asset. As the decommissioning liability will be covered by contractual payments to be received from the charterer, the Partnership has recorded a separate receivable. The liability and associated receivable are increased in each reporting period due to the passage of time, and the amount of accretion is charged to Other income (expense), net in the period. Periodic revisions to the estimated timing of cash flows, to the original estimated undiscounted cost and to changes in the discount rate can also result in an increase or decrease to the decommissioning liability and associated receivable. Actual costs incurred upon settlement of the obligation are recorded against the decommissioning liability to the extent of the liability recorded. |
Assets held for sale | Assets held for sale Non-current assets and disposal groups are classified as held for sale if their carrying amount will be recovered principally through a sale transaction rather than through continuing use. This condition is regarded as met only when the sale is highly probable and the non-current asset or disposal group is available for immediate sale in its present condition. Management must be committed to the sale, which should be expected to qualify for recognition as a completed sale within one year from the date of classification subject to limited exceptions. Non-current assets and disposal groups classified as held for sale are measured at the lower of their carrying amount and fair value less costs to sell and are classified as current. Once classified as held for sale, vessels and equipment are no longer depreciated. |
Deferred financing costs | Deferred financing costsDeferred financing costs related to a borrowing, including bank fees, commissions and legal expenses, are capitalized and amortized, over the term of the relevant loan facility, to interest expense using an effective interest rate method. Deferred financing costs are presented as a reduction from the carrying amount of the related financial liability, unless no amounts have been drawn under the debt liability or the debt issuance costs exceed the carrying value of the related debt liability, in which case the debt issuance costs are presented as Other non-current assets.If a debt modification is considered substantial, fees paid to amend an arrangement pursuant to which a credit facility is extinguished are associated with the extinguishment of the old debt instrument and included in determining the debt extinguishment gain or loss to be recognized. Any unamortized deferred financing costs are written off. If a debt modification is not considered substantial, then the fees are associated with the modification, along with any existing unamortized deferred financing costs and premium or discount, are amortized as an adjustment of interest expense over the remaining term of the modified debt instrument using the effective interest method. |
Critical accounting judgments and key sources of estimation uncertainity | Critical accounting judgments and key sources of estimation uncertaintyThe preparation of financial statements requires management to make critical judgments, estimates and assumptions that affect the reported amounts of assets and liabilities and the disclosure of contingent assets and liabilities at the date of the consolidated financial statements and the reported amounts of revenues and expenses that are not readily apparent from other sources, during the reporting period. These estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates. The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognized in the period in which the estimate is revised if the revision affects only that period, or in the period of the revision and future periods if the revision affects both current and future periods. Critical judgments and estimates made by management and utilized in the normal course of preparing the Partnership’s consolidated financial statements are outlined below. Critical accounting judgments (i) Determination of control The Partnership consolidates an investee when it controls the investee, with control existing if, and only if, the Partnership has (a) power over the investee, (b) exposure, or rights, to variable returns from involvement with the investee and (c) the ability to use that power over the investee to affect the amount of the Partnership’s returns. In determining if the Partnership has power over an investee, judgments are made when identifying which activities of the investee are relevant in significantly affecting returns of the investee and the extent of existing rights that give the Partnership the current ability to direct the relevant activities of the investee. Judgments are required to assess the Partnership's control over its non-wholly owned subsidiaries and investments in joint ventures. Judgments are made as to the amount of potential voting rights, the existence of contractual relationships that provide voting power and the ability for the Partnership to appoint directors. The Partnership enters into voting agreements which provide it the ability to contractually direct the relevant activities of the investee. In assessing if the Partnership has exposure, or rights, to variable returns from involvement with the investee, judgments are made concerning whether returns from an investee are variable and how variable those returns are on the basis of the substance of the arrangement, the size of those returns and the size of those returns relative to others, particularly in circumstances where the Partnership’s voting interest differs from the ownership interest in an investee. In determining if the Partnership has the ability to use its power over the investee to affect the amount of its returns, judgments are made when the Partnership is an investor as to whether it is a principal or agent and whether another entity with decision making rights is acting as the Partnership’s agent. If it is determined that the Partnership is acting as an agent, as opposed to a principal, the Partnership does not control the investee. See Note 2d(ii) for additional information. (ii) Lease classification and term At the inception of the charter, the classification of the lease as an operating lease or a finance lease may involve the use of judgment as to the determination of the lease term. Such judgment is required as the duration of certain of the Partnership's charters is unknown at commencement of the charter. The charterer may have the option to extend the charter or terminate the charter early. In addition, certain charters impose penalties on the charterer if it terminates the charter early and such penalties can vary in size depending on when, during the term of the charter, the termination right is exercised. Such penalties could impact the determination of the lease term and requires the use of judgment. (iii) Determination if a contract contains a lease Each vessel charter may, depending on its terms, contain a lease component, a non-lease component or both. Judgment is required in determining the composition of the lease and non-lease components of the Partnership's charters. The Partnership has determined the following for its charters: FPSO Contracts CoA (2) Time Charter Bareboat Charter Voyage Charter (1) Lease component Yes Yes Yes Yes Depends Non-lease component Yes Yes Yes No Depends (1) The Partnership believes that the conclusion as to whether or not a voyage charter contains a lease component rests principally on whether the customer has the substantive right to select and change the load and discharge ports. If the customer does not have this substantive right then the charter would not contain a lease component. The Partnership has categorized the charters for its shuttle tankers that are priced on spot market rates, and its towage vessels, as voyage charters Based on the conclusion above, the Partnership has determined that the contracts for its shuttle tankers classified as voyage charters normally contain a lease, wheras the contracts for its towage vessels do not normally contain a lease. (2) The Partnership has determined that as the relevant decisions about how and for what purpose the vessel is used are not predetermined under a CoA, but the customer has the right to make those relevant decisions, then the customer directs the use of the vessel. Based on this conclusion, the customer has the substantive right to select and change the load and discharge ports under a CoA charter and therefore the Partnership believes that a CoA charter contains a lease component, in addition to a non-lease component. The Partnership also generates revenues from the operation of VOC systems on certain of the Partnership’s shuttle tankers, and from the management of certain vessels on behalf of the disponent owners or charterers of these assets. The Partnership has determined that as the leasing of its VOC equipment is classified as a finance lease, the finance income associated with these leases are recognized as lease income. Additionally, as the contracts pertaining to the management of certain vessels on behalf of the disponent owners or charterers of these assets do not contain an identified asset, the Partnership believes that these do not contain a lease. For charters which contain both, the Partnership has allocated the contract consideration between the lease component and non-lease component on a relative standalone selling price basis. Given that there are no observable standalone selling prices for either of these two components, judgment is required in determining the standalone selling price of each component. The standalone selling price of the non-lease component has been determined using a cost-plus approach, whereby the Partnership estimates the cost to operate the unit using internal estimates, plus a profit margin. The standalone selling price of the lease component has been determined using an adjusted market approach, whereby the Partnership calculates a rate excluding the operating component based on a market rate from published broker estimates, when available, or internal estimates when not available. (iv) Impairment Judgment is applied when determining whether indicators of impairment exist when assessing the carrying values of the Partnership’s assets, the likelihood the Partnership will sell the vessel or equipment prior to the end of its useful life, the estimation of a cash generating unit’s future revenues and direct costs, and the determination of discount rates. The Partnership has determined that, as the cash inflows of the individual vessels in its CoA fleet are not largely independent from each other, the CoA fleet is treated as a single cash generating unit for impairment purposes. Estimation uncertainty (i) Decommissioning liabilities Decommissioning costs will be incurred at the end of the operating life of one of the Partnership’s vessels. This obligation is often many years in the future and requires judgment to estimate. The estimate of decommissioning costs can vary in response to many factors including changes in relevant legal, regulatory, and environmental requirements, the emergence of new restoration techniques or experience at other production sites. Inherent in the calculations of these costs are assumptions and estimates including the ultimate settlement amounts, inflation factors, discount rates, and timing of settlements. See Notes 2s(i) and 15 for additional information. (ii) Vessels and equipment - useful lives and residual value The cost of the Partnership's vessels and equipment are depreciated on a straight-line basis over each asset's estimated useful life to an estimated residual value. The estimated useful life of the Partnership's vessels, including individual components, takes into account design life, commercial considerations and regulatory restrictions. The determination of the components, if any, of an asset and the estimated useful life of such asset or components involves judgment. See Note 2j for additional information. (iii) Impairment The recoverable amounts of each vessel, being defined as a cash-generating unit, is the higher of its fair value less cost of disposal and its value in use. The fair value less cost of disposal calculation is based on the discounted cash flow model and is the same as the value in use. Value in use calculations are based on contracted cash flows and estimates of uncontracted cash flows for the useful lives of each vessel, including residual values discounted by an estimated discount rate. Assumptions on uncontracted cash flows are based on several variables, such as comparing the specifications on a particular vessel with planned new projects around the world, assessment of investment levels to redeploy the vessel on a new field and assumptions on rates to be achieved from redeployment. The key assumptions used for the impairment testing of our fleet are described in Note 11. All impairment assessment calculations demand a high degree of estimation. The Partnership must make complex assessment of the expected cash flows arising from such assets and the selection of discount rates. Changes to these estimates could have significant impact on the impairments recognized and future changes may lead to reversals of recognized impairments. See Notes 11 and 14 for additional information. (iv) Taxes The future realization of deferred tax assets depends on the existence of sufficient taxable income to utilize tax losses. This analysis requires, among other things, the use of estimates and projections in determining future reversals of temporary differences, forecasts of future profitability and evaluating potential tax-planning strategies. (v) Going concern The Partnership's assessment of its ability to continue operating on a going concern basis requires judgment and the estimation of the probability in obtaining additional sources of financing to meet its obligations and commitments and minimum liquidity requirements under its financial covenants. See note 2(b) for additional information. (vi) COVID-19 In March 2020, the World Health Organization declared a global pandemic related to COVID-19. To date, there has been significant volatility in capital markets, commodity prices and foreign currencies, restrictions on the conduct of business in many jurisdictions, and the global movement of people and some goods has become restricted. The Partnership considered the impacts of these circumstances on the key critical judgments, estimates and assumptions that affect the reported and contingent amount of assets, liabilities, revenues and expenses, including whether any additional indicators of impairment were present for the year ended December 31, 2020. Based on the Partnership’s assessments, no additional impairments were required as at December 31, 2020 and the Partnership has not experienced any material business interruptions or financial impact as a result of the COVID-19 pandemic. The extent to which the COVID-19 pandemic may impact the the Partnership's results of operations and financial condition, including any future possible impairments, will depend on future developments, which are highly uncertain and cannot be predicted, including new information that may emerge concerning the severity of the virus or its variants, the effectiveness of vaccines and other actions to contain or treat its impact, among others. The Partnership will continue to monitor the situation and review its critical estimates and judgments as circumstances evolve. |
Earnings (loss) per Limited Partnership Unit | Earnings (loss) per Limited Partnership UnitThe Partnership calculates basic earnings (loss) per unit by dividing net income (loss) attributable to limited partners by the weighted average number of limited partnership common units outstanding during the period. The net income (loss) attributable to limited partners is allocated between the Class A and Class B limited partners' based on their proportionate ownership percentages. Basic earnings (loss) per unit has been presented on an aggregate basis and includes net income (loss) attributable to Class A limited partners and net income (loss) attributable Class B limited partners, which, if disaggregated, would not have a material effect. For the purpose of calculating diluted earnings (loss) per unit, the Partnership adjusts net income (loss) attributable to limited partners, and the weighted average number of limited partnership common units outstanding, for the effects of all dilutive potential limited partnership common units, consisting of restricted common units and any warrants exercisable for common units. Consequently, the weighted average number of common units outstanding is increased assuming conversion of the restricted units and exercise of the warrants using the treasury stock method. The computation of diluted earnings (loss) per unit does not assume the issuance of common units if the effect would be anti-dilutive. |
Segments | Segments The Partnership’s operating segments are components of the business for which discrete financial information is reviewed regularly by the Chief Operating Decision Maker (or CODM ) to assess performance and make decisions regarding resource allocation. The Partnership has assessed the CODM to be its Chief Executive Officer. As at December 31, 2020, the Partnership’s operating segments are the FPSO, Shuttle tanker, FSO, UMS and Towage segments. |
Employee Pension Plans | Employee Pension Plans The Partnership has defined contribution pension plans covering the majority of its employees. Pension costs associated with the Partnership’s required contributions under its defined contribution pension plans are based on a percentage of employees’ salaries and are charged to earnings in the year incurred. During the year ended December 31, 2020, the amount of cost recognized for the Partnership’s defined contribution pension plans was $5.5 million (December 31, 2019 - $5.2 million). The Partnership also has defined benefit pension plans covering a small number of active and retired employees in Norway. The Partnership accrues the costs and related obligations associated with its defined benefit pension plans based on actuarial computations using the projected benefits obligation method and management’s best estimates of expected plan investment performance, salary escalation, and other relevant factors. For the purpose of calculating the expected return on plan assets, those assets are valued at fair value. The overfunded or underfunded status of the defined benefit pension plans is recognized as assets or liabilities in the consolidated statements of financial position. The Partnership recognizes as a component of Other comprehensive income (loss), the gains or losses that arise during a period but that are not recognized as part of net periodic benefit costs. The pension assets have been guaranteed a minimum rate of return by the provider, thus reducing potential exposure to the Partnership to the extent the provider honors its obligations. The Partnership's funded status relating to its defined benefit pension plans was a shortfall of $0.7 million as at December 31, 2020 (December 31, 2019 - surplus of $0.3 million) |
Future changes in Accounting Policies | Future changes in Accounting Policies i. Interest Rate Benchmark Reform — Phase 2 (Amendments to IFRS 9, IAS 39, IFRS 7, IFRS 4 and IFRS 16) In August 2020, the International Accounting Standards Board published Interest Rate Benchmark Reform — Phase 2 (Amendments to IFRS 9, IAS 39, IFRS 7, IFRS 4 and IFRS 16) (or Phase 2 Amendments ), effective January 1, 2021, with early adoption permitted. The Phase 2 Amendments provide additional guidance to address the issues that will arise during the transition of benchmark interest rates and primarily relate to the modification of financial assets, financial liabilities and lease liabilities where the basis for determining the contractual cash flow changes as a result of the replacement of an existing interest rate benchmark, allowing for prospective application of the new applicable benchmark interest rate, and to the application of hedge accounting, providing an exception such that changes in the designation of hedge accounting relationships that are needed to reflect the changes required by the benchmark interest rate reform do not result in the discontinuation of hedge accounting. The Partnership is adopting the Phase 2 Amendments on January 1, 2021 and does not expect this adoption to have a significant impact on the Partnership’s consolidated financial statements. Progress towards implementation of alternative benchmark interest rates The Partnership is exposed to the impact of interest rate changes, primarily through its floating-rate borrowings that require it to make interest payments based on LIBOR. The Partnership uses interest rate swaps to reduce its exposure to market risk from changes in interest rates. The Partnership plans to transition the majority of its LIBOR-linked contracts to risk-free rates through amendments to fallback clauses in its floating-rate credit facilities and debt instruments which would change the basis for determining the interest rate cash flows from LIBOR to a risk-free rate at an agreed point in time. This is expected to be implemented during 2021. Interest rate benchmark transition for non-derivative financial liabilities As at December 31, 2020, the Partnership had $1.8 billion of outstanding LIBOR-referenced borrowings summarized as follows: Principal Weighted-average term Transition Progress $ (years) Revolving Credit Facilities 439,600 3.07 Expected to amend fallback clauses during 2021. Term Loans 1,201,013 4.63 Expected to amend fallback clauses during 2021. Public Bonds 200,000 3.80 Expected to amend fallback clauses during 2021. Total 1,840,613 4.16 Interest rate benchmark transition for derivatives As at December 31, 2020, the Partnership had an outstanding notional balance of $1.2 billion of LIBOR-referenced interest rate swap agreements. For all of the Partnership’s LIBOR-referenced derivatives, the International Swaps and Derivative Association’s fallback clauses were made available in late-2020 and the Partnership and its counterparties expect to adhere to this protocol. This ensures that all legacy trade will, on the cessation of LIBOR, follow the fallback clause provided in the protocol. ii. Classification of Liabilities as Current or Non-current (Amendments to IAS 1) In January 2020, the International Accounting Standards Board finalized amendments to IAS 1 to clarify the classification of liabilities. The amendments affect only the presentation of liabilities in the statement of financial position and not the amount or timing of recognition of any asset, liability income or expenses, or the information that entities disclose about those items. They: • clarify that the classification of liabilities as current or non-current should be based on rights that are in existence at the end of the reporting period and align the wording in all affected paragraphs to refer to the "right" to defer settlement by at least twelve months and make explicit that only rights in place "at the end of the reporting period" should affect the classification of a liability; • clarify that classification is unaffected by expectations about whether an entity will exercise its right to defer settlement of a liability; and • make clear that settlement refers to the transfer to the counterparty of cash, equity instruments, other assets or services. |
Significant Accounting Polici_3
Significant Accounting Policies (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Disclosure Of Significant Accounting Policies [Abstract] | |
Summary of ownership in subsidiaries | The following provides information about the Partnership's wholly-owned subsidiaries as at December 31, 2020: Name of Subsidiary State or Jurisdiction of Incorporation Proportion of Ownership Interest ALP Ace BV Netherlands 100% ALP Centre BV Netherlands 100% ALP Defender BV Netherlands 100% ALP Forward BV Netherlands 100% ALP Guard BV Netherlands 100% ALP Ippon BV Netherlands 100% ALP Keeper BV Netherlands 100% ALP Maritime Contractors BV Netherlands 100% ALP Maritime Group BV Netherlands 100% ALP Maritime Holding BV Netherlands 100% ALP Maritime Services BV Netherlands 100% ALP Ocean Towage Holding BV Netherlands 100% ALP Striker BV Netherlands 100% ALP Sweeper BV Netherlands 100% ALP Winger BV Netherlands 100% Altera (Atlantic) Chartering ULC Canada 100% Altera (Atlantic) Management ULC Canada 100% Altera Al Rayyan LLC Marshall Islands 100% Altera do Brasil Servicos Maritimos Ltda. Brazil 100% Altera Grand Banks AS Norway 100% Altera Grand Banks Shipping AS Norway 100% Altera Infrastructure Crewing AS Norway 100% Altera Infrastructure Coöperatief U.A. Netherlands 100% Altera Infrastructure Finance Corp. Marshall Islands 100% Altera Infrastructure Group Ltd. Marshall Islands 100% Altera Infrastructure FSO Holdings Limited United Kingdom 100% Altera Infrastructure Holdings LLC Marshall Islands 100% Altera Infrastructure Holdings Pte. Ltd. Singapore 100% Altera Infrastructure Norway AS Norway 100% Altera Infrastructure Production (Singapore) Pte. Ltd. Singapore 100% Altera Infrastructure Production AS Norway 100% Altera Infrastructure Production Crew AS Norway 100% Altera Infrastructure Production Holdings AS Norway 100% Altera Infrastructure Production Holdings Limited United Kingdom 100% Altera Infrastructure Services Pte. Ltd Singapore 100% Altera Knarr AS Norway 100% Altera Libra Netherlands BV Netherlands 100% Altera Luxembourg S.a.r.l. Luxembourg 100% Altera Netherlands BV Netherlands 100% Altera Norway Hiload AS Norway 100% Altera Norway Holdings AS Norway 100% Altera Norway Marine AS Norway 100% Altera Operations Australia Pty Ltd. Australia 100% Altera Partners Holding AS Norway 100% Altera Petrojarl FPSO Petrolífera do Brasil Ltda. Brazil 100% Altera Petrojarl I Servicos de Petroleo Ltda. Brazil 100% Altera Piranema Servicos de Petroleo Ltda. Brazil 100% Altera Production UK Limited United Kingdom 100% Altera Shuttle Loading Pte. Ltd. Singapore 100% Altera Shuttle Tanker Finance LLC Marshall Islands 100% Altera Shuttle Tankers LLC Marshall Islands 100% Altera Varg Production Limited. United Kingdom 100% Altera Voyageur Production Limited. United Kingdom 100% Altera Wave AS Norway 100% Altera Wind AS Norway 100% Amundsen Spirit LLC Marshall Islands 100% Apollo Spirit LLC Marshall Islands 100% Arendal Spirit AS Norway 100% Arendal Spirit LLC Marshall Islands 100% Aurora Spirit AS Norway 100% Bossa Nova Spirit LLC Marshall Islands 100% Clipper LLC Marshall Islands 100% Current Spirit AS Norway 100% Dampier Spirit LLC Marshall Islands 100% Gina Krog AS Norway 100% Gina Krog Offshore Pte. Ltd. Singapore 100% Golar Nor (UK) Limited United Kingdom 100% Knarr LLC Marshall Islands 100% Lambada Spirit LLC Marshall Islands 100% Logitel Offshore Holding AS Norway 100% Logitel Offshore Norway AS Norway 100% Logitel Offshore Pte. Ltd. Singapore 100% Logitel Offshore Rig I Pte. Ltd. Singapore 100% Logitel Offshore Rig II Pte. Ltd. Singapore 100% Logitel Offshore Rig III LLC Marshall Islands 100% Nansen Spirit LLC Marshall Islands 100% Navion Bergen AS Norway 100% Navion Bergen LLC Marshall Islands 100% Navion Gothenburg AS Norway 100% Navion Offshore Loading AS Norway 100% Peary Spirit LLC Marshall Islands 100% Petrojarl I LLC Marshall Islands 100% Petrojarl I Production AS Norway 100% Piranema LLC Marshall Islands 100% Piranema Production AS Norway 100% Rainbow Spirit AS Norway 100% Salamander Production (UK) Limited United Kingdom 100% Samba Spirit LLC Marshall Islands 100% Scott Spirit LLC Marshall Islands 100% Sertanejo Spirit LLC Marshall Islands 100% Siri Holdings LLC Marshall Islands 100% Teekay Australia Offshore Holdings Pty Ltd. Australia 100% Teekay FSO Finance Pty Ltd. Australia 100% Teekay Hiload LLC Marshall Islands 100% Teekay Offshore Business Process Services (Philippines) Inc. Philippines 100% Tide Spirit AS Norway 100% Tiro Sidon UK L.L.P. United Kingdom 100% Teekay Petrojarl Offshore Siri AS Norway 100% TPO Siri LLC Marshall Islands 100% Varg LLC Marshall Islands 100% Varg Production AS Norway 100% Voyageur LLC Marshall Islands 100% The following table presents details of non-wholly owned subsidiaries of the Partnership: Name of Subsidiary State or Jurisdiction of Incorporation Proportion of Ownership Interest KS Apollo Spirit Norway 89% Navion Gothenburg LLC Marshall Islands 50% Nordic Rio LLC Marshall Islands 50% Partrederiet Stena Ugland Shuttle Tankers I DA Norway 50% Partrederiet Stena Ugland Shuttle Tankers II DA Norway 50% Partrederiet Stena Ugland Shuttle Tankers III DA Norway 50% The following tables present the assets and liabilities from the Partnership’s investments in non-wholly owned subsidiaries as at December 31, 2020, December 31, 2019 and January 1, 2019, as well as of revenues, net income, other comprehensive income and distributions for the year ended December 31, 2020 and 2019: December 31, 2020 December 31, 2019 January 1, 2019 $ $ $ Current assets 38,902 30,977 19,937 Non-current assets 48,960 88,457 128,628 Current liabilities 44,109 24,371 18,732 Non-current liabilities — 28,847 41,502 Year Ended December 31, 2020 2019 $ $ Revenues 47,050 55,655 Net income (loss) and other comprehensive income (loss) (12,759) (15,106) Distributions paid to non-controlling interests (4,750) (3,636) |
Summary of ownership interests in joint ventures | The following table presents details of the Partnership's joint ventures: Name of Joint Venture State or Jurisdiction of Incorporation Proportion of Ownership Interest OOG-TKP FPSO GmbH Austria 50% OOG-TKP FPSO GmbH & Co KG Austria 50% OOG-TKP Oil Services Ltd. Cayman Islands 50% OOG-TK Libra GmbH Austria 50% OOG-TK Libra GmbH & Co KG Austria 50% OOGTK Libra Operator Holdings Limited Cayman Islands 50% OOGTK Libra Producao de Petroleo Ltda Brazil 50% OOG-TKP Operator Holdings Limited Cayman Islands 50% OOG-TKP Producao de Petroleo Ltda Brazil 50% TK-Ocyan Libra Oil Services Ltd. Cayman Islands 50% The Partnership's investment in the Libra Joint Venture (as defined below) includes its investments in the below entities: Name of Joint Venture State or Jurisdiction of Incorporation Proportion of Ownership Interest OOG-TK Libra GmbH Austria 50% OOG-TK Libra GmbH & Co KG Austria 50% OOGTK Libra Operator Holdings Limited Cayman Islands 50% OOGTK Libra Producao de Petroleo Ltda Brazil 50% TK-Ocyan Libra Oil Services Ltd. Cayman Islands 50% The Partnership's investment in the Itajai Joint Venture (as defined below) includes its investments in the below entities: Name of Joint Venture State or Jurisdiction of Incorporation Proportion of Ownership Interest OOG-TKP FPSO GmbH Austria 50% OOG-TKP FPSO GmbH & Co KG Austria 50% OOG-TKP Oil Services Ltd. Cayman Islands 50% OOG-TKP Operator Holdings Limited Cayman Islands 50% OOG-TKP Producao de Petroleo Ltda Brazil 50% December 31, 2020 December 31, 2019 January 1, 2019 Libra Joint Venture Itajai Joint Venture Total Libra Joint Venture Itajai Joint Venture Total Libra Joint Venture Itajai Joint Venture Total $ $ $ $ $ $ $ $ $ Current assets 123,576 29,605 153,181 126,154 33,565 159,719 114,949 34,314 149,263 Non-current assets 765,239 278,113 1,043,352 813,330 306,178 1,119,508 877,719 308,064 1,185,783 Current liabilities 83,028 43,681 126,709 80,321 46,741 127,062 87,392 47,403 134,795 Non-current liabilities 567,474 18,888 586,362 611,457 76,277 687,734 668,689 113,923 782,612 Net assets 238,313 245,149 483,462 247,706 216,725 464,431 236,587 181,052 417,639 Ownership interest 50 % 50 % 50 % 50 % 50 % 50 % 50 % 50 % 50 % Equity-accounted investments 119,157 122,575 241,731 123,853 108,363 232,216 118,294 90,526 208,819 Cash and cash equivalents 8,450 10,396 18,846 7,972 10,556 18,528 66,217 23,417 89,634 Current financial liabilities 66,223 35,533 101,756 62,676 35,954 98,630 58,281 31,782 90,063 Non-current financial liabilities 495,861 18,546 514,407 530,588 71,836 602,424 579,156 105,382 684,538 Year ended December 31, 2020 2020 2020 2019 2019 2019 Libra Joint Venture Itajai Joint Venture Total Libra Joint Venture Itajai Joint Venture Total $ $ $ $ $ $ Revenues 181,734 82,170 263,904 181,172 84,275 265,447 Depreciation and amortization (48,408) (16,419) (64,827) (47,282) (16,371) (63,653) Interest expense (20,493) (8,373) (28,866) (34,798) (6,938) (41,736) Interest income 83 170 253 203 — 203 Income tax (expense) recovery (100) (534) (634) (166) (330) (496) Net income (loss) and other comprehensive income (loss) 43,882 27,960 71,842 34,686 32,850 67,536 Ownership interest 50 % 50 % 50 % 50 % 50 % 50 % Equity-accounted income (loss) 21,941 13,980 35,921 17,343 16,425 33,768 Dividends received by the Partnership 27,492 2,250 29,742 15,405 2,250 17,655 The Partnership's investment in equity-accounted investments and its interest in the net income of its equity-accounted investments are included in the Partnership's FPSO segment. |
Summary of vessels and equipment estimated useful life | Vessels and equipment are depreciated for each component of the asset classes as follows: Component Estimated Useful Life Dry docks and Overhauls 2.5 - 5 years Capital Modifications (1) 3 - 20 years Vessels and Equipment (2) 9 - 35 years (1) Includes field and contract specific equipment for the Partnership's FPSO units and FSO units, capital upgrades for the Partnership's shuttle tankers and mid-life refurbishments for the Partnership's UMS. (2) Certain of the Partnership's FPSO units and FSO units have undergone conversions or capital upgrades prior to commencing operations under their current contracts. The estimated useful lives of such vessels is generally substantially lower than that of a comparable newbuilding vessel. For a newbuilding vessel, the Partnership uses an estimated useful life of 20 to 25 years for its FPSO units, 20 years for its shuttle tankers, 35 years for its UMS and 25 years for its towage and offshore installation (or Towage ) vessels. The estimated useful life of the Partnership's FSO units are generally the contract term for the unit, inclusive of extension options. December 31, 2020 December 31, 2019 $ $ Gross carrying amount: Opening balance at beginning of year 3,531,827 3,548,501 Additions (1) 41,346 32,895 Dispositions (2) (29,242) (13,869) Transferred from advances on newbuilding contracts 543,131 — Vessels and equipment reclassified as held for sale (3) (61,564) (35,700) Closing balance at end of year 4,025,498 3,531,827 Accumulated Depreciation and Impairment: Opening balance at beginning of year (506,111) — Depreciation and amortization (4) (295,610) (339,981) Impairment expense, net (5) (245,396) (179,759) Dispositions (2) 15,050 1,244 Vessels and equipment reclassified as held for sale (3) 35,984 12,385 Closing balance at end of year (996,083) (506,111) Net book value 3,029,415 3,025,716 (1) Additions by segment for the year ended December 31, 2020 is as follows: FPSO $10.3 million, Shuttle Tanker $23.4 million, UMS $0.2 million and Towage $7.4 million (December 31, 2019 - FPSO $8.2 million, Shuttle Tanker $15.3 million, FSO $6.6 million, UMS $0.9 million and Towage $1.9 million). Additions include drydocks and overhauls, which are only included in the Partnership's Shuttle Tanker and Towage segments, and capital modifications. (2) Includes the sale of vessels and the disposal upon the replacement of certain components of vessels and equipment. (3) See Note 7 for additional information. (4) Excludes depreciation and amortization on the Partnership's right-of-use assets. See Note 10 for additional details. |
Summary of classification and measurement of financial assets and liabilities | The table below summarizes the Partnership’s classification and measurement of financial assets and liabilities: Measurement Category Consolidated Statement of Financial Position Account Financial assets Cash and cash equivalents Amortized cost Cash and cash equivalents Restricted cash Amortized cost Financial assets Derivative instruments FVTPL Financial assets Other financial assets Amortized cost Financial assets Accounts receivable Amortized cost Accounts and other receivable, net Due from related parties Amortized cost Due from related parties Investment in finance leases Amortized cost Other assets Financial liabilities Accounts payable and other Amortized cost Accounts payable and other Derivative instruments FVTPL Other financial liabilities Obligations relating to finance leases Amortized cost Other financial liabilities Due to related parties Amortized cost Due to related parties Borrowings Amortized cost Borrowings |
Disclosure of detailed information about fair value measurement hierarchical levels | Fair value hierarchical levels are based on the degree to which the inputs to the fair value measurement are observable. The levels are as follows: Level 1 - Inputs are unadjusted, quoted prices in active markets for identical assets or liabilities at the measurement date. Level 2 - Inputs (other than quoted prices included in Level 1) are either directly or indirectly observable for the asset or liability through correlation with market data at the measurement date and for the duration of the asset’s or liability’s anticipated life. Level 3 - Inputs are unobservable and reflect management’s best estimate of what market participants would use in pricing the asset or liability at the measurement date. Consideration is given to the risk inherent in the valuation technique and the risk inherent in the inputs in determining the estimate. |
Summary of judgement required in determining the composition of the lease and non-lease components of charters | Judgment is required in determining the composition of the lease and non-lease components of the Partnership's charters. The Partnership has determined the following for its charters: FPSO Contracts CoA (2) Time Charter Bareboat Charter Voyage Charter (1) Lease component Yes Yes Yes Yes Depends Non-lease component Yes Yes Yes No Depends (1) The Partnership believes that the conclusion as to whether or not a voyage charter contains a lease component rests principally on whether the customer has the substantive right to select and change the load and discharge ports. If the customer does not have this substantive right then the charter would not contain a lease component. The Partnership has categorized the charters for its shuttle tankers that are priced on spot market rates, and its towage vessels, as voyage charters Based on the conclusion above, the Partnership has determined that the contracts for its shuttle tankers classified as voyage charters normally contain a lease, wheras the contracts for its towage vessels do not normally contain a lease. (2) The Partnership has determined that as the relevant decisions about how and for what purpose the vessel is used are not predetermined under a CoA, but the customer has the right to make those relevant decisions, then the customer directs the use of the vessel. Based on this conclusion, the customer has the substantive right to select and change the load and discharge ports under a CoA charter and therefore the Partnership believes that a CoA charter contains a lease component, in addition to a non-lease component. |
Disclosure of expected impact of initial application of new standards or interpretations | As at December 31, 2020, the Partnership had $1.8 billion of outstanding LIBOR-referenced borrowings summarized as follows: Principal Weighted-average term Transition Progress $ (years) Revolving Credit Facilities 439,600 3.07 Expected to amend fallback clauses during 2021. Term Loans 1,201,013 4.63 Expected to amend fallback clauses during 2021. Public Bonds 200,000 3.80 Expected to amend fallback clauses during 2021. Total 1,840,613 4.16 |
Transition to IFRS (Tables)
Transition to IFRS (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Disclosure Of First Time Adoption [Abstract] | |
Disclosure of reconciliation of consolidated statements of financial position prepared under previous GAAP | A full reconciliation of the Partnership's consolidated statements of financial position reported under its previous GAAP to that prepared under IFRS is presented below: As at January 1, 2019 Previous IFRS GAAP Reclassifications (1) Adjustments IFRS Previous GAAP $ $ $ $ IFRS ASSETS ASSETS Current Current Assets Cash and cash equivalents 225,040 — — 225,040 Cash and cash equivalents Restricted cash 8,540 1,028 — 9,568 Financial assets Accounts receivable 141,903 1,807 — 143,710 Accounts and other receivable, net Vessels held for sale 12,528 — — 12,528 Vessels and equipment classified — 20,254 — 20,254 Inventory Due from affiliates 58,885 — — 58,885 Due from related parties Prepaid expenses 32,199 (11,210) — 20,989 Other assets Other current assets 11,879 (11,879) — — Total current assets 490,974 — — 490,974 Total current assets Non-current assets 2,075 — 2,075 Financial assets 36,536 — 36,536 Accounts and other receivable, net Vessels and equipment, at cost 4,196,909 — (648,408) 3,548,501 Vessels and equipment Advances on newbuilding 73,713 — 40,083 113,796 Advances on newbuilding __ contracts Investments in equity-accounted 212,202 — (3,383) 208,819 Equity-accounted investments Deferred tax asset 9,168 — — 9,168 Deferred tax assets Due from affiliates 949 — — 949 Due from related parties Other assets 198,992 (38,611) 24,810 185,191 Other assets Goodwill 129,145 — (2,032) 127,113 Goodwill 4,821,078 — (588,930) 4,232,148 Total non-current assets Total assets 5,312,052 — (588,930) 4,723,122 Total assets LIABILITIES AND EQUITY LIABILITIES Current Current liabilities Accounts payable 16,423 200,708 (3,651) 213,480 Accounts payable and other Accrued liabilities 129,896 (129,896) — — Deferred revenues 55,750 (55,750) — — Current portion of derivative 23,290 — — 23,290 Other financial liabilities Due to affiliates 183,795 — — 183,795 Due to related parties Current portion of long-term debt 554,336 — — 554,336 Borrowings Other current liabilities 15,062 (15,062) — — Total current liabilities 978,552 — (3,651) 974,901 Total current liabilities Non-current liabilities Other long-term liabilities 236,616 (2,183) 30,299 264,732 Accounts payable and other Derivatives instruments 94,354 — 50,513 144,867 Other financial liabilities Long-term debt 2,543,406 — — 2,543,406 Borrowings 2,183 — 2,183 Deferred tax liabilities 2,874,376 — 80,812 2,955,188 Total non-current liabilities Total liabilities 3,852,928 — 77,161 3,930,089 Total liabilities EQUITY EQUITY Limited partners - common units 883,090 — (533,002) 350,088 Limited partners - common units Limited partners - preferred units 384,274 — — 384,274 Limited partners - preferred units General partner 15,055 — (4,084) 10,971 General partner Warrants 132,225 — (132,225) — Accumulated other 7,361 — — 7,361 Accumulated other Non-controlling interests 37,119 — 3,220 40,339 Non-controlling interests in Total equity 1,459,124 — (666,091) 793,033 Total equity Total liabilities and equity 5,312,052 — (588,930) 4,723,122 Total liabilities and equity As at December 31, 2019 Previous IFRS IFRS GAAP Reclassifications (1) Adjustments Previous GAAP $ $ $ $ IFRS ASSETS ASSETS Current Current Assets Cash and cash equivalents 199,388 — — 199,388 Cash and cash equivalents Restricted cash 17,798 1,124 89,070 107,992 Financial assets Accounts receivable 204,020 805 — 204,825 Accounts and other receivable, net Vessels held for sale 15,374 — — 15,374 Vessels and equipment classified — 18,581 — 18,581 Inventory Prepaid expenses 29,887 (13,043) — 16,844 Other assets Other current assets 7,467 (7,467) — — Total current assets 473,934 — 89,070 563,004 Total current assets Non-current assets Restricted cash - long-term 89,070 — (89,070) — Financial assets 17,276 — 17,276 Accounts and other receivable, net Vessels and equipment, at cost 3,511,758 — (486,042) 3,025,716 Vessels and equipment Advances on newbuilding 257,017 — 40,083 297,100 Advances on newbuilding Investments in equity-accounted 234,627 — (2,411) 232,216 Equity-accounted investments Deferred tax asset 7,000 — — 7,000 Deferred tax assets Other assets 220,716 (17,276) 15,373 218,813 Other assets Goodwill 129,145 — (2,032) 127,113 Goodwill 4,449,333 — (524,099) 3,925,234 Total non-current assets Total assets 4,923,267 — (435,029) 4,488,238 Total assets LIABILITIES AND EQUITY LIABILITIES Current Current liabilities Accounts payable 56,699 206,756 9,163 272,618 Accounts payable and other Accrued liabilities 140,976 (140,976) — — Deferred revenues 53,728 (53,728) — — Current portion of derivative 18,956 2,741 — 21,697 Other financial liabilities Due to related parties 20,000 — 1,306 21,306 Due to related parties Current portion of long-term debt 353,238 — — 353,238 Borrowings Other current liabilities 14,793 (14,793) — — Total current liabilities 658,390 — 10,469 668,859 Total current liabilities Non-current liabilities Other long-term liabilities 223,877 (24,422) 23,204 222,659 Accounts payable and other Derivatives instruments 143,222 21,289 — 164,511 Other financial liabilities Long-term debt 2,825,712 — 5,562 2,831,274 Borrowings 3,133 — 3,133 Deferred tax liabilities 3,192,811 — 28,766 3,221,577 Total non-current liabilities Total liabilities 3,851,201 — 39,235 3,890,436 Total liabilities EQUITY EQUITY Limited partners - common units 505,394 — (335,657) 169,737 Limited partners - common units Limited partners - preferred units 384,274 — — 384,274 Limited partners - preferred units General partner 12,164 — (2,577) 9,587 General partner Warrants 132,225 — (132,225) — Accumulated other 4,410 — — 4,410 Accumulated other comprehensive Non-controlling interests 33,599 — (3,805) 29,794 Non-controlling interests in Total equity 1,072,066 — (474,264) 597,802 Total equity Total liabilities and equity 4,923,267 — (435,029) 4,488,238 Total liabilities and equity (1) Concurrently with the adoption of IFRS, the Partnership implemented an accounting policy change related to the line items presented in its consolidated statements of financial position, in order to more closely align with the presentation adopted by its parent company, Brookfield. The reclassifications in the tables above are primarily as a result of this accounting policy change. PARTNER'S EQUITY LIMITED PARTNERS Note Common Units and Additional Paid-in Capital Preferred General Partner Warrants Accumulated Other Comprehensive Income Non- controlling Interests Total As reported under previous 883,090 384,274 15,055 132,225 7,361 37,119 1,459,124 Transitional adjustments increasing Vessels and equipment (i) (646,673) — (4,955) — — 3,220 (648,408) Advances on newbuilding contracts (ii) 39,778 — 305 — — — 40,083 Equity-accounted investments (iii) (3,357) — (26) — — — (3,383) Goodwill (iv) (2,017) — (15) — — — (2,032) Provisions (v) (16,771) — (129) — — — (16,900) Off-market contract (vi) 14,947 — 115 — — — 15,062 Warrants (vii) 81,091 — 621 (132,225) — — (50,513) As reported under IFRS - 350,088 384,274 10,971 — 7,361 40,339 793,033 The following is a reconciliation of the Partnership's equity reported in accordance with previous GAAP to its equity reported in accordance with IFRS as at December 31, 2019: PARTNER'S EQUITY LIMITED PARTNERS Note Common Units and Additional Paid-in Capital Preferred General Partner Warrants Accumulated Other Comprehensive Income Non- controlling Interests Total As reported under previous GAAP - December 31, 2019 505,394 384,274 12,164 132,225 4,410 33,599 1,072,066 Transitional adjustments increasing Vessels and equipment (i) (478,567) — (3,670) — — (3,805) (486,042) Advances on newbuilding contracts (ii) 39,778 — 305 — — — 40,083 Equity-accounted investments (iii) (2,389) — (20) — — — (2,409) Goodwill (iv) (2,017) — (15) — — — (2,032) Provisions (v) (16,771) — (129) — — — (16,900) Warrants (vii) 131,221 — 1,004 (132,225) — — — Derecognition of financial liabilities (viii) (6,816) — (51) — — — (6,867) Other (96) — (1) — — — (97) As reported under IFRS - December 169,737 384,274 9,587 — 4,410 29,794 597,802 (i) Vessels and equipment - Under the Partnership's previous GAAP, vessels and equipment were measured at cost less accumulated depreciation and adjusted for impairments. As part of the transition to IFRS, the Partnership elected to apply the fair value as deemed cost optional exemption to its vessels and equipment as at the Transition Date. The decrease in equity is the net difference between the fair value of vessels and equipment used as a deemed cost and the carrying amounts under the Partnership's previous GAAP. For the year ended December 31, 2019, the lower carrying values from this election decreased the related depreciation and amortization and impairment expense, net. This decrease in deprecation and amortization as a result of the lower carrying values from this election was partially offset by the requirement, under IFRS, for the Partnership to componentize amounts initially recorded, in respect of vessels and equipment, into their significant components and depreciate each component separately over its expected useful life to its estimated residual value. The Partnership identified additional components relating to its FPSO units, FSO units and Towage vessels which had the impact of increasing depreciation and amortization expense, as these components were depreciated over a shorter estimated useful life. Under the Partnership's previous GAAP, vessels and equipment were tested for impairment by first comparing the undiscounted cash flows generated by the asset or cash generating unit to the carrying amount. If this test indicated an impairment, the impairment expense was then calculated by comparing the discounted cash flows or appraised values to the carrying amount of the asset or cash generating unit. Under IFRS, an impairment is recognized if the recoverable amount, determined as the higher of the estimated fair value less costs of disposal or the value in use, is less than the carrying value of the asset or cash generating unit, whereby the estimated fair value is either the discounted cash flows generated or an appraised value. As a result, the Partnership recorded impairment expenses on additional vessels and equipment under IFRS, when compared to its previous GAAP. (ii) Advances on newbuilding contracts - Under the Partnership's previous GAAP, advances on newbuilding contracts were measured at cost. As part of the transition to IFRS, the Partnership elected to apply the fair value as deemed cost optional exemption to its advances on newbuilding contracts as at the Transition Date. The increase in equity is the net difference between the fair value used as deemed cost and the carrying amount under the Partnership's previous GAAP. When the vessels and equipment are delivered to the Partnership, this associated increase in the advances in newbuildings balance will be depreciated on a straight-line basis over the vessel and equipment's expected useful life to their estimated residual value. (iii) Equity-accounted investments - The Partnership's equity-accounted investments, which are all joint ventures, transitioned to IFRS at a date earlier than the Transition Date for the Partnership. The Partnership elected the apply the optional exemption to measure the assets and liabilities in its equity-accounted investments at their carrying amount, after adjusting for equity accounting adjustments and differences in accounting policies. This exemption was applied by the Partnership as at the Transition Date and in all subsequent periods. (iv) Goodwill - As at the Transition Date, the Partnership determined that the carrying amount of goodwill associated with its Towage segment was $nil following the performance of the goodwill impairment test on the Transition Date. (v) Provisions - Estimates for provisions made by the Partnership under its previous GAAP were reassessed under IFRS, which requires a lower threshold for recognition and requires the recognition of the mid-point of a range of estimates in situations where no single outcome within the range represents the best outcome. As at the Transition Date, the provisions recognized by the Partnership decreased equity by $16.9 million when compared to its previous GAAP. (vi) Off-market contract - As at the Transition Date, the carrying amount of an off-market contract liability pertaining to the Piranema Spirit FPSO unit was derecognized under IFRS due to the requirement to offset the off-market contract against the cost of the vessel and equipment under IFRS and the Partnership's election to apply the fair value as deemed cost optional exemption to its vessels and equipment as at the Transition Date. (vii) Warrants - Warrants which the Partnership had previously issued were recorded at their fair value or relative fair value as at the date of issuance and were classified as an equity instrument under the Partnership's previous GAAP. As at the Transition Date, the Partnership classified these warrants as financial liability derivative instruments, which are measured at fair value through profit or loss under IFRS. This classification was applied by the Partnership as at the Transition Date and in all subsequent periods for which the warrants existed. (viii) Derecognition of financial liabilities - The Partnership has applied the derecognition requirements in IFRS 9 - Financial Instruments prospectively to transactions occurring on or after the Transition Date, but not retrospectively to financial liabilities already derecognized prior to the Transition Date. Under IFRS, the amortized cost of a modified financial liability, in which the terms of the financial liability are not determined to be substantially modified, is recalculated as the present value of the estimated future contractual cash flows, discounted at the original effective interest rate. The resulting gains or losses are recognized in profit or loss. Under the Partnership's previous GAAP, such gains or losses were not recognized. Note Year ended December 31, 2019 Net income (loss) as reported under previous GAAP (350,895) Transitional adjustments increasing (decreasing) reported net income (loss): Vessels and equipment (i) 162,366 Equity-accounted investments (ii) 974 Off-market contract (iii) (15,062) Warrants (iv) 50,513 Derecognition of financial liabilities (v) (6,867) Other (96) Total adjustments 191,828 Net income (loss) as reported under IFRS (159,067) Attributable to: Limited partners - common units (181,424) General partner (1,384) Limited partners - preferred units 32,150 Non-controlling interests in subsidiaries (8,409) Year ended December 31, 2019 Other comprehensive income (loss) as reported under previous GAAP (353,846) Transitional adjustments increasing (decreasing) reported comprehensive income (loss): Adjustments in net income (loss) 191,828 Other comprehensive income (loss) as reported under IFRS (162,018) Attributable to: Limited partners - common units (184,353) General partner (1,406) Limited partners - preferred units 32,150 Non-controlling interests in subsidiaries (8,409) (i) Vessels and equipment - The Partnership elected to apply the fair value as deemed cost optional exemption to its vessels and equipment as at the Transition Date. The lower carrying values from this election decreased the related depreciation and amortization and impairment expense, net. This decrease in depreciation expense was partially offset by the Partnership componentizing amounts initially recorded, in respect of vessels and equipment, into their significant components and depreciating each component separately over its expected useful life to an estimated residual value. The Partnership identified additional components relating to its FPSO units, FSO units and Towage vessels, which had the impact of increasing depreciation and amortization expense, as these components were depreciated over a shorter estimated useful life. Impairment expense, net was also impacted by a lower impairment recognition threshold under IFRS compared to the Partnership's previous GAAP. This resulted in an increase in the related impairment expense, net. (ii) Equity-accounted investments - The difference in net income (loss) reflects the impact of the Partnership adopting the IFRS carrying values of its equity-accounted investments after adjusting for equity-accounting adjustments and differences in accounting policies. (iii) Off-market contract - As described in Note 3(d)(vi), the carrying amount of the off-market contract liability recognized by the Partnership under its previous GAAP was derecognized as at the Transition Date to IFRS. (iv) Warrants - As described in Note 3(d)(vii), under IFRS, the Partnership measured its warrants as financial liability derivative instruments, which are measured at fair value through profit or loss. The effect on net income (loss) relates to the fair value adjustments in the periods subsequent to the Transition Date to IFRS. (v) Derecognition of financial liabilities - As described in Note 3(d)(viii), under IFRS, a modification gain or loss is recognized on non-substantially modified financial liabilities. The effect on net income (loss) relates to the recognition of the modification gain or loss and the related amortization over the term of the modified financial liability. |
Fair Value of Financial Instr_2
Fair Value of Financial Instruments (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Disclosure Of Fair Value Of Financial Instruments [Abstract] | |
Disclosure of fair value measurement of financial assets | The following tables provide the details of financial instruments and their associated classifications as at December 31, 2020, December 31, 2019 and January 1, 2019: December 31, 2020 December 31, 2019 Measurement Basis FVTPL Amortized cost Total FVTPL Amortized cost Total Financial assets Cash and cash equivalents — 235,734 235,734 — 199,388 199,388 Financial assets (current and non-current) 6,497 133,389 139,886 1,123 106,869 107,992 Accounts and other receivable, net (current and non-current) (1) — 212,316 212,316 — 215,951 215,951 Due from related parties (current and non-current) — 9,980 9,980 — — — Other assets (current and non-current) (2) — 59,905 59,905 — 3,875 3,875 Total 6,497 651,324 657,821 1,123 526,083 527,206 Financial liabilities Accounts payable and other (3) — 81,850 81,850 — 124,684 124,684 Other financial liabilities (current and non- current) (4) 203,597 139,738 343,335 162,178 24,030 186,208 Due to related parties (current and non-current) — 194,635 194,635 — 21,306 21,306 Borrowings (current and non-current) — 3,170,977 3,170,977 — 3,184,512 3,184,512 Total 203,597 3,587,200 3,790,797 162,178 3,354,532 3,516,710 (1) Excludes tax receivable of $10.3 million as at December 31, 2020 (December 31, 2019 - $6.2 million). (2) Includes investments in finance leases. Refer to Note 9 below. (3) Includes accounts payable and lease liabilities. Refer to Note 15 below. (4) Includes derivative instruments, obligations relating to finance leases and other financial liabilities. Refer to Note 19 below. January 1, 2019 Measurement Basis FVTPL Amortized cost Total Financial assets Cash and cash equivalents — 225,040 225,040 Financial assets (current and non-current) (1) 3,103 8,540 11,643 Accounts and other receivable, net (current and non-current) (2) — 176,948 176,948 Due from related parties (current and non-current) — 59,834 59,834 Other assets (current and non-current) (3) — 4,793 4,793 Total 3,103 475,155 478,258 Financial liabilities Accounts payable and other (4) — 36,624 36,624 Other financial liabilities (current and non-current) (1) 168,157 — 168,157 Due to related parties (current and non-current) — 183,795 183,795 Borrowings (current and non-current) — 3,097,742 3,097,742 Total 168,157 3,318,161 3,486,318 (1) Refer to Derivative Financial Instruments in Note 19 below. (2) Excludes tax receivable of $3.3 million. (3) Includes investments in finance leases. Refer to Note 9 below. (4) Includes accounts payable and lease liabilities. Refer to Note 15 below. December 31, 2020 December 31, 2019 Level 1 Level 2 Level 3 Level 1 Level 2 Level 3 $ $ $ $ $ $ Financial assets Derivative instruments — 6,497 — — 1,123 — Total — 6,497 — — 1,123 — Financial liabilities Derivative instruments — 203,597 — — 162,178 — Total — 203,597 — — 162,178 — January 1, 2019 Level 1 Level 2 Level 3 $ $ $ Financial assets Derivative instruments — 3,103 — Total — 3,103 — Financial liabilities Derivative instruments — 117,644 50,513 Total — 117,644 50,513 |
Disclosure of fair value measurement of financial liabilities | The following tables provide the details of financial instruments and their associated classifications as at December 31, 2020, December 31, 2019 and January 1, 2019: December 31, 2020 December 31, 2019 Measurement Basis FVTPL Amortized cost Total FVTPL Amortized cost Total Financial assets Cash and cash equivalents — 235,734 235,734 — 199,388 199,388 Financial assets (current and non-current) 6,497 133,389 139,886 1,123 106,869 107,992 Accounts and other receivable, net (current and non-current) (1) — 212,316 212,316 — 215,951 215,951 Due from related parties (current and non-current) — 9,980 9,980 — — — Other assets (current and non-current) (2) — 59,905 59,905 — 3,875 3,875 Total 6,497 651,324 657,821 1,123 526,083 527,206 Financial liabilities Accounts payable and other (3) — 81,850 81,850 — 124,684 124,684 Other financial liabilities (current and non- current) (4) 203,597 139,738 343,335 162,178 24,030 186,208 Due to related parties (current and non-current) — 194,635 194,635 — 21,306 21,306 Borrowings (current and non-current) — 3,170,977 3,170,977 — 3,184,512 3,184,512 Total 203,597 3,587,200 3,790,797 162,178 3,354,532 3,516,710 (1) Excludes tax receivable of $10.3 million as at December 31, 2020 (December 31, 2019 - $6.2 million). (2) Includes investments in finance leases. Refer to Note 9 below. (3) Includes accounts payable and lease liabilities. Refer to Note 15 below. (4) Includes derivative instruments, obligations relating to finance leases and other financial liabilities. Refer to Note 19 below. January 1, 2019 Measurement Basis FVTPL Amortized cost Total Financial assets Cash and cash equivalents — 225,040 225,040 Financial assets (current and non-current) (1) 3,103 8,540 11,643 Accounts and other receivable, net (current and non-current) (2) — 176,948 176,948 Due from related parties (current and non-current) — 59,834 59,834 Other assets (current and non-current) (3) — 4,793 4,793 Total 3,103 475,155 478,258 Financial liabilities Accounts payable and other (4) — 36,624 36,624 Other financial liabilities (current and non-current) (1) 168,157 — 168,157 Due to related parties (current and non-current) — 183,795 183,795 Borrowings (current and non-current) — 3,097,742 3,097,742 Total 168,157 3,318,161 3,486,318 (1) Refer to Derivative Financial Instruments in Note 19 below. (2) Excludes tax receivable of $3.3 million. (3) Includes investments in finance leases. Refer to Note 9 below. (4) Includes accounts payable and lease liabilities. Refer to Note 15 below. December 31, 2020 December 31, 2019 Level 1 Level 2 Level 3 Level 1 Level 2 Level 3 $ $ $ $ $ $ Financial assets Derivative instruments — 6,497 — — 1,123 — Total — 6,497 — — 1,123 — Financial liabilities Derivative instruments — 203,597 — — 162,178 — Total — 203,597 — — 162,178 — January 1, 2019 Level 1 Level 2 Level 3 $ $ $ Financial assets Derivative instruments — 3,103 — Total — 3,103 — Financial liabilities Derivative instruments — 117,644 50,513 Total — 117,644 50,513 The following table presents the change in the balance of financial liabilities classified as Level 3 as at December 31, 2020 and December 31, 2019: December 31, 2020 December 31, 2019 $ $ Opening balance at beginning of year — 50,513 Fair value change recorded in unrealized gain (loss) on derivative instruments — (50,513) Closing balance at end of year — — |
Summary of valuation techniques and key inputs used in fair value measurement, assets | The following table summarizes the valuation techniques and key inputs used in the fair value measurement of Level 2 financial instruments: Type of Asset / Liability Carrying value Valuation Techniques and Key Inputs December 31, 2020 December 31, 2019 January 1, 2019 $ $ $ Derivative instruments (197,100) (161,055) (114,541) The fair value of derivative instruments incorporates observable forward exchange rates and forward interest rates from observable yield curves, respectively, at the end of the reporting period, 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 fair value of Level 3 financial assets and liabilities is determined using valuation models which require the use of unobservable inputs, including assumptions concerning the amount and timing of estimated future cash flows and discount rates. In determining those unobservable inputs, the Partnership uses observable external market inputs such as price volatilities, as applicable, to develop assumptions regarding those unobservable inputs. The following table summarizes the valuation techniques and significant unobservable inputs used in the fair value measurement of Level 3 financial instruments: Type of Asset / Liability Carrying value Valuation techniques Significant unobservable inputs Relationship of unobservable inputs to fair value December 31, 2020 December 31, 2019 January 1, 2019 $ $ $ Warrants (1) — — (50,513) Black-Scholes model Volatility Increases (decreases) in volatility increase (decrease) fair value (1) Included in derivative instruments. See Note 19 for additional information. The following table summarizes the significant unobservable inputs used in the Level 3 fair value measurements for the discounted cash flow valuations used for the Partnership's vessels and equipment: Period Vessel Segment Period of Projected Cash Flows Growth Rate (1) (%) Discount Rate Q4 2020 Randgrid FSO 2.8 - 11.8 2.00 - 3.50 8.86 Q1 2020 ALP Forward Towage 13.0 3.00 10.50 Q1 2020 ALP Winger Towage 12.5 3.00 10.50 Q1 2020 ALP Ippon Towage 12.0 3.00 10.50 Q1 2020 ALP Ace Towage 11.3 3.00 10.50 Q1 2020 Petrojarl I FPSO 3.1 - 5.1 3.00 10.13 Q1 2020 Petrojarl Varg FPSO 1.3 - 9.8 1.00 - 2.50 10.13 Q1 2020 Petrojarl Knarr FPSO 12.4 - 15.4 3.00 10.13 Q1 2020 Navion Stavanger Shuttle Tanker 3.3 2.60 - 3.50 8.25 Q1 2020 Navion Gothenburg Shuttle Tanker 5.9 2.50 8.25 Q4 2019 Arendal Spirit UMS 1.2 - 25.1 1.60 - 2.50 9.60 Q4 2019 Voyageur Spirit FPSO 15.8 - 19.8 3.00 9.60 Q2 2019 Arendal Spirit UMS 25.6 1.60 - 2.50 11.00 Q2 2019 Petrojarl Varg FPSO 13.0 1.00 - 2.50 10.00 Q2 2019 Navion Gothenburg Shuttle Tanker 6.5 - 6.7 2.00 8.00 (1) The growth rates indicated in the table above are the implicit rates used in the discounted cash flow valuations, however, cash flows have been adjusted for contractual revenues and expected offhire due to repairs and maintenance or drydocking. |
Summary of valuation techniques and key inputs used in fair value measurement, liabilities | The following table summarizes the valuation techniques and key inputs used in the fair value measurement of Level 2 financial instruments: Type of Asset / Liability Carrying value Valuation Techniques and Key Inputs December 31, 2020 December 31, 2019 January 1, 2019 $ $ $ Derivative instruments (197,100) (161,055) (114,541) The fair value of derivative instruments incorporates observable forward exchange rates and forward interest rates from observable yield curves, respectively, at the end of the reporting period, 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 fair value of Level 3 financial assets and liabilities is determined using valuation models which require the use of unobservable inputs, including assumptions concerning the amount and timing of estimated future cash flows and discount rates. In determining those unobservable inputs, the Partnership uses observable external market inputs such as price volatilities, as applicable, to develop assumptions regarding those unobservable inputs. The following table summarizes the valuation techniques and significant unobservable inputs used in the fair value measurement of Level 3 financial instruments: Type of Asset / Liability Carrying value Valuation techniques Significant unobservable inputs Relationship of unobservable inputs to fair value December 31, 2020 December 31, 2019 January 1, 2019 $ $ $ Warrants (1) — — (50,513) Black-Scholes model Volatility Increases (decreases) in volatility increase (decrease) fair value (1) Included in derivative instruments. See Note 19 for additional information. |
Financial assets (Tables)
Financial assets (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Disclosure of financial assets [abstract] | |
Summary of financial assets | December 31, 2020 December 31, 2019 January 1, 2019 $ $ $ Current Restricted cash (1) 97,017 106,869 8,540 Derivative instruments (2) 6,497 1,123 1,028 Total current 103,514 107,992 9,568 Non-current Restricted cash (1) 36,372 — — Derivative instruments (2) — — 2,075 Total non-current 36,372 — 2,075 (1) Restricted cash as at December 31, 2020 includes amounts held in escrow for a shuttle tanker newbuilding yard installment payment, a deposit related to the sale of a vessel, funds for loan facility repayments, withholding taxes and office lease prepayments (December 31, 2019 - amounts held in escrow for a shuttle tanker newbuilding yard installment payment, a guarantee for certain operating expenses, funds for scheduled loan facility repayments, withholding taxes and office lease prepayments. January 1, 2019 - amounts held in escrow as collateral on the Partnership's cross currency swaps, funds for a scheduled loan facility repayment, withholding taxes and office lease prepayments). (2) See Note 19 for additional information The aggregate amount of the Partnership's derivative financial instrument positions is as follows: December 31, 2020 December 31, 2019 January 1, 2019 Financial Asset Financial Liability Financial Asset Financial Liability Financial Asset Financial Liability $ $ $ $ $ $ Interest rate swaps — 203,597 — 161,630 3,103 108,552 Foreign currency forward contracts 6,497 — 1,123 548 — 4,650 Cross currency swaps — — — — — 4,442 Warrants — — — — — 50,513 Total 6,497 203,597 1,123 162,178 3,103 168,157 Total current 6,497 189,647 1,123 18,956 1,028 23,290 Total non-current — 13,950 — 143,222 2,075 144,867 Interest Rate Risk |
Accounts and Other Receivable_2
Accounts and Other Receivable, Net (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Subclassifications of assets, liabilities and equities [abstract] | |
Summary of trade and other receivables | December 31, 2020 December 31, 2019 January 1, 2019 $ $ $ Current Accounts receivable - trade 162,848 170,357 135,527 Accounts receivable - non-trade (1) 40,104 21,000 — Other non-trade receivable 19,677 13,468 8,183 Total current 222,629 204,825 143,710 Non-current Accounts receivable - non-trade (1) — 17,276 36,536 Total non-current — 17,276 36,536 (1) Accounts receivable - non-trade relates to a settlement agreement with respect to various disputes relating to previously-terminated charter contracts for the HiLoad DP unit and the Arendal Spirit UMS payable in two separate installments, one of which was due to the Partnership by the end of 2020 and the other by the end of 2021. |
Vessels and Equipment Classif_2
Vessels and Equipment Classified as Held for Sale (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Subclassifications of assets, liabilities and equities [abstract] | |
Disclosure detailed information of non-current assets or disposal groups classified as held for sale | Vessels and Equipment Classified as Held for Sale December 31, 2020 December 31, 2019 January 1, 2019 Vessel Segment $ $ $ Pattani Spirit (1) FSO Segment — — 4,528 Nordic Spirit (1) Shuttle Tanker Segment — — 8,000 Petrojarl Cidade de Rio das Ostras (1) FPSO Segment — 2,374 — Navion Hispania (1) Shuttle Tanker Segment — 7,000 — Stena Sirita (1) Shuttle Tanker Segment — 6,000 — Dampier Spirit (2) FSO Segment — — — Navion Anglia Shuttle Tanker Segment 4,400 — — Navion Oslo Shuttle Tanker Segment 3,100 — — 7,500 15,374 12,528 (1) Classification as a result of the expected sales of the vessels, which were completed during the second quarter of 2019 or first quarter of 2020 (see Note 8 for additional information). (2) As at December 31, 2020, the Dampier Spirit FSO unit was classified as held for sale and had a carrying value of $nil. |
Gain (Loss) on Dispositions, _2
Gain (Loss) on Dispositions, Net (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Analysis of income and expense [abstract] | |
Summary of profit (loss) on disposal of property, plant and equipment | Period Vessel Segment Net Proceeds Gain (Loss) on Dispositions, Net Q4-20 Apollo Spirit FSO Segment 9,559 5,380 Q3-20 Navion Bergen Shuttle Tanker Segment 3,385 (19) Q2-20 HiLoad DP unit Shuttle Tanker Segment — (1,388) Q1-20 Petrojarl Cidade de Rio das Ostras FPSO Segment 2,282 (92) Q1-20 Navion Hispania Shuttle Tanker Segment 6,715 (385) Q1-20 Stena Sirita Shuttle Tanker Segment 6,055 (85) Gain (loss) on dispositions, net for the year ended December 31, 2020 3,411 Q2-19 Pattani Spirit FSO Segment 15,741 11,213 Q2-19 Alexita Spirit Shuttle Tanker Segment 8,700 835 Q2-19 Nordic Spirit Shuttle Tanker Segment 8,900 500 Gain (loss) on dispositions, net for the year ended December 31, 2019 12,548 |
Other Assets (Tables)
Other Assets (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Subclassifications of assets, liabilities and equities [abstract] | |
Disclosure of detailed information on other assets | December 31, 2020 December 31, 2019 January 1, 2019 $ $ $ Current Prepayments 10,101 11,306 11,944 Investment in finance leases (1) 8,267 990 858 Contract assets (2) 18,958 3,816 7,926 Other assets (3) — 732 261 Total current 37,326 16,844 20,989 Non-current Investment in finance leases (1) 51,638 2,885 3,935 Right-of-use assets (3) 35,313 68,019 20,200 Contract assets (2) 48,288 79,896 66,905 Other assets (2) 50,282 68,013 94,151 Total non-current 185,521 218,813 185,191 (1) Includes the VOC systems on certain of the Partnership's shuttle tankers. See Note 25 for additional information. The increase in the investment in finance leases, as at December 31, 2020, was primarily related to the VOC systems on the Partnership's shuttle tanker newbuildings which were delivered to the Partnership during the year ended December 31, 2020. See Note 12 for additional information. (2) See Note 18 for additional information. (3) See Note 10 for additional information. |
Right-of-use Assets and Lease_2
Right-of-use Assets and Lease Liabilities (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Presentation of leases for lessee [abstract] | |
Disclosure of quantitative information about right-of-use assets | The following table presents the change in the balance of the Partnership's right-of-use assets for the years ended December 31, 2020 and 2019: December 31, 2020 December 31, 2019 $ $ Gross Carrying Amount Opening balance at beginning of year 75,104 20,200 Additions (cash and non-cash) 757 56,854 Dispositions (24,794) (1,950) Closing balance at end of year 51,067 75,104 Accumulated Depreciation Opening balance at beginning of year (7,085) — Depreciation expense (18,389) (13,369) Dispositions 9,720 6,284 Closing balance at end of year (15,754) (7,085) Net book value 35,313 68,019 As at December 31, 2020, December 31, 2019 and January 1, 2019, the Partnership's right-of-use assets were as follows: As at December 31, 2020 December 31, 2020 December 31, 2019 January 1, 2019 Weighted-average remaining lease term Weighted-average implicit interest rate $ $ $ (years) (%) Vessels and equipment 21,971 52,852 10,545 2.0 3.3% Office leases 13,342 15,167 9,655 5.4 5.5% Total 35,313 68,019 20,200 |
Summary of lease related items | Lease related items for which the Partnership was a lessee for the years ended December 31, 2020 and December 31, 2019, were as follows: Year Ended December 31, 2020 2019 $ $ Amounts recognized in profit and loss Depreciation expense on right-of-use vessels and equipment 15,899 10,616 Depreciation expense on right-of-use office leases 2,490 2,753 Interest expense on lease liabilities 2,679 1,507 Short-term lease expense 4,314 15,965 25,382 30,841 |
Disclosure of maturity analysis of operating lease payments | As at December 31, 2020, the undiscounted contractual maturities of the Partnership's lease liabilities were as follows: Total 1 Year 2 Years 3 Years 4 Years 5 Years Thereafter (in millions of U.S. Dollars) Lease liabilities 38.9 15.4 14.2 2.7 2.5 2.0 2.1 Total 1 Year 2 Years 3 Years 4 Years 5 Years Thereafter (in millions of U.S. Dollars) Operating leases 2,673.3 673.6 441.1 321.8 243.5 232.7 760.6 |
Vessels and Equipment (Tables)
Vessels and Equipment (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Property, plant and equipment [abstract] | |
Summary of carrying cost and accumulated depreciation of vessels and equipment | Vessels and equipment are depreciated for each component of the asset classes as follows: Component Estimated Useful Life Dry docks and Overhauls 2.5 - 5 years Capital Modifications (1) 3 - 20 years Vessels and Equipment (2) 9 - 35 years (1) Includes field and contract specific equipment for the Partnership's FPSO units and FSO units, capital upgrades for the Partnership's shuttle tankers and mid-life refurbishments for the Partnership's UMS. (2) Certain of the Partnership's FPSO units and FSO units have undergone conversions or capital upgrades prior to commencing operations under their current contracts. The estimated useful lives of such vessels is generally substantially lower than that of a comparable newbuilding vessel. For a newbuilding vessel, the Partnership uses an estimated useful life of 20 to 25 years for its FPSO units, 20 years for its shuttle tankers, 35 years for its UMS and 25 years for its towage and offshore installation (or Towage ) vessels. The estimated useful life of the Partnership's FSO units are generally the contract term for the unit, inclusive of extension options. December 31, 2020 December 31, 2019 $ $ Gross carrying amount: Opening balance at beginning of year 3,531,827 3,548,501 Additions (1) 41,346 32,895 Dispositions (2) (29,242) (13,869) Transferred from advances on newbuilding contracts 543,131 — Vessels and equipment reclassified as held for sale (3) (61,564) (35,700) Closing balance at end of year 4,025,498 3,531,827 Accumulated Depreciation and Impairment: Opening balance at beginning of year (506,111) — Depreciation and amortization (4) (295,610) (339,981) Impairment expense, net (5) (245,396) (179,759) Dispositions (2) 15,050 1,244 Vessels and equipment reclassified as held for sale (3) 35,984 12,385 Closing balance at end of year (996,083) (506,111) Net book value 3,029,415 3,025,716 (1) Additions by segment for the year ended December 31, 2020 is as follows: FPSO $10.3 million, Shuttle Tanker $23.4 million, UMS $0.2 million and Towage $7.4 million (December 31, 2019 - FPSO $8.2 million, Shuttle Tanker $15.3 million, FSO $6.6 million, UMS $0.9 million and Towage $1.9 million). Additions include drydocks and overhauls, which are only included in the Partnership's Shuttle Tanker and Towage segments, and capital modifications. (2) Includes the sale of vessels and the disposal upon the replacement of certain components of vessels and equipment. (3) See Note 7 for additional information. (4) Excludes depreciation and amortization on the Partnership's right-of-use assets. See Note 10 for additional details. |
Summary of impairment expense, net, vessels and equipment | The following tables contais a summary of Partnership’s impairment expense, net for the years ended December 31, 2020 and 2019, by vessel and by segment: Period Vessel Segment Event Fair Value Hierarchical Level Valuation Techniques and Key Inputs Impairment Expense Q4 2020 Randgrid FSO Change in expected earnings of the vessel Level 3 Discounted cash flow valuation 45,444 Q4 2020 Petrojarl Varg FPSO Expected sale of the vessel Level 2 Fair value less cost to sell using an appraised valuation 30,506 Q4 2020 (1) Navion Oslo Shuttle Tanker Expected sale of the vessel Level 2 Fair value less cost to sell using an appraised valuation 7,665 Q3 2020 (2) Apollo Spirit FSO Expected sale of the vessel Level 2 Fair value less cost to sell using an appraised valuation 1,620 Q3 2020 (1) Navion Anglia Shuttle Tanker Expected sale of the vessel Level 2 Fair value less cost to sell using an appraised valuation 3,100 Q2 2020 (1) Dampier Spirit FSO Expected sale of the vessel Level 2 Fair value less cost to sell using an appraised valuation 6,685 Q2 2020 (2) Navion Bergen Shuttle Tanker Expected sale of the vessel Level 2 Fair value less cost to sell using an appraised valuation 1,715 Q1 2020 ALP Forward Towage Change in the expected earnings of the vessels Level 3 Discounted cash flow valuation 8,361 Q1 2020 ALP Winger Towage 12,479 Q1 2020 ALP Ippon Towage 1,360 Q1 2020 ALP Ace Towage 731 Q1 2020 Petrojarl I FPSO Change in the expected earnings of the vessel Level 3 Discounted cash flow valuation 42,367 Q1 2020 Petrojarl Varg FPSO Change in future redeployment assumptions Level 3 Discounted cash flow valuation 27,202 Q1 2020 Petrojarl Knarr FPSO Change in expected earnings of the vessel Level 3 Discounted cash flow valuation 56,599 Q1 2020 Navion Stavanger Shuttle Tanker Change in expected earnings of the vessel Level 3 Discounted cash flow valuation 3,606 Q1 2020 Navion Gothenburg Shuttle Tanker Change in future redeployment assumptions Level 3 Discounted cash flow valuation 16,772 Q1 2020 (2) Navion Bergen Shuttle Tanker Expected sale of the vessel Level 2 Fair value less cost to sell using an appraised valuation 2,400 Impairment expense, net for the year ended December 31, 2020 268,612 Q4 2019 Arendal Spirit UMS Change in future redeployment assumptions Level 3 Discounted cash flow valuation 24,220 Q4 2019 Voyageur Spirit FPSO Change in future redeployment assumptions Level 3 Discounted cash flow valuation 97,752 Q4 2019 (2)(3) Petrojarl Cidade de Rio das Ostras FPSO Expected sale of the vessel Level 2 Fair value less cost to sell using an appraised valuation 4,382 Q3 2019 (2)(3) Stena Sirita Shuttle Tanker Expected sale of the vessel Level 2 Fair value less cost to sell using an appraised valuation 1,506 Q2 2019 Arendal Spirit UMS Change in future redeployment assumptions Level 3 Discounted cash flow valuation 11,487 Q2 2019 Petrojarl Varg FPSO Change in future redeployment assumptions Level 3 Discounted cash flow valuation 33,991 Q2 2019 Navion Gothenburg Shuttle Tanker Significant repairs required to continue operations Level 3 Discounted cash flow valuation 12,304 Q2 2019 (2)(3) Petrojarl Cidade de Rio das Ostras FPSO Expected sale of the vessel Level 2 Fair value less cost to sell using an appraised valuation 506 Q2 2019 (2)(3) Navion Hispania Shuttle Tanker Expected sale of the vessel Level 2 Fair value less cost to sell using an appraised valuation 1,532 Impairment expense, net for the year ended December 31, 2019 187,680 (1) Vessels and equipment were classified as held for sale as at December 31, 2020. (2) Vessels and equipment were sold during the year ended December 31, 2020. (3) Vessels and equipment were classified as held for sale as at December 31, 2019. December 31, 2020 December 31, 2019 $ $ Opening balance at beginning of year 297,100 113,796 Additions 368,588 169,704 Capitalized borrowing costs 4,778 13,600 Transferred to vessels and equipment (543,131) — Closing balance at end of year 127,335 297,100 |
Disclosure of significant unobservable inputs used in fair value measurement of assets | The following table summarizes the valuation techniques and key inputs used in the fair value measurement of Level 2 financial instruments: Type of Asset / Liability Carrying value Valuation Techniques and Key Inputs December 31, 2020 December 31, 2019 January 1, 2019 $ $ $ Derivative instruments (197,100) (161,055) (114,541) The fair value of derivative instruments incorporates observable forward exchange rates and forward interest rates from observable yield curves, respectively, at the end of the reporting period, 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 fair value of Level 3 financial assets and liabilities is determined using valuation models which require the use of unobservable inputs, including assumptions concerning the amount and timing of estimated future cash flows and discount rates. In determining those unobservable inputs, the Partnership uses observable external market inputs such as price volatilities, as applicable, to develop assumptions regarding those unobservable inputs. The following table summarizes the valuation techniques and significant unobservable inputs used in the fair value measurement of Level 3 financial instruments: Type of Asset / Liability Carrying value Valuation techniques Significant unobservable inputs Relationship of unobservable inputs to fair value December 31, 2020 December 31, 2019 January 1, 2019 $ $ $ Warrants (1) — — (50,513) Black-Scholes model Volatility Increases (decreases) in volatility increase (decrease) fair value (1) Included in derivative instruments. See Note 19 for additional information. The following table summarizes the significant unobservable inputs used in the Level 3 fair value measurements for the discounted cash flow valuations used for the Partnership's vessels and equipment: Period Vessel Segment Period of Projected Cash Flows Growth Rate (1) (%) Discount Rate Q4 2020 Randgrid FSO 2.8 - 11.8 2.00 - 3.50 8.86 Q1 2020 ALP Forward Towage 13.0 3.00 10.50 Q1 2020 ALP Winger Towage 12.5 3.00 10.50 Q1 2020 ALP Ippon Towage 12.0 3.00 10.50 Q1 2020 ALP Ace Towage 11.3 3.00 10.50 Q1 2020 Petrojarl I FPSO 3.1 - 5.1 3.00 10.13 Q1 2020 Petrojarl Varg FPSO 1.3 - 9.8 1.00 - 2.50 10.13 Q1 2020 Petrojarl Knarr FPSO 12.4 - 15.4 3.00 10.13 Q1 2020 Navion Stavanger Shuttle Tanker 3.3 2.60 - 3.50 8.25 Q1 2020 Navion Gothenburg Shuttle Tanker 5.9 2.50 8.25 Q4 2019 Arendal Spirit UMS 1.2 - 25.1 1.60 - 2.50 9.60 Q4 2019 Voyageur Spirit FPSO 15.8 - 19.8 3.00 9.60 Q2 2019 Arendal Spirit UMS 25.6 1.60 - 2.50 11.00 Q2 2019 Petrojarl Varg FPSO 13.0 1.00 - 2.50 10.00 Q2 2019 Navion Gothenburg Shuttle Tanker 6.5 - 6.7 2.00 8.00 (1) The growth rates indicated in the table above are the implicit rates used in the discounted cash flow valuations, however, cash flows have been adjusted for contractual revenues and expected offhire due to repairs and maintenance or drydocking. |
Advances on Newbuilding Contr_2
Advances on Newbuilding Contracts (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Disclosure of detailed information about property, plant and equipment [abstract] | |
Summary of advances on newbuilding contracts | The following tables contais a summary of Partnership’s impairment expense, net for the years ended December 31, 2020 and 2019, by vessel and by segment: Period Vessel Segment Event Fair Value Hierarchical Level Valuation Techniques and Key Inputs Impairment Expense Q4 2020 Randgrid FSO Change in expected earnings of the vessel Level 3 Discounted cash flow valuation 45,444 Q4 2020 Petrojarl Varg FPSO Expected sale of the vessel Level 2 Fair value less cost to sell using an appraised valuation 30,506 Q4 2020 (1) Navion Oslo Shuttle Tanker Expected sale of the vessel Level 2 Fair value less cost to sell using an appraised valuation 7,665 Q3 2020 (2) Apollo Spirit FSO Expected sale of the vessel Level 2 Fair value less cost to sell using an appraised valuation 1,620 Q3 2020 (1) Navion Anglia Shuttle Tanker Expected sale of the vessel Level 2 Fair value less cost to sell using an appraised valuation 3,100 Q2 2020 (1) Dampier Spirit FSO Expected sale of the vessel Level 2 Fair value less cost to sell using an appraised valuation 6,685 Q2 2020 (2) Navion Bergen Shuttle Tanker Expected sale of the vessel Level 2 Fair value less cost to sell using an appraised valuation 1,715 Q1 2020 ALP Forward Towage Change in the expected earnings of the vessels Level 3 Discounted cash flow valuation 8,361 Q1 2020 ALP Winger Towage 12,479 Q1 2020 ALP Ippon Towage 1,360 Q1 2020 ALP Ace Towage 731 Q1 2020 Petrojarl I FPSO Change in the expected earnings of the vessel Level 3 Discounted cash flow valuation 42,367 Q1 2020 Petrojarl Varg FPSO Change in future redeployment assumptions Level 3 Discounted cash flow valuation 27,202 Q1 2020 Petrojarl Knarr FPSO Change in expected earnings of the vessel Level 3 Discounted cash flow valuation 56,599 Q1 2020 Navion Stavanger Shuttle Tanker Change in expected earnings of the vessel Level 3 Discounted cash flow valuation 3,606 Q1 2020 Navion Gothenburg Shuttle Tanker Change in future redeployment assumptions Level 3 Discounted cash flow valuation 16,772 Q1 2020 (2) Navion Bergen Shuttle Tanker Expected sale of the vessel Level 2 Fair value less cost to sell using an appraised valuation 2,400 Impairment expense, net for the year ended December 31, 2020 268,612 Q4 2019 Arendal Spirit UMS Change in future redeployment assumptions Level 3 Discounted cash flow valuation 24,220 Q4 2019 Voyageur Spirit FPSO Change in future redeployment assumptions Level 3 Discounted cash flow valuation 97,752 Q4 2019 (2)(3) Petrojarl Cidade de Rio das Ostras FPSO Expected sale of the vessel Level 2 Fair value less cost to sell using an appraised valuation 4,382 Q3 2019 (2)(3) Stena Sirita Shuttle Tanker Expected sale of the vessel Level 2 Fair value less cost to sell using an appraised valuation 1,506 Q2 2019 Arendal Spirit UMS Change in future redeployment assumptions Level 3 Discounted cash flow valuation 11,487 Q2 2019 Petrojarl Varg FPSO Change in future redeployment assumptions Level 3 Discounted cash flow valuation 33,991 Q2 2019 Navion Gothenburg Shuttle Tanker Significant repairs required to continue operations Level 3 Discounted cash flow valuation 12,304 Q2 2019 (2)(3) Petrojarl Cidade de Rio das Ostras FPSO Expected sale of the vessel Level 2 Fair value less cost to sell using an appraised valuation 506 Q2 2019 (2)(3) Navion Hispania Shuttle Tanker Expected sale of the vessel Level 2 Fair value less cost to sell using an appraised valuation 1,532 Impairment expense, net for the year ended December 31, 2019 187,680 (1) Vessels and equipment were classified as held for sale as at December 31, 2020. (2) Vessels and equipment were sold during the year ended December 31, 2020. (3) Vessels and equipment were classified as held for sale as at December 31, 2019. December 31, 2020 December 31, 2019 $ $ Opening balance at beginning of year 297,100 113,796 Additions 368,588 169,704 Capitalized borrowing costs 4,778 13,600 Transferred to vessels and equipment (543,131) — Closing balance at end of year 127,335 297,100 |
Disclosure of maturity analysis for capital commitments | As at December 31, 2020, the contractual maturities of the Partnership's obligations under its newbuilding contracts were as follows: Total 1 Year 2 Years 3 Years 4 Years 5 Years Thereafter (in millions of U.S. Dollars) Newbuilding contracts 248.5 175.5 73.0 — — — — |
Disclosure of maturity analysis of finance lease payments receivable | As at December 31, 2020, future scheduled payments under the finance leases to be received by the Partnership were as follows: Total 1 Year 2 Years 3 Years 4 Years 5 Years Thereafter (in millions of U.S. Dollars) Finance leases 76.2 12.8 12.8 12.1 11.5 11.5 15.5 |
Disclosure of maturity of lease liabilities | As at December 31, 2020, the contractual maturities of the Partnership's obligations relating to the finance leases under the sale and leaseback transactions were as follows: Total 1 Year 2 Years 3 Years 4 Years 5 Years Thereafter (in millions of U.S. Dollars) Obligations related to finance leases 141.6 7.9 7.5 7.5 7.5 7.5 103.7 As at December 31, 2020, the contractual maturities of the Partnership's borrowings were as follows: Total 1 Year 2 Years 3 Years 4 Years 5 Years Thereafter (in millions of U.S. Dollars) Borrowings: Secured debt - scheduled repayments 1,279.0 294.2 231.6 207.9 160.1 124.9 260.3 Secured debt - repayments on maturity 793.8 69.0 70.5 274.6 182.0 — 197.7 Bond repayments 1,138.1 — 251.1 687.0 200.0 — — Total borrowings 3,210.9 363.2 553.2 1,169.5 542.1 124.9 458.0 Unsecured revolving credit facility - due to related parties (1) 229.0 — — — 229.0 — — (1) See Note 22a for additional information. |
Equity-Accounted Investments (T
Equity-Accounted Investments (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Disclosure of joint ventures [abstract] | |
Disclosure of joint ventures | The following table presents details of the Partnership's joint ventures: Name of Joint Venture State or Jurisdiction of Incorporation Proportion of Ownership Interest OOG-TKP FPSO GmbH Austria 50% OOG-TKP FPSO GmbH & Co KG Austria 50% OOG-TKP Oil Services Ltd. Cayman Islands 50% OOG-TK Libra GmbH Austria 50% OOG-TK Libra GmbH & Co KG Austria 50% OOGTK Libra Operator Holdings Limited Cayman Islands 50% OOGTK Libra Producao de Petroleo Ltda Brazil 50% OOG-TKP Operator Holdings Limited Cayman Islands 50% OOG-TKP Producao de Petroleo Ltda Brazil 50% TK-Ocyan Libra Oil Services Ltd. Cayman Islands 50% The Partnership's investment in the Libra Joint Venture (as defined below) includes its investments in the below entities: Name of Joint Venture State or Jurisdiction of Incorporation Proportion of Ownership Interest OOG-TK Libra GmbH Austria 50% OOG-TK Libra GmbH & Co KG Austria 50% OOGTK Libra Operator Holdings Limited Cayman Islands 50% OOGTK Libra Producao de Petroleo Ltda Brazil 50% TK-Ocyan Libra Oil Services Ltd. Cayman Islands 50% The Partnership's investment in the Itajai Joint Venture (as defined below) includes its investments in the below entities: Name of Joint Venture State or Jurisdiction of Incorporation Proportion of Ownership Interest OOG-TKP FPSO GmbH Austria 50% OOG-TKP FPSO GmbH & Co KG Austria 50% OOG-TKP Oil Services Ltd. Cayman Islands 50% OOG-TKP Operator Holdings Limited Cayman Islands 50% OOG-TKP Producao de Petroleo Ltda Brazil 50% December 31, 2020 December 31, 2019 January 1, 2019 Libra Joint Venture Itajai Joint Venture Total Libra Joint Venture Itajai Joint Venture Total Libra Joint Venture Itajai Joint Venture Total $ $ $ $ $ $ $ $ $ Current assets 123,576 29,605 153,181 126,154 33,565 159,719 114,949 34,314 149,263 Non-current assets 765,239 278,113 1,043,352 813,330 306,178 1,119,508 877,719 308,064 1,185,783 Current liabilities 83,028 43,681 126,709 80,321 46,741 127,062 87,392 47,403 134,795 Non-current liabilities 567,474 18,888 586,362 611,457 76,277 687,734 668,689 113,923 782,612 Net assets 238,313 245,149 483,462 247,706 216,725 464,431 236,587 181,052 417,639 Ownership interest 50 % 50 % 50 % 50 % 50 % 50 % 50 % 50 % 50 % Equity-accounted investments 119,157 122,575 241,731 123,853 108,363 232,216 118,294 90,526 208,819 Cash and cash equivalents 8,450 10,396 18,846 7,972 10,556 18,528 66,217 23,417 89,634 Current financial liabilities 66,223 35,533 101,756 62,676 35,954 98,630 58,281 31,782 90,063 Non-current financial liabilities 495,861 18,546 514,407 530,588 71,836 602,424 579,156 105,382 684,538 Year ended December 31, 2020 2020 2020 2019 2019 2019 Libra Joint Venture Itajai Joint Venture Total Libra Joint Venture Itajai Joint Venture Total $ $ $ $ $ $ Revenues 181,734 82,170 263,904 181,172 84,275 265,447 Depreciation and amortization (48,408) (16,419) (64,827) (47,282) (16,371) (63,653) Interest expense (20,493) (8,373) (28,866) (34,798) (6,938) (41,736) Interest income 83 170 253 203 — 203 Income tax (expense) recovery (100) (534) (634) (166) (330) (496) Net income (loss) and other comprehensive income (loss) 43,882 27,960 71,842 34,686 32,850 67,536 Ownership interest 50 % 50 % 50 % 50 % 50 % 50 % Equity-accounted income (loss) 21,941 13,980 35,921 17,343 16,425 33,768 Dividends received by the Partnership 27,492 2,250 29,742 15,405 2,250 17,655 The Partnership's investment in equity-accounted investments and its interest in the net income of its equity-accounted investments are included in the Partnership's FPSO segment. |
Goodwill (Tables)
Goodwill (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Disclosure Of Goodwill [Abstract] | |
Key assumptions used in the estimation of the recoverable amounts | The values assigned to the key assumptions represent the Partnership's assessment of future trends in the relevant industries and have been based on historical data from both external and internal sources. 2020 2019 January 1, 2019 Discount rate 6.73% 8.25% 8.25% Exit multiple 8.0 8.0 8.0 2020 2019 January 1, 2019 Discount rate 3.23% 1.31% 0.38% Exit multiple (1.7) (0.7) (0.2) |
Accounts Payable and Other (Tab
Accounts Payable and Other (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Subclassifications of assets, liabilities and equities [abstract] | |
Disclosure of detailed information on accounts payable and other | December 31, 2020 December 31, 2019 January 1, 2019 $ $ $ Current Accounts payable 46,022 56,699 16,423 Accrued liabilities (1) 143,660 133,435 122,428 Provisions (4) 7,522 7,540 7,468 Deferred revenues (2) 91,392 53,728 55,750 Lease liabilities (3) 13,818 21,216 11,411 Total current 302,414 272,618 213,480 Non-current Deferred revenues (2) 11,616 84,077 145,852 Lease liabilities (3) 22,010 46,769 8,790 Provisions (4) 60,179 60,366 78,992 Decommissioning liability (5) 33,901 31,420 29,302 Other 965 27 1,796 Total non-current 128,671 222,659 264,732 (1) See Note 16 for additional information. (2) See Note 18 for additional information. (3) See Note 10 for additional information. (4) See Note 17 for additional information. (5) Decommissioning liability relates to the Partnership’s requirement to remove the sub-sea mooring and riser system associated with the Randgrid FSO unit and restore the environment surrounding the facility. The liability represents the estimated cost to remove this equipment and restore the environment and takes into account the estimated timing of the cost to be incurred in future periods. The liability for the year ended December 31, 2020 was determined using a risk-free rate between 0.3% and 0.4% (December 31, 2019 - 1.6% and 2.5%) and an inflation rate of 2.5% (December 31, 2019 - 2.5%). |
Accrued Liabilities (Tables)
Accrued Liabilities (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Subclassifications of assets, liabilities and equities [abstract] | |
Disclosure of accrued liabilities | December 31, 2020 December 31, 2019 January 1, 2019 $ $ $ Interest including interest rate swaps 50,714 48,047 44,887 Payroll and benefits 44,167 36,807 34,828 Audit, legal and other general expenses 16,383 24,831 14,158 Voyage and vessel expenses 31,107 19,829 25,475 Income and other tax payable 1,289 3,921 3,080 143,660 133,435 122,428 |
Provisions and Contingencies (T
Provisions and Contingencies (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Disclosure of other provisions [abstract] | |
Disclosure of movement in provisions | December 31, 2020 December 31, 2019 $ $ Opening balance at beginning of year 67,906 86,460 Additional provisions recognized 12,033 2,161 Reduction arising from payments / derecognition (12,238) (20,715) Closing balance at end of year 67,701 67,906 |
Contracts in Progress (Tables)
Contracts in Progress (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Disclosure Of Revenue From Contracts With Customers [Abstract] | |
Disclosure of contract assets and contract liabilities | The following table presents the contract assets and contract liabilities on the Partnership's consolidated statements of financial position associated with these long-term charter arrangements from contracts with customers: December 31, 2020 December 31, 2019 January 1, 2019 $ $ $ Contract assets Current 18,958 3,816 7,926 Non-current 48,288 79,896 66,905 67,246 83,712 74,831 Contract liabilities Current 91,392 53,728 55,750 Non-current 11,616 84,077 145,852 103,008 137,805 201,602 |
Disclosure of assets recognised from costs to obtain or fulfil contracts with customers | The balances of assets recognized from the costs to fulfill a contract with a customer classified as other assets, split between current and non-current portions, on the Partnership's consolidated statements of financial position, by main category, excluding balances in the Partnership’s equity-accounted investments, are as follows: December 31, 2020 December 31, 2019 January 1, 2019 $ $ $ Pre-operational costs 7,750 12,836 24,031 Offshore asset mobilization costs 21,509 35,632 51,302 Vessel repositioning costs 11,565 13,379 15,188 40,824 61,847 90,521 |
Other Financial Liabilities (Ta
Other Financial Liabilities (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Disclosure Of Detailed Information About Financial Instruments [Abstract] | |
Disclosure of financial liabilities | December 31, 2020 December 31, 2019 January 1, 2019 $ $ $ Current Derivative instruments 189,647 18,956 23,290 Obligations relating to finance leases (1) 8,839 255 — Other 499 2,486 — Total current 198,985 21,697 23,290 Non-current Derivative instruments 13,950 143,222 144,867 Obligations relating to finance leases (1) 130,400 21,289 — Total non-current 144,350 164,511 144,867 (1) See Note 12 for additional information. The financing liability accrues interest at a fixed rate of 5.5% until the related newbuilding vessels are delivered to the Partnership. The aggregate amount of the Partnership's derivative financial instrument positions is as follows: December 31, 2020 December 31, 2019 January 1, 2019 Financial Asset Financial Liability Financial Asset Financial Liability Financial Asset Financial Liability $ $ $ $ $ $ Interest rate swaps — 203,597 — 161,630 3,103 108,552 Foreign currency forward contracts 6,497 — 1,123 548 — 4,650 Cross currency swaps — — — — — 4,442 Warrants — — — — — 50,513 Total 6,497 203,597 1,123 162,178 3,103 168,157 Total current 6,497 189,647 1,123 18,956 1,028 23,290 Total non-current — 13,950 — 143,222 2,075 144,867 Interest Rate Risk |
Summary of financial assets | December 31, 2020 December 31, 2019 January 1, 2019 $ $ $ Current Restricted cash (1) 97,017 106,869 8,540 Derivative instruments (2) 6,497 1,123 1,028 Total current 103,514 107,992 9,568 Non-current Restricted cash (1) 36,372 — — Derivative instruments (2) — — 2,075 Total non-current 36,372 — 2,075 (1) Restricted cash as at December 31, 2020 includes amounts held in escrow for a shuttle tanker newbuilding yard installment payment, a deposit related to the sale of a vessel, funds for loan facility repayments, withholding taxes and office lease prepayments (December 31, 2019 - amounts held in escrow for a shuttle tanker newbuilding yard installment payment, a guarantee for certain operating expenses, funds for scheduled loan facility repayments, withholding taxes and office lease prepayments. January 1, 2019 - amounts held in escrow as collateral on the Partnership's cross currency swaps, funds for a scheduled loan facility repayment, withholding taxes and office lease prepayments). (2) See Note 19 for additional information The aggregate amount of the Partnership's derivative financial instrument positions is as follows: December 31, 2020 December 31, 2019 January 1, 2019 Financial Asset Financial Liability Financial Asset Financial Liability Financial Asset Financial Liability $ $ $ $ $ $ Interest rate swaps — 203,597 — 161,630 3,103 108,552 Foreign currency forward contracts 6,497 — 1,123 548 — 4,650 Cross currency swaps — — — — — 4,442 Warrants — — — — — 50,513 Total 6,497 203,597 1,123 162,178 3,103 168,157 Total current 6,497 189,647 1,123 18,956 1,028 23,290 Total non-current — 13,950 — 143,222 2,075 144,867 Interest Rate Risk |
Disclosure of financial instruments by type of interest rate | As at December 31, 2020, the Partnership and its consolidated subsidiaries were committed to the following interest rate swap agreements: Interest Notional Fair Value / Carrying Amount of Asset (Liability) (1) $ Weighted- Fixed Interest Rate (%) (2) U.S. Dollar-denominated interest rate swaps (3)(4) LIBOR 647,368 (156,743) 0.50 4.0 % U.S. Dollar-denominated interest rate swaps (5)(6) LIBOR 526,541 (46,854) 1.40 2.9 % 1,173,909 (203,597) (1) Excludes accrued interest of $4.6 million. (2) Excludes the margin the Partnership pays on its variable-rate debt, which as at December 31, 2020, ranged between 0.90% and 6.50%. (3) Notional amount remains constant over the term of the swap, unless the swap is partially terminated. (4) Includes four interest rate swaps, which as at December 31, 2020, had a total current notional amount of $547.4 million and a total fair value liability of $155.7 million. These interest rate swaps include early termination provisions, which if exercised, would terminate these interest rate swaps in 2021. (5) Principal amount reduces quarterly or semi-annually. (6) Includes one interest rate swap, which as at December 31, 2020, had a total current notional amount of $143.3 million and a total fair value liability of $28.9 million. This interest rate swap includes early termination provisions, which if exercised, would terminate this interest rate swap in 2021. |
Disclosure of gains (losses) on financial instruments | Total realized and unrealized gain (loss) on the Partnership's derivative financial instruments that are not designated, for accounting purposes, as hedges are recognized in earnings and reported in realized and unrealized gain (loss) on derivative instruments in the consolidated statements of income (loss) for the years ended December 31, 2020 and 2019 as follows: Year Ended December 31, 2020 2019 $ $ Realized gain (loss) on derivative instruments Interest rate swaps (59,143) (29,185) Foreign currency forward contracts (1,310) (5,054) (60,453) (34,239) Unrealized gain (loss) on derivative instruments Interest rate swaps (41,967) (56,182) Foreign currency forward contracts 5,921 5,226 Warrants (1) — 50,513 (36,046) (443) Total realized and unrealized gain (loss) on derivative instruments (96,499) (34,682) (1) See below for additional information. |
Disclosure of maturity analysis for derivative financial liabilities | The following table presents the notional amounts underlying the Partnership's derivative financial instruments by term to maturity as at December 31, 2020: Total 1 Year 2 Years 3 Years 4 Years 5 Years Thereafter (in millions of U.S. Dollars) Fair value through profit or loss Interest rate swaps 1,173.9 763.1 389.1 3.8 3.8 3.8 10.3 Foreign currency forward contracts 54.1 54.1 — — — — — Total 1,228.0 817.2 389.1 3.8 3.8 3.8 10.3 |
Borrowings (Tables)
Borrowings (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Disclosure of detailed information about borrowings [abstract] | |
Disclosure of detailed information about borrowings | Weighted average term Weighted average rate December 31, 2020 December 31, 2019 January 1, 2019 December 31, 2020 December 31, 2019 January 1, 2019 December 31, 2020 December 31, 2019 January 1, 2019 $ $ $ (years) (years) (years) (%) (%) (%) Revolving Credit __ Facilities 439,600 513,200 523,125 3.07 4.05 3.44 2.81 4.50 5.82 Term Loans 1,426,370 1,399,309 1,443,125 5.51 5.79 6.04 2.69 4.12 4.76 Public Bonds 1,138,086 1,075,000 1,034,769 2.56 3.47 3.99 7.88 8.18 7.96 Non-Public Bonds 206,870 241,145 141,158 5.04 5.88 5.07 6.13 5.98 4.88 Total 3,210,926 3,228,654 3,142,177 4.10 4.75 4.89 4.77 5.67 6.00 Less: deferred financing __ costs and other (39,949) (44,142) (44,435) Total borrowings 3,170,977 3,184,512 3,097,742 Less current portion (362,079) (353,238) (554,336) Long-term portion 2,808,898 2,831,274 2,543,406 |
Disclosure of maturity analysis for borrowings | As at December 31, 2020, the contractual maturities of the Partnership's obligations relating to the finance leases under the sale and leaseback transactions were as follows: Total 1 Year 2 Years 3 Years 4 Years 5 Years Thereafter (in millions of U.S. Dollars) Obligations related to finance leases 141.6 7.9 7.5 7.5 7.5 7.5 103.7 As at December 31, 2020, the contractual maturities of the Partnership's borrowings were as follows: Total 1 Year 2 Years 3 Years 4 Years 5 Years Thereafter (in millions of U.S. Dollars) Borrowings: Secured debt - scheduled repayments 1,279.0 294.2 231.6 207.9 160.1 124.9 260.3 Secured debt - repayments on maturity 793.8 69.0 70.5 274.6 182.0 — 197.7 Bond repayments 1,138.1 — 251.1 687.0 200.0 — — Total borrowings 3,210.9 363.2 553.2 1,169.5 542.1 124.9 458.0 Unsecured revolving credit facility - due to related parties (1) 229.0 — — — 229.0 — — (1) See Note 22a for additional information. |
Income Taxes (Tables)
Income Taxes (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Disclosure Of Income Taxes [Abstract] | |
Disclosure of temporary difference, unused tax losses and unused tax credits | The significant components of the Partnership’s deferred tax assets and liabilities as at December 31, 2020 and 2019, and January 1, 2019, are as follows: December 31, 2020 December 31, 2019 January 1, 2019 $ $ $ Tax losses carried forward 5,153 7,000 9,168 Other timing differences (700) (3,133) (2,183) Total net deferred tax assets (liabilities) 4,453 3,867 6,985 Reflected in the statement of financial position as follows: Deferred tax assets 5,153 7,000 9,168 Deferred tax liabilities 700 3,133 2,183 Net deferred tax assets (liabilities) 4,453 3,867 6,985 The recognition of the deferred tax assets is based on the expectation that sufficient taxable income will be available through future taxable income supported by forecast. The net deferred tax assets (liabilities) movements are as follows: December 31, 2020 December 31, 2019 $ $ Opening net deferred tax assets (liabilities) balance at beginning of year 3,867 6,985 Deferred income tax (expense) recovery 804 (3,161) Other (218) 43 Closing net deferred tax assets (liabilities) balance at end of year 4,453 3,867 The following table details the expiry date, if applicable, of the unrecognized deferred tax assets: December 31, 2020 December 31, 2019 January 1, 2019 $ $ $ One year from reporting date 92 205 111 Two years from reporting date 122 84 129 Three years from reporting date 162 111 98 After three years from reporting date 108,788 97,475 103,564 Do not expire 153,573 134,311 134,931 Total 262,737 232,186 238,833 |
Disclosure of major components of tax expense (income) | The major components of income tax expense for the years ended December 31, 2020 and 2019 are as follows: Year Ended Year Ended Current income tax (expense) recovery (6,543) (4,666) Deferred income tax (expense) recovery: Origination and reversal of temporary differences 2,889 (1,035) Recovery (expense) arising from previously unrecognized (derecognized) tax assets (2,085) (2,126) Total deferred income taxes 804 (3,161) Income tax (expense) recovery (5,739) (7,827) |
Disclosure of reconciliation of accounting profit multiplied by applicable tax rates | The below reconciliation has been prepared using a composite statutory-rate for jurisdictions where the Partnership’s subsidiaries operate: Year Ended Year Ended Income (loss) before income tax (expense) recovery (340,424) (151,240) Net income (loss) not subject to taxes (155,010) (194,675) Net income (loss) subject to taxes (185,414) 43,435 Applicable statutory tax rate 1 % 11 % Net income (loss) subject to taxes at applicable statutory tax rates (1,222) 4,885 Permanent differences 2,219 (1,976) Adjustments related to currency differences 172 (360) Derecognition of deferred tax assets and other 4,570 5,278 Tax expense (recovery) related to current year 5,739 7,827 The unrecognized tax benefits movements are as follows: December 31, 2020 December 31, 2019 $ $ Opening unrecognized tax benefits balance at beginning of year 232,186 238,833 Increases for positions related to the current year 30,551 (6,647) Closing unrecognized tax benefits balance at end of year 262,737 232,186 |
Related Party Transactions (Tab
Related Party Transactions (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Disclosure Of Related Party [Abstract] | |
Disclosure of transactions between related parties | The key management personnel that are principally responsible for the operations of the Partnership are as follows: Name Position Ingvild Sæther President and Chief Executive Officer, Altera Infrastructure Group Ltd. Jan Rune Steinsland Chief Financial Officer, Altera Infrastructure Group Ltd. Duncan Donaldson General Counsel, Altera Infrastructure Group Ltd. During the year ended December 31, 2020, total compensation expenses of these three key management personnel of the Partnership was $2.2 million (December 31, 2019 - $2.0 million). The Partnership is a party to the following transactions with related parties: a) As at December 31, 2020, the Partnership had an undrawn balance of $nil (December 31, 2019 - $105.0 million, January 1, 2019 - $nil) relating to an unsecured revolving credit facility, which subsequent to May 8, 2019, was provided solely by Brookfield and prior to May 8, 2019 was provided by Brookfield and Teekay Corporation, and provided for borrowings of up to $125.0 million. In August 2020, the Partnership agreed to amend the existing credit facility with Brookfield, to increase the borrowings available under the unsecured revolving credit facility from $125.0 million to $200.0 million and extend its term from October 1, 2020 to October 31, 2024 and in November 2020 the Partnership agreed to further amend the existing credit facility with Brookfield, to increase the borrowings available under the unsecured revolving credit facility from $200.0 million to $225.0 million. The agreement provides the Partnership the option to defer interest payments of up to $25.0 million until maturity. The Partnership determined that each amendment to the unsecured revolving credit facility was a substantial modification resulting in the derecognition of the original liability and the recognition of the modified arrangement at its fair value. As the interest rate under the new modified facility was deemed to be at below market terms (the interest payments on the revolving credit facility are based on LIBOR plus a margin of 5.00% per annum, with interest payable monthly), based on the Partnership's assessment taken from its public bonds and preferred units, the Partnership determined that Brookfield was acting in its capacity as an equity owner and the $37.1 million decrease between the carrying value of the original facility and the fair value of the modified arrangement was classified as an equity contribution in the Partnership's consolidated statements of changes in equity. The difference between the fair value and the nominal amount of the modified arrangement will be recognized as an adjustment to interest expense over the remaining term of the loan using the effective interest rate method. Any outstanding principal balances are due on the maturity date. The revolving credit facility contains covenants that require the Partnership to maintain a minimum liquidity (cash, cash equivalents and undrawn committed revolving credit lines with at least six months to maturity) in an amount equal to the greater of $75.0 million and 5.0% of the Partnership’s total consolidated debt. As at December 31, 2020, the Partnership was in compliance with these covenants. For additional information on the change in the balance of borrowings from related parties, refer to note 28. b) On July 2, 2018, the Partnership issued, in a U.S. private placement, a total of $700.0 million of five -year senior unsecured bonds that mature in July 2023. The interest payments on the bonds are fixed at a rate 8.50% (see Note 20 for additional information). Brookfield purchased $500.0 million of these bonds and as at December 31, 2020 , Brookfield held $411.3 million of these bonds ( December 31, 2019 - $423.6 million, January 1, 2019 - $475.0 million), which is included in the non-current portion of borrowings on the Partnership's consolidated statements of financial position. Year Ended December 31, 2020 2019 Revenues (1) 8,079 42,628 Direct operating costs (2) — (2,535) General and administrative expenses (3) (1,134) (8,811) Depreciation and amortization (209) — Interest expense (4)(5) (43,831) (46,101) Realized and unrealized gain (loss) on derivative instruments (6) — 49,832 Other income (expenses), net (7) — (1,949) (1) Includes revenue from services provided to the Partnership's equity-accounted investments and from time-charter-out or bareboat contracts with subsidiaries of Teekay Corporation, including management fees for ship management services provided by the Partnership to a subsidiary of Teekay Corporation prior to May 8, 2019. (2) Includes ship management and crew training services provided by Teekay Corporation prior to May 8, 2019. (3) Includes commercial, technical, strategic, business development and administrative management fees charged by Teekay Corporation and for reimbursements to Teekay Corporation for costs incurred on the Partnership’s behalf prior to May 8, 2019 and reimbursements to the general partner for costs incurred on the Partnership’s behalf. (4) Includes interest expense of $35.0 million for the year ended December 31, 2020 (December 31, 2019 - $38.5 million), incurred on a portion of five-year senior unsecured bonds held by Brookfield (see Note 22b for additional information). (5) Includes interest expense of $7.3 million for the year ended December 31, 2020 (December 31, 2019 - $8.3 million) and a net interest accretion expense of $1.4 million for the year ended December 31, 2020 (December 31, 2019 - interest accretion income of $0.6 million) incurred on the unsecured revolving credit facility provided by Brookfield and, prior to May 8,2019, Teekay Corporation (see Note 22a for additional information). (6) Relates to unrealized gain (loss) on warrants held by Brookfield and Teekay Corporation prior to May 8, 2019 (see Note 19 for additional information). (7) Relates to a loss on refinancing of the unsecured revolving credit facility provided by Brookfield during the year ended December 31, 2019. |
Equity (Tables)
Equity (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Disclosure Of Share Capital, Reserves And Other Equity Interest [Abstract] | |
Summary of weighted average number of total common units | The weighted average number of total common units were as follows for the periods indicated: Year Ended December 31, 2020 2019 Weighted average number of total common units 411,148,991 410,727,035 |
Non-Wholly Owned Subsidiaries (
Non-Wholly Owned Subsidiaries (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Disclosure of subsidiaries [abstract] | |
Disclosure of Non-Wholly Owned Subsidiaries | The following provides information about the Partnership's wholly-owned subsidiaries as at December 31, 2020: Name of Subsidiary State or Jurisdiction of Incorporation Proportion of Ownership Interest ALP Ace BV Netherlands 100% ALP Centre BV Netherlands 100% ALP Defender BV Netherlands 100% ALP Forward BV Netherlands 100% ALP Guard BV Netherlands 100% ALP Ippon BV Netherlands 100% ALP Keeper BV Netherlands 100% ALP Maritime Contractors BV Netherlands 100% ALP Maritime Group BV Netherlands 100% ALP Maritime Holding BV Netherlands 100% ALP Maritime Services BV Netherlands 100% ALP Ocean Towage Holding BV Netherlands 100% ALP Striker BV Netherlands 100% ALP Sweeper BV Netherlands 100% ALP Winger BV Netherlands 100% Altera (Atlantic) Chartering ULC Canada 100% Altera (Atlantic) Management ULC Canada 100% Altera Al Rayyan LLC Marshall Islands 100% Altera do Brasil Servicos Maritimos Ltda. Brazil 100% Altera Grand Banks AS Norway 100% Altera Grand Banks Shipping AS Norway 100% Altera Infrastructure Crewing AS Norway 100% Altera Infrastructure Coöperatief U.A. Netherlands 100% Altera Infrastructure Finance Corp. Marshall Islands 100% Altera Infrastructure Group Ltd. Marshall Islands 100% Altera Infrastructure FSO Holdings Limited United Kingdom 100% Altera Infrastructure Holdings LLC Marshall Islands 100% Altera Infrastructure Holdings Pte. Ltd. Singapore 100% Altera Infrastructure Norway AS Norway 100% Altera Infrastructure Production (Singapore) Pte. Ltd. Singapore 100% Altera Infrastructure Production AS Norway 100% Altera Infrastructure Production Crew AS Norway 100% Altera Infrastructure Production Holdings AS Norway 100% Altera Infrastructure Production Holdings Limited United Kingdom 100% Altera Infrastructure Services Pte. Ltd Singapore 100% Altera Knarr AS Norway 100% Altera Libra Netherlands BV Netherlands 100% Altera Luxembourg S.a.r.l. Luxembourg 100% Altera Netherlands BV Netherlands 100% Altera Norway Hiload AS Norway 100% Altera Norway Holdings AS Norway 100% Altera Norway Marine AS Norway 100% Altera Operations Australia Pty Ltd. Australia 100% Altera Partners Holding AS Norway 100% Altera Petrojarl FPSO Petrolífera do Brasil Ltda. Brazil 100% Altera Petrojarl I Servicos de Petroleo Ltda. Brazil 100% Altera Piranema Servicos de Petroleo Ltda. Brazil 100% Altera Production UK Limited United Kingdom 100% Altera Shuttle Loading Pte. Ltd. Singapore 100% Altera Shuttle Tanker Finance LLC Marshall Islands 100% Altera Shuttle Tankers LLC Marshall Islands 100% Altera Varg Production Limited. United Kingdom 100% Altera Voyageur Production Limited. United Kingdom 100% Altera Wave AS Norway 100% Altera Wind AS Norway 100% Amundsen Spirit LLC Marshall Islands 100% Apollo Spirit LLC Marshall Islands 100% Arendal Spirit AS Norway 100% Arendal Spirit LLC Marshall Islands 100% Aurora Spirit AS Norway 100% Bossa Nova Spirit LLC Marshall Islands 100% Clipper LLC Marshall Islands 100% Current Spirit AS Norway 100% Dampier Spirit LLC Marshall Islands 100% Gina Krog AS Norway 100% Gina Krog Offshore Pte. Ltd. Singapore 100% Golar Nor (UK) Limited United Kingdom 100% Knarr LLC Marshall Islands 100% Lambada Spirit LLC Marshall Islands 100% Logitel Offshore Holding AS Norway 100% Logitel Offshore Norway AS Norway 100% Logitel Offshore Pte. Ltd. Singapore 100% Logitel Offshore Rig I Pte. Ltd. Singapore 100% Logitel Offshore Rig II Pte. Ltd. Singapore 100% Logitel Offshore Rig III LLC Marshall Islands 100% Nansen Spirit LLC Marshall Islands 100% Navion Bergen AS Norway 100% Navion Bergen LLC Marshall Islands 100% Navion Gothenburg AS Norway 100% Navion Offshore Loading AS Norway 100% Peary Spirit LLC Marshall Islands 100% Petrojarl I LLC Marshall Islands 100% Petrojarl I Production AS Norway 100% Piranema LLC Marshall Islands 100% Piranema Production AS Norway 100% Rainbow Spirit AS Norway 100% Salamander Production (UK) Limited United Kingdom 100% Samba Spirit LLC Marshall Islands 100% Scott Spirit LLC Marshall Islands 100% Sertanejo Spirit LLC Marshall Islands 100% Siri Holdings LLC Marshall Islands 100% Teekay Australia Offshore Holdings Pty Ltd. Australia 100% Teekay FSO Finance Pty Ltd. Australia 100% Teekay Hiload LLC Marshall Islands 100% Teekay Offshore Business Process Services (Philippines) Inc. Philippines 100% Tide Spirit AS Norway 100% Tiro Sidon UK L.L.P. United Kingdom 100% Teekay Petrojarl Offshore Siri AS Norway 100% TPO Siri LLC Marshall Islands 100% Varg LLC Marshall Islands 100% Varg Production AS Norway 100% Voyageur LLC Marshall Islands 100% The following table presents details of non-wholly owned subsidiaries of the Partnership: Name of Subsidiary State or Jurisdiction of Incorporation Proportion of Ownership Interest KS Apollo Spirit Norway 89% Navion Gothenburg LLC Marshall Islands 50% Nordic Rio LLC Marshall Islands 50% Partrederiet Stena Ugland Shuttle Tankers I DA Norway 50% Partrederiet Stena Ugland Shuttle Tankers II DA Norway 50% Partrederiet Stena Ugland Shuttle Tankers III DA Norway 50% The following tables present the assets and liabilities from the Partnership’s investments in non-wholly owned subsidiaries as at December 31, 2020, December 31, 2019 and January 1, 2019, as well as of revenues, net income, other comprehensive income and distributions for the year ended December 31, 2020 and 2019: December 31, 2020 December 31, 2019 January 1, 2019 $ $ $ Current assets 38,902 30,977 19,937 Non-current assets 48,960 88,457 128,628 Current liabilities 44,109 24,371 18,732 Non-current liabilities — 28,847 41,502 Year Ended December 31, 2020 2019 $ $ Revenues 47,050 55,655 Net income (loss) and other comprehensive income (loss) (12,759) (15,106) Distributions paid to non-controlling interests (4,750) (3,636) |
Revenues (Tables)
Revenues (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Analysis of income and expense [abstract] | |
Disclosure of disaggregation of revenue from contracts with customers | The following tables contain the Partnership’s revenue for the years ended December 31, 2020 and 2019, by contract type and by segment: Year Ended December 31, 2020 FPSO Segment Shuttle Tanker Segment FSO Segment UMS Segment Towage Segment Eliminations (1) Total Revenues from contracts with customers FPSO contracts 156,804 — — — — — 156,804 CoAs — 84,171 — — — — 84,171 Time charters — 96,607 25,566 — — — 122,173 Bareboat charters — — — — — — — Voyage charters — 485 — — 45,851 (5,564) 40,772 Management fees and other 133,524 2,822 4,153 1,828 140 — 142,467 290,328 184,085 29,719 1,828 45,991 (5,564) 546,387 Other revenues FPSO contracts 192,474 — — — — — 192,474 CoAs — 145,804 — — — — 145,804 Time charters — 149,477 71,052 — — — 220,529 Bareboat charters — 21,679 13,096 — — — 34,775 Voyage charters — 37,845 — — — — 37,845 Management fees and other — 4,296 — — — — 4,296 192,474 359,101 84,148 — — — 635,723 Total revenues 482,802 543,186 113,867 1,828 45,991 (5,564) 1,182,110 (1) Includes revenues earned between segments of the Partnership, during the year ended December 31, 2020. Year Ended December 31, 2019 FPSO Segment Shuttle Tanker Segment FSO Segment UMS Segment Towage Segment Conventional Tanker Segment Total Revenues from contracts with customers FPSO contracts 192,573 — — — — — 192,573 CoAs — 83,522 — — — — 83,522 Time charters — 110,951 47,106 — — — 158,057 Bareboat charters — — — — — — — Voyage charters — 5,542 — — 74,726 7,972 88,240 Management fees and other 71,295 9,289 3,177 2,940 — — 86,701 263,868 209,304 50,283 2,940 74,726 7,972 609,093 Other revenues FPSO contracts 213,728 — — — — — 213,728 CoAs — 104,756 — — — — 104,756 Time charters — 182,143 74,656 — — — 256,799 Bareboat charters — 34,611 15,178 — — — 49,789 Voyage charters — 18,773 — — — — 18,773 Management fees and other — — — — — — — 213,728 340,283 89,834 — — — 643,845 Total revenues 477,596 549,587 140,117 2,940 74,726 7,972 1,252,938 |
Disclosure of maturity analysis of finance lease payments receivable | As at December 31, 2020, future scheduled payments under the finance leases to be received by the Partnership were as follows: Total 1 Year 2 Years 3 Years 4 Years 5 Years Thereafter (in millions of U.S. Dollars) Finance leases 76.2 12.8 12.8 12.1 11.5 11.5 15.5 |
Disclosure of maturity analysis of operating lease payments | As at December 31, 2020, the undiscounted contractual maturities of the Partnership's lease liabilities were as follows: Total 1 Year 2 Years 3 Years 4 Years 5 Years Thereafter (in millions of U.S. Dollars) Lease liabilities 38.9 15.4 14.2 2.7 2.5 2.0 2.1 Total 1 Year 2 Years 3 Years 4 Years 5 Years Thereafter (in millions of U.S. Dollars) Operating leases 2,673.3 673.6 441.1 321.8 243.5 232.7 760.6 |
Direct Operating Costs (Tables)
Direct Operating Costs (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Analysis of income and expense [abstract] | |
Disclosure of detailed information on direct operating costs | The following table lists direct operating costs for the year ended December 31, 2020 and 2019 by nature: Year Ended December 31, 2020 2019 $ $ Voyage expenses (1) 113,618 132,556 Operating expenses 268,999 229,400 Charter hire 18,325 33,202 Compensation 226,850 211,533 Total 627,792 606,691 (1) Expenses unique to a particular voyage, including any bunker fuel expenses, port fees, cargo loading and unloading expenses, canal tolls, agency fees and commissions. |
Segment Information (Tables)
Segment Information (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Disclosure Of Entity's Operating Segments [Abstract] | |
Disclosure of detailed information of operating segments | The following tables include the results for the Partnership’s reportable segments for the periods presented in these consolidated financial statements: Year Ended December 31, 2020 FPSO Segment Shuttle Tanker Segment FSO Segment UMS Segment Towage Segment Corporate/Eliminations Total Revenues 482,802 543,186 113,867 1,828 45,991 (5,564) 1,182,110 Direct operating costs (270,419) (251,259) (51,018) (8,977) (51,683) 5,564 (627,792) General and administrative (1) (28,590) (10,891) (2,889) (397) (1,593) — (44,360) Realized loss on foreign currency forward contracts — — — — — (1,310) (1,310) Adjusted EBITDA from equity-accounted investments (2) 101,352 — — — — — 101,352 Adjusted EBITDA attributable to non-controlling interests — (10,989) 312 — — — (10,677) Adjusted EBITDA 285,145 270,047 60,272 (7,546) (7,285) (1,310) 599,323 Year Ended December 31, 2019 FPSO Segment Shuttle Tanker Segment FSO UMS Segment Towage Conventional Segment Corporate/Eliminations Total Revenues 477,596 549,587 140,117 2,940 74,726 7,972 — 1,252,938 Direct operating costs (235,335) (245,833) (43,234) (5,825) (67,160) (9,304) — (606,691) General and administrative (1) (31,773) (14,986) (4,169) (1,567) (2,328) (104) — (54,927) Realized loss on foreign currency forward contracts — — — — — — (5,054) (5,054) Adjusted EBITDA from equity-accounted investments (2) 98,297 — — — — — — 98,297 Adjusted EBITDA attributable to non-controlling interests — (10,864) (500) — — — — (11,364) Adjusted EBITDA 308,785 277,904 92,214 (4,452) 5,238 (1,436) (5,054) 673,199 (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) Adjusted EBITDA from equity-accounted investments represents the Partnership's proportionate share of Adjusted EBITDA from equity-accounted vessels. The following table includes reconciliations of Adjusted EBITDA to net income (loss) for the periods presented in these consolidated financial statements: Year Ended December 31, 2020 2019 $ $ Adjusted EBITDA 599,323 673,199 Depreciation and amortization (1) (316,317) (358,474) Interest expense (192,723) (205,667) Interest income 2,770 5,111 Expenses and gains (losses) relating to equity-accounted investments (2) (65,431) (64,529) Impairment expense, net (3) (268,612) (187,680) Gain (loss) on dispositions, net (4) 3,411 12,548 Realized and unrealized gain (loss) on derivative instruments (5) (95,189) (29,628) Foreign currency exchange gain (loss) (7,861) 2,193 Other income (expenses), net (10,472) (9,677) Adjusted EBITDA attributable to non-controlling interests 10,677 11,364 Income (loss) before income tax (expense) recovery (340,424) (151,240) Income tax (expense) recovery Current (6,543) (4,666) Deferred 804 (3,161) Net loss (346,163) (159,067) (1) Depreciation and amortization by segment for the year ended December 31, 2020 is as follows: FPSO $94.3 million, Shuttle Tanker $163.9 million, FSO $38.0 million, UMS $2.3 million and Towage $17.9 million (December 31, 2019 - FPSO $109.9 million, Shuttle Tanker $184.1 million, FSO $43.3 million, UMS $3.4 million and Towage $17.8 million). (2) Includes depreciation and amortization, interest expense, interest income, realized and unrealized gain (loss) on derivative instruments, foreign currency exchange gain (loss) and income tax (expense) recovery relating to equity-accounted investments. The sum of (a) Adjusted EBITDA from equity-accounted investments and (b) expenses and gains (losses) relating to equity-accounted investments from this table equals the amount of equity-accounted income (loss) included on the Partnership's consolidated statements of income (loss). (3) Impairment expense, net by segment for the year ended December 31, 2020 is as follows: FPSO $156.7 million, Shuttle Tanker $35.3 million, FSO $53.8 million and Towage $22.9 million (December 31, 2019 - FPSO $136.6 million, Shuttle Tanker $15.3 million and UMS $35.7 million). (see Note 11 for additional information). (4) Gain (loss) on dispositions, net by segment for the year ended December 31, 2020 is as follows: FPSO $(0.1) million, Shuttle Tanker segment $(1.9) million and FSO $5.4 million (December 31, 2019 - Shuttle Tanker $1.3 million and FSO $11.2 million). (see Note 8 for additional information). (5) Excludes the realized loss on foreign currency forward contracts. A reconciliation of the Partnership's asset by reportable operating segment as at December 31, 2020, December 31, 2019 and January 1, 2019 are as follows: December 31, 2020 December 31, 2019 January 1, 2019 $ $ $ FPSO segment 1,220,084 1,481,797 1,723,693 Shuttle tanker segment 2,134,382 1,902,811 1,864,919 FSO segment 242,312 346,854 384,768 UMS segment 100,467 100,796 137,795 Towage segment 301,270 341,826 365,778 Conventional tanker segment — — 4,080 Corporate/Other Cash and cash equivalents and restricted cash 369,123 306,256 233,580 Other assets 17,993 7,898 8,509 Total assets 4,385,631 4,488,238 4,723,122 |
Disclosure of detailed information of revenue by geography | The table below summarize the Partnership's segment revenue by geography based on the operating location of the Partnership's assets for the year ended December 31, 2020 and 2019: Year Ended December 31, 2020 FPSO Segment Shuttle Tanker Segment FSO UMS Segment Towage Eliminations Total Revenues from contracts with customers Norway 119,537 109,001 17,088 1,828 — — 247,454 Brazil 48,484 25,578 — — — — 74,062 Netherlands — — — — 45,991 (5,564) 40,427 Canada — 48,097 — — — — 48,097 United Kingdom 122,307 1,409 — — — — 123,716 Australia — — 5,157 — — — 5,157 Other — — 7,474 — — — 7,474 Total revenues from contracts with customers 290,328 184,085 29,719 1,828 45,991 (5,564) 546,387 Other revenues Norway 146,938 179,773 64,638 — — — 391,349 Brazil 39,750 76,116 — — — — 115,866 Netherlands — — — — — — — Canada — 62,269 — — — — 62,269 United Kingdom 5,786 3,098 5,353 — — — 14,237 Australia — — 483 — — — 483 Other — 37,845 13,674 — — — 51,519 Total other revenues 192,474 359,101 84,148 — — — 635,723 Total revenues 482,802 543,186 113,867 1,828 45,991 (5,564) 1,182,110 Year Ended December 31, 2019 FPSO Segment Shuttle Tanker Segment FSO UMS Segment Towage Conventional Segment Total Revenues from contracts with customers Norway 153,483 124,512 28,131 2,940 — — 309,066 Brazil 56,221 30,907 — — — — 87,128 Netherlands — — — — 74,726 — 74,726 Canada — 43,123 — — — — 43,123 United Kingdom 54,164 10,762 — — — — 64,926 Australia — — 14,137 — — — 14,137 Other — — 8,015 — — 7,972 15,987 Total revenues from contracts with customers 263,868 209,304 50,283 2,940 74,726 7,972 609,093 Other revenues Norway 136,186 156,065 67,533 — — — 359,784 Brazil 64,903 86,220 — — — — 151,123 Netherlands — — — — — — — Canada — 54,053 — — — — 54,053 United Kingdom 12,639 25,172 5,681 — — — 43,492 Australia — — 3,276 — — — 3,276 Other — 18,773 13,344 — — — 32,117 Total other revenues 213,728 340,283 89,834 — — — 643,845 Total revenues 477,596 549,587 140,117 2,940 74,726 7,972 1,252,938 The tables below summarize the Partnership's non-current assets by geography as at December 31, 2020, December 31, 2019 and January 1, 2019: December 31, 2020 FPSO Segment Shuttle Tanker Segment FSO UMS Segment Towage Corporate/Other Total Norway 560,469 1,203,857 157,221 59,798 — 36,552 2,017,897 Brazil 443,559 385,647 — — — — 829,206 Netherlands — — — — 288,823 — 288,823 Canada — 355,497 — — — — 355,497 United Kingdom 111,832 60,542 — — — — 172,374 Other — 32,353 56,490 — — — 88,843 Total non-current assets 1,115,860 2,037,896 213,711 59,798 288,823 36,552 3,752,640 December 31, 2019 FPSO Segment Shuttle Tanker Segment FSO UMS Segment Towage Corporate/Other Total Norway 765,980 882,811 236,060 79,276 — 1,008 1,965,135 Brazil 502,084 455,023 — — — — 957,107 Netherlands — — — — 323,920 — 323,920 Canada — 363,527 — — — — 363,527 United Kingdom 119,247 81,349 5,002 — — — 205,598 Australia — — 14,687 — — — 14,687 Other — 32,752 62,508 — — — 95,260 Total non-current assets 1,387,311 1,815,462 318,257 79,276 323,920 1,008 3,925,234 January 1, 2019 FPSO Segment Shuttle Tanker Segment FSO UMS Segment Towage Corporate/Other Total Norway 863,122 767,751 265,252 137,168 — 178 2,033,471 Brazil 517,393 517,647 — — — — 1,035,040 Netherlands — — — — 339,048 — 339,048 Canada — 366,875 — — — — 366,875 United Kingdom 230,495 101,389 7,400 — — — 339,284 Australia — — 16,190 — — — 16,190 Other — 33,700 68,540 — — — 102,240 Total non-current assets 1,611,010 1,787,362 357,382 137,168 339,048 178 4,232,148 |
Disclosure of revenue from major customers | The following table presents revenues and percentage of consolidated revenues for customers that accounted for more than 10% of the Partnership’s consolidated revenues during the periods presented: (U.S. Dollars in millions, except percentages) Year Ended Year Ended Royal Dutch Shell Plc (1) $319.4 or 27% $311.3 or 25% BP Plc (2) $162.1 or 14% — (4) Equinor ASA (3) $143.3 or 12% $170.8 or 14% (1) Shuttle tanker and FPSO segments. (2) Shuttle tanker and FPSO segments. (3) Shuttle tanker and FSO segments. (4) Percentage of consolidated revenue was less than 10%. |
Disclosure of detailed information of non-current assets by geography | The table below summarize the Partnership's segment revenue by geography based on the operating location of the Partnership's assets for the year ended December 31, 2020 and 2019: Year Ended December 31, 2020 FPSO Segment Shuttle Tanker Segment FSO UMS Segment Towage Eliminations Total Revenues from contracts with customers Norway 119,537 109,001 17,088 1,828 — — 247,454 Brazil 48,484 25,578 — — — — 74,062 Netherlands — — — — 45,991 (5,564) 40,427 Canada — 48,097 — — — — 48,097 United Kingdom 122,307 1,409 — — — — 123,716 Australia — — 5,157 — — — 5,157 Other — — 7,474 — — — 7,474 Total revenues from contracts with customers 290,328 184,085 29,719 1,828 45,991 (5,564) 546,387 Other revenues Norway 146,938 179,773 64,638 — — — 391,349 Brazil 39,750 76,116 — — — — 115,866 Netherlands — — — — — — — Canada — 62,269 — — — — 62,269 United Kingdom 5,786 3,098 5,353 — — — 14,237 Australia — — 483 — — — 483 Other — 37,845 13,674 — — — 51,519 Total other revenues 192,474 359,101 84,148 — — — 635,723 Total revenues 482,802 543,186 113,867 1,828 45,991 (5,564) 1,182,110 Year Ended December 31, 2019 FPSO Segment Shuttle Tanker Segment FSO UMS Segment Towage Conventional Segment Total Revenues from contracts with customers Norway 153,483 124,512 28,131 2,940 — — 309,066 Brazil 56,221 30,907 — — — — 87,128 Netherlands — — — — 74,726 — 74,726 Canada — 43,123 — — — — 43,123 United Kingdom 54,164 10,762 — — — — 64,926 Australia — — 14,137 — — — 14,137 Other — — 8,015 — — 7,972 15,987 Total revenues from contracts with customers 263,868 209,304 50,283 2,940 74,726 7,972 609,093 Other revenues Norway 136,186 156,065 67,533 — — — 359,784 Brazil 64,903 86,220 — — — — 151,123 Netherlands — — — — — — — Canada — 54,053 — — — — 54,053 United Kingdom 12,639 25,172 5,681 — — — 43,492 Australia — — 3,276 — — — 3,276 Other — 18,773 13,344 — — — 32,117 Total other revenues 213,728 340,283 89,834 — — — 643,845 Total revenues 477,596 549,587 140,117 2,940 74,726 7,972 1,252,938 The tables below summarize the Partnership's non-current assets by geography as at December 31, 2020, December 31, 2019 and January 1, 2019: December 31, 2020 FPSO Segment Shuttle Tanker Segment FSO UMS Segment Towage Corporate/Other Total Norway 560,469 1,203,857 157,221 59,798 — 36,552 2,017,897 Brazil 443,559 385,647 — — — — 829,206 Netherlands — — — — 288,823 — 288,823 Canada — 355,497 — — — — 355,497 United Kingdom 111,832 60,542 — — — — 172,374 Other — 32,353 56,490 — — — 88,843 Total non-current assets 1,115,860 2,037,896 213,711 59,798 288,823 36,552 3,752,640 December 31, 2019 FPSO Segment Shuttle Tanker Segment FSO UMS Segment Towage Corporate/Other Total Norway 765,980 882,811 236,060 79,276 — 1,008 1,965,135 Brazil 502,084 455,023 — — — — 957,107 Netherlands — — — — 323,920 — 323,920 Canada — 363,527 — — — — 363,527 United Kingdom 119,247 81,349 5,002 — — — 205,598 Australia — — 14,687 — — — 14,687 Other — 32,752 62,508 — — — 95,260 Total non-current assets 1,387,311 1,815,462 318,257 79,276 323,920 1,008 3,925,234 January 1, 2019 FPSO Segment Shuttle Tanker Segment FSO UMS Segment Towage Corporate/Other Total Norway 863,122 767,751 265,252 137,168 — 178 2,033,471 Brazil 517,393 517,647 — — — — 1,035,040 Netherlands — — — — 339,048 — 339,048 Canada — 366,875 — — — — 366,875 United Kingdom 230,495 101,389 7,400 — — — 339,284 Australia — — 16,190 — — — 16,190 Other — 33,700 68,540 — — — 102,240 Total non-current assets 1,611,010 1,787,362 357,382 137,168 339,048 178 4,232,148 |
Supplemental Cash Flow Inform_2
Supplemental Cash Flow Information (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Statement of cash flows [abstract] | |
Disclosure of additional cash flow statement information | Year Ended December 31, 2020 December 31, 2019 $ $ Interest paid 174,827 204,074 Income taxes paid 7,368 4,859 Amounts paid and received for interest were reflected as operating cash flows in the consolidated statements of cash flow. The changes in non-cash working capital items related to operating activities for the years ended December 31, 2020 and 2019 are as follows: Year Ended December 31, 2020 December 31, 2019 $ $ Accounts and other receivable, net (2,154) (62,287) Other assets 7,867 6,362 Accounts payable and other (8,652) 68,165 Due from (to) related parties (9,932) 1,101 Changes in non-cash working capital, net (12,871) 13,341 |
Disclosure of reconciliation of liabilities arising from financing activities | The following table presents the change in the balance of borrowings arising from financing activities as at December 31, 2020 and 2019: December 31, 2020 December 31, 2019 $ $ Opening balance of borrowings at beginning of year 3,184,512 3,097,742 Cash flows related to borrowings (24,947) 61,336 Non-cash changes: Deferred financing costs amortization 13,943 15,483 Other (2,531) 9,951 Closing balance of borrowings at end of year 3,170,977 3,184,512 The following table presents the change in the balance of obligations related to finance leases arising from financing activities as at December 31, 2020 and 2019: December 31, 2020 December 31, 2019 $ $ Opening balance of obligations relating to finance leases at beginning of year 21,544 — Cash flows related to obligations relating to finance leases 117,696 21,547 Non-cash changes: Other (1) (3) Closing balance of obligations relating to finance leases at end of year 139,239 21,544 The following table presents the change in the balance of borrowings from related parties arising from financing activities as at December 31, 2020 and 2019: December 31, 2020 December 31, 2019 $ $ Opening balance of borrowings from related parties at beginning of year 21,306 125,000 Cash flows related to borrowings from related parties 205,000 (105,000) Non-cash changes: Changes in fair value (37,060) 1,949 Other (1) 5,382 (643) Closing balance of borrowings from related parties at end of year 194,628 21,306 (1) Includes deferred interest payments and accretion income on the borrowings from related parties. The following table presents the change in the balance of lease liabilities arising from financing activities as at December 31, 2020 and 2019: December 31, 2020 December 31, 2019 $ $ Opening balance of lease liabilities at beginning of year 67,985 20,201 Cash flows related to lease liabilities (20,332) (14,695) Non-cash changes: Additions 757 63,349 Dispositions (15,074) (1,854) Other 2,492 984 Closing balance of lease liabilities at end of year 35,828 67,985 |
Financial Risk Management (Tabl
Financial Risk Management (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Disclosure Of Financial Risk Management [Abstract] | |
Disclosure of capital risk management | December 31, 2020 December 31, 2019 January 1, 2019 $ $ $ Borrowings 3,170,977 3,184,512 3,097,742 Obligations relating to finance leases 139,239 21,544 — Due to related parties (1) 194,628 21,306 125,000 Less: Cash and cash equivalents 235,734 199,388 225,040 Restricted cash 133,389 106,869 8,540 Net debt 3,135,721 2,921,105 2,989,162 Total equity 244,899 597,802 793,033 Total equity and net debt 3,380,620 3,518,907 3,782,195 Net debt to capitalization ratio 93% 83% 79% (1) Includes borrowings from related parties. Refer to Note 20. |
Summary of foreign currency risk by asset and liability type | The following tables set out the Partnership's currency exposure of financial instruments as at December 31, 2020, December 31, 2019 and January 1, 2019: (in thousands of U.S. Dollars) December 31, 2020 USD NOK AUD GBP CAD EUR BRL Other Total Financial assets Current assets 470,906 31,940 123 48,068 8,914 1,651 3,536 4,672 569,810 Non-current assets 87,274 737 — — — — — — 88,011 Total 558,180 32,677 123 48,068 8,914 1,651 3,536 4,672 657,821 Financial liabilities Current liabilities 592,664 9,815 10,985 4,174 — 2,324 419 530 620,911 Non-current liabilities 3,159,205 5,043 — 3,548 192 541 914 443 3,169,886 Total 3,751,869 14,858 10,985 7,722 192 2,865 1,333 973 3,790,797 (in thousands of U.S. Dollars) December 31, 2019 USD NOK AUD GBP CAD EUR BRL Other Total Financial assets Current assets 301,862 36,271 5,400 9,014 6,509 26,335 25,390 7,194 417,975 Non-current assets 109,231 — — — — — — — 109,231 Total 411,093 36,271 5,400 9,014 6,509 26,335 25,390 7,194 527,206 Financial liabilities Current liabilities 458,911 4,061 212 3,523 1,404 1,204 574 4,268 474,157 Non-current liabilities 3,031,105 6,597 — 3,894 209 639 109 — 3,042,553 Total 3,490,016 10,658 212 7,417 1,613 1,843 683 4,268 3,516,710 (in thousands of U.S. Dollars) January 1, 2019 USD NOK AUD GBP CAD EUR BRL Other Total Financial assets Current assets 352,211 41,662 4,962 4,907 6,807 3,793 16,088 5,282 435,712 Non-current assets 38,611 987 — — — 10 — 2,938 42,546 Total 390,822 42,649 4,962 4,907 6,807 3,803 16,088 8,220 478,258 Financial liabilities Current liabilities 769,538 10,942 — 1,607 356 3,749 1,368 1,695 789,255 Non-current liabilities 2,688,059 9,004 — — — — — — 2,697,063 Total 3,457,597 19,946 — 1,607 356 3,749 1,368 1,695 3,486,318 |
Sensitivity analysis of currency risk | The Partnership’s exposures to foreign currencies and the sensitivity of net income and other comprehensive income, on a pre-tax basis, to a 10% change in the exchange rates relative to the United States dollar is summarized below: (in thousands of U.S. Dollars) December 31, 2020 10% decrease 10% increase Norwegian Krone (1,782) 1,782 British Pound (4,035) 4,035 Other (255) 255 (in thousands of U.S. Dollars) December 31, 2019 10% decrease 10% increase Norwegian Krone (2,561) 2,561 British Pound (160) 160 Other (6,221) 6,221 |
Other income (expenses), net (T
Other income (expenses), net (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Analysis of income and expense [abstract] | |
Schedule of total other income (expenses), net | The table below summarize the Partnership's other income (expenses), net for the year ended December 31, 2020 and 2019: Year Ended December 31, 2020 2019 $ $ Restructuring costs (1) (9,994) (119) Gain (loss) on modification of financial liabilities, net — (8,332) Other, net (478) (1,226) Total other income (expenses), net (10,472) (9,677) (1) During the year ended December 31, 2020, the Partnership recognized restructuring costs of $10.0 million primarily related to severance costs from the contract termination of the Dampier Spirit FSO unit and severance costs associated with the transition of administrative services from Teekay Corporation to the Partnership. |
Significant Accounting Polici_4
Significant Accounting Policies - Going concern (Details) $ in Thousands | 1 Months Ended | 12 Months Ended | ||
Feb. 28, 2021USD ($)credit_facilityderivative | Dec. 31, 2020USD ($) | Dec. 31, 2019USD ($) | Jan. 01, 2019USD ($) | |
Disclosure of non-adjusting events after reporting period [line items] | ||||
Working capital deficit | $ 230,500 | $ 105,900 | ||
Scheduled maturities of borrowings | 362,079 | 353,238 | $ 554,336 | |
Other financial liabilities | 198,985 | $ 21,697 | $ 23,290 | |
Commitments to fund certain vessels under construction | 248,500 | |||
Increase in other financial liabilities | 177,300 | |||
Increase in cash and cash equivalents | $ 36,300 | |||
Number interest rate swaps terminated or amended | derivative | 4 | |||
Unsecured revolving credit facilities | ||||
Disclosure of non-adjusting events after reporting period [line items] | ||||
Number of borrowing instruments | credit_facility | 2 | |||
Unsecured Revolving Credit Facility, $70 Million | ||||
Disclosure of non-adjusting events after reporting period [line items] | ||||
Notional amount | $ 70,000 | |||
Unsecured Revolving Credit Facility, $30 Million | ||||
Disclosure of non-adjusting events after reporting period [line items] | ||||
Notional amount | 30,000 | |||
Refinanced Term Loan | ||||
Disclosure of non-adjusting events after reporting period [line items] | ||||
Notional amount | $ 75,000 |
Significant Accounting Polici_5
Significant Accounting Policies - Wholly owned subsidiaries (Details) | 12 Months Ended |
Dec. 31, 2020 | |
ALP Ace BV | |
Disclosure of subsidiaries [line items] | |
Proportion of Ownership Interest | 100.00% |
ALP Centre BV | |
Disclosure of subsidiaries [line items] | |
Proportion of Ownership Interest | 100.00% |
ALP Defender BV | |
Disclosure of subsidiaries [line items] | |
Proportion of Ownership Interest | 100.00% |
ALP Forward BV | |
Disclosure of subsidiaries [line items] | |
Proportion of Ownership Interest | 100.00% |
ALP Guard BV | |
Disclosure of subsidiaries [line items] | |
Proportion of Ownership Interest | 100.00% |
ALP Ippon BV | |
Disclosure of subsidiaries [line items] | |
Proportion of Ownership Interest | 100.00% |
ALP Keeper BV | |
Disclosure of subsidiaries [line items] | |
Proportion of Ownership Interest | 100.00% |
ALP Maritime Contractors BV | |
Disclosure of subsidiaries [line items] | |
Proportion of Ownership Interest | 100.00% |
ALP Maritime Group BV | |
Disclosure of subsidiaries [line items] | |
Proportion of Ownership Interest | 100.00% |
ALP Maritime Holding BV | |
Disclosure of subsidiaries [line items] | |
Proportion of Ownership Interest | 100.00% |
ALP Maritime Services BV | |
Disclosure of subsidiaries [line items] | |
Proportion of Ownership Interest | 100.00% |
ALP Ocean Towage Holding BV | |
Disclosure of subsidiaries [line items] | |
Proportion of Ownership Interest | 100.00% |
ALP Striker BV | |
Disclosure of subsidiaries [line items] | |
Proportion of Ownership Interest | 100.00% |
ALP Sweeper BV | |
Disclosure of subsidiaries [line items] | |
Proportion of Ownership Interest | 100.00% |
ALP Winger BV | |
Disclosure of subsidiaries [line items] | |
Proportion of Ownership Interest | 100.00% |
Altera (Atlantic) Chartering ULC | |
Disclosure of subsidiaries [line items] | |
Proportion of Ownership Interest | 100.00% |
Altera (Atlantic) Management ULC | |
Disclosure of subsidiaries [line items] | |
Proportion of Ownership Interest | 100.00% |
Altera Al Rayyan LLC | |
Disclosure of subsidiaries [line items] | |
Proportion of Ownership Interest | 100.00% |
Altera do Brasil Servicos Maritimos Ltda. | |
Disclosure of subsidiaries [line items] | |
Proportion of Ownership Interest | 100.00% |
Altera Grand Banks AS | |
Disclosure of subsidiaries [line items] | |
Proportion of Ownership Interest | 100.00% |
Altera Grand Banks Shipping AS | |
Disclosure of subsidiaries [line items] | |
Proportion of Ownership Interest | 100.00% |
Altera Infrastructure Crewing AS | |
Disclosure of subsidiaries [line items] | |
Proportion of Ownership Interest | 100.00% |
Altera Infrastructure Coöperatief U.A. | |
Disclosure of subsidiaries [line items] | |
Proportion of Ownership Interest | 100.00% |
Altera Infrastructure Finance Corp. | |
Disclosure of subsidiaries [line items] | |
Proportion of Ownership Interest | 100.00% |
Altera Infrastructure Group Ltd. | |
Disclosure of subsidiaries [line items] | |
Proportion of Ownership Interest | 100.00% |
Altera Infrastructure FSO Holdings Limited | |
Disclosure of subsidiaries [line items] | |
Proportion of Ownership Interest | 100.00% |
Altera Infrastructure Holdings LLC | |
Disclosure of subsidiaries [line items] | |
Proportion of Ownership Interest | 100.00% |
Altera Infrastructure Holdings Pte. Ltd. | |
Disclosure of subsidiaries [line items] | |
Proportion of Ownership Interest | 100.00% |
Altera Infrastructure Norway AS | |
Disclosure of subsidiaries [line items] | |
Proportion of Ownership Interest | 100.00% |
Altera Infrastructure Production (Singapore) Pte. Ltd. | |
Disclosure of subsidiaries [line items] | |
Proportion of Ownership Interest | 100.00% |
Altera Infrastructure Production AS | |
Disclosure of subsidiaries [line items] | |
Proportion of Ownership Interest | 100.00% |
Altera Infrastructure Production Crew AS | |
Disclosure of subsidiaries [line items] | |
Proportion of Ownership Interest | 100.00% |
Altera Infrastructure Production Holdings AS | |
Disclosure of subsidiaries [line items] | |
Proportion of Ownership Interest | 100.00% |
Altera Infrastructure Production Holdings Limited | |
Disclosure of subsidiaries [line items] | |
Proportion of Ownership Interest | 100.00% |
Altera Infrastructure Services Pte. Ltd | |
Disclosure of subsidiaries [line items] | |
Proportion of Ownership Interest | 100.00% |
Altera Knarr AS | |
Disclosure of subsidiaries [line items] | |
Proportion of Ownership Interest | 100.00% |
Altera Libra Netherlands BV | |
Disclosure of subsidiaries [line items] | |
Proportion of Ownership Interest | 100.00% |
Altera Luxembourg S.a.r.l. | |
Disclosure of subsidiaries [line items] | |
Proportion of Ownership Interest | 100.00% |
Altera Netherlands BV | |
Disclosure of subsidiaries [line items] | |
Proportion of Ownership Interest | 100.00% |
Altera Norway Hiload AS | |
Disclosure of subsidiaries [line items] | |
Proportion of Ownership Interest | 100.00% |
Altera Norway Holdings AS | |
Disclosure of subsidiaries [line items] | |
Proportion of Ownership Interest | 100.00% |
Altera Norway Marine AS | |
Disclosure of subsidiaries [line items] | |
Proportion of Ownership Interest | 100.00% |
Altera Operations Australia Pty Ltd. | |
Disclosure of subsidiaries [line items] | |
Proportion of Ownership Interest | 100.00% |
Altera Partners Holding AS | |
Disclosure of subsidiaries [line items] | |
Proportion of Ownership Interest | 100.00% |
Altera Petrojarl FPSO Petrolífera do Brasil Ltda. | |
Disclosure of subsidiaries [line items] | |
Proportion of Ownership Interest | 100.00% |
Altera Petrojarl I Servicos de Petroleo Ltda. | |
Disclosure of subsidiaries [line items] | |
Proportion of Ownership Interest | 100.00% |
Altera Piranema Servicos de Petroleo Ltda. | |
Disclosure of subsidiaries [line items] | |
Proportion of Ownership Interest | 100.00% |
Altera Production UK Limited | |
Disclosure of subsidiaries [line items] | |
Proportion of Ownership Interest | 100.00% |
Altera Shuttle Loading Pte. Ltd. | |
Disclosure of subsidiaries [line items] | |
Proportion of Ownership Interest | 100.00% |
Altera Shuttle Tanker Finance LLC | |
Disclosure of subsidiaries [line items] | |
Proportion of Ownership Interest | 100.00% |
Altera Shuttle Tankers LLC | |
Disclosure of subsidiaries [line items] | |
Proportion of Ownership Interest | 100.00% |
Altera Varg Production Limited. | |
Disclosure of subsidiaries [line items] | |
Proportion of Ownership Interest | 100.00% |
Altera Voyageur Production Limited. | |
Disclosure of subsidiaries [line items] | |
Proportion of Ownership Interest | 100.00% |
Altera Wave AS | |
Disclosure of subsidiaries [line items] | |
Proportion of Ownership Interest | 100.00% |
Altera Wind AS | |
Disclosure of subsidiaries [line items] | |
Proportion of Ownership Interest | 100.00% |
Amundsen Spirit LLC | |
Disclosure of subsidiaries [line items] | |
Proportion of Ownership Interest | 100.00% |
Apollo Spirit LLC | |
Disclosure of subsidiaries [line items] | |
Proportion of Ownership Interest | 100.00% |
Arendal Spirit AS | |
Disclosure of subsidiaries [line items] | |
Proportion of Ownership Interest | 100.00% |
Arendal Spirit LLC | |
Disclosure of subsidiaries [line items] | |
Proportion of Ownership Interest | 100.00% |
Aurora Spirit AS | |
Disclosure of subsidiaries [line items] | |
Proportion of Ownership Interest | 100.00% |
Bossa Nova Spirit LLC | |
Disclosure of subsidiaries [line items] | |
Proportion of Ownership Interest | 100.00% |
Clipper LLC | |
Disclosure of subsidiaries [line items] | |
Proportion of Ownership Interest | 100.00% |
Current Spirit AS | |
Disclosure of subsidiaries [line items] | |
Proportion of Ownership Interest | 100.00% |
Dampier Spirit LLC | |
Disclosure of subsidiaries [line items] | |
Proportion of Ownership Interest | 100.00% |
Gina Krog AS | |
Disclosure of subsidiaries [line items] | |
Proportion of Ownership Interest | 100.00% |
Gina Krog Offshore Pte. Ltd. | |
Disclosure of subsidiaries [line items] | |
Proportion of Ownership Interest | 100.00% |
Golar Nor (UK) Limited | |
Disclosure of subsidiaries [line items] | |
Proportion of Ownership Interest | 100.00% |
Knarr LLC | |
Disclosure of subsidiaries [line items] | |
Proportion of Ownership Interest | 100.00% |
Lambada Spirit LLC | |
Disclosure of subsidiaries [line items] | |
Proportion of Ownership Interest | 100.00% |
Logitel Offshore Holding AS | |
Disclosure of subsidiaries [line items] | |
Proportion of Ownership Interest | 100.00% |
Logitel Offshore Norway AS | |
Disclosure of subsidiaries [line items] | |
Proportion of Ownership Interest | 100.00% |
Logitel Offshore Pte. Ltd. | |
Disclosure of subsidiaries [line items] | |
Proportion of Ownership Interest | 100.00% |
Logitel Offshore Rig I Pte. Ltd. | |
Disclosure of subsidiaries [line items] | |
Proportion of Ownership Interest | 100.00% |
Logitel Offshore Rig II Pte. Ltd. | |
Disclosure of subsidiaries [line items] | |
Proportion of Ownership Interest | 100.00% |
Logitel Offshore Rig III LLC | |
Disclosure of subsidiaries [line items] | |
Proportion of Ownership Interest | 100.00% |
Nansen Spirit LLC | |
Disclosure of subsidiaries [line items] | |
Proportion of Ownership Interest | 100.00% |
Navion Bergen AS | |
Disclosure of subsidiaries [line items] | |
Proportion of Ownership Interest | 100.00% |
Navion Bergen LLC | |
Disclosure of subsidiaries [line items] | |
Proportion of Ownership Interest | 100.00% |
Navion Gothenburg AS | |
Disclosure of subsidiaries [line items] | |
Proportion of Ownership Interest | 100.00% |
Navion Offshore Loading AS | |
Disclosure of subsidiaries [line items] | |
Proportion of Ownership Interest | 100.00% |
Peary Spirit LLC | |
Disclosure of subsidiaries [line items] | |
Proportion of Ownership Interest | 100.00% |
Petrojarl I LLC | |
Disclosure of subsidiaries [line items] | |
Proportion of Ownership Interest | 100.00% |
Petrojarl I Production AS | |
Disclosure of subsidiaries [line items] | |
Proportion of Ownership Interest | 100.00% |
Piranema LLC | |
Disclosure of subsidiaries [line items] | |
Proportion of Ownership Interest | 100.00% |
Piranema Production AS | |
Disclosure of subsidiaries [line items] | |
Proportion of Ownership Interest | 100.00% |
Rainbow Spirit AS | |
Disclosure of subsidiaries [line items] | |
Proportion of Ownership Interest | 100.00% |
Salamander Production (UK) Limited | |
Disclosure of subsidiaries [line items] | |
Proportion of Ownership Interest | 100.00% |
Samba Spirit LLC | |
Disclosure of subsidiaries [line items] | |
Proportion of Ownership Interest | 100.00% |
Scott Spirit LLC | |
Disclosure of subsidiaries [line items] | |
Proportion of Ownership Interest | 100.00% |
Sertanejo Spirit LLC | |
Disclosure of subsidiaries [line items] | |
Proportion of Ownership Interest | 100.00% |
Siri Holdings LLC | |
Disclosure of subsidiaries [line items] | |
Proportion of Ownership Interest | 100.00% |
Teekay Australia Offshore Holdings Pty Ltd. | |
Disclosure of subsidiaries [line items] | |
Proportion of Ownership Interest | 100.00% |
Teekay FSO Finance Pty Ltd. | |
Disclosure of subsidiaries [line items] | |
Proportion of Ownership Interest | 100.00% |
Teekay Hiload LLC | |
Disclosure of subsidiaries [line items] | |
Proportion of Ownership Interest | 100.00% |
Teekay Offshore Business Process Services (Philippines) Inc. | |
Disclosure of subsidiaries [line items] | |
Proportion of Ownership Interest | 100.00% |
Tide Spirit AS | |
Disclosure of subsidiaries [line items] | |
Proportion of Ownership Interest | 100.00% |
Tiro Sidon UK L.L.P. | |
Disclosure of subsidiaries [line items] | |
Proportion of Ownership Interest | 100.00% |
Teekay Petrojarl Offshore Siri AS | |
Disclosure of subsidiaries [line items] | |
Proportion of Ownership Interest | 100.00% |
TPO Siri LLC | |
Disclosure of subsidiaries [line items] | |
Proportion of Ownership Interest | 100.00% |
Varg LLC | |
Disclosure of subsidiaries [line items] | |
Proportion of Ownership Interest | 100.00% |
Varg Production AS | |
Disclosure of subsidiaries [line items] | |
Proportion of Ownership Interest | 100.00% |
Voyageur LLC | |
Disclosure of subsidiaries [line items] | |
Proportion of Ownership Interest | 100.00% |
Significant Accounting Polici_6
Significant Accounting Policies - Non-wholly owned subsidiaries (Details) | 12 Months Ended |
Dec. 31, 2020 | |
KS Apollo Spirit | |
Disclosure of subsidiaries [line items] | |
Proportion of Ownership Interest | 89.00% |
Navion Gothenburg LLC | |
Disclosure of subsidiaries [line items] | |
Proportion of Ownership Interest | 50.00% |
Nordic Rio LLC | |
Disclosure of subsidiaries [line items] | |
Proportion of Ownership Interest | 50.00% |
Partrederiet Stena Ugland Shuttle Tankers I DA | |
Disclosure of subsidiaries [line items] | |
Proportion of Ownership Interest | 50.00% |
Partrederiet Stena Ugland Shuttle Tankers II DA | |
Disclosure of subsidiaries [line items] | |
Proportion of Ownership Interest | 50.00% |
Partrederiet Stena Ugland Shuttle Tankers III DA | |
Disclosure of subsidiaries [line items] | |
Proportion of Ownership Interest | 50.00% |
Significant Accounting Polici_7
Significant Accounting Policies - Joint ventures (Details) | 1 Months Ended | 12 Months Ended |
Jun. 30, 2013 | Dec. 31, 2020 | |
OOG-TKP FPSO GmbH | ||
Disclosure of joint ventures [line items] | ||
Proportion of Ownership Interest | 50.00% | |
OOG-TKP FPSO GmbH & Co KG | ||
Disclosure of joint ventures [line items] | ||
Proportion of Ownership Interest | 50.00% | 50.00% |
OOG-TKP Oil Services Ltd. | ||
Disclosure of joint ventures [line items] | ||
Proportion of Ownership Interest | 50.00% | |
OOG-TK Libra GmbH | ||
Disclosure of joint ventures [line items] | ||
Proportion of Ownership Interest | 50.00% | |
OOG-TK Libra GmbH & Co KG | ||
Disclosure of joint ventures [line items] | ||
Proportion of Ownership Interest | 50.00% | |
OOGTK Libra Operator Holdings Limited | ||
Disclosure of joint ventures [line items] | ||
Proportion of Ownership Interest | 50.00% | |
OOGTK Libra Producao de Petroleo Ltda | ||
Disclosure of joint ventures [line items] | ||
Proportion of Ownership Interest | 50.00% | |
OOG-TKP Operator Holdings Limited | ||
Disclosure of joint ventures [line items] | ||
Proportion of Ownership Interest | 50.00% | |
OOG-TKP Producao de Petroleo Ltda | ||
Disclosure of joint ventures [line items] | ||
Proportion of Ownership Interest | 50.00% | |
TK-Ocyan Libra Oil Services Ltd. | ||
Disclosure of joint ventures [line items] | ||
Proportion of Ownership Interest | 50.00% |
Significant Accounting Polici_8
Significant Accounting Policies - Useful life of vessels and equipment (Details) | 12 Months Ended |
Dec. 31, 2020 | |
Bottom of range | |
Disclosure of detailed information about property, plant and equipment [line items] | |
Shuttle tanker and towage vessel, dry dock frequency | 2 years 6 months |
Top of range | |
Disclosure of detailed information about property, plant and equipment [line items] | |
Shuttle tanker and towage vessel, dry dock frequency | 5 years |
Dry docks and Overhauls | Bottom of range | |
Disclosure of detailed information about property, plant and equipment [line items] | |
Estimated Useful Life | 2 years 6 months |
Dry docks and Overhauls | Top of range | |
Disclosure of detailed information about property, plant and equipment [line items] | |
Estimated Useful Life | 5 years |
Capital Modifications | Bottom of range | |
Disclosure of detailed information about property, plant and equipment [line items] | |
Estimated Useful Life | 3 years |
Capital Modifications | Top of range | |
Disclosure of detailed information about property, plant and equipment [line items] | |
Estimated Useful Life | 20 years |
Vessels and Equipment | Bottom of range | |
Disclosure of detailed information about property, plant and equipment [line items] | |
Estimated Useful Life | 9 years |
Vessels and Equipment | Top of range | |
Disclosure of detailed information about property, plant and equipment [line items] | |
Estimated Useful Life | 35 years |
Newbuild Vessel | Shuttle Tanker Segment | |
Disclosure of detailed information about property, plant and equipment [line items] | |
Estimated Useful Life | 20 years |
Newbuild Vessel | UMS | |
Disclosure of detailed information about property, plant and equipment [line items] | |
Estimated Useful Life | 35 years |
Newbuild Vessel | Towage | |
Disclosure of detailed information about property, plant and equipment [line items] | |
Estimated Useful Life | 25 years |
Newbuild Vessel | Bottom of range | FPSO Segment | |
Disclosure of detailed information about property, plant and equipment [line items] | |
Estimated Useful Life | 20 years |
Newbuild Vessel | Top of range | FPSO Segment | |
Disclosure of detailed information about property, plant and equipment [line items] | |
Estimated Useful Life | 25 years |
Significant Accounting Polici_9
Significant Accounting Policies - Revenues from contracts with customers (Details) | 12 Months Ended |
Dec. 31, 2020contract | |
Disclosure Of Significant Accounting Policies [Abstract] | |
Number of primary contract types | 5 |
Significant Accounting Polic_10
Significant Accounting Policies - Impairment (Details) - USD ($) $ in Millions | Dec. 31, 2020 | Dec. 31, 2019 | Jan. 01, 2019 |
Disclosure Of Significant Accounting Policies [Abstract] | |||
Allowance account for credit losses of financial assets | $ 1.4 | $ 0 | $ 0 |
Significant Accounting Polic_11
Significant Accounting Policies - Employee pension plans (Details) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
Disclosure Of Significant Accounting Policies [Abstract] | ||
Defined contribution pension expense | $ 5.5 | $ 5.2 |
Surplus (deficit) in plan | $ (0.7) | $ 0.3 |
Significant Accounting Polic_12
Significant Accounting Policies - Changes in accounting policy (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Jan. 01, 2019 | |
Disclosure of detailed information about borrowings [line items] | |||
Borrowings | $ 3,170,977 | $ 3,184,512 | $ 3,097,742 |
Floating interest rate | |||
Disclosure of detailed information about borrowings [line items] | |||
Borrowings | $ 1,840,613 | ||
Weighted average term | 4 years 1 month 28 days | ||
Revolving Credit Facility | Floating interest rate | |||
Disclosure of detailed information about borrowings [line items] | |||
Borrowings | $ 439,600 | ||
Weighted average term | 3 years 25 days | ||
Term loans | |||
Disclosure of detailed information about borrowings [line items] | |||
Borrowings | $ 1,400,000 | 1,400,000 | 1,400,000 |
Term loans | Floating interest rate | |||
Disclosure of detailed information about borrowings [line items] | |||
Borrowings | $ 1,201,013 | ||
Weighted average term | 4 years 7 months 17 days | ||
Public bonds | |||
Disclosure of detailed information about borrowings [line items] | |||
Borrowings | $ 1,100,000 | $ 1,100,000 | $ 1,000,000 |
Public bonds | Floating interest rate | |||
Disclosure of detailed information about borrowings [line items] | |||
Borrowings | $ 200,000 | ||
Weighted average term | 3 years 9 months 18 days | ||
Interest rate risk | |||
Disclosure of detailed information about borrowings [line items] | |||
Notional amount | $ 1,173,909 |
Transition to IFRS - Reconcilia
Transition to IFRS - Reconciliation of consolidated statements of financial position prepared under previous GAAP (Details) - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 | Jan. 01, 2019 | Dec. 31, 2018 |
Current assets | ||||
Cash and cash equivalents | $ 235,734 | $ 199,388 | $ 225,040 | |
Financial assets | 103,514 | 107,992 | 9,568 | |
Accounts and other receivable, net | 222,629 | 204,825 | 143,710 | |
Vessels and equipment classified as held for sale | 7,500 | 15,374 | 12,528 | |
Inventory | 16,308 | 18,581 | 20,254 | |
Due from related parties | 9,980 | 0 | 58,885 | |
Other assets | 37,326 | 16,844 | 20,989 | |
Total current assets | 632,991 | 563,004 | 490,974 | |
Non-current assets | ||||
Financial assets | 36,372 | 0 | 2,075 | |
Accounts and other receivable, net | 0 | 17,276 | 36,536 | |
Vessels and equipment | 3,029,415 | 3,025,716 | 3,548,501 | |
Advances on newbuilding contracts | 127,335 | 297,100 | 113,796 | |
Equity-accounted investments | 241,731 | 232,216 | 208,819 | |
Deferred tax assets | 5,153 | 7,000 | 9,168 | |
Due from related parties | 0 | 0 | 949 | |
Other assets | 185,521 | 218,813 | 185,191 | |
Goodwill | 127,113 | 127,113 | 127,113 | |
Total non-current assets | 3,752,640 | 3,925,234 | 4,232,148 | |
Total assets | 4,385,631 | 4,488,238 | 4,723,122 | |
Current liabilities | ||||
Accounts payable and other | 302,414 | 272,618 | 213,480 | |
Accrued liabilities | 143,660 | 133,435 | 122,428 | |
Deferred revenues | 91,392 | 53,728 | 55,750 | |
Other financial liabilities | 198,985 | 21,697 | 23,290 | |
Due to related parties | 7 | 21,306 | 183,795 | |
Borrowings | 362,079 | 353,238 | 554,336 | |
Total current liabilities | 863,485 | 668,859 | 974,901 | |
Non-current liabilities | ||||
Accounts payable and other | 128,671 | 222,659 | 264,732 | |
Other financial liabilities | 144,350 | 164,511 | 144,867 | |
Borrowings | 2,808,898 | 2,831,274 | 2,543,406 | |
Deferred tax liabilities | 700 | 3,133 | 2,183 | |
Total non-current liabilities | 3,277,247 | 3,221,577 | 2,955,188 | |
Total liabilities | 4,140,732 | 3,890,436 | 3,930,089 | |
EQUITY | ||||
Accumulated other comprehensive income | 4,071 | 4,410 | 7,361 | |
Non-controlling interests in subsidiaries | 17,890 | 29,794 | 40,339 | |
Total equity | 244,899 | 597,802 | 793,033 | |
Total liabilities and equity | 4,385,631 | 4,488,238 | 4,723,122 | |
Limited partners | Common units | ||||
EQUITY | ||||
Issued capital | 0 | 169,737 | 350,088 | |
Limited partners | Preferred units | ||||
EQUITY | ||||
Issued capital | 376,512 | 384,274 | 384,274 | |
General partner | ||||
EQUITY | ||||
Issued capital | $ 6,828 | 9,587 | 10,971 | |
Previous GAAP | ||||
Current assets | ||||
Cash and cash equivalents | 199,388 | 225,040 | ||
Financial assets | 17,798 | 8,540 | ||
Accounts and other receivable, net | 204,020 | 141,903 | ||
Vessels and equipment classified as held for sale | 15,374 | 12,528 | ||
Inventory | 0 | 0 | ||
Due from related parties | 58,885 | |||
Prepaid expenses | 29,887 | 32,199 | ||
Other assets | 7,467 | 11,879 | ||
Total current assets | 473,934 | 490,974 | ||
Non-current assets | ||||
Financial assets | 89,070 | |||
Vessels and equipment | 3,511,758 | 4,196,909 | ||
Advances on newbuilding contracts | 257,017 | 73,713 | ||
Equity-accounted investments | 234,627 | 212,202 | ||
Deferred tax assets | 7,000 | 9,168 | ||
Due from related parties | 949 | |||
Other assets | 220,716 | 198,992 | ||
Goodwill | 129,145 | 129,145 | ||
Total non-current assets | 4,449,333 | 4,821,078 | ||
Total assets | 4,923,267 | 5,312,052 | ||
Current liabilities | ||||
Accounts payable and other | 56,699 | 16,423 | ||
Accrued liabilities | 140,976 | 129,896 | ||
Deferred revenues | 53,728 | 55,750 | ||
Other financial liabilities | 18,956 | 23,290 | ||
Due to related parties | 20,000 | 183,795 | ||
Borrowings | 353,238 | 554,336 | ||
Other current liabilities | 14,793 | 15,062 | ||
Total current liabilities | 658,390 | 978,552 | ||
Non-current liabilities | ||||
Accounts payable and other | 223,877 | 236,616 | ||
Other financial liabilities | 143,222 | 94,354 | ||
Borrowings | 2,825,712 | 2,543,406 | ||
Total non-current liabilities | 3,192,811 | 2,874,376 | ||
Total liabilities | 3,851,201 | 3,852,928 | ||
EQUITY | ||||
Warrants | 132,225 | 132,225 | ||
Accumulated other comprehensive income | 4,410 | 7,361 | ||
Non-controlling interests in subsidiaries | 33,599 | 37,119 | ||
Total equity | 1,072,066 | 1,459,124 | $ 1,459,124 | |
Total liabilities and equity | 4,923,267 | 5,312,052 | ||
Previous GAAP | Limited partners | Common units | ||||
EQUITY | ||||
Issued capital | 505,394 | 883,090 | ||
Previous GAAP | Limited partners | Preferred units | ||||
EQUITY | ||||
Issued capital | 384,274 | 384,274 | ||
Previous GAAP | General partner | ||||
EQUITY | ||||
Issued capital | 12,164 | 15,055 | ||
Reclassifications | ||||
Current assets | ||||
Cash and cash equivalents | 0 | 0 | ||
Financial assets | 1,124 | 1,028 | ||
Accounts and other receivable, net | 805 | 1,807 | ||
Vessels and equipment classified as held for sale | 0 | 0 | ||
Inventory | 18,581 | 20,254 | ||
Due from related parties | 0 | |||
Prepaid expenses | (13,043) | (11,210) | ||
Other assets | (7,467) | (11,879) | ||
Total current assets | 0 | 0 | ||
Non-current assets | ||||
Financial assets | 0 | 2,075 | ||
Accounts and other receivable, net | 17,276 | 36,536 | ||
Vessels and equipment | 0 | 0 | ||
Advances on newbuilding contracts | 0 | 0 | ||
Equity-accounted investments | 0 | 0 | ||
Deferred tax assets | 0 | 0 | ||
Due from related parties | 0 | |||
Other assets | (17,276) | (38,611) | ||
Goodwill | 0 | 0 | ||
Total non-current assets | 0 | 0 | ||
Total assets | 0 | 0 | ||
Current liabilities | ||||
Accounts payable and other | 206,756 | 200,708 | ||
Accrued liabilities | (140,976) | (129,896) | ||
Deferred revenues | (53,728) | (55,750) | ||
Other financial liabilities | 2,741 | 0 | ||
Due to related parties | 0 | 0 | ||
Borrowings | 0 | 0 | ||
Other current liabilities | (14,793) | (15,062) | ||
Total current liabilities | 0 | 0 | ||
Non-current liabilities | ||||
Accounts payable and other | (24,422) | (2,183) | ||
Other financial liabilities | 21,289 | 0 | ||
Borrowings | 0 | 0 | ||
Deferred tax liabilities | 3,133 | 2,183 | ||
Total non-current liabilities | 0 | 0 | ||
Total liabilities | 0 | 0 | ||
EQUITY | ||||
Warrants | 0 | 0 | ||
Accumulated other comprehensive income | 0 | 0 | ||
Non-controlling interests in subsidiaries | 0 | 0 | ||
Total equity | 0 | 0 | ||
Total liabilities and equity | 0 | 0 | ||
Reclassifications | Limited partners | Common units | ||||
EQUITY | ||||
Issued capital | 0 | 0 | ||
Reclassifications | Limited partners | Preferred units | ||||
EQUITY | ||||
Issued capital | 0 | 0 | ||
Reclassifications | General partner | ||||
EQUITY | ||||
Issued capital | 0 | 0 | ||
IFRS Adjustments | ||||
Current assets | ||||
Cash and cash equivalents | 0 | 0 | ||
Financial assets | 89,070 | 0 | ||
Accounts and other receivable, net | 0 | 0 | ||
Vessels and equipment classified as held for sale | 0 | 0 | ||
Inventory | 0 | 0 | ||
Due from related parties | 0 | |||
Prepaid expenses | 0 | 0 | ||
Other assets | 0 | 0 | ||
Total current assets | 89,070 | 0 | ||
Non-current assets | ||||
Financial assets | (89,070) | 0 | ||
Accounts and other receivable, net | 0 | 0 | ||
Vessels and equipment | (486,042) | (648,408) | ||
Advances on newbuilding contracts | 40,083 | 40,083 | ||
Equity-accounted investments | (2,411) | (3,383) | ||
Deferred tax assets | 0 | 0 | ||
Due from related parties | 0 | |||
Other assets | 15,373 | 24,810 | ||
Goodwill | (2,032) | (2,032) | ||
Total non-current assets | (524,099) | (588,930) | ||
Total assets | (435,029) | (588,930) | ||
Current liabilities | ||||
Accounts payable and other | 9,163 | (3,651) | ||
Accrued liabilities | 0 | 0 | ||
Deferred revenues | 0 | 0 | ||
Other financial liabilities | 0 | 0 | ||
Due to related parties | 1,306 | 0 | ||
Borrowings | 0 | 0 | ||
Other current liabilities | 0 | 0 | ||
Total current liabilities | 10,469 | (3,651) | ||
Non-current liabilities | ||||
Accounts payable and other | 23,204 | 30,299 | ||
Other financial liabilities | 0 | 50,513 | ||
Borrowings | 5,562 | 0 | ||
Deferred tax liabilities | 0 | 0 | ||
Total non-current liabilities | 28,766 | 80,812 | ||
Total liabilities | 39,235 | 77,161 | ||
EQUITY | ||||
Warrants | (132,225) | (132,225) | ||
Accumulated other comprehensive income | 0 | 0 | ||
Non-controlling interests in subsidiaries | (3,805) | 3,220 | ||
Total equity | (474,264) | (666,091) | ||
Total liabilities and equity | (435,029) | (588,930) | ||
IFRS Adjustments | Limited partners | Common units | ||||
EQUITY | ||||
Issued capital | (335,657) | (533,002) | ||
IFRS Adjustments | Limited partners | Preferred units | ||||
EQUITY | ||||
Issued capital | 0 | 0 | ||
IFRS Adjustments | General partner | ||||
EQUITY | ||||
Issued capital | $ (2,577) | $ (4,084) |
Transition to IFRS - Reconcil_2
Transition to IFRS - Reconciliation of equity from previous GAAP (Details) - USD ($) $ in Thousands | Dec. 31, 2019 | Jan. 01, 2019 | Dec. 31, 2019 |
Disclosure of comparative information prepared under previous GAAP [line items] | |||
Beginning balance, equity | $ 793,033 | ||
Transitional adjustments increasing (decreasing) reported amount: | |||
Ending balance, equity | $ 597,802 | $ 793,033 | 597,802 |
Common units and additional paid-in capital | |||
Disclosure of comparative information prepared under previous GAAP [line items] | |||
Beginning balance, equity | 350,088 | ||
Transitional adjustments increasing (decreasing) reported amount: | |||
Ending balance, equity | 169,737 | 350,088 | 169,737 |
Preferred units | |||
Disclosure of comparative information prepared under previous GAAP [line items] | |||
Beginning balance, equity | 384,274 | ||
Transitional adjustments increasing (decreasing) reported amount: | |||
Ending balance, equity | 384,274 | 384,274 | 384,274 |
General partner | |||
Disclosure of comparative information prepared under previous GAAP [line items] | |||
Beginning balance, equity | 10,971 | ||
Transitional adjustments increasing (decreasing) reported amount: | |||
Ending balance, equity | 9,587 | 10,971 | 9,587 |
Warrants | |||
Disclosure of comparative information prepared under previous GAAP [line items] | |||
Beginning balance, equity | 0 | ||
Transitional adjustments increasing (decreasing) reported amount: | |||
Ending balance, equity | 0 | 0 | 0 |
Accumulated other comprehensive income | |||
Disclosure of comparative information prepared under previous GAAP [line items] | |||
Beginning balance, equity | 7,361 | ||
Transitional adjustments increasing (decreasing) reported amount: | |||
Ending balance, equity | 4,410 | 7,361 | 4,410 |
Non-controlling interests | |||
Disclosure of comparative information prepared under previous GAAP [line items] | |||
Beginning balance, equity | 40,339 | ||
Transitional adjustments increasing (decreasing) reported amount: | |||
Ending balance, equity | 29,794 | 40,339 | 29,794 |
Previous GAAP | |||
Disclosure of comparative information prepared under previous GAAP [line items] | |||
Beginning balance, equity | 1,459,124 | 1,459,124 | |
Transitional adjustments increasing (decreasing) reported amount: | |||
Ending balance, equity | 1,072,066 | 1,459,124 | 1,072,066 |
Previous GAAP | Common units and additional paid-in capital | |||
Disclosure of comparative information prepared under previous GAAP [line items] | |||
Beginning balance, equity | 883,090 | ||
Transitional adjustments increasing (decreasing) reported amount: | |||
Ending balance, equity | 505,394 | 505,394 | |
Previous GAAP | Preferred units | |||
Disclosure of comparative information prepared under previous GAAP [line items] | |||
Beginning balance, equity | 384,274 | ||
Transitional adjustments increasing (decreasing) reported amount: | |||
Ending balance, equity | 384,274 | 384,274 | |
Previous GAAP | General partner | |||
Disclosure of comparative information prepared under previous GAAP [line items] | |||
Beginning balance, equity | 15,055 | ||
Transitional adjustments increasing (decreasing) reported amount: | |||
Ending balance, equity | 12,164 | 12,164 | |
Previous GAAP | Warrants | |||
Disclosure of comparative information prepared under previous GAAP [line items] | |||
Beginning balance, equity | 132,225 | ||
Transitional adjustments increasing (decreasing) reported amount: | |||
Ending balance, equity | 132,225 | 132,225 | |
Previous GAAP | Accumulated other comprehensive income | |||
Disclosure of comparative information prepared under previous GAAP [line items] | |||
Beginning balance, equity | 7,361 | ||
Transitional adjustments increasing (decreasing) reported amount: | |||
Ending balance, equity | 4,410 | 4,410 | |
Previous GAAP | Non-controlling interests | |||
Disclosure of comparative information prepared under previous GAAP [line items] | |||
Beginning balance, equity | 37,119 | ||
Transitional adjustments increasing (decreasing) reported amount: | |||
Ending balance, equity | 33,599 | $ 33,599 | |
Effect Of Transition To IFRSs, Equity Impact | |||
Transitional adjustments increasing (decreasing) reported amount: | |||
Vessels and equipment | (486,042) | (648,408) | |
Advances on newbuilding contracts | 40,083 | 40,083 | |
Equity-accounted investments | (2,409) | (3,383) | |
Goodwill | (2,032) | (2,032) | |
Provisions | (16,900) | (16,900) | |
Off-market contract | 15,062 | ||
Warrants | 0 | (50,513) | |
Derecognition of financial liabilities | (6,867) | ||
Other | (97) | ||
Effect Of Transition To IFRSs, Equity Impact | Common units and additional paid-in capital | |||
Transitional adjustments increasing (decreasing) reported amount: | |||
Vessels and equipment | (478,567) | (646,673) | |
Advances on newbuilding contracts | 39,778 | 39,778 | |
Equity-accounted investments | (2,389) | (3,357) | |
Goodwill | (2,017) | (2,017) | |
Provisions | (16,771) | (16,771) | |
Off-market contract | 14,947 | ||
Warrants | 131,221 | 81,091 | |
Derecognition of financial liabilities | (6,816) | ||
Other | (96) | ||
Effect Of Transition To IFRSs, Equity Impact | General partner | |||
Transitional adjustments increasing (decreasing) reported amount: | |||
Vessels and equipment | (3,670) | (4,955) | |
Advances on newbuilding contracts | 305 | 305 | |
Equity-accounted investments | (20) | (26) | |
Goodwill | (15) | (15) | |
Provisions | (129) | (129) | |
Off-market contract | 115 | ||
Warrants | 1,004 | 621 | |
Derecognition of financial liabilities | (51) | ||
Other | (1) | ||
Effect Of Transition To IFRSs, Equity Impact | Warrants | |||
Transitional adjustments increasing (decreasing) reported amount: | |||
Warrants | (132,225) | (132,225) | |
Effect Of Transition To IFRSs, Equity Impact | Non-controlling interests | |||
Transitional adjustments increasing (decreasing) reported amount: | |||
Vessels and equipment | $ (3,805) | $ 3,220 |
Transition to IFRS - Reconcil_3
Transition to IFRS - Reconciliation of net income and comprehensive income from previous GAAP (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
Profit (loss) [abstract] | ||
Net income (loss) | $ (346,163) | $ (159,067) |
Attributable to: | ||
Non-controlling interests in subsidiaries | (7,154) | (8,409) |
Other comprehensive income (loss) | ||
Other comprehensive income (loss) | (339) | (2,951) |
Comprehensive income | (346,502) | (162,018) |
Comprehensive income (loss) Attributable to: | ||
Non-controlling interests in subsidiaries | $ (7,154) | (8,409) |
Previous GAAP | ||
Profit (loss) [abstract] | ||
Net income (loss) | (350,895) | |
Other comprehensive income (loss) | ||
Other comprehensive income (loss) | (353,846) | |
Effect Of Transition To IFRSs, Income Statement Impact | ||
Transitional adjustments increasing (decreasing) reported amount: | ||
Vessels and equipment | 162,366 | |
Equity-accounted investments | 974 | |
Off-market contract | (15,062) | |
Warrants | 50,513 | |
Derecognition of financial liabilities | (6,867) | |
Effect Of First Time Adoption Adjustment, Other | (96) | |
Effect of transition to IFRSs | ||
Profit (loss) [abstract] | ||
Net income (loss) | 191,828 | |
Other comprehensive income (loss) | ||
Other comprehensive income (loss) | 191,828 | |
General partner | ||
Profit (loss) [abstract] | ||
Net income (loss) | (1,384) | |
Other comprehensive income (loss) | ||
Comprehensive income | (1,406) | |
Common units | Limited partners | ||
Profit (loss) [abstract] | ||
Net income (loss) | (181,424) | |
Other comprehensive income (loss) | ||
Comprehensive income | (184,353) | |
Preferred units | Limited partners | ||
Profit (loss) [abstract] | ||
Net income (loss) | 32,150 | |
Other comprehensive income (loss) | ||
Comprehensive income | $ 32,150 |
Fair Value of Financial Instr_3
Fair Value of Financial Instruments - Details of financial instruments and their classifications (Details) - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 | Jan. 01, 2019 |
Financial Assets [Abstract] | |||
Financial Asset | $ 4,385,631 | $ 4,488,238 | $ 4,723,122 |
Financial Liability | 4,140,732 | 3,890,436 | 3,930,089 |
Tax receivable | 10,300 | 6,200 | 3,300 |
Recurring fair value measurement | |||
Financial Assets [Abstract] | |||
Financial Asset | 657,821 | 527,206 | 478,258 |
Financial Liability | 3,790,797 | 3,516,710 | 3,486,318 |
Recurring fair value measurement | Trade payables | |||
Financial Assets [Abstract] | |||
Financial Liability | 81,850 | 124,684 | 36,624 |
Recurring fair value measurement | Other financial liabilities (current and non-current) | |||
Financial Assets [Abstract] | |||
Financial Liability | 343,335 | 186,208 | 168,157 |
Recurring fair value measurement | Due to related party | |||
Financial Assets [Abstract] | |||
Financial Liability | 194,635 | 21,306 | 183,795 |
Recurring fair value measurement | Borrowings | |||
Financial Assets [Abstract] | |||
Financial Liability | 3,170,977 | 3,184,512 | 3,097,742 |
Recurring fair value measurement | Cash and cash equivalents | |||
Financial Assets [Abstract] | |||
Financial Asset | 235,734 | 199,388 | 225,040 |
Recurring fair value measurement | Financial assets (current and non-current) | |||
Financial Assets [Abstract] | |||
Financial Asset | 139,886 | 107,992 | 11,643 |
Recurring fair value measurement | Accounts and other receivable, net (current and non-current) | |||
Financial Assets [Abstract] | |||
Financial Asset | 212,316 | 215,951 | 176,948 |
Recurring fair value measurement | Due from related parties (current and non-current) | |||
Financial Assets [Abstract] | |||
Financial Asset | 9,980 | 0 | 59,834 |
Recurring fair value measurement | Other assets (current and non current) | |||
Financial Assets [Abstract] | |||
Financial Asset | 59,905 | 3,875 | 4,793 |
FVTPL | Recurring fair value measurement | |||
Financial Assets [Abstract] | |||
Financial Liability | 203,597 | 162,178 | 168,157 |
FVTPL | Recurring fair value measurement | Trade payables | |||
Financial Assets [Abstract] | |||
Financial Liability | 0 | 0 | 0 |
FVTPL | Recurring fair value measurement | Other financial liabilities (current and non-current) | |||
Financial Assets [Abstract] | |||
Financial Liability | 203,597 | 162,178 | 168,157 |
FVTPL | Recurring fair value measurement | Due to related party | |||
Financial Assets [Abstract] | |||
Financial Liability | 0 | 0 | 0 |
FVTPL | Recurring fair value measurement | Borrowings | |||
Financial Assets [Abstract] | |||
Financial Liability | 0 | 0 | 0 |
Amortised cost | Recurring fair value measurement | |||
Financial Assets [Abstract] | |||
Financial Liability | 3,587,200 | 3,354,532 | 3,318,161 |
Amortised cost | Recurring fair value measurement | Trade payables | |||
Financial Assets [Abstract] | |||
Financial Liability | 81,850 | 124,684 | 36,624 |
Amortised cost | Recurring fair value measurement | Other financial liabilities (current and non-current) | |||
Financial Assets [Abstract] | |||
Financial Liability | 139,738 | 24,030 | 0 |
Amortised cost | Recurring fair value measurement | Due to related party | |||
Financial Assets [Abstract] | |||
Financial Liability | 194,635 | 21,306 | 183,795 |
Amortised cost | Recurring fair value measurement | Borrowings | |||
Financial Assets [Abstract] | |||
Financial Liability | 3,170,977 | 3,184,512 | 3,097,742 |
FVTPL | Recurring fair value measurement | |||
Financial Assets [Abstract] | |||
Financial Asset | 6,497 | 1,123 | 3,103 |
FVTPL | Recurring fair value measurement | Cash and cash equivalents | |||
Financial Assets [Abstract] | |||
Financial Asset | 0 | 0 | 0 |
FVTPL | Recurring fair value measurement | Financial assets (current and non-current) | |||
Financial Assets [Abstract] | |||
Financial Asset | 6,497 | 1,123 | 3,103 |
FVTPL | Recurring fair value measurement | Accounts and other receivable, net (current and non-current) | |||
Financial Assets [Abstract] | |||
Financial Asset | 0 | 0 | 0 |
FVTPL | Recurring fair value measurement | Due from related parties (current and non-current) | |||
Financial Assets [Abstract] | |||
Financial Asset | 0 | 0 | 0 |
FVTPL | Recurring fair value measurement | Other assets (current and non current) | |||
Financial Assets [Abstract] | |||
Financial Asset | 0 | 0 | 0 |
Amortised cost | Recurring fair value measurement | |||
Financial Assets [Abstract] | |||
Financial Asset | 651,324 | 526,083 | 475,155 |
Amortised cost | Recurring fair value measurement | Cash and cash equivalents | |||
Financial Assets [Abstract] | |||
Financial Asset | 235,734 | 199,388 | 225,040 |
Amortised cost | Recurring fair value measurement | Financial assets (current and non-current) | |||
Financial Assets [Abstract] | |||
Financial Asset | 133,389 | 106,869 | 8,540 |
Amortised cost | Recurring fair value measurement | Accounts and other receivable, net (current and non-current) | |||
Financial Assets [Abstract] | |||
Financial Asset | 212,316 | 215,951 | 176,948 |
Amortised cost | Recurring fair value measurement | Due from related parties (current and non-current) | |||
Financial Assets [Abstract] | |||
Financial Asset | 9,980 | 0 | 59,834 |
Amortised cost | Recurring fair value measurement | Other assets (current and non current) | |||
Financial Assets [Abstract] | |||
Financial Asset | $ 59,905 | $ 3,875 | $ 4,793 |
Fair Value of Financial Instr_4
Fair Value of Financial Instruments - Narrative (Details) - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 | Jan. 01, 2019 |
Disclosure of fair value measurement of liabilities [line items] | |||
Financial Liability | $ 4,140,732 | $ 3,890,436 | $ 3,930,089 |
Borrowings | At fair value | |||
Disclosure of fair value measurement of liabilities [line items] | |||
Financial Liability | 3,104,000 | 3,206,000 | 3,060,000 |
Borrowings | At cost | |||
Disclosure of fair value measurement of liabilities [line items] | |||
Financial Liability | $ 3,171,000 | $ 3,185,000 | $ 3,098,000 |
Fair Value of Financial Instr_5
Fair Value of Financial Instruments - Fair value of financial assets and liabilities by level (Details) - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 | Jan. 01, 2019 |
Financial Assets [Abstract] | |||
Financial Asset | $ 4,385,631 | $ 4,488,238 | $ 4,723,122 |
Financial Liabilities [Abstract] | |||
Financial Liability | 4,140,732 | 3,890,436 | 3,930,089 |
Level 3 | |||
Financial Liabilities [Abstract] | |||
Financial Liability | 0 | 0 | 50,513 |
Recurring fair value measurement | |||
Financial Assets [Abstract] | |||
Financial Asset | 657,821 | 527,206 | 478,258 |
Financial Liabilities [Abstract] | |||
Financial Liability | 3,790,797 | 3,516,710 | 3,486,318 |
Recurring fair value measurement | Level 1 | |||
Financial Assets [Abstract] | |||
Financial Asset | 0 | 0 | |
Financial Liabilities [Abstract] | |||
Financial Liability | 0 | 0 | |
Recurring fair value measurement | Level 2 | |||
Financial Assets [Abstract] | |||
Financial Asset | 6,497 | 1,123 | |
Financial Liabilities [Abstract] | |||
Financial Liability | 203,597 | 162,178 | |
Recurring fair value measurement | Level 3 | |||
Financial Assets [Abstract] | |||
Financial Asset | 0 | 0 | |
Financial Liabilities [Abstract] | |||
Financial Liability | 0 | 0 | |
Recurring fair value measurement | Derivatives | Level 1 | |||
Financial Liabilities [Abstract] | |||
Financial Liability | 0 | 0 | 0 |
Recurring fair value measurement | Derivatives | Level 2 | |||
Financial Liabilities [Abstract] | |||
Financial Liability | 203,597 | 162,178 | 117,644 |
Recurring fair value measurement | Derivatives | Level 3 | |||
Financial Liabilities [Abstract] | |||
Financial Liability | 0 | 0 | 50,513 |
Recurring fair value measurement | Derivatives | Level 1 | |||
Financial Assets [Abstract] | |||
Financial Asset | 0 | 0 | 0 |
Recurring fair value measurement | Derivatives | Level 2 | |||
Financial Assets [Abstract] | |||
Financial Asset | 6,497 | 1,123 | 3,103 |
Recurring fair value measurement | Derivatives | Level 3 | |||
Financial Assets [Abstract] | |||
Financial Asset | $ 0 | $ 0 | $ 0 |
Fair Value of Financial Instr_6
Fair Value of Financial Instruments - Summary of valuation techniques (Details) - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 | Jan. 01, 2019 |
Disclosure of significant unobservable inputs used in fair value measurement of liabilities [line items] | |||
Liabilities | $ (4,140,732) | $ (3,890,436) | $ (3,930,089) |
Level 3 | |||
Disclosure of significant unobservable inputs used in fair value measurement of liabilities [line items] | |||
Liabilities | 0 | 0 | (50,513) |
Discounted cash flow valuation | Level 2 | Derivatives | |||
Disclosure of significant unobservable inputs used in fair value measurement of liabilities [line items] | |||
Liabilities | (197,100) | (161,055) | (114,541) |
Black-Scholes model | Level 3 | Warrants | |||
Disclosure of significant unobservable inputs used in fair value measurement of liabilities [line items] | |||
Liabilities | $ 0 | $ 0 | $ (50,513) |
Fair Value of Financial Instr_7
Fair Value of Financial Instruments - Reconciliation of the changes in fair value liabilities, Level 3 (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
Reconciliation of changes in fair value measurement, liabilities [abstract] | ||
Liabilities at beginning of period | $ 3,890,436 | $ 3,930,089 |
Liabilities at end of period | 4,140,732 | 3,890,436 |
Level 3 | ||
Reconciliation of changes in fair value measurement, liabilities [abstract] | ||
Liabilities at beginning of period | 0 | 50,513 |
Fair value change recorded in unrealized gain (loss) on derivative instruments | 0 | (50,513) |
Liabilities at end of period | $ 0 | $ 0 |
Financial assets (Details)
Financial assets (Details) - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 | Jan. 01, 2019 |
Financial Assets, Current | |||
Disclosure of financial assets [line items] | |||
Financial assets | $ 103,514 | $ 107,992 | $ 9,568 |
Restricted Cash, Current | |||
Disclosure of financial assets [line items] | |||
Financial assets | 97,017 | 106,869 | 8,540 |
Derivative Instruments, Current | |||
Disclosure of financial assets [line items] | |||
Financial assets | 6,497 | 1,123 | 1,028 |
Financial Assets, Non-Current | |||
Disclosure of financial assets [line items] | |||
Financial assets | 36,372 | 0 | 2,075 |
Restricted Cash, Non-Current | |||
Disclosure of financial assets [line items] | |||
Financial assets | 36,372 | 0 | 0 |
Derivative Instruments, Non-Current | |||
Disclosure of financial assets [line items] | |||
Financial assets | $ 0 | $ 0 | $ 2,075 |
Accounts and Other Receivable_3
Accounts and Other Receivable, Net (Details) $ in Thousands | Dec. 31, 2020USD ($)installment | Dec. 31, 2019USD ($) | Jan. 01, 2019USD ($) |
Current | |||
Accounts receivable - trade | $ 162,848 | $ 170,357 | $ 135,527 |
Accounts receivable - non-trade | 40,104 | 21,000 | 0 |
Other non-trade receivable | 19,677 | 13,468 | 8,183 |
Total current | 222,629 | 204,825 | 143,710 |
Non-current | |||
Accounts receivable - non-trade | 0 | 17,276 | 36,536 |
Total non-current | $ 0 | $ 17,276 | $ 36,536 |
Number of installments for dispute settlement | installment | 2 |
Vessels and Equipment Classif_3
Vessels and Equipment Classified as Held for Sale (Details) - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 | Jan. 01, 2019 |
Disclosure of detailed information about property, plant and equipment [line items] | |||
Vessels and equipment classified as held for sale | $ 7,500 | $ 15,374 | $ 12,528 |
Non-recurring fair value measurement | |||
Disclosure of detailed information about property, plant and equipment [line items] | |||
Vessels and equipment classified as held for sale | 7,500 | 15,374 | 12,528 |
Non-recurring fair value measurement | Pattani Spirit | FSO Segment | |||
Disclosure of detailed information about property, plant and equipment [line items] | |||
Vessels and equipment classified as held for sale | 0 | 0 | 4,528 |
Non-recurring fair value measurement | Nordic Spirit | Shuttle Tanker Segment | |||
Disclosure of detailed information about property, plant and equipment [line items] | |||
Vessels and equipment classified as held for sale | 0 | 0 | 8,000 |
Non-recurring fair value measurement | Petrojarl Cidade de Rio das Ostras | FPSO Segment | |||
Disclosure of detailed information about property, plant and equipment [line items] | |||
Vessels and equipment classified as held for sale | 0 | 2,374 | 0 |
Non-recurring fair value measurement | Navion Hispania | Shuttle Tanker Segment | |||
Disclosure of detailed information about property, plant and equipment [line items] | |||
Vessels and equipment classified as held for sale | 0 | 7,000 | 0 |
Non-recurring fair value measurement | Stena Sirita | Shuttle Tanker Segment | |||
Disclosure of detailed information about property, plant and equipment [line items] | |||
Vessels and equipment classified as held for sale | 0 | 6,000 | 0 |
Non-recurring fair value measurement | Dampier Spirit | FSO Segment | |||
Disclosure of detailed information about property, plant and equipment [line items] | |||
Vessels and equipment classified as held for sale | 0 | 0 | 0 |
Non-recurring fair value measurement | Navion Anglia | Shuttle Tanker Segment | |||
Disclosure of detailed information about property, plant and equipment [line items] | |||
Vessels and equipment classified as held for sale | 4,400 | 0 | 0 |
Non-recurring fair value measurement | Navion Oslo | Shuttle Tanker Segment | |||
Disclosure of detailed information about property, plant and equipment [line items] | |||
Vessels and equipment classified as held for sale | $ 3,100 | $ 0 | $ 0 |
Gain (Loss) on Dispositions, _3
Gain (Loss) on Dispositions, Net (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||
Dec. 31, 2020 | Sep. 30, 2020 | Jun. 30, 2020 | Mar. 31, 2020 | Jun. 30, 2019 | Dec. 31, 2020 | Dec. 31, 2019 | |
Disclosure of detailed information about property, plant and equipment [line items] | |||||||
Net Proceeds | $ 27,996 | $ 33,341 | |||||
Gain (Loss) on Dispositions, Net | 3,411 | 12,548 | |||||
FSO Segment | |||||||
Disclosure of detailed information about property, plant and equipment [line items] | |||||||
Gain (Loss) on Dispositions, Net | 5,400 | 11,200 | |||||
Shuttle Tanker Segment | |||||||
Disclosure of detailed information about property, plant and equipment [line items] | |||||||
Gain (Loss) on Dispositions, Net | (1,900) | $ 1,300 | |||||
FPSO Segment | |||||||
Disclosure of detailed information about property, plant and equipment [line items] | |||||||
Gain (Loss) on Dispositions, Net | $ (100) | ||||||
Apollo Spirit | FSO Segment | |||||||
Disclosure of detailed information about property, plant and equipment [line items] | |||||||
Net Proceeds | $ 9,559 | ||||||
Gain (Loss) on Dispositions, Net | $ 5,380 | ||||||
Navion Bergen | Shuttle Tanker Segment | |||||||
Disclosure of detailed information about property, plant and equipment [line items] | |||||||
Net Proceeds | $ 3,385 | ||||||
Gain (Loss) on Dispositions, Net | $ (19) | ||||||
HiLoad DP unit | Shuttle Tanker Segment | |||||||
Disclosure of detailed information about property, plant and equipment [line items] | |||||||
Net Proceeds | $ 0 | ||||||
Gain (Loss) on Dispositions, Net | $ (1,388) | ||||||
Petrojarl Cidade de Rio das Ostras | FPSO Segment | |||||||
Disclosure of detailed information about property, plant and equipment [line items] | |||||||
Net Proceeds | $ 2,282 | ||||||
Gain (Loss) on Dispositions, Net | (92) | ||||||
Navion Hispania | Shuttle Tanker Segment | |||||||
Disclosure of detailed information about property, plant and equipment [line items] | |||||||
Net Proceeds | 6,715 | ||||||
Gain (Loss) on Dispositions, Net | (385) | ||||||
Stena Sirita | Shuttle Tanker Segment | |||||||
Disclosure of detailed information about property, plant and equipment [line items] | |||||||
Net Proceeds | 6,055 | ||||||
Gain (Loss) on Dispositions, Net | $ (85) | ||||||
Pattani Spirit | FSO Segment | |||||||
Disclosure of detailed information about property, plant and equipment [line items] | |||||||
Net Proceeds | $ 15,741 | ||||||
Gain (Loss) on Dispositions, Net | 11,213 | ||||||
Alexita Spirit | Shuttle Tanker Segment | |||||||
Disclosure of detailed information about property, plant and equipment [line items] | |||||||
Net Proceeds | 8,700 | ||||||
Gain (Loss) on Dispositions, Net | 835 | ||||||
Nordic Spirit | Shuttle Tanker Segment | |||||||
Disclosure of detailed information about property, plant and equipment [line items] | |||||||
Net Proceeds | 8,900 | ||||||
Gain (Loss) on Dispositions, Net | $ 500 |
Other Assets (Details)
Other Assets (Details) - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 | Jan. 01, 2019 |
Current | |||
Prepayments | $ 10,101 | $ 11,306 | $ 11,944 |
Investment in finance leases | 8,267 | 990 | 858 |
Contract assets | 18,958 | 3,816 | 7,926 |
Other assets | 0 | 732 | 261 |
Total current | 37,326 | 16,844 | 20,989 |
Non-current | |||
Investment in finance leases | 51,638 | 2,885 | 3,935 |
Right-of-use assets | 35,313 | 68,019 | 20,200 |
Contract assets | 48,288 | 79,896 | 66,905 |
Other assets | 50,282 | 68,013 | 94,151 |
Total non-current | $ 185,521 | $ 218,813 | $ 185,191 |
Right-of-use Assets and Lease_3
Right-of-use Assets and Lease Liabilities - Summary of Movement (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
Disclosure of quantitative information about right-of-use assets [line items] | ||
Opening balance at beginning of year | $ 68,019 | $ 20,200 |
Closing balance at end of year | 35,313 | 68,019 |
Gross Carrying Amount | ||
Disclosure of quantitative information about right-of-use assets [line items] | ||
Opening balance at beginning of year | 75,104 | 20,200 |
Additions (cash and non-cash) | 757 | 56,854 |
Dispositions | (24,794) | (1,950) |
Closing balance at end of year | 51,067 | 75,104 |
Accumulated Depreciation | ||
Disclosure of quantitative information about right-of-use assets [line items] | ||
Opening balance at beginning of year | (7,085) | 0 |
Depreciation expense | (18,389) | (13,369) |
Dispositions | 9,720 | 6,284 |
Closing balance at end of year | $ (15,754) | $ (7,085) |
Right-of-use Assets and Lease_4
Right-of-use Assets and Lease Liabilities - Summary By Type (Details) $ in Thousands | Dec. 31, 2020USD ($)number | Dec. 31, 2019USD ($) | Jan. 01, 2019USD ($) |
Disclosure of quantitative information about right-of-use assets [line items] | |||
Right-of-use assets | $ 35,313 | $ 68,019 | $ 20,200 |
Vessels and equipment | |||
Disclosure of quantitative information about right-of-use assets [line items] | |||
Right-of-use assets | $ 21,971 | 52,852 | 10,545 |
Weighted-average remaining lease term | number | 2 | ||
Weighted-average implicit interest rate | 3.30% | ||
Office leases | |||
Disclosure of quantitative information about right-of-use assets [line items] | |||
Right-of-use assets | $ 13,342 | $ 15,167 | $ 9,655 |
Weighted-average remaining lease term | number | 5.4 | ||
Weighted-average implicit interest rate | 5.50% |
Right-of-use Assets and Lease_5
Right-of-use Assets and Lease Liabilities - Profit and Loss Impact (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
Disclosure of quantitative information about leases for lessee [Line Items] | ||
Interest expense on lease liabilities | $ 2,679 | $ 1,507 |
Short-term lease expense | 4,314 | 15,965 |
Expenses related to lease recognised in profit or loss | 25,382 | 30,841 |
Vessels and equipment | ||
Disclosure of quantitative information about leases for lessee [Line Items] | ||
Depreciation, right-of-use assets | 15,899 | 10,616 |
Office leases | ||
Disclosure of quantitative information about leases for lessee [Line Items] | ||
Depreciation, right-of-use assets | $ 2,490 | $ 2,753 |
Right-of-use Assets and Lease_6
Right-of-use Assets and Lease Liabilities - Maturity Analysis (Details) $ in Thousands | Dec. 31, 2020USD ($) |
Disclosure of maturity analysis of operating lease payments [line items] | |
Lease liabilities | $ 38,900 |
1 Year | |
Disclosure of maturity analysis of operating lease payments [line items] | |
Lease liabilities | 15,400 |
2 Years | |
Disclosure of maturity analysis of operating lease payments [line items] | |
Lease liabilities | 14,200 |
3 Years | |
Disclosure of maturity analysis of operating lease payments [line items] | |
Lease liabilities | 2,700 |
4 Years | |
Disclosure of maturity analysis of operating lease payments [line items] | |
Lease liabilities | 2,500 |
5 Years | |
Disclosure of maturity analysis of operating lease payments [line items] | |
Lease liabilities | 2,000 |
Thereafter | |
Disclosure of maturity analysis of operating lease payments [line items] | |
Lease liabilities | $ 2,100 |
Vessels and Equipment - Summary
Vessels and Equipment - Summary of Carrying Amount and Accumulated Depreciation (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
Reconciliation of changes in property, plant and equipment [abstract] | ||
Impairment expense, net | $ (268,612) | $ (187,680) |
Vessels and Equipment | ||
Reconciliation of changes in property, plant and equipment [abstract] | ||
Opening balance at beginning of year | 3,025,716 | |
Closing balance at end of year | 3,029,415 | 3,025,716 |
Vessels and Equipment | Gross Carrying Amount | ||
Reconciliation of changes in property, plant and equipment [abstract] | ||
Opening balance at beginning of year | 3,531,827 | 3,548,501 |
Additions | 41,346 | 32,895 |
Dispositions | (29,242) | (13,869) |
Transferred from advances on newbuilding contracts | 543,131 | 0 |
Vessels and equipment reclassified as held for sale | (61,564) | (35,700) |
Closing balance at end of year | 4,025,498 | 3,531,827 |
Additions | 41,346 | 32,895 |
Vessels and Equipment | Accumulated Depreciation and Impairment | ||
Reconciliation of changes in property, plant and equipment [abstract] | ||
Opening balance at beginning of year | (506,111) | 0 |
Dispositions | 15,050 | 1,244 |
Depreciation and amortization | (295,610) | (339,981) |
Impairment expense, net | (245,396) | (179,759) |
Vessels and equipment reclassified as held for sale | 35,984 | 12,385 |
Closing balance at end of year | (996,083) | (506,111) |
FPSO Segment | ||
Reconciliation of changes in property, plant and equipment [abstract] | ||
Impairment expense, net | (156,700) | (136,600) |
FPSO Segment | Gross Carrying Amount | ||
Reconciliation of changes in property, plant and equipment [abstract] | ||
Additions | 10,300 | 8,200 |
Additions | 10,300 | 8,200 |
Shuttle Tanker Segment | ||
Reconciliation of changes in property, plant and equipment [abstract] | ||
Impairment expense, net | (35,300) | (15,300) |
Shuttle Tanker Segment | Gross Carrying Amount | ||
Reconciliation of changes in property, plant and equipment [abstract] | ||
Additions | 23,400 | 15,300 |
Additions | 23,400 | 15,300 |
FSO Segment | ||
Reconciliation of changes in property, plant and equipment [abstract] | ||
Impairment expense, net | (53,800) | |
FSO Segment | Gross Carrying Amount | ||
Reconciliation of changes in property, plant and equipment [abstract] | ||
Additions | 6,600 | |
Additions | 6,600 | |
UMS | ||
Reconciliation of changes in property, plant and equipment [abstract] | ||
Impairment expense, net | (35,700) | |
UMS | Gross Carrying Amount | ||
Reconciliation of changes in property, plant and equipment [abstract] | ||
Additions | 200 | 900 |
Additions | 200 | 900 |
Towage | ||
Reconciliation of changes in property, plant and equipment [abstract] | ||
Impairment expense, net | (22,900) | |
Towage | Gross Carrying Amount | ||
Reconciliation of changes in property, plant and equipment [abstract] | ||
Additions | 7,400 | 1,900 |
Additions | $ 7,400 | $ 1,900 |
Vessels and Equipment - Impairm
Vessels and Equipment - Impairment Expense, Net (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||
Dec. 31, 2020 | Sep. 30, 2020 | Jun. 30, 2020 | Mar. 31, 2020 | Dec. 31, 2019 | Sep. 30, 2019 | Jun. 30, 2019 | Dec. 31, 2020 | Dec. 31, 2019 | |
Disclosure of significant unobservable inputs used in fair value measurement of assets [line items] | |||||||||
Impairment expense, net | $ 268,612 | $ 187,680 | |||||||
FSO | |||||||||
Disclosure of significant unobservable inputs used in fair value measurement of assets [line items] | |||||||||
Impairment expense, net | 53,800 | ||||||||
FPSO | |||||||||
Disclosure of significant unobservable inputs used in fair value measurement of assets [line items] | |||||||||
Impairment expense, net | 156,700 | 136,600 | |||||||
Shuttle Tanker | |||||||||
Disclosure of significant unobservable inputs used in fair value measurement of assets [line items] | |||||||||
Impairment expense, net | 35,300 | 15,300 | |||||||
Towage | |||||||||
Disclosure of significant unobservable inputs used in fair value measurement of assets [line items] | |||||||||
Impairment expense, net | $ 22,900 | ||||||||
UMS | |||||||||
Disclosure of significant unobservable inputs used in fair value measurement of assets [line items] | |||||||||
Impairment expense, net | $ 35,700 | ||||||||
Randgrid | Level 3 | FSO | |||||||||
Disclosure of significant unobservable inputs used in fair value measurement of assets [line items] | |||||||||
Impairment expense, net | $ 45,444 | ||||||||
Petrojarl Varg | Level 2 | FPSO | |||||||||
Disclosure of significant unobservable inputs used in fair value measurement of assets [line items] | |||||||||
Impairment expense, net | 30,506 | ||||||||
Petrojarl Varg | Level 3 | FPSO | Discounted cash flow valuation | |||||||||
Disclosure of significant unobservable inputs used in fair value measurement of assets [line items] | |||||||||
Impairment expense, net | $ 27,202 | $ 33,991 | |||||||
Navion Oslo | Level 2 | Shuttle Tanker | |||||||||
Disclosure of significant unobservable inputs used in fair value measurement of assets [line items] | |||||||||
Impairment expense, net | $ 7,665 | ||||||||
Apollo Spirit | Level 2 | FSO | Fair value less cost to sell | |||||||||
Disclosure of significant unobservable inputs used in fair value measurement of assets [line items] | |||||||||
Impairment expense, net | $ 1,620 | ||||||||
Navion Anglia | Level 2 | Shuttle Tanker | Fair value less cost to sell | |||||||||
Disclosure of significant unobservable inputs used in fair value measurement of assets [line items] | |||||||||
Impairment expense, net | $ 3,100 | ||||||||
Dampier Spirit | Level 2 | FSO | Fair value less cost to sell | |||||||||
Disclosure of significant unobservable inputs used in fair value measurement of assets [line items] | |||||||||
Impairment expense, net | $ 6,685 | ||||||||
Navion Bergen | Level 2 | Shuttle Tanker | Fair value less cost to sell | |||||||||
Disclosure of significant unobservable inputs used in fair value measurement of assets [line items] | |||||||||
Impairment expense, net | $ 1,715 | 2,400 | |||||||
ALP Forward | Level 3 | Towage | Discounted cash flow valuation | |||||||||
Disclosure of significant unobservable inputs used in fair value measurement of assets [line items] | |||||||||
Impairment expense, net | 8,361 | ||||||||
ALP Winger | Level 3 | Towage | Discounted cash flow valuation | |||||||||
Disclosure of significant unobservable inputs used in fair value measurement of assets [line items] | |||||||||
Impairment expense, net | 12,479 | ||||||||
ALP Ippon | Level 3 | Towage | Discounted cash flow valuation | |||||||||
Disclosure of significant unobservable inputs used in fair value measurement of assets [line items] | |||||||||
Impairment expense, net | 1,360 | ||||||||
ALP Ace | Level 3 | Towage | Discounted cash flow valuation | |||||||||
Disclosure of significant unobservable inputs used in fair value measurement of assets [line items] | |||||||||
Impairment expense, net | 731 | ||||||||
Petrojarl I | Level 3 | FPSO | Discounted cash flow valuation | |||||||||
Disclosure of significant unobservable inputs used in fair value measurement of assets [line items] | |||||||||
Impairment expense, net | 42,367 | ||||||||
Petrojarl Knarr | Level 3 | FPSO | Discounted cash flow valuation | |||||||||
Disclosure of significant unobservable inputs used in fair value measurement of assets [line items] | |||||||||
Impairment expense, net | 56,599 | ||||||||
Navion Stavanger | Level 3 | Shuttle Tanker | Discounted cash flow valuation | |||||||||
Disclosure of significant unobservable inputs used in fair value measurement of assets [line items] | |||||||||
Impairment expense, net | 3,606 | ||||||||
Navion Gothenburg | Level 3 | Shuttle Tanker | Discounted cash flow valuation | |||||||||
Disclosure of significant unobservable inputs used in fair value measurement of assets [line items] | |||||||||
Impairment expense, net | $ 16,772 | 12,304 | |||||||
Arendal Spirit | Level 3 | UMS | Discounted cash flow valuation | |||||||||
Disclosure of significant unobservable inputs used in fair value measurement of assets [line items] | |||||||||
Impairment expense, net | $ 24,220 | 11,487 | |||||||
Voyageur Spirit | Level 3 | FPSO | Discounted cash flow valuation | |||||||||
Disclosure of significant unobservable inputs used in fair value measurement of assets [line items] | |||||||||
Impairment expense, net | 97,752 | ||||||||
Petrojarl Cidade de Rio das Ostras | Level 2 | FPSO | Fair value less cost to sell | |||||||||
Disclosure of significant unobservable inputs used in fair value measurement of assets [line items] | |||||||||
Impairment expense, net | $ 4,382 | 506 | |||||||
Stena Sirita | Level 2 | Shuttle Tanker | Fair value less cost to sell | |||||||||
Disclosure of significant unobservable inputs used in fair value measurement of assets [line items] | |||||||||
Impairment expense, net | $ 1,506 | ||||||||
Navion Hispania | Level 2 | Shuttle Tanker | Fair value less cost to sell | |||||||||
Disclosure of significant unobservable inputs used in fair value measurement of assets [line items] | |||||||||
Impairment expense, net | $ 1,532 |
Vessels and Equipment - Narrati
Vessels and Equipment - Narrative (Details) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020USD ($)vessel | Dec. 31, 2019USD ($)vessel | Jan. 01, 2019USD ($)vessel | |
Disclosure of fair value measurement of assets [line items] | |||
Additional impairment loss recognized if the discount rate applied to cash flow projections were changed by 5% | $ 20,100 | $ 19,100 | |
Assets | $ 4,385,631 | $ 4,488,238 | $ 4,723,122 |
Number of vessel and equipment in lay-up | vessel | 5 | 6 | 7 |
Property, plant and equipment, in lay-up | $ 190,200 | $ 168,400 | $ 292,500 |
Non-recurring fair value measurement | Property, plant and equipment [Member} | |||
Disclosure of fair value measurement of assets [line items] | |||
Assets | $ 140,500 | $ 177,000 |
Vessels and Equipment - Summa_2
Vessels and Equipment - Summary of Level 3 Fair Value Inputs (Details) - Level 3 - Vessels and equipment - number | Dec. 31, 2020 | Mar. 31, 2020 | Dec. 31, 2019 | Jun. 30, 2019 |
Randgrid | FSO | Discount rate | ||||
Disclosure of significant unobservable inputs used in fair value measurement of assets [line items] | ||||
Significant unobservable input, assets | 0.0886 | |||
ALP Forward | Towage | Period of Projected Cash Flows (years) | ||||
Disclosure of significant unobservable inputs used in fair value measurement of assets [line items] | ||||
Significant unobservable input, assets | 13 | |||
ALP Forward | Towage | Growth Rate | ||||
Disclosure of significant unobservable inputs used in fair value measurement of assets [line items] | ||||
Significant unobservable input, assets | 0.0300 | |||
ALP Forward | Towage | Discount rate | ||||
Disclosure of significant unobservable inputs used in fair value measurement of assets [line items] | ||||
Significant unobservable input, assets | 0.1050 | |||
ALP Winger | Towage | Period of Projected Cash Flows (years) | ||||
Disclosure of significant unobservable inputs used in fair value measurement of assets [line items] | ||||
Significant unobservable input, assets | 12.5 | |||
ALP Winger | Towage | Growth Rate | ||||
Disclosure of significant unobservable inputs used in fair value measurement of assets [line items] | ||||
Significant unobservable input, assets | 0.0300 | |||
ALP Winger | Towage | Discount rate | ||||
Disclosure of significant unobservable inputs used in fair value measurement of assets [line items] | ||||
Significant unobservable input, assets | 0.1050 | |||
ALP Ippon | Towage | Period of Projected Cash Flows (years) | ||||
Disclosure of significant unobservable inputs used in fair value measurement of assets [line items] | ||||
Significant unobservable input, assets | 12 | |||
ALP Ippon | Towage | Growth Rate | ||||
Disclosure of significant unobservable inputs used in fair value measurement of assets [line items] | ||||
Significant unobservable input, assets | 0.0300 | |||
ALP Ippon | Towage | Discount rate | ||||
Disclosure of significant unobservable inputs used in fair value measurement of assets [line items] | ||||
Significant unobservable input, assets | 0.1050 | |||
ALP Ace | Towage | Period of Projected Cash Flows (years) | ||||
Disclosure of significant unobservable inputs used in fair value measurement of assets [line items] | ||||
Significant unobservable input, assets | 11.3 | |||
ALP Ace | Towage | Growth Rate | ||||
Disclosure of significant unobservable inputs used in fair value measurement of assets [line items] | ||||
Significant unobservable input, assets | 0.0300 | |||
ALP Ace | Towage | Discount rate | ||||
Disclosure of significant unobservable inputs used in fair value measurement of assets [line items] | ||||
Significant unobservable input, assets | 0.1050 | |||
Petrojarl I | FPSO | Growth Rate | ||||
Disclosure of significant unobservable inputs used in fair value measurement of assets [line items] | ||||
Significant unobservable input, assets | 0.0300 | |||
Petrojarl I | FPSO | Discount rate | ||||
Disclosure of significant unobservable inputs used in fair value measurement of assets [line items] | ||||
Significant unobservable input, assets | 0.1013 | |||
Petrojarl Varg | FPSO | Period of Projected Cash Flows (years) | ||||
Disclosure of significant unobservable inputs used in fair value measurement of assets [line items] | ||||
Significant unobservable input, assets | 13 | |||
Petrojarl Varg | FPSO | Discount rate | ||||
Disclosure of significant unobservable inputs used in fair value measurement of assets [line items] | ||||
Significant unobservable input, assets | 0.1013 | 0.1000 | ||
Petrojarl Knarr | FPSO | Growth Rate | ||||
Disclosure of significant unobservable inputs used in fair value measurement of assets [line items] | ||||
Significant unobservable input, assets | 0.0300 | |||
Petrojarl Knarr | FPSO | Discount rate | ||||
Disclosure of significant unobservable inputs used in fair value measurement of assets [line items] | ||||
Significant unobservable input, assets | 0.1013 | |||
Navion Stavanger | Shuttle Tanker | Period of Projected Cash Flows (years) | ||||
Disclosure of significant unobservable inputs used in fair value measurement of assets [line items] | ||||
Significant unobservable input, assets | 3.3 | |||
Navion Stavanger | Shuttle Tanker | Discount rate | ||||
Disclosure of significant unobservable inputs used in fair value measurement of assets [line items] | ||||
Significant unobservable input, assets | 0.0825 | |||
Navion Gothenburg | Shuttle Tanker | Period of Projected Cash Flows (years) | ||||
Disclosure of significant unobservable inputs used in fair value measurement of assets [line items] | ||||
Significant unobservable input, assets | 5.9 | |||
Navion Gothenburg | Shuttle Tanker | Growth Rate | ||||
Disclosure of significant unobservable inputs used in fair value measurement of assets [line items] | ||||
Significant unobservable input, assets | 0.0250 | 0.0200 | ||
Navion Gothenburg | Shuttle Tanker | Discount rate | ||||
Disclosure of significant unobservable inputs used in fair value measurement of assets [line items] | ||||
Significant unobservable input, assets | 0.0825 | 0.0800 | ||
Arendal Spirit | UMS | Period of Projected Cash Flows (years) | ||||
Disclosure of significant unobservable inputs used in fair value measurement of assets [line items] | ||||
Significant unobservable input, assets | 25.6 | |||
Arendal Spirit | UMS | Discount rate | ||||
Disclosure of significant unobservable inputs used in fair value measurement of assets [line items] | ||||
Significant unobservable input, assets | 0.0960 | 0.1100 | ||
Voyageur Spirit | FPSO | Growth Rate | ||||
Disclosure of significant unobservable inputs used in fair value measurement of assets [line items] | ||||
Significant unobservable input, assets | 0.0300 | |||
Voyageur Spirit | FPSO | Discount rate | ||||
Disclosure of significant unobservable inputs used in fair value measurement of assets [line items] | ||||
Significant unobservable input, assets | 0.0960 | |||
Bottom of range | Randgrid | FSO | Period of Projected Cash Flows (years) | ||||
Disclosure of significant unobservable inputs used in fair value measurement of assets [line items] | ||||
Significant unobservable input, assets | 2,800,000 | |||
Bottom of range | Randgrid | FSO | Growth Rate | ||||
Disclosure of significant unobservable inputs used in fair value measurement of assets [line items] | ||||
Significant unobservable input, assets | 0.0200 | |||
Bottom of range | Petrojarl I | FPSO | Period of Projected Cash Flows (years) | ||||
Disclosure of significant unobservable inputs used in fair value measurement of assets [line items] | ||||
Significant unobservable input, assets | 3.1 | |||
Bottom of range | Petrojarl Varg | FPSO | Period of Projected Cash Flows (years) | ||||
Disclosure of significant unobservable inputs used in fair value measurement of assets [line items] | ||||
Significant unobservable input, assets | 1.3 | |||
Bottom of range | Petrojarl Varg | FPSO | Growth Rate | ||||
Disclosure of significant unobservable inputs used in fair value measurement of assets [line items] | ||||
Significant unobservable input, assets | 0.0100 | 0.0100 | ||
Bottom of range | Petrojarl Knarr | FPSO | Period of Projected Cash Flows (years) | ||||
Disclosure of significant unobservable inputs used in fair value measurement of assets [line items] | ||||
Significant unobservable input, assets | 12.4 | |||
Bottom of range | Navion Stavanger | Shuttle Tanker | Growth Rate | ||||
Disclosure of significant unobservable inputs used in fair value measurement of assets [line items] | ||||
Significant unobservable input, assets | 0.0260 | |||
Bottom of range | Navion Gothenburg | Shuttle Tanker | Period of Projected Cash Flows (years) | ||||
Disclosure of significant unobservable inputs used in fair value measurement of assets [line items] | ||||
Significant unobservable input, assets | 6.5 | |||
Bottom of range | Arendal Spirit | UMS | Period of Projected Cash Flows (years) | ||||
Disclosure of significant unobservable inputs used in fair value measurement of assets [line items] | ||||
Significant unobservable input, assets | 1.2 | |||
Bottom of range | Arendal Spirit | UMS | Growth Rate | ||||
Disclosure of significant unobservable inputs used in fair value measurement of assets [line items] | ||||
Significant unobservable input, assets | 0.0160 | 0.0160 | ||
Bottom of range | Voyageur Spirit | FPSO | Period of Projected Cash Flows (years) | ||||
Disclosure of significant unobservable inputs used in fair value measurement of assets [line items] | ||||
Significant unobservable input, assets | 15.8 | |||
Top of range | Randgrid | FSO | Period of Projected Cash Flows (years) | ||||
Disclosure of significant unobservable inputs used in fair value measurement of assets [line items] | ||||
Significant unobservable input, assets | 11,800,000 | |||
Top of range | Randgrid | FSO | Growth Rate | ||||
Disclosure of significant unobservable inputs used in fair value measurement of assets [line items] | ||||
Significant unobservable input, assets | 0.0350 | |||
Top of range | Petrojarl I | FPSO | Period of Projected Cash Flows (years) | ||||
Disclosure of significant unobservable inputs used in fair value measurement of assets [line items] | ||||
Significant unobservable input, assets | 5.1 | |||
Top of range | Petrojarl Varg | FPSO | Period of Projected Cash Flows (years) | ||||
Disclosure of significant unobservable inputs used in fair value measurement of assets [line items] | ||||
Significant unobservable input, assets | 9.8 | |||
Top of range | Petrojarl Varg | FPSO | Growth Rate | ||||
Disclosure of significant unobservable inputs used in fair value measurement of assets [line items] | ||||
Significant unobservable input, assets | 0.0250 | 0.0250 | ||
Top of range | Petrojarl Knarr | FPSO | Period of Projected Cash Flows (years) | ||||
Disclosure of significant unobservable inputs used in fair value measurement of assets [line items] | ||||
Significant unobservable input, assets | 15.4 | |||
Top of range | Navion Stavanger | Shuttle Tanker | Growth Rate | ||||
Disclosure of significant unobservable inputs used in fair value measurement of assets [line items] | ||||
Significant unobservable input, assets | 0.0350 | |||
Top of range | Navion Gothenburg | Shuttle Tanker | Period of Projected Cash Flows (years) | ||||
Disclosure of significant unobservable inputs used in fair value measurement of assets [line items] | ||||
Significant unobservable input, assets | 6.7 | |||
Top of range | Arendal Spirit | UMS | Period of Projected Cash Flows (years) | ||||
Disclosure of significant unobservable inputs used in fair value measurement of assets [line items] | ||||
Significant unobservable input, assets | 25.1 | |||
Top of range | Arendal Spirit | UMS | Growth Rate | ||||
Disclosure of significant unobservable inputs used in fair value measurement of assets [line items] | ||||
Significant unobservable input, assets | 0.0250 | 0.0250 | ||
Top of range | Voyageur Spirit | FPSO | Period of Projected Cash Flows (years) | ||||
Disclosure of significant unobservable inputs used in fair value measurement of assets [line items] | ||||
Significant unobservable input, assets | 19.8 |
Advances on Newbuilding Contr_3
Advances on Newbuilding Contracts - Summary (Details) - Advances on Newbuilding Contracts - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
Disclosure of detailed information about property, plant and equipment [line items] | ||
Opening balance at beginning of year | $ 297,100 | $ 113,796 |
Additions | 368,588 | 169,704 |
Capitalized borrowing costs | 4,778 | 13,600 |
Transferred to vessels and equipment | (543,131) | 0 |
Closing balance at end of year | $ 127,335 | $ 297,100 |
Advances on Newbuilding Contr_4
Advances on Newbuilding Contracts - Narrative (Details) $ in Thousands | 12 Months Ended | |
Dec. 31, 2020USD ($)tanker | Dec. 31, 2019USD ($) | |
Disclosure of detailed information about property, plant and equipment [line items] | ||
Number of assets to be built | tanker | 7 | |
Estimated fully built up cost | $ 969,200 | |
Number of assets delivered | tanker | 4 | |
Number of assets to be delivered through 2022 | tanker | 2 | |
Vessels and equipment | $ 479,981 | $ 231,658 |
Borrowings or long-term financing under sale leaseback transactions | 733,500 | |
Advances on Newbuilding Contracts | ||
Disclosure of detailed information about property, plant and equipment [line items] | ||
Vessels and equipment | $ 720,700 |
Advances on Newbuilding Contr_5
Advances on Newbuilding Contracts - Capital Commitment Maturity Analysis (Details) $ in Thousands | Dec. 31, 2020USD ($) |
Disclosure of detailed information about property, plant and equipment [line items] | |
Newbuilding contracts | $ 248,500 |
1 Year | |
Disclosure of detailed information about property, plant and equipment [line items] | |
Newbuilding contracts | 175,500 |
2 Years | |
Disclosure of detailed information about property, plant and equipment [line items] | |
Newbuilding contracts | 73,000 |
3 Years | |
Disclosure of detailed information about property, plant and equipment [line items] | |
Newbuilding contracts | 0 |
4 Years | |
Disclosure of detailed information about property, plant and equipment [line items] | |
Newbuilding contracts | 0 |
5 Years | |
Disclosure of detailed information about property, plant and equipment [line items] | |
Newbuilding contracts | 0 |
Thereafter | |
Disclosure of detailed information about property, plant and equipment [line items] | |
Newbuilding contracts | $ 0 |
Advances on Newbuilding Contr_6
Advances on Newbuilding Contracts - Finance Lease Payments (Details) $ in Thousands | Dec. 31, 2020USD ($) |
Disclosure of reconciliation of liabilities arising from financing activities [line items] | |
Obligations related to finance leases | $ 38,900 |
1 Year | |
Disclosure of reconciliation of liabilities arising from financing activities [line items] | |
Obligations related to finance leases | 15,400 |
2 Years | |
Disclosure of reconciliation of liabilities arising from financing activities [line items] | |
Obligations related to finance leases | 14,200 |
3 Years | |
Disclosure of reconciliation of liabilities arising from financing activities [line items] | |
Obligations related to finance leases | 2,700 |
4 Years | |
Disclosure of reconciliation of liabilities arising from financing activities [line items] | |
Obligations related to finance leases | 2,500 |
5 Years | |
Disclosure of reconciliation of liabilities arising from financing activities [line items] | |
Obligations related to finance leases | 2,000 |
Thereafter | |
Disclosure of reconciliation of liabilities arising from financing activities [line items] | |
Obligations related to finance leases | 2,100 |
Advances on Newbuilding Contracts | |
Disclosure of reconciliation of liabilities arising from financing activities [line items] | |
Obligations related to finance leases | 141,600 |
Advances on Newbuilding Contracts | 1 Year | |
Disclosure of reconciliation of liabilities arising from financing activities [line items] | |
Obligations related to finance leases | 7,900 |
Advances on Newbuilding Contracts | 2 Years | |
Disclosure of reconciliation of liabilities arising from financing activities [line items] | |
Obligations related to finance leases | 7,500 |
Advances on Newbuilding Contracts | 3 Years | |
Disclosure of reconciliation of liabilities arising from financing activities [line items] | |
Obligations related to finance leases | 7,500 |
Advances on Newbuilding Contracts | 4 Years | |
Disclosure of reconciliation of liabilities arising from financing activities [line items] | |
Obligations related to finance leases | 7,500 |
Advances on Newbuilding Contracts | 5 Years | |
Disclosure of reconciliation of liabilities arising from financing activities [line items] | |
Obligations related to finance leases | 7,500 |
Advances on Newbuilding Contracts | Thereafter | |
Disclosure of reconciliation of liabilities arising from financing activities [line items] | |
Obligations related to finance leases | $ 103,700 |
Equity-Accounted Investments -
Equity-Accounted Investments - Narrative (Details) $ in Thousands | 1 Months Ended | 12 Months Ended | |||
Oct. 31, 2014 | Jun. 30, 2013 | Dec. 31, 2020USD ($)joint_venture | Dec. 31, 2019USD ($) | Jan. 01, 2019USD ($) | |
Disclosure of joint ventures [line items] | |||||
Borrowings | $ 3,170,977 | $ 3,184,512 | $ 3,097,742 | ||
Equity-accounted investments | $ 241,731 | $ 232,216 | $ 208,819 | ||
Libra Joint Venture | |||||
Disclosure of joint ventures [line items] | |||||
Number of joint ventures | joint_venture | 2 | ||||
Ownership interest | 50.00% | 50.00% | 50.00% | 50.00% | |
Libra Joint Venture | Interest rate swap contract | |||||
Disclosure of joint ventures [line items] | |||||
Financial instrument, term | 10 years | ||||
Notional amount | $ 483,500 | $ 536,100 | |||
Exchange of LIBOR-based interest at the weighted average fixed rate | 2.52% | ||||
OOG-TKP FPSO GmbH & Co KG | |||||
Disclosure of joint ventures [line items] | |||||
Ownership interest | 50.00% | 50.00% | |||
OOG-TKP FPSO GmbH & Co KG | Interest rate swap contract | |||||
Disclosure of joint ventures [line items] | |||||
Notional amount | 105,900 | ||||
Ten Year Plus Construction Period Loan Facility | Libra Joint Venture | |||||
Disclosure of joint ventures [line items] | |||||
Borrowings | $ 529,100 | 586,500 | |||
Ten Year Plus Construction Period Loan Facility | Libra Joint Venture | LIBOR | |||||
Disclosure of joint ventures [line items] | |||||
Borrowings, adjustment to interest rate basis | 2.65% | ||||
Term Loan Facility | OOG-TKP FPSO GmbH & Co KG | |||||
Disclosure of joint ventures [line items] | |||||
Borrowings | $ 53,400 | $ 105,900 | |||
Term Loan Facility | OOG-TKP FPSO GmbH & Co KG | LIBOR | |||||
Disclosure of joint ventures [line items] | |||||
Borrowings, adjustment to interest rate basis | 3.50% |
Equity-Accounted Investments _2
Equity-Accounted Investments - Joint Venture Ownership (Details) | 1 Months Ended | 12 Months Ended |
Jun. 30, 2013 | Dec. 31, 2020 | |
OOG-TK Libra GmbH | ||
Disclosure of joint ventures [line items] | ||
Proportion of Ownership Interest | 50.00% | |
OOG-TK Libra GmbH & Co KG | ||
Disclosure of joint ventures [line items] | ||
Proportion of Ownership Interest | 50.00% | |
OOGTK Libra Operator Holdings Limited | ||
Disclosure of joint ventures [line items] | ||
Proportion of Ownership Interest | 50.00% | |
OOGTK Libra Producao de Petroleo Ltda | ||
Disclosure of joint ventures [line items] | ||
Proportion of Ownership Interest | 50.00% | |
TK-Ocyan Libra Oil Services Ltd. | ||
Disclosure of joint ventures [line items] | ||
Proportion of Ownership Interest | 50.00% | |
OOG-TKP FPSO GmbH | ||
Disclosure of joint ventures [line items] | ||
Proportion of Ownership Interest | 50.00% | |
OOG-TKP FPSO GmbH & Co KG | ||
Disclosure of joint ventures [line items] | ||
Proportion of Ownership Interest | 50.00% | 50.00% |
OOG-TKP Oil Services Ltd. | ||
Disclosure of joint ventures [line items] | ||
Proportion of Ownership Interest | 50.00% | |
OOG-TKP Operator Holdings Limited | ||
Disclosure of joint ventures [line items] | ||
Proportion of Ownership Interest | 50.00% | |
OOG-TKP Producao de Petroleo Ltda | ||
Disclosure of joint ventures [line items] | ||
Proportion of Ownership Interest | 50.00% |
Equity-Accounted Investments _3
Equity-Accounted Investments - Summary of Balance Sheet Information (Details) - USD ($) $ in Thousands | 1 Months Ended | 12 Months Ended | ||
Oct. 31, 2014 | Dec. 31, 2020 | Dec. 31, 2019 | Jan. 01, 2019 | |
Disclosure of joint ventures [line items] | ||||
Current assets | $ 632,991 | $ 563,004 | $ 490,974 | |
Non-current assets | 3,752,640 | 3,925,234 | 4,232,148 | |
Current liabilities | 863,485 | 668,859 | 974,901 | |
Non-current liabilities | 3,277,247 | 3,221,577 | 2,955,188 | |
Cash and cash equivalents | 235,734 | 199,388 | 225,040 | |
Joint ventures | ||||
Disclosure of joint ventures [line items] | ||||
Current assets | 153,181 | 159,719 | 149,263 | |
Non-current assets | 1,043,352 | 1,119,508 | 1,185,783 | |
Current liabilities | 126,709 | 127,062 | 134,795 | |
Non-current liabilities | 586,362 | 687,734 | 782,612 | |
Net assets | $ 483,462 | $ 464,431 | $ 417,639 | |
Ownership interest | 50.00% | 50.00% | 50.00% | |
Equity-accounted investments | $ 241,731 | $ 232,216 | $ 208,819 | |
Cash and cash equivalents | 18,846 | 18,528 | 89,634 | |
Current financial liabilities | 101,756 | 98,630 | 90,063 | |
Non-current financial liabilities | 514,407 | 602,424 | 684,538 | |
Libra Joint Venture | ||||
Disclosure of joint ventures [line items] | ||||
Current assets | 123,576 | 126,154 | 114,949 | |
Non-current assets | 765,239 | 813,330 | 877,719 | |
Current liabilities | 83,028 | 80,321 | 87,392 | |
Non-current liabilities | 567,474 | 611,457 | 668,689 | |
Net assets | $ 238,313 | $ 247,706 | $ 236,587 | |
Ownership interest | 50.00% | 50.00% | 50.00% | 50.00% |
Equity-accounted investments | $ 119,157 | $ 123,853 | $ 118,294 | |
Cash and cash equivalents | 8,450 | 7,972 | 66,217 | |
Current financial liabilities | 66,223 | 62,676 | 58,281 | |
Non-current financial liabilities | 495,861 | 530,588 | 579,156 | |
Itajai Joint Venture | ||||
Disclosure of joint ventures [line items] | ||||
Current assets | 29,605 | 33,565 | 34,314 | |
Non-current assets | 278,113 | 306,178 | 308,064 | |
Current liabilities | 43,681 | 46,741 | 47,403 | |
Non-current liabilities | 18,888 | 76,277 | 113,923 | |
Net assets | $ 245,149 | $ 216,725 | $ 181,052 | |
Ownership interest | 50.00% | 50.00% | 50.00% | |
Equity-accounted investments | $ 122,575 | $ 108,363 | $ 90,526 | |
Cash and cash equivalents | 10,396 | 10,556 | 23,417 | |
Current financial liabilities | 35,533 | 35,954 | 31,782 | |
Non-current financial liabilities | $ 18,546 | $ 71,836 | $ 105,382 |
Equity-Accounted Investments _4
Equity-Accounted Investments - Income Statement (Details) - USD ($) $ in Thousands | 1 Months Ended | 12 Months Ended | ||
Oct. 31, 2014 | Dec. 31, 2020 | Dec. 31, 2019 | Jan. 01, 2019 | |
Disclosure of joint ventures [line items] | ||||
Revenues | $ 1,182,110 | $ 1,252,938 | ||
Depreciation and amortization | (316,317) | (358,474) | ||
Interest expense | (192,723) | (205,667) | ||
Interest income | 2,770 | 5,111 | ||
Income tax (expense) recovery | (5,739) | (7,827) | ||
Net income (loss) | (346,163) | (159,067) | ||
Joint ventures | ||||
Disclosure of joint ventures [line items] | ||||
Revenues | 263,904 | 265,447 | ||
Depreciation and amortization | (64,827) | (63,653) | ||
Interest expense | (28,866) | (41,736) | ||
Interest income | 253 | 203 | ||
Income tax (expense) recovery | (634) | (496) | ||
Net income (loss) | $ 71,842 | $ 67,536 | ||
Ownership interest | 50.00% | 50.00% | 50.00% | |
Equity-accounted income (loss) | $ 35,921 | $ 33,768 | ||
Dividends received by the Partnership | 29,742 | 17,655 | ||
Libra Joint Venture | ||||
Disclosure of joint ventures [line items] | ||||
Revenues | 181,734 | 181,172 | ||
Depreciation and amortization | (48,408) | (47,282) | ||
Interest expense | (20,493) | (34,798) | ||
Interest income | 83 | 203 | ||
Income tax (expense) recovery | (100) | (166) | ||
Net income (loss) | $ 43,882 | $ 34,686 | ||
Ownership interest | 50.00% | 50.00% | 50.00% | 50.00% |
Equity-accounted income (loss) | $ 21,941 | $ 17,343 | ||
Dividends received by the Partnership | 27,492 | 15,405 | ||
Itajai Joint Venture | ||||
Disclosure of joint ventures [line items] | ||||
Revenues | 82,170 | 84,275 | ||
Depreciation and amortization | (16,419) | (16,371) | ||
Interest expense | (8,373) | (6,938) | ||
Interest income | 170 | 0 | ||
Income tax (expense) recovery | (534) | (330) | ||
Net income (loss) | $ 27,960 | $ 32,850 | ||
Ownership interest | 50.00% | 50.00% | 50.00% | |
Equity-accounted income (loss) | $ 13,980 | $ 16,425 | ||
Dividends received by the Partnership | $ 2,250 | $ 2,250 |
Goodwill - Key measurement inpu
Goodwill - Key measurement inputs (Details) - number | Dec. 31, 2020 | Dec. 31, 2019 | Jan. 01, 2019 |
Disclosure of information for impairment loss recognised or reversed for individual asset or cash-generating unit [line items] | |||
Discount rate | 6.73% | 8.25% | 8.25% |
Exit multiple | 800.00% | 800.00% | 800.00% |
Discount rate | |||
Disclosure of information for impairment loss recognised or reversed for individual asset or cash-generating unit [line items] | |||
Amount by which value assigned to key assumption must change in order for unit's recoverable amount to be equal to carrying amount | 0.0323 | 0.0131 | 0.0038 |
Exit multiple | |||
Disclosure of information for impairment loss recognised or reversed for individual asset or cash-generating unit [line items] | |||
Amount by which value assigned to key assumption must change in order for unit's recoverable amount to be equal to carrying amount | (1.7) | (0.7) | (0.2) |
Goodwill - Narrative (Details)
Goodwill - Narrative (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Jan. 01, 2019 | |
Disclosure of detailed information about intangible assets [line items] | |||
Goodwill | $ 127,113 | $ 127,113 | $ 127,113 |
Goodwill impairment | $ 0 | $ 0 | $ 0 |
Leverage ratio | 70.00% | 57.00% | 60.00% |
Market interest rates | 3.90% | 6.50% | 7.10% |
Shuttle Tanker Segment | |||
Disclosure of detailed information about intangible assets [line items] | |||
Goodwill | $ 127,100 | $ 127,100 | $ 127,100 |
Accounts Payable and Other (Det
Accounts Payable and Other (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Jan. 01, 2019 | |
Current | |||
Accounts payable | $ 46,022 | $ 56,699 | $ 16,423 |
Accrued liabilities | 143,660 | 133,435 | 122,428 |
Provisions | 7,522 | 7,540 | 7,468 |
Deferred revenues | 91,392 | 53,728 | 55,750 |
Lease liabilities | 13,818 | 21,216 | 11,411 |
Accounts payable and other | 302,414 | 272,618 | 213,480 |
Non-current | |||
Deferred revenue | 11,616 | 84,077 | 145,852 |
Lease liabilities | 22,010 | 46,769 | 8,790 |
Provisions | 60,179 | 60,366 | 78,992 |
Decommissioning liability | 33,901 | 31,420 | 29,302 |
Other | 965 | 27 | 1,796 |
Accounts payable and other | $ 128,671 | $ 222,659 | $ 264,732 |
Provision for decommissioning, inflation rate | 2.50% | 2.50% | |
Bottom of range | |||
Non-current | |||
Provision for decommissioning, risk free interest rate | 0.30% | 1.60% | |
Top of range | |||
Non-current | |||
Provision for decommissioning, risk free interest rate | 0.40% | 2.50% |
Accrued Liabilities (Details)
Accrued Liabilities (Details) - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 | Jan. 01, 2019 |
Subclassifications of assets, liabilities and equities [abstract] | |||
Interest including interest rate swaps | $ 50,714 | $ 48,047 | $ 44,887 |
Payroll and benefits | 44,167 | 36,807 | 34,828 |
Audit, legal and other general expenses | 16,383 | 24,831 | 14,158 |
Voyage and vessel expenses | 31,107 | 19,829 | 25,475 |
Income and other tax payable | 1,289 | 3,921 | 3,080 |
Accruals | $ 143,660 | $ 133,435 | $ 122,428 |
Provisions and Contingencies -
Provisions and Contingencies - Summary (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
Changes in other provisions [abstract] | ||
Opening balance at beginning of year | $ 67,906 | $ 86,460 |
Additional provisions recognized | 12,033 | 2,161 |
Reduction arising from payments / derecognition | (12,238) | (20,715) |
Closing balance at end of year | $ 67,701 | $ 67,906 |
Provisions and Contingencies _2
Provisions and Contingencies - Narrative (Details) $ / shares in Units, $ in Thousands | 1 Months Ended | 12 Months Ended | |||||||
Mar. 31, 2018USD ($) | Jun. 30, 2017USD ($) | Jun. 30, 2016USD ($)vessel | Dec. 31, 2019USD ($)$ / sharesshares | Dec. 31, 2020USD ($)tanker | Oct. 01, 2019$ / shares | Jan. 01, 2019USD ($) | Feb. 28, 2015vessel | Aug. 31, 2014 | |
Disclosure of detailed information about business combination [line items] | |||||||||
Other provisions | $ 67,906 | $ 67,701 | $ 86,460 | ||||||
Number of assets to be built | tanker | 7 | ||||||||
Number of assets delivered | tanker | 4 | ||||||||
Units held by entities and individuals | shares | 5,000,000 | ||||||||
Cash exchanged per share for shares not owned | $ / shares | $ 1.05 | ||||||||
Units issued, price per unit (USD per share) | $ / shares | $ 1.55 | ||||||||
COSCO (Nantong) Shipyard | |||||||||
Disclosure of detailed information about business combination [line items] | |||||||||
Other provisions | $ 57,600 | ||||||||
Contingent liabilities, damages sought | $ 186,200 | $ 51,900 | |||||||
Legal proceedings provision [member] | |||||||||
Disclosure of detailed information about business combination [line items] | |||||||||
Other provisions | 10,100 | ||||||||
Bottom of range | COSCO (Nantong) Shipyard | |||||||||
Disclosure of detailed information about business combination [line items] | |||||||||
Estimated financial effect of contingent liabilities | 10,000 | ||||||||
Top of range | COSCO (Nantong) Shipyard | |||||||||
Disclosure of detailed information about business combination [line items] | |||||||||
Estimated financial effect of contingent liabilities | $ 40,000 | ||||||||
Logitel Offshore Holding AS | |||||||||
Disclosure of detailed information about business combination [line items] | |||||||||
Percentage of voting equity interests acquired | 100.00% | ||||||||
Number of assets to be built | vessel | 3 | ||||||||
Number of assets delivered | vessel | 1 | ||||||||
Number of construction contracts canceled | vessel | 2 | ||||||||
Impairment loss | $ 43,700 | ||||||||
Reversed contingent liabilities | 14,500 | ||||||||
Contingent liabilities | $ 170,000 |
Contracts in Progress - Contrac
Contracts in Progress - Contract Asset and Liabilities Summary by Classification (Details) - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 | Jan. 01, 2019 |
Contract assets | |||
Current | $ 18,958 | $ 3,816 | $ 7,926 |
Non-current | 48,288 | 79,896 | 66,905 |
Total contract assets | 67,246 | 83,712 | 74,831 |
Contract liabilities | |||
Current | 91,392 | 53,728 | 55,750 |
Non-current | 11,616 | 84,077 | 145,852 |
Total contract liabilities | $ 103,008 | $ 137,805 | $ 201,602 |
Contracts in Progress - Narrati
Contracts in Progress - Narrative (Details) - USD ($) | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
Disclosure Of Revenue From Contracts With Customers [Abstract] | ||
Revenue that was included in contract liability balance at beginning of period | $ 43,700,000 | $ 53,100,000 |
Amortisation, assets recognised from costs incurred to obtain or fulfil contracts with customers | $ 22,800,000 | $ 20,900,000 |
Contracts in Progress - Capital
Contracts in Progress - Capitalized Contract Costs (Details) - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 | Jan. 01, 2019 |
Disclosure of assets recognised from costs to obtain or fulfil contracts with customers [line items] | |||
Contract costs | $ 40,824 | $ 61,847 | $ 90,521 |
Pre-operational costs | |||
Disclosure of assets recognised from costs to obtain or fulfil contracts with customers [line items] | |||
Contract costs | 7,750 | 12,836 | 24,031 |
Offshore asset mobilization costs | |||
Disclosure of assets recognised from costs to obtain or fulfil contracts with customers [line items] | |||
Contract costs | 21,509 | 35,632 | 51,302 |
Vessel repositioning costs | |||
Disclosure of assets recognised from costs to obtain or fulfil contracts with customers [line items] | |||
Contract costs | $ 11,565 | $ 13,379 | $ 15,188 |
Other Financial Liabilities - S
Other Financial Liabilities - Summary of other financial liabilities (Details) - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 | Jan. 01, 2019 |
Current | |||
Derivative instruments | $ 189,647 | $ 18,956 | $ 23,290 |
Obligations relating to finance leases | 8,839 | 255 | 0 |
Other | 499 | 2,486 | 0 |
Other financial liabilities | 198,985 | 21,697 | 23,290 |
Non-current | |||
Derivative instruments | 13,950 | 143,222 | 144,867 |
Obligations relating to finance leases | 130,400 | 21,289 | 0 |
Non-current financial liabilities | $ 144,350 | $ 164,511 | $ 144,867 |
Fixed interest rate | Finance Lease Liability | |||
Non-current | |||
Fixed interest rate | 5.50% |
Other Financial Liabilities -_2
Other Financial Liabilities - Summary of derivative financial instruments (Details) - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 | Jan. 01, 2019 |
Financial Asset | |||
Total | $ 6,497 | $ 1,123 | $ 3,103 |
Total current | 6,497 | 1,123 | 1,028 |
Total non-current | 0 | 0 | 2,075 |
Financial Liability | |||
Total | 203,597 | 162,178 | 168,157 |
Total current | 189,647 | 18,956 | 23,290 |
Total non-current | 13,950 | 143,222 | 144,867 |
Interest rate swaps | |||
Financial Asset | |||
Total | 0 | 0 | 3,103 |
Financial Liability | |||
Total | 203,597 | 161,630 | 108,552 |
Foreign currency forward contracts | |||
Financial Asset | |||
Total | 6,497 | 1,123 | 0 |
Financial Liability | |||
Total | 0 | 548 | 4,650 |
Cross currency swaps | |||
Financial Asset | |||
Total | 0 | 0 | 0 |
Financial Liability | |||
Total | 0 | 0 | 4,442 |
Warrants | |||
Financial Asset | |||
Total | 0 | 0 | 0 |
Financial Liability | |||
Total | $ 0 | $ 0 | $ 50,513 |
Other Financial Liabilities - I
Other Financial Liabilities - Interest rate risk (Details) $ in Thousands | Dec. 31, 2020USD ($)interest_rate_swap | Aug. 31, 2020 |
Floating interest rate | ||
Disclosure of financial instruments by type of interest rate [line items] | ||
Borrowings, adjustment to interest rate basis | 6.50% | |
Interest rate risk | ||
Disclosure of financial instruments by type of interest rate [line items] | ||
Notional Amount | $ 1,173,909 | |
Interest rate risk | At fair value | ||
Disclosure of financial instruments by type of interest rate [line items] | ||
Fair Value/Carrying Amount of Asset (Liability) | (203,597) | |
Interest rate swap contract | Interest rate risk | At fair value | ||
Disclosure of financial instruments by type of interest rate [line items] | ||
Interest payable | 4,600 | |
U.S. Dollar-Denominated Interest Rate Swap, 4.0% Fixed Rate | Interest rate risk | ||
Disclosure of financial instruments by type of interest rate [line items] | ||
Notional Amount | $ 647,368 | |
Weighted- Average Remaining Term (years) | 0.50 | |
Fixed Interest Rate | 4.00% | |
U.S. Dollar-Denominated Interest Rate Swap, 4.0% Fixed Rate | Interest rate risk | At fair value | ||
Disclosure of financial instruments by type of interest rate [line items] | ||
Fair Value/Carrying Amount of Asset (Liability) | $ (156,743) | |
U.S. Dollar-Denominated Interest Rate Swap, 2.9% Fixed Rate | Interest rate risk | ||
Disclosure of financial instruments by type of interest rate [line items] | ||
Notional Amount | $ 526,541 | |
Weighted- Average Remaining Term (years) | 1.40 | |
Fixed Interest Rate | 2.90% | |
U.S. Dollar-Denominated Interest Rate Swap, 2.9% Fixed Rate | Interest rate risk | At fair value | ||
Disclosure of financial instruments by type of interest rate [line items] | ||
Fair Value/Carrying Amount of Asset (Liability) | $ (46,854) | |
U.S. Dollar-Denominated Interest Rate Swap, 4.0% Fixed Rate, With Early Termination Provision | Interest rate risk | ||
Disclosure of financial instruments by type of interest rate [line items] | ||
Notional Amount | $ 547,400 | |
Number of hedging instruments | interest_rate_swap | 4 | |
U.S. Dollar-Denominated Interest Rate Swap, 4.0% Fixed Rate, With Early Termination Provision | Interest rate risk | At fair value | ||
Disclosure of financial instruments by type of interest rate [line items] | ||
Fair Value/Carrying Amount of Asset (Liability) | $ (155,700) | |
U.S. Dollar-Denominated Interest Rate Swap, 2.9% Fixed Rate, With Early Termination Option | Interest rate risk | ||
Disclosure of financial instruments by type of interest rate [line items] | ||
Notional Amount | $ 143,300 | |
Number of hedging instruments | interest_rate_swap | 1 | |
U.S. Dollar-Denominated Interest Rate Swap, 2.9% Fixed Rate, With Early Termination Option | Interest rate risk | At fair value | ||
Disclosure of financial instruments by type of interest rate [line items] | ||
Fair Value/Carrying Amount of Asset (Liability) | $ (28,900) | |
Bottom of range | Interest rate swap contract | Interest rate risk | Floating interest rate | ||
Disclosure of financial instruments by type of interest rate [line items] | ||
Borrowings, adjustment to interest rate basis | 0.90% | |
Top of range | Interest rate swap contract | Interest rate risk | Floating interest rate | ||
Disclosure of financial instruments by type of interest rate [line items] | ||
Borrowings, adjustment to interest rate basis | 6.50% |
Other Financial Liabilities - D
Other Financial Liabilities - Derivative narrative (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Jan. 01, 2019 | |
Disclosure of detailed information about hedging instruments [line items] | |||
Gross financial assets subject to offsetting, enforceable master netting arrangements or similar agreements | $ 6,500 | $ 1,100 | $ 0 |
Gross financial liabilities subject to offsetting, enforceable master netting arrangements or similar agreements | 147,500 | 118,200 | $ 91,100 |
Interest expense | |||
Disclosure of detailed information about hedging instruments [line items] | |||
Realized gain on qualifying cash flow hedging instruments | $ (811) | $ (689) |
Other Financial Liabilities - G
Other Financial Liabilities - Gains (losses) on financial instruments (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
Gains (losses) on financial instruments [Line Items] | ||
Realized gain (loss) on derivative instruments | $ (60,453) | $ (34,239) |
Unrealized gain (loss) on derivative instruments | (36,046) | (443) |
Total realized and unrealized gain (loss) on derivative instruments | (96,499) | (34,682) |
Interest rate swaps | ||
Gains (losses) on financial instruments [Line Items] | ||
Realized gain (loss) on derivative instruments | (59,143) | (29,185) |
Unrealized gain (loss) on derivative instruments | (41,967) | (56,182) |
Foreign currency forward contracts | ||
Gains (losses) on financial instruments [Line Items] | ||
Realized gain (loss) on derivative instruments | (1,310) | (5,054) |
Unrealized gain (loss) on derivative instruments | 5,921 | 5,226 |
Warrants | ||
Gains (losses) on financial instruments [Line Items] | ||
Unrealized gain (loss) on derivative instruments | $ 0 | $ 50,513 |
Other Financial Liabilities -_3
Other Financial Liabilities - Series D detachable warrants (Details) - $ / shares | 1 Months Ended | 12 Months Ended | ||
Jun. 30, 2016 | Dec. 31, 2019 | Jan. 22, 2020 | Sep. 30, 2017 | |
Detailed Information Regarding Warrants [Line Items] | ||||
Term of warrants | 7 years | |||
Period after issuance in which warrants become exercisable | 6 months | |||
Number of warrants outstanding (in shares) | 6,750,000 | |||
Right to receive cash, unaffiliated unitholders ($ per share) | $ 1.55 | |||
Warrants, $4.55 | ||||
Detailed Information Regarding Warrants [Line Items] | ||||
Number of warrants issued (in shares) | 4,500,000 | |||
Warrants, exercise price (USD per share) | $ 4.55 | |||
Warrants, $6.05 | ||||
Detailed Information Regarding Warrants [Line Items] | ||||
Number of warrants issued (in shares) | 2,250,000 | |||
Warrants, exercise price (USD per share) | $ 6.05 | $ 4.55 |
Other Financial Liabilities - B
Other Financial Liabilities - Brookfield warrants (Details) | 1 Months Ended | |||||
May 31, 2019shares | Jul. 31, 2018shares | Sep. 30, 2017d$ / sharesshares | Jun. 30, 2016shares | Jan. 22, 2020$ / shares | Dec. 31, 2019shares | |
Detailed Information Regarding Warrants [Line Items] | ||||||
Right to receive cash, unaffiliated unitholders ($ per share) | $ / shares | $ 1.55 | |||||
Number of warrants outstanding (in shares) | 6,750,000 | |||||
Brookfield Warrants | ||||||
Detailed Information Regarding Warrants [Line Items] | ||||||
Number of warrants transferred (in shares) | 11,400,000 | |||||
Number of securities issued up exercise of warrant | 1 | |||||
Warrants, exercise price (USD per share) | $ / shares | $ 0.01 | |||||
Common-unit weighted average price, threshold ($ per share) | $ / shares | $ 4 | |||||
Common-unit weighted average price threshold, consecutive trading days | d | 10 | |||||
Warrants, option to exercise additional warrants, percentage | 2.00% | |||||
Number of warrants exchanged for transfer of ownership interest (in shares) | 1,000,000 | |||||
Number of warrants acquired (in shares) | 17,300,000 | |||||
Brookfield Warrants | Brookfield | ||||||
Detailed Information Regarding Warrants [Line Items] | ||||||
Number of warrants issued (in shares) | 62,400,000 | |||||
Number of warrants outstanding (in shares) | 65,500,000 | |||||
Brookfield Warrants | Teekay Corporation | ||||||
Detailed Information Regarding Warrants [Line Items] | ||||||
Number of warrants issued (in shares) | 3,100,000 |
Other Financial Liabilities - M
Other Financial Liabilities - Maturity analysis of derivative financial instruments (Details) $ in Thousands | Dec. 31, 2020USD ($) |
Disclosure of maturity analysis for derivative financial liabilities [line items] | |
Derivative financial liabilities | $ 1,228,000 |
Interest rate swaps | |
Disclosure of maturity analysis for derivative financial liabilities [line items] | |
Derivative financial liabilities | 1,173,900 |
Foreign currency forward contracts | |
Disclosure of maturity analysis for derivative financial liabilities [line items] | |
Derivative financial liabilities | 54,100 |
1 Year | |
Disclosure of maturity analysis for derivative financial liabilities [line items] | |
Derivative financial liabilities | 817,200 |
1 Year | Interest rate swaps | |
Disclosure of maturity analysis for derivative financial liabilities [line items] | |
Derivative financial liabilities | 763,100 |
1 Year | Foreign currency forward contracts | |
Disclosure of maturity analysis for derivative financial liabilities [line items] | |
Derivative financial liabilities | 54,100 |
2 Years | |
Disclosure of maturity analysis for derivative financial liabilities [line items] | |
Derivative financial liabilities | 389,100 |
2 Years | Interest rate swaps | |
Disclosure of maturity analysis for derivative financial liabilities [line items] | |
Derivative financial liabilities | 389,100 |
2 Years | Foreign currency forward contracts | |
Disclosure of maturity analysis for derivative financial liabilities [line items] | |
Derivative financial liabilities | 0 |
3 Years | |
Disclosure of maturity analysis for derivative financial liabilities [line items] | |
Derivative financial liabilities | 3,800 |
3 Years | Interest rate swaps | |
Disclosure of maturity analysis for derivative financial liabilities [line items] | |
Derivative financial liabilities | 3,800 |
3 Years | Foreign currency forward contracts | |
Disclosure of maturity analysis for derivative financial liabilities [line items] | |
Derivative financial liabilities | 0 |
4 Years | |
Disclosure of maturity analysis for derivative financial liabilities [line items] | |
Derivative financial liabilities | 3,800 |
4 Years | Interest rate swaps | |
Disclosure of maturity analysis for derivative financial liabilities [line items] | |
Derivative financial liabilities | 3,800 |
4 Years | Foreign currency forward contracts | |
Disclosure of maturity analysis for derivative financial liabilities [line items] | |
Derivative financial liabilities | 0 |
5 Years | |
Disclosure of maturity analysis for derivative financial liabilities [line items] | |
Derivative financial liabilities | 3,800 |
5 Years | Interest rate swaps | |
Disclosure of maturity analysis for derivative financial liabilities [line items] | |
Derivative financial liabilities | 3,800 |
5 Years | Foreign currency forward contracts | |
Disclosure of maturity analysis for derivative financial liabilities [line items] | |
Derivative financial liabilities | 0 |
Thereafter | |
Disclosure of maturity analysis for derivative financial liabilities [line items] | |
Derivative financial liabilities | 10,300 |
Thereafter | Interest rate swaps | |
Disclosure of maturity analysis for derivative financial liabilities [line items] | |
Derivative financial liabilities | 10,300 |
Thereafter | Foreign currency forward contracts | |
Disclosure of maturity analysis for derivative financial liabilities [line items] | |
Derivative financial liabilities | $ 0 |
Borrowings - Summary of Borrowi
Borrowings - Summary of Borrowings (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Jan. 01, 2019 | |
Disclosure of detailed information about borrowings [line items] | |||
Borrowings | $ 3,170,977 | $ 3,184,512 | $ 3,097,742 |
Current portion | (362,079) | (353,238) | (554,336) |
Long-term portion | $ 2,808,898 | $ 2,831,274 | $ 2,543,406 |
Weighted average | |||
Disclosure of detailed information about borrowings [line items] | |||
Weighted average term | 4 years 1 month 6 days | 4 years 9 months | 4 years 10 months 20 days |
Weighted average rate | 4.77% | 5.67% | 6.00% |
Revolving credit facilities | |||
Disclosure of detailed information about borrowings [line items] | |||
Borrowings | $ 439,600 | $ 513,200 | $ 523,100 |
Revolving credit facilities | Weighted average | |||
Disclosure of detailed information about borrowings [line items] | |||
Weighted average term | 3 years 25 days | 4 years 18 days | 3 years 5 months 8 days |
Weighted average rate | 2.81% | 4.50% | 5.82% |
Term loans | |||
Disclosure of detailed information about borrowings [line items] | |||
Borrowings | $ 1,400,000 | $ 1,400,000 | $ 1,400,000 |
Term loans | Weighted average | |||
Disclosure of detailed information about borrowings [line items] | |||
Weighted average term | 5 years 6 months 3 days | 5 years 9 months 14 days | 6 years 14 days |
Weighted average rate | 2.69% | 4.12% | 4.76% |
Public bonds | |||
Disclosure of detailed information about borrowings [line items] | |||
Borrowings | $ 1,100,000 | $ 1,100,000 | $ 1,000,000 |
Public bonds | Weighted average | |||
Disclosure of detailed information about borrowings [line items] | |||
Weighted average term | 2 years 6 months 21 days | 3 years 5 months 19 days | 3 years 11 months 26 days |
Weighted average rate | 7.88% | 8.18% | 7.96% |
Non-Public bonds | |||
Disclosure of detailed information about borrowings [line items] | |||
Borrowings | $ 206,900 | $ 241,100 | $ 141,200 |
Non-Public bonds | Weighted average | |||
Disclosure of detailed information about borrowings [line items] | |||
Weighted average term | 5 years 14 days | 5 years 10 months 17 days | 5 years 25 days |
Weighted average rate | 6.13% | 5.98% | 4.88% |
Gross Carrying Amount | |||
Disclosure of detailed information about borrowings [line items] | |||
Borrowings | $ 3,210,926 | $ 3,228,654 | $ 3,142,177 |
Gross Carrying Amount | Revolving credit facilities | |||
Disclosure of detailed information about borrowings [line items] | |||
Borrowings | 439,600 | 513,200 | 523,125 |
Gross Carrying Amount | Term loans | |||
Disclosure of detailed information about borrowings [line items] | |||
Borrowings | 1,426,370 | 1,399,309 | 1,443,125 |
Gross Carrying Amount | Public bonds | |||
Disclosure of detailed information about borrowings [line items] | |||
Borrowings | 1,138,086 | 1,075,000 | 1,034,769 |
Gross Carrying Amount | Non-Public bonds | |||
Disclosure of detailed information about borrowings [line items] | |||
Borrowings | 206,870 | 241,145 | 141,158 |
Deferred Financing Costs | |||
Disclosure of detailed information about borrowings [line items] | |||
Borrowings | $ (39,949) | $ (44,142) | $ (44,435) |
Borrowings - Narrative (Details
Borrowings - Narrative (Details) $ in Thousands, kr in Millions | Jul. 02, 2018USD ($) | Oct. 31, 2020USD ($) | Sep. 30, 2020USD ($) | Jun. 30, 2020USD ($) | Dec. 31, 2020USD ($)debt_instrumentvessel | Aug. 31, 2020USD ($)number | Dec. 31, 2019USD ($)vesseldebt_instrument | Jan. 01, 2019USD ($)vesseldebt_instrument | Jan. 01, 2019DKK (kr)vesseldebt_instrument |
Disclosure of detailed information about borrowings [line items] | |||||||||
Borrowings | $ 3,170,977 | $ 3,184,512 | $ 3,097,742 | ||||||
Floating interest rate | |||||||||
Disclosure of detailed information about borrowings [line items] | |||||||||
Borrowings | $ 1,840,613 | ||||||||
Borrowings, adjustment to interest rate basis | 6.50% | ||||||||
Weighted average term | 4 years 1 month 28 days | ||||||||
Revolving credit facilities | |||||||||
Disclosure of detailed information about borrowings [line items] | |||||||||
Number of borrowing instruments | debt_instrument | 2 | 2 | 2 | 2 | |||||
Borrowings | $ 439,600 | $ 513,200 | $ 523,100 | ||||||
Term loans | |||||||||
Disclosure of detailed information about borrowings [line items] | |||||||||
Borrowings | $ 1,400,000 | $ 1,400,000 | $ 1,400,000 | ||||||
Number of assets, securing borrowings | vessel | 25 | 24 | 25 | 25 | |||||
Amount of borrowings that were extended in the period | $ 40,000 | ||||||||
Amount of borrowings, upsized in the period | $ 106,000 | ||||||||
Term loans | Floating interest rate | |||||||||
Disclosure of detailed information about borrowings [line items] | |||||||||
Borrowings | $ 1,201,013 | ||||||||
Weighted average term | 4 years 7 months 17 days | ||||||||
Public bonds | |||||||||
Disclosure of detailed information about borrowings [line items] | |||||||||
Borrowings | $ 1,100,000 | $ 1,100,000 | $ 1,000,000 | ||||||
Public bonds | Floating interest rate | |||||||||
Disclosure of detailed information about borrowings [line items] | |||||||||
Borrowings | $ 200,000 | ||||||||
Weighted average term | 3 years 9 months 18 days | ||||||||
Non-Public bonds | |||||||||
Disclosure of detailed information about borrowings [line items] | |||||||||
Borrowings | $ 206,900 | $ 241,100 | 141,200 | ||||||
Senior Unsecured Bond | |||||||||
Disclosure of detailed information about borrowings [line items] | |||||||||
Borrowings | $ 10,000 | kr 86 | |||||||
Senior Unsecured Green Bond | |||||||||
Disclosure of detailed information about borrowings [line items] | |||||||||
Borrowings | $ 200,000 | ||||||||
Senior Unsecured Green Bond, Maturing October 2024 | |||||||||
Disclosure of detailed information about borrowings [line items] | |||||||||
Percentage of par value | number | 0.965 | ||||||||
Notional amount | $ 75,000 | ||||||||
Senior Unsecured Bond, Maturing July 2023 | |||||||||
Disclosure of detailed information about borrowings [line items] | |||||||||
Notional amount | $ 700,000 | $ 700,000 | |||||||
Weighted average term | 5 years | 5 years | |||||||
Repurchase of bonds in the period | $ 13,000 |
Borrowing - Contractual maturit
Borrowing - Contractual maturities (Details) - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 | Jan. 01, 2019 |
Disclosure of maturity analysis for borrowings [Line Items] | |||
Borrowings | $ 3,170,977 | $ 3,184,512 | $ 3,097,742 |
Secured debt, scheduled repayments | |||
Disclosure of maturity analysis for borrowings [Line Items] | |||
Secured debt - scheduled repayments and repayments on maturity | 1,279,000 | ||
Secured debt, scheduled repayments | 1 Year | |||
Disclosure of maturity analysis for borrowings [Line Items] | |||
Secured debt - scheduled repayments and repayments on maturity | 294,200 | ||
Secured debt, scheduled repayments | 2 Years | |||
Disclosure of maturity analysis for borrowings [Line Items] | |||
Secured debt - scheduled repayments and repayments on maturity | 231,600 | ||
Secured debt, scheduled repayments | 3 Years | |||
Disclosure of maturity analysis for borrowings [Line Items] | |||
Secured debt - scheduled repayments and repayments on maturity | 207,900 | ||
Secured debt, scheduled repayments | 4 Years | |||
Disclosure of maturity analysis for borrowings [Line Items] | |||
Secured debt - scheduled repayments and repayments on maturity | 160,100 | ||
Secured debt, scheduled repayments | 5 Years | |||
Disclosure of maturity analysis for borrowings [Line Items] | |||
Secured debt - scheduled repayments and repayments on maturity | 124,900 | ||
Secured debt, scheduled repayments | Thereafter | |||
Disclosure of maturity analysis for borrowings [Line Items] | |||
Secured debt - scheduled repayments and repayments on maturity | 260,300 | ||
Secured debt, repayments on maturity | |||
Disclosure of maturity analysis for borrowings [Line Items] | |||
Secured debt - scheduled repayments and repayments on maturity | 793,800 | ||
Secured debt, repayments on maturity | 1 Year | |||
Disclosure of maturity analysis for borrowings [Line Items] | |||
Secured debt - scheduled repayments and repayments on maturity | 69,000 | ||
Secured debt, repayments on maturity | 2 Years | |||
Disclosure of maturity analysis for borrowings [Line Items] | |||
Secured debt - scheduled repayments and repayments on maturity | 70,500 | ||
Secured debt, repayments on maturity | 3 Years | |||
Disclosure of maturity analysis for borrowings [Line Items] | |||
Secured debt - scheduled repayments and repayments on maturity | 274,600 | ||
Secured debt, repayments on maturity | 4 Years | |||
Disclosure of maturity analysis for borrowings [Line Items] | |||
Secured debt - scheduled repayments and repayments on maturity | 182,000 | ||
Secured debt, repayments on maturity | 5 Years | |||
Disclosure of maturity analysis for borrowings [Line Items] | |||
Secured debt - scheduled repayments and repayments on maturity | 0 | ||
Secured debt, repayments on maturity | Thereafter | |||
Disclosure of maturity analysis for borrowings [Line Items] | |||
Secured debt - scheduled repayments and repayments on maturity | 197,700 | ||
Public bonds | |||
Disclosure of maturity analysis for borrowings [Line Items] | |||
Bond repayments | 1,138,100 | ||
Borrowings | 1,100,000 | 1,100,000 | 1,000,000 |
Public bonds | 1 Year | |||
Disclosure of maturity analysis for borrowings [Line Items] | |||
Bond repayments | 0 | ||
Public bonds | 2 Years | |||
Disclosure of maturity analysis for borrowings [Line Items] | |||
Bond repayments | 251,100 | ||
Public bonds | 3 Years | |||
Disclosure of maturity analysis for borrowings [Line Items] | |||
Bond repayments | 687,000 | ||
Public bonds | 4 Years | |||
Disclosure of maturity analysis for borrowings [Line Items] | |||
Bond repayments | 200,000 | ||
Public bonds | 5 Years | |||
Disclosure of maturity analysis for borrowings [Line Items] | |||
Bond repayments | 0 | ||
Public bonds | Thereafter | |||
Disclosure of maturity analysis for borrowings [Line Items] | |||
Bond repayments | 0 | ||
Unsecured revolving credit facilities | Parent | |||
Disclosure of maturity analysis for borrowings [Line Items] | |||
Borrowings | 229,000 | ||
Unsecured revolving credit facilities | 1 Year | Parent | |||
Disclosure of maturity analysis for borrowings [Line Items] | |||
Borrowings | 0 | ||
Unsecured revolving credit facilities | 2 Years | Parent | |||
Disclosure of maturity analysis for borrowings [Line Items] | |||
Borrowings | 0 | ||
Unsecured revolving credit facilities | 3 Years | Parent | |||
Disclosure of maturity analysis for borrowings [Line Items] | |||
Borrowings | 0 | ||
Unsecured revolving credit facilities | 4 Years | Parent | |||
Disclosure of maturity analysis for borrowings [Line Items] | |||
Borrowings | 229,000 | ||
Unsecured revolving credit facilities | 5 Years | Parent | |||
Disclosure of maturity analysis for borrowings [Line Items] | |||
Borrowings | 0 | ||
Unsecured revolving credit facilities | Thereafter | Parent | |||
Disclosure of maturity analysis for borrowings [Line Items] | |||
Borrowings | 0 | ||
Gross Carrying Amount | |||
Disclosure of maturity analysis for borrowings [Line Items] | |||
Borrowings | 3,210,926 | 3,228,654 | 3,142,177 |
Gross Carrying Amount | 1 Year | |||
Disclosure of maturity analysis for borrowings [Line Items] | |||
Borrowings | 363,200 | ||
Gross Carrying Amount | 2 Years | |||
Disclosure of maturity analysis for borrowings [Line Items] | |||
Borrowings | 553,200 | ||
Gross Carrying Amount | 3 Years | |||
Disclosure of maturity analysis for borrowings [Line Items] | |||
Borrowings | 1,169,500 | ||
Gross Carrying Amount | 4 Years | |||
Disclosure of maturity analysis for borrowings [Line Items] | |||
Borrowings | 542,100 | ||
Gross Carrying Amount | 5 Years | |||
Disclosure of maturity analysis for borrowings [Line Items] | |||
Borrowings | 124,900 | ||
Gross Carrying Amount | Thereafter | |||
Disclosure of maturity analysis for borrowings [Line Items] | |||
Borrowings | 458,000 | ||
Gross Carrying Amount | Public bonds | |||
Disclosure of maturity analysis for borrowings [Line Items] | |||
Borrowings | $ 1,138,086 | $ 1,075,000 | $ 1,034,769 |
Income Taxes - Disclosure of ma
Income Taxes - Disclosure of major components of deferred tax balances (Details) - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 | Jan. 01, 2019 |
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | |||
Deferred tax assets | $ 5,153 | $ 7,000 | $ 9,168 |
Deferred tax liabilities | 700 | 3,133 | 2,183 |
Net deferred tax assets (liabilities) | 4,453 | 3,867 | 6,985 |
Tax losses carried forward | |||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | |||
Net deferred tax assets (liabilities) | 5,153 | 7,000 | 9,168 |
Other timing differences | |||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | |||
Net deferred tax assets (liabilities) | $ (700) | $ (3,133) | $ (2,183) |
Income Taxes - Disclosure of mo
Income Taxes - Disclosure of movements in deferred tax balances (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
Reconciliation of changes in deferred tax liability (asset) [abstract] | ||
Opening net deferred tax assets (liabilities) balance at beginning of year | $ (3,867) | $ (6,985) |
Deferred income tax (expense) recovery | (804) | 3,161 |
Other | (218) | 43 |
Closing net deferred tax assets (liabilities) balance at end of year | $ (4,453) | $ (3,867) |
Income Taxes - Disclosure of ex
Income Taxes - Disclosure of expiry dates of unrecognized deferred tax assets (Details) - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 | Jan. 01, 2019 |
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | |||
Unrecognized deferred tax assets | $ 262,737 | $ 232,186 | $ 238,833 |
One year from reporting date | |||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | |||
Unrecognized deferred tax assets | 92 | 205 | 111 |
Two years from reporting date | |||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | |||
Unrecognized deferred tax assets | 122 | 84 | 129 |
Three years from reporting date | |||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | |||
Unrecognized deferred tax assets | 162 | 111 | 98 |
After three years from reporting date | |||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | |||
Unrecognized deferred tax assets | 108,788 | 97,475 | 103,564 |
Do not expire | |||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | |||
Unrecognized deferred tax assets | $ 153,573 | $ 134,311 | $ 134,931 |
Income Taxes - Disclosure of in
Income Taxes - Disclosure of income tax expense (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
Disclosure Of Income Taxes [Abstract] | ||
Current tax expense (income) | $ (6,543) | $ (4,666) |
Deferred income tax (expense) recovery: | ||
Origination and reversal of temporary differences | 2,889 | (1,035) |
Recovery (expense) arising from previously unrecognized (derecognized) tax assets | (2,085) | (2,126) |
Total deferred income taxes | 804 | (3,161) |
Tax expense (income) | $ (5,739) | $ (7,827) |
Income Taxes - Reconciliation o
Income Taxes - Reconciliation of accounting profit multiplied by statutory tax rate (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
Disclosure Of Income Taxes [Abstract] | ||
Income (loss) before income tax (expense) recovery | $ (340,424) | $ (151,240) |
Net income (loss) not subject to taxes | (155,010) | (194,675) |
Net income (loss) subject to taxes | $ (185,414) | $ 43,435 |
Applicable statutory tax rate | 1.00% | 11.00% |
Net income (loss) subject to taxes at applicable statutory tax rates | $ (1,222) | $ 4,885 |
Permanent differences | 2,219 | (1,976) |
Adjustments related to currency differences | 172 | (360) |
Derecognition of deferred tax assets and other | 4,570 | 5,278 |
Tax expense (recovery) related to current year | $ 5,739 | $ 7,827 |
Income Taxes - Disclosure of _2
Income Taxes - Disclosure of movements in unrecognized tax benefits (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
Disclosure Of Income Taxes [Abstract] | ||
Opening unrecognized tax benefits balance at beginning of year | $ 232,186 | $ 238,833 |
Increases for positions related to the current year | 30,551 | (6,647) |
Closing unrecognized tax benefits balance at end of year | $ 262,737 | $ 232,186 |
Related Party Transactions - Na
Related Party Transactions - Narrative (Details) - USD ($) $ in Thousands | Jul. 02, 2018 | Nov. 30, 2020 | Sep. 30, 2020 | Dec. 31, 2020 | Dec. 31, 2019 | Aug. 31, 2020 | May 08, 2019 | Jan. 01, 2019 |
Disclosure of transactions between related parties [line items] | ||||||||
Key management personnel compensation | $ 2,200 | $ 2,000 | ||||||
Borrowings | 3,170,977 | 3,184,512 | $ 3,097,742 | |||||
Contribution of Capital from Brookfield | 37,060 | |||||||
Minimum liquidity requirement | $ 75,000 | |||||||
Payables to related parties | 423,600 | |||||||
Interest expense | 43,831 | 46,101 | ||||||
Due from related parties | 9,980 | 0 | 58,885 | |||||
Due to related parties | 194,628 | 0 | 0 | |||||
Due to related parties | 7 | 21,306 | 183,795 | |||||
Floating interest rate | ||||||||
Disclosure of transactions between related parties [line items] | ||||||||
Borrowings | $ 1,840,613 | |||||||
Borrowings, adjustment to interest rate basis | 6.50% | |||||||
Weighted average term | 4 years 1 month 28 days | |||||||
Senior Unsecured Bond, Maturing July 2023 | ||||||||
Disclosure of transactions between related parties [line items] | ||||||||
Notional amount | $ 700,000 | $ 700,000 | ||||||
Weighted average term | 5 years | 5 years | ||||||
Interest expense | $ 35,000 | 38,500 | ||||||
Senior Unsecured Bond, Maturing July 2023 | Fixed interest rate | ||||||||
Disclosure of transactions between related parties [line items] | ||||||||
Fixed interest rate | 8.50% | |||||||
Parent | Unsecured Revolving Credit Facility | ||||||||
Disclosure of transactions between related parties [line items] | ||||||||
Borrowings | 0 | 105,000 | 0 | |||||
Notional amount | 225,000 | $ 200,000 | $ 125,000 | |||||
Amount of interest that is deferable | $ 25,000 | |||||||
Liquidity to debt ratio requirement | 5.00% | |||||||
Interest expense | 7,300 | 8,300 | ||||||
Net interest accretion expense | 1,400 | $ 600 | ||||||
Parent | Unsecured Revolving Credit Facility | Floating interest rate | ||||||||
Disclosure of transactions between related parties [line items] | ||||||||
Borrowings, adjustment to interest rate basis | 5.00% | |||||||
Brookfield | ||||||||
Disclosure of transactions between related parties [line items] | ||||||||
Payables to related parties | $ 411,300 | $ 475,000 | ||||||
Brookfield | Senior Unsecured Bond, Maturing July 2023 | ||||||||
Disclosure of transactions between related parties [line items] | ||||||||
Cash advances and loans made to related parties | $ 500,000 |
Related Party Transactions - Su
Related Party Transactions - Summary of related party transactions (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
Disclosure Of Related Party [Abstract] | ||
Revenues | $ 8,079 | $ 42,628 |
Direct operating costs | 0 | (2,535) |
General and administrative expenses | (1,134) | (8,811) |
Depreciation and amortization | (209) | 0 |
Interest expense | (43,831) | (46,101) |
Realized and unrealized gain (loss) on derivative instruments | 0 | 49,832 |
Other income (expenses), net | $ 0 | $ (1,949) |
Equity - Narrative (Details)
Equity - Narrative (Details) - USD ($) $ / shares in Units, $ in Thousands | 1 Months Ended | 3 Months Ended | 12 Months Ended | ||||
Jan. 31, 2018 | Apr. 30, 2015 | Apr. 30, 2013 | Dec. 31, 2020 | Dec. 31, 2020 | Dec. 31, 2019 | Jan. 22, 2020 | |
Disclosure of classes of share capital [line items] | |||||||
Outstanding unit voting right percentage required to remove general partner | 66.67% | ||||||
Right to receive cash, unaffiliated unitholders ($ per share) | $ 1.55 | ||||||
Proportion of voting rights held by non-controlling interests | 1.30% | ||||||
Repurchase of preferred units | $ 6,200 | $ 6,200 | $ 0 | ||||
Gain on repurchase of preferred shares | $ 1,600 | ||||||
Distributions to limited partners and preferred unitholders | $ 32,103 | $ 32,150 | |||||
Class B common units | Brookfield | |||||||
Disclosure of classes of share capital [line items] | |||||||
Percentage of ownership interests held by parent | 100.00% | 100.00% | |||||
Common units | Brookfield | |||||||
Disclosure of classes of share capital [line items] | |||||||
Percentage of ownership interests held by parent | 98.70% | 98.70% | |||||
Series A Preferred Units | |||||||
Disclosure of classes of share capital [line items] | |||||||
Number of units issued in the period (in shares) | 6,000,000 | ||||||
Preferred units, rate | 7.25% | ||||||
Aggregate redemption amount | $ 150,000 | ||||||
Proceeds from issuing shares | $ 144,800 | ||||||
Redemption price per unit (USD per share) | $ 25 | ||||||
Shares repurchased during the period | 123,467 | ||||||
Dividends declared (USD per share) | $ 0.4531 | ||||||
Series B Preferred Units | |||||||
Disclosure of classes of share capital [line items] | |||||||
Number of units issued in the period (in shares) | 5,000,000 | ||||||
Preferred units, rate | 8.50% | ||||||
Aggregate redemption amount | $ 125,000 | ||||||
Proceeds from issuing shares | $ 120,800 | ||||||
Redemption price per unit (USD per share) | $ 25 | ||||||
Shares repurchased during the period | 89,981 | ||||||
Dividends declared (USD per share) | 0.5313 | ||||||
Series E Preferred Units | |||||||
Disclosure of classes of share capital [line items] | |||||||
Number of units issued in the period (in shares) | 4,800,000 | ||||||
Preferred units, rate | 8.875% | ||||||
Aggregate redemption amount | $ 116,000 | ||||||
Redemption price per unit (USD per share) | $ 25 | ||||||
Adjustment preferred unit rate | 6.407% | ||||||
Shares repurchased during the period | 96,977 | ||||||
Dividends declared (USD per share) | $ 0.5547 | ||||||
General partner | Brookfield | |||||||
Disclosure of classes of share capital [line items] | |||||||
Percentage of ownership interests held by parent | 100.00% | 100.00% |
Equity - Weighted average share
Equity - Weighted average shares (Details) - shares | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
Disclosure Of Share Capital, Reserves And Other Equity Interest [Abstract] | ||
Weighted average number of total common units | 411,148,991 | 410,727,035 |
Non-Wholly Owned Subsidiaries_2
Non-Wholly Owned Subsidiaries (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Jan. 01, 2019 | |
Disclosure of subsidiaries [line items] | |||
Current assets | $ 632,991 | $ 563,004 | $ 490,974 |
Non-current assets | 3,752,640 | 3,925,234 | 4,232,148 |
Current liabilities | 863,485 | 668,859 | 974,901 |
Non-current liabilities | 3,277,247 | 3,221,577 | 2,955,188 |
Revenues | 1,182,110 | 1,252,938 | |
Net income (loss) | (346,163) | (159,067) | |
Other comprehensive income (loss) | (339) | (2,951) | |
Distributions paid to non-controlling interests | (3,636) | ||
Subsidiaries | |||
Disclosure of subsidiaries [line items] | |||
Current assets | 38,902 | 30,977 | 19,937 |
Non-current assets | 48,960 | 88,457 | 128,628 |
Current liabilities | 44,109 | 24,371 | 18,732 |
Non-current liabilities | 0 | 28,847 | $ 41,502 |
Revenues | 47,050 | 55,655 | |
Net income (loss) | (12,759) | (15,106) | |
Other comprehensive income (loss) | $ (12,759) | $ (15,106) |
Revenues - Disaggregation by ty
Revenues - Disaggregation by type (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
Disclosure of detailed information about revenue from contracts with customers [Line Items] | ||
Revenues from contracts with customers | $ 546,387 | $ 609,093 |
Other revenues | 635,723 | 643,845 |
Total revenues | 1,182,110 | 1,252,938 |
Eliminations | ||
Disclosure of detailed information about revenue from contracts with customers [Line Items] | ||
Revenues from contracts with customers | (5,564) | |
Other revenues | 0 | |
Total revenues | (5,564) | 0 |
FPSO Segment | Operating segments | ||
Disclosure of detailed information about revenue from contracts with customers [Line Items] | ||
Revenues from contracts with customers | 290,328 | 263,868 |
Other revenues | 192,474 | 213,728 |
Total revenues | 482,802 | 477,596 |
Shuttle Tanker Segment | Operating segments | ||
Disclosure of detailed information about revenue from contracts with customers [Line Items] | ||
Revenues from contracts with customers | 184,085 | 209,304 |
Other revenues | 359,101 | 340,283 |
Total revenues | 543,186 | 549,587 |
FSO Segment | Operating segments | ||
Disclosure of detailed information about revenue from contracts with customers [Line Items] | ||
Revenues from contracts with customers | 29,719 | 50,283 |
Other revenues | 84,148 | 89,834 |
Total revenues | 113,867 | 140,117 |
UMS Segment | Operating segments | ||
Disclosure of detailed information about revenue from contracts with customers [Line Items] | ||
Revenues from contracts with customers | 1,828 | 2,940 |
Other revenues | 0 | 0 |
Total revenues | 1,828 | 2,940 |
Towage Segment | Operating segments | ||
Disclosure of detailed information about revenue from contracts with customers [Line Items] | ||
Revenues from contracts with customers | 45,991 | 74,726 |
Other revenues | 0 | 0 |
Total revenues | 45,991 | 74,726 |
Conventional Tanker Segment | Operating segments | ||
Disclosure of detailed information about revenue from contracts with customers [Line Items] | ||
Revenues from contracts with customers | 7,972 | |
Other revenues | 0 | |
Total revenues | 7,972 | |
FPSO contracts | ||
Disclosure of detailed information about revenue from contracts with customers [Line Items] | ||
Revenues from contracts with customers | 156,804 | 192,573 |
Other revenues | 192,474 | 213,728 |
FPSO contracts | Eliminations | ||
Disclosure of detailed information about revenue from contracts with customers [Line Items] | ||
Revenues from contracts with customers | 0 | |
Other revenues | 0 | |
FPSO contracts | FPSO Segment | Operating segments | ||
Disclosure of detailed information about revenue from contracts with customers [Line Items] | ||
Revenues from contracts with customers | 156,804 | 192,573 |
Other revenues | 192,474 | 213,728 |
FPSO contracts | Shuttle Tanker Segment | Operating segments | ||
Disclosure of detailed information about revenue from contracts with customers [Line Items] | ||
Revenues from contracts with customers | 0 | 0 |
Other revenues | 0 | 0 |
FPSO contracts | FSO Segment | Operating segments | ||
Disclosure of detailed information about revenue from contracts with customers [Line Items] | ||
Revenues from contracts with customers | 0 | 0 |
Other revenues | 0 | 0 |
FPSO contracts | UMS Segment | Operating segments | ||
Disclosure of detailed information about revenue from contracts with customers [Line Items] | ||
Revenues from contracts with customers | 0 | 0 |
Other revenues | 0 | 0 |
FPSO contracts | Towage Segment | Operating segments | ||
Disclosure of detailed information about revenue from contracts with customers [Line Items] | ||
Revenues from contracts with customers | 0 | 0 |
Other revenues | 0 | 0 |
FPSO contracts | Conventional Tanker Segment | Operating segments | ||
Disclosure of detailed information about revenue from contracts with customers [Line Items] | ||
Revenues from contracts with customers | 0 | |
Other revenues | 0 | |
CoAs | ||
Disclosure of detailed information about revenue from contracts with customers [Line Items] | ||
Revenues from contracts with customers | 84,171 | 83,522 |
Other revenues | 145,804 | 104,756 |
CoAs | Eliminations | ||
Disclosure of detailed information about revenue from contracts with customers [Line Items] | ||
Revenues from contracts with customers | 0 | |
Other revenues | 0 | |
CoAs | FPSO Segment | Operating segments | ||
Disclosure of detailed information about revenue from contracts with customers [Line Items] | ||
Revenues from contracts with customers | 0 | 0 |
Other revenues | 0 | 0 |
CoAs | Shuttle Tanker Segment | Operating segments | ||
Disclosure of detailed information about revenue from contracts with customers [Line Items] | ||
Revenues from contracts with customers | 84,171 | 83,522 |
Other revenues | 145,804 | 104,756 |
CoAs | FSO Segment | Operating segments | ||
Disclosure of detailed information about revenue from contracts with customers [Line Items] | ||
Revenues from contracts with customers | 0 | 0 |
Other revenues | 0 | 0 |
CoAs | UMS Segment | Operating segments | ||
Disclosure of detailed information about revenue from contracts with customers [Line Items] | ||
Revenues from contracts with customers | 0 | 0 |
Other revenues | 0 | 0 |
CoAs | Towage Segment | Operating segments | ||
Disclosure of detailed information about revenue from contracts with customers [Line Items] | ||
Revenues from contracts with customers | 0 | 0 |
Other revenues | 0 | 0 |
CoAs | Conventional Tanker Segment | Operating segments | ||
Disclosure of detailed information about revenue from contracts with customers [Line Items] | ||
Revenues from contracts with customers | 0 | |
Other revenues | 0 | |
Time charters | ||
Disclosure of detailed information about revenue from contracts with customers [Line Items] | ||
Revenues from contracts with customers | 122,173 | 158,057 |
Other revenues | 220,529 | 256,799 |
Time charters | Eliminations | ||
Disclosure of detailed information about revenue from contracts with customers [Line Items] | ||
Revenues from contracts with customers | 0 | |
Other revenues | 0 | |
Time charters | FPSO Segment | Operating segments | ||
Disclosure of detailed information about revenue from contracts with customers [Line Items] | ||
Revenues from contracts with customers | 0 | 0 |
Other revenues | 0 | 0 |
Time charters | Shuttle Tanker Segment | Operating segments | ||
Disclosure of detailed information about revenue from contracts with customers [Line Items] | ||
Revenues from contracts with customers | 96,607 | 110,951 |
Other revenues | 149,477 | 182,143 |
Time charters | FSO Segment | Operating segments | ||
Disclosure of detailed information about revenue from contracts with customers [Line Items] | ||
Revenues from contracts with customers | 25,566 | 47,106 |
Other revenues | 71,052 | 74,656 |
Time charters | UMS Segment | Operating segments | ||
Disclosure of detailed information about revenue from contracts with customers [Line Items] | ||
Revenues from contracts with customers | 0 | 0 |
Other revenues | 0 | 0 |
Time charters | Towage Segment | Operating segments | ||
Disclosure of detailed information about revenue from contracts with customers [Line Items] | ||
Revenues from contracts with customers | 0 | 0 |
Other revenues | 0 | 0 |
Time charters | Conventional Tanker Segment | Operating segments | ||
Disclosure of detailed information about revenue from contracts with customers [Line Items] | ||
Revenues from contracts with customers | 0 | |
Other revenues | 0 | |
Bareboat charters | ||
Disclosure of detailed information about revenue from contracts with customers [Line Items] | ||
Revenues from contracts with customers | 0 | 0 |
Other revenues | 34,775 | 49,789 |
Bareboat charters | Eliminations | ||
Disclosure of detailed information about revenue from contracts with customers [Line Items] | ||
Revenues from contracts with customers | 0 | |
Other revenues | 0 | |
Bareboat charters | FPSO Segment | Operating segments | ||
Disclosure of detailed information about revenue from contracts with customers [Line Items] | ||
Revenues from contracts with customers | 0 | 0 |
Other revenues | 0 | 0 |
Bareboat charters | Shuttle Tanker Segment | Operating segments | ||
Disclosure of detailed information about revenue from contracts with customers [Line Items] | ||
Revenues from contracts with customers | 0 | 0 |
Other revenues | 21,679 | 34,611 |
Bareboat charters | FSO Segment | Operating segments | ||
Disclosure of detailed information about revenue from contracts with customers [Line Items] | ||
Revenues from contracts with customers | 0 | 0 |
Other revenues | 13,096 | 15,178 |
Bareboat charters | UMS Segment | Operating segments | ||
Disclosure of detailed information about revenue from contracts with customers [Line Items] | ||
Revenues from contracts with customers | 0 | 0 |
Other revenues | 0 | 0 |
Bareboat charters | Towage Segment | Operating segments | ||
Disclosure of detailed information about revenue from contracts with customers [Line Items] | ||
Revenues from contracts with customers | 0 | 0 |
Other revenues | 0 | 0 |
Bareboat charters | Conventional Tanker Segment | Operating segments | ||
Disclosure of detailed information about revenue from contracts with customers [Line Items] | ||
Revenues from contracts with customers | 0 | |
Other revenues | 0 | |
Voyage charters | ||
Disclosure of detailed information about revenue from contracts with customers [Line Items] | ||
Revenues from contracts with customers | 40,772 | 88,240 |
Other revenues | 37,845 | 18,773 |
Voyage charters | Eliminations | ||
Disclosure of detailed information about revenue from contracts with customers [Line Items] | ||
Revenues from contracts with customers | (5,564) | |
Other revenues | 0 | |
Voyage charters | FPSO Segment | Operating segments | ||
Disclosure of detailed information about revenue from contracts with customers [Line Items] | ||
Revenues from contracts with customers | 0 | 0 |
Other revenues | 0 | 0 |
Voyage charters | Shuttle Tanker Segment | Operating segments | ||
Disclosure of detailed information about revenue from contracts with customers [Line Items] | ||
Revenues from contracts with customers | 485 | 5,542 |
Other revenues | 37,845 | 18,773 |
Voyage charters | FSO Segment | Operating segments | ||
Disclosure of detailed information about revenue from contracts with customers [Line Items] | ||
Revenues from contracts with customers | 0 | 0 |
Other revenues | 0 | 0 |
Voyage charters | UMS Segment | Operating segments | ||
Disclosure of detailed information about revenue from contracts with customers [Line Items] | ||
Revenues from contracts with customers | 0 | 0 |
Other revenues | 0 | 0 |
Voyage charters | Towage Segment | Operating segments | ||
Disclosure of detailed information about revenue from contracts with customers [Line Items] | ||
Revenues from contracts with customers | 45,851 | 74,726 |
Other revenues | 0 | 0 |
Voyage charters | Conventional Tanker Segment | Operating segments | ||
Disclosure of detailed information about revenue from contracts with customers [Line Items] | ||
Revenues from contracts with customers | 7,972 | |
Other revenues | 0 | |
Management fees and other | ||
Disclosure of detailed information about revenue from contracts with customers [Line Items] | ||
Revenues from contracts with customers | 142,467 | 86,701 |
Other revenues | 4,296 | 0 |
Management fees and other | Eliminations | ||
Disclosure of detailed information about revenue from contracts with customers [Line Items] | ||
Revenues from contracts with customers | 0 | |
Other revenues | 0 | |
Management fees and other | FPSO Segment | Operating segments | ||
Disclosure of detailed information about revenue from contracts with customers [Line Items] | ||
Revenues from contracts with customers | 133,524 | 71,295 |
Other revenues | 0 | 0 |
Management fees and other | Shuttle Tanker Segment | Operating segments | ||
Disclosure of detailed information about revenue from contracts with customers [Line Items] | ||
Revenues from contracts with customers | 2,822 | 9,289 |
Other revenues | 4,296 | 0 |
Management fees and other | FSO Segment | Operating segments | ||
Disclosure of detailed information about revenue from contracts with customers [Line Items] | ||
Revenues from contracts with customers | 4,153 | 3,177 |
Other revenues | 0 | 0 |
Management fees and other | UMS Segment | Operating segments | ||
Disclosure of detailed information about revenue from contracts with customers [Line Items] | ||
Revenues from contracts with customers | 1,828 | 2,940 |
Other revenues | 0 | 0 |
Management fees and other | Towage Segment | Operating segments | ||
Disclosure of detailed information about revenue from contracts with customers [Line Items] | ||
Revenues from contracts with customers | 140 | 0 |
Other revenues | $ 0 | 0 |
Management fees and other | Conventional Tanker Segment | Operating segments | ||
Disclosure of detailed information about revenue from contracts with customers [Line Items] | ||
Revenues from contracts with customers | 0 | |
Other revenues | $ 0 |
Revenues - Finance lease contra
Revenues - Finance lease contractual maturities (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Jan. 01, 2019 | |
Disclosure of maturity analysis of finance lease payments receivable [line items] | |||
Finance income on net investment in finance lease | $ 3.4 | $ 0.4 | |
Finance leases | 76.2 | 4.6 | $ 5.9 |
Unearned finance income relating to finance lease payments receivable | 16.3 | $ 0.7 | $ 1.1 |
1 Year | |||
Disclosure of maturity analysis of finance lease payments receivable [line items] | |||
Finance leases | 12.8 | ||
2 Years | |||
Disclosure of maturity analysis of finance lease payments receivable [line items] | |||
Finance leases | 12.8 | ||
3 Years | |||
Disclosure of maturity analysis of finance lease payments receivable [line items] | |||
Finance leases | 12.1 | ||
4 Years | |||
Disclosure of maturity analysis of finance lease payments receivable [line items] | |||
Finance leases | 11.5 | ||
5 Years | |||
Disclosure of maturity analysis of finance lease payments receivable [line items] | |||
Finance leases | 11.5 | ||
Thereafter | |||
Disclosure of maturity analysis of finance lease payments receivable [line items] | |||
Finance leases | $ 15.5 |
Revenues - Operating lease cont
Revenues - Operating lease contractual maturities (Details) - USD ($) $ in Millions | Dec. 31, 2020 | Dec. 31, 2019 | Jan. 01, 2019 |
Disclosure of maturity analysis of operating lease payments [line items] | |||
Operating leases | $ 2,673.3 | $ 2,500 | $ 3,000 |
1 Year | |||
Disclosure of maturity analysis of operating lease payments [line items] | |||
Operating leases | 673.6 | ||
2 Years | |||
Disclosure of maturity analysis of operating lease payments [line items] | |||
Operating leases | 441.1 | ||
3 Years | |||
Disclosure of maturity analysis of operating lease payments [line items] | |||
Operating leases | 321.8 | ||
4 Years | |||
Disclosure of maturity analysis of operating lease payments [line items] | |||
Operating leases | 243.5 | ||
5 Years | |||
Disclosure of maturity analysis of operating lease payments [line items] | |||
Operating leases | 232.7 | ||
Thereafter | |||
Disclosure of maturity analysis of operating lease payments [line items] | |||
Operating leases | $ 760.6 |
Direct Operating Costs (Details
Direct Operating Costs (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
Analysis of income and expense [abstract] | ||
Voyage expenses | $ 113,618 | $ 132,556 |
Operating expenses | 268,999 | 229,400 |
Charter hire | 18,325 | 33,202 |
Compensation | 226,850 | 211,533 |
Total | $ 627,792 | $ 606,691 |
Segment Information - Narrative
Segment Information - Narrative (Details) - segment | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
Disclosure Of Entity's Operating Segments [Abstract] | ||
Number of operating segments | 5 | 6 |
Segment Information - Disclosur
Segment Information - Disclosure of information of operating segments (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
Disclosure of operating segments [line items] | ||
Revenues | $ 1,182,110 | $ 1,252,938 |
Direct operating costs | (627,792) | (606,691) |
General and administrative expenses | (44,360) | (54,927) |
Realized loss on foreign currency forward contracts | (60,453) | (34,239) |
Adjusted EBITDA from equity-accounted investments | 101,352 | 98,297 |
Adjusted EBITDA attributable to non-controlling interests | (10,677) | (11,364) |
Adjusted EBITDA | 599,323 | 673,199 |
Corporate/Eliminations | ||
Disclosure of operating segments [line items] | ||
Revenues | (5,564) | 0 |
Direct operating costs | 5,564 | 0 |
General and administrative expenses | 0 | 0 |
Realized loss on foreign currency forward contracts | (5,054) | |
Adjusted EBITDA from equity-accounted investments | 0 | 0 |
Adjusted EBITDA attributable to non-controlling interests | 0 | 0 |
Adjusted EBITDA | (1,310) | (5,054) |
Foreign currency forward contracts | ||
Disclosure of operating segments [line items] | ||
Realized loss on foreign currency forward contracts | (1,310) | (5,054) |
Foreign currency forward contracts | Corporate/Eliminations | ||
Disclosure of operating segments [line items] | ||
Realized loss on foreign currency forward contracts | (1,310) | |
FPSO Segment | Operating segments | ||
Disclosure of operating segments [line items] | ||
Revenues | 482,802 | 477,596 |
Direct operating costs | (270,419) | (235,335) |
General and administrative expenses | (28,590) | (31,773) |
Adjusted EBITDA from equity-accounted investments | 101,352 | 98,297 |
Adjusted EBITDA attributable to non-controlling interests | 0 | 0 |
Adjusted EBITDA | 285,145 | 308,785 |
FPSO Segment | Foreign currency forward contracts | Operating segments | ||
Disclosure of operating segments [line items] | ||
Realized loss on foreign currency forward contracts | 0 | 0 |
Shuttle Tanker Segment | Operating segments | ||
Disclosure of operating segments [line items] | ||
Revenues | 543,186 | 549,587 |
Direct operating costs | (251,259) | (245,833) |
General and administrative expenses | (10,891) | (14,986) |
Adjusted EBITDA from equity-accounted investments | 0 | 0 |
Adjusted EBITDA attributable to non-controlling interests | (10,989) | (10,864) |
Adjusted EBITDA | 270,047 | 277,904 |
Shuttle Tanker Segment | Foreign currency forward contracts | Operating segments | ||
Disclosure of operating segments [line items] | ||
Realized loss on foreign currency forward contracts | 0 | 0 |
FSO Segment | Operating segments | ||
Disclosure of operating segments [line items] | ||
Revenues | 113,867 | 140,117 |
Direct operating costs | (51,018) | (43,234) |
General and administrative expenses | (2,889) | (4,169) |
Adjusted EBITDA from equity-accounted investments | 0 | 0 |
Adjusted EBITDA attributable to non-controlling interests | 312 | (500) |
Adjusted EBITDA | 60,272 | 92,214 |
FSO Segment | Foreign currency forward contracts | Operating segments | ||
Disclosure of operating segments [line items] | ||
Realized loss on foreign currency forward contracts | 0 | 0 |
UMS Segment | Operating segments | ||
Disclosure of operating segments [line items] | ||
Revenues | 1,828 | 2,940 |
Direct operating costs | (8,977) | (5,825) |
General and administrative expenses | (397) | (1,567) |
Adjusted EBITDA from equity-accounted investments | 0 | 0 |
Adjusted EBITDA attributable to non-controlling interests | 0 | 0 |
Adjusted EBITDA | (7,546) | (4,452) |
UMS Segment | Foreign currency forward contracts | Operating segments | ||
Disclosure of operating segments [line items] | ||
Realized loss on foreign currency forward contracts | 0 | 0 |
Towage Segment | Operating segments | ||
Disclosure of operating segments [line items] | ||
Revenues | 45,991 | 74,726 |
Direct operating costs | (51,683) | (67,160) |
General and administrative expenses | (1,593) | (2,328) |
Adjusted EBITDA from equity-accounted investments | 0 | 0 |
Adjusted EBITDA attributable to non-controlling interests | 0 | 0 |
Adjusted EBITDA | (7,285) | 5,238 |
Towage Segment | Foreign currency forward contracts | Operating segments | ||
Disclosure of operating segments [line items] | ||
Realized loss on foreign currency forward contracts | $ 0 | 0 |
Conventional Segment | Operating segments | ||
Disclosure of operating segments [line items] | ||
Revenues | 7,972 | |
Direct operating costs | (9,304) | |
General and administrative expenses | (104) | |
Adjusted EBITDA from equity-accounted investments | 0 | |
Adjusted EBITDA attributable to non-controlling interests | 0 | |
Adjusted EBITDA | (1,436) | |
Conventional Segment | Foreign currency forward contracts | Operating segments | ||
Disclosure of operating segments [line items] | ||
Realized loss on foreign currency forward contracts | $ 0 |
Segment Information - Disclos_2
Segment Information - Disclosure of reconciliations of Adjusted EBITDA to net income (loss) (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
Disclosure of operating segments [line items] | ||
Adjusted EBITDA | $ 599,323 | $ 673,199 |
Depreciation and amortization | (316,317) | (358,474) |
Interest expense | (192,723) | (205,667) |
Interest income | 2,770 | 5,111 |
Expenses and gains (losses) relating to equity-accounted investments | (65,431) | (64,529) |
Impairment expense, net | (268,612) | (187,680) |
Gains (losses) on dispositions, net | 3,411 | 12,548 |
Realized and unrealized gain (loss) on derivative instruments | (95,189) | (29,628) |
Foreign currency exchange gain (loss) | (7,861) | 2,193 |
Other income (expenses), net | (10,472) | (9,677) |
Adjusted EBITDA attributable to non-controlling interests | 10,677 | 11,364 |
Income (loss) before income tax (expense) recovery | (340,424) | (151,240) |
Current | (6,543) | (4,666) |
Deferred | 804 | (3,161) |
Net income (loss) | (346,163) | (159,067) |
FPSO Segment | ||
Disclosure of operating segments [line items] | ||
Depreciation and amortization | (94,300) | (109,900) |
Impairment expense, net | (156,700) | (136,600) |
Gains (losses) on dispositions, net | (100) | |
Shuttle Tanker Segment | ||
Disclosure of operating segments [line items] | ||
Depreciation and amortization | (163,900) | (184,100) |
Impairment expense, net | (35,300) | (15,300) |
Gains (losses) on dispositions, net | (1,900) | 1,300 |
FSO Segment | ||
Disclosure of operating segments [line items] | ||
Depreciation and amortization | (38,000) | (43,300) |
Impairment expense, net | (53,800) | |
Gains (losses) on dispositions, net | 5,400 | 11,200 |
UMS Segment | ||
Disclosure of operating segments [line items] | ||
Depreciation and amortization | (2,300) | (3,400) |
Impairment expense, net | (35,700) | |
Towage Segment | ||
Disclosure of operating segments [line items] | ||
Depreciation and amortization | (17,900) | $ (17,800) |
Impairment expense, net | $ (22,900) |
Segment Information - Disclos_3
Segment Information - Disclosure of information of Segment assets (Details) - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 | Jan. 01, 2019 |
Disclosure of operating segments [line items] | |||
Assets | $ 4,385,631 | $ 4,488,238 | $ 4,723,122 |
Cash and cash equivalents and restricted cash | 235,734 | 199,388 | 225,040 |
Operating segments | FPSO Segment | |||
Disclosure of operating segments [line items] | |||
Assets | 1,220,084 | 1,481,797 | 1,723,693 |
Operating segments | Shuttle Tanker Segment | |||
Disclosure of operating segments [line items] | |||
Assets | 2,134,382 | 1,902,811 | 1,864,919 |
Operating segments | FSO Segment | |||
Disclosure of operating segments [line items] | |||
Assets | 242,312 | 346,854 | 384,768 |
Operating segments | UMS Segment | |||
Disclosure of operating segments [line items] | |||
Assets | 100,467 | 100,796 | 137,795 |
Operating segments | Towage Segment | |||
Disclosure of operating segments [line items] | |||
Assets | 301,270 | 341,826 | 365,778 |
Operating segments | Conventional Tanker Segment | |||
Disclosure of operating segments [line items] | |||
Assets | 0 | 0 | 4,080 |
Corporate/Other | |||
Disclosure of operating segments [line items] | |||
Cash and cash equivalents and restricted cash | 369,123 | 306,256 | 233,580 |
Other assets | $ 17,993 | $ 7,898 | $ 8,509 |
Segment Information - Disclos_4
Segment Information - Disclosure of detailed information of revenue by geography (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
Disclosure of geographical areas [line items] | ||
Total revenues from contracts with customers | $ 546,387 | $ 609,093 |
Total other revenues | 635,723 | 643,845 |
Total revenues | 1,182,110 | 1,252,938 |
Income relating to variable lease payments not included in measurement of net investment in finance lease | 100 | 1,800 |
Norway | ||
Disclosure of geographical areas [line items] | ||
Total revenues from contracts with customers | 247,454 | 309,066 |
Total other revenues | 391,349 | 359,784 |
Brazil | ||
Disclosure of geographical areas [line items] | ||
Total revenues from contracts with customers | 74,062 | 87,128 |
Total other revenues | 115,866 | 151,123 |
Netherlands | ||
Disclosure of geographical areas [line items] | ||
Total revenues from contracts with customers | 40,427 | 74,726 |
Total other revenues | 0 | 0 |
Canada | ||
Disclosure of geographical areas [line items] | ||
Total revenues from contracts with customers | 48,097 | 43,123 |
Total other revenues | 62,269 | 54,053 |
United Kingdom | ||
Disclosure of geographical areas [line items] | ||
Total revenues from contracts with customers | 123,716 | 64,926 |
Total other revenues | 14,237 | 43,492 |
Australia | ||
Disclosure of geographical areas [line items] | ||
Total revenues from contracts with customers | 5,157 | 14,137 |
Total other revenues | 483 | 3,276 |
Other | ||
Disclosure of geographical areas [line items] | ||
Total revenues from contracts with customers | 7,474 | 15,987 |
Total other revenues | 51,519 | 32,117 |
Operating segments | FPSO Segment | ||
Disclosure of geographical areas [line items] | ||
Total revenues from contracts with customers | 290,328 | 263,868 |
Total other revenues | 192,474 | 213,728 |
Total revenues | 482,802 | 477,596 |
Operating segments | Shuttle Tanker Segment | ||
Disclosure of geographical areas [line items] | ||
Total revenues from contracts with customers | 184,085 | 209,304 |
Total other revenues | 359,101 | 340,283 |
Total revenues | 543,186 | 549,587 |
Operating segments | FSO Segment | ||
Disclosure of geographical areas [line items] | ||
Total revenues from contracts with customers | 29,719 | 50,283 |
Total other revenues | 84,148 | 89,834 |
Total revenues | 113,867 | 140,117 |
Operating segments | UMS Segment | ||
Disclosure of geographical areas [line items] | ||
Total revenues from contracts with customers | 1,828 | 2,940 |
Total other revenues | 0 | 0 |
Total revenues | 1,828 | 2,940 |
Operating segments | Towage Segment | ||
Disclosure of geographical areas [line items] | ||
Total revenues from contracts with customers | 45,991 | 74,726 |
Total other revenues | 0 | 0 |
Total revenues | 45,991 | 74,726 |
Operating segments | Conventional Tanker Segment | ||
Disclosure of geographical areas [line items] | ||
Total revenues from contracts with customers | 7,972 | |
Total other revenues | 0 | |
Total revenues | 7,972 | |
Operating segments | Norway | FPSO Segment | ||
Disclosure of geographical areas [line items] | ||
Total revenues from contracts with customers | 119,537 | 153,483 |
Total other revenues | 146,938 | 136,186 |
Operating segments | Norway | Shuttle Tanker Segment | ||
Disclosure of geographical areas [line items] | ||
Total revenues from contracts with customers | 109,001 | 124,512 |
Total other revenues | 179,773 | 156,065 |
Operating segments | Norway | FSO Segment | ||
Disclosure of geographical areas [line items] | ||
Total revenues from contracts with customers | 17,088 | 28,131 |
Total other revenues | 64,638 | 67,533 |
Operating segments | Norway | UMS Segment | ||
Disclosure of geographical areas [line items] | ||
Total revenues from contracts with customers | 1,828 | 2,940 |
Total other revenues | 0 | 0 |
Operating segments | Norway | Towage Segment | ||
Disclosure of geographical areas [line items] | ||
Total revenues from contracts with customers | 0 | 0 |
Total other revenues | 0 | 0 |
Operating segments | Norway | Conventional Tanker Segment | ||
Disclosure of geographical areas [line items] | ||
Total revenues from contracts with customers | 0 | |
Total other revenues | 0 | |
Operating segments | Brazil | FPSO Segment | ||
Disclosure of geographical areas [line items] | ||
Total revenues from contracts with customers | 48,484 | 56,221 |
Total other revenues | 39,750 | 64,903 |
Operating segments | Brazil | Shuttle Tanker Segment | ||
Disclosure of geographical areas [line items] | ||
Total revenues from contracts with customers | 25,578 | 30,907 |
Total other revenues | 76,116 | 86,220 |
Operating segments | Brazil | FSO Segment | ||
Disclosure of geographical areas [line items] | ||
Total revenues from contracts with customers | 0 | 0 |
Total other revenues | 0 | 0 |
Operating segments | Brazil | UMS Segment | ||
Disclosure of geographical areas [line items] | ||
Total revenues from contracts with customers | 0 | 0 |
Total other revenues | 0 | 0 |
Operating segments | Brazil | Towage Segment | ||
Disclosure of geographical areas [line items] | ||
Total revenues from contracts with customers | 0 | 0 |
Total other revenues | 0 | 0 |
Operating segments | Brazil | Conventional Tanker Segment | ||
Disclosure of geographical areas [line items] | ||
Total revenues from contracts with customers | 0 | |
Total other revenues | 0 | |
Operating segments | Netherlands | FPSO Segment | ||
Disclosure of geographical areas [line items] | ||
Total revenues from contracts with customers | 0 | 0 |
Total other revenues | 0 | 0 |
Operating segments | Netherlands | Shuttle Tanker Segment | ||
Disclosure of geographical areas [line items] | ||
Total revenues from contracts with customers | 0 | 0 |
Total other revenues | 0 | 0 |
Operating segments | Netherlands | FSO Segment | ||
Disclosure of geographical areas [line items] | ||
Total revenues from contracts with customers | 0 | 0 |
Total other revenues | 0 | 0 |
Operating segments | Netherlands | UMS Segment | ||
Disclosure of geographical areas [line items] | ||
Total revenues from contracts with customers | 0 | 0 |
Total other revenues | 0 | 0 |
Operating segments | Netherlands | Towage Segment | ||
Disclosure of geographical areas [line items] | ||
Total revenues from contracts with customers | 45,991 | 74,726 |
Total other revenues | 0 | 0 |
Operating segments | Netherlands | Conventional Tanker Segment | ||
Disclosure of geographical areas [line items] | ||
Total revenues from contracts with customers | 0 | |
Total other revenues | 0 | |
Operating segments | Canada | FPSO Segment | ||
Disclosure of geographical areas [line items] | ||
Total revenues from contracts with customers | 0 | 0 |
Total other revenues | 0 | 0 |
Operating segments | Canada | Shuttle Tanker Segment | ||
Disclosure of geographical areas [line items] | ||
Total revenues from contracts with customers | 48,097 | 43,123 |
Total other revenues | 62,269 | 54,053 |
Operating segments | Canada | FSO Segment | ||
Disclosure of geographical areas [line items] | ||
Total revenues from contracts with customers | 0 | 0 |
Total other revenues | 0 | 0 |
Operating segments | Canada | UMS Segment | ||
Disclosure of geographical areas [line items] | ||
Total revenues from contracts with customers | 0 | 0 |
Total other revenues | 0 | 0 |
Operating segments | Canada | Towage Segment | ||
Disclosure of geographical areas [line items] | ||
Total revenues from contracts with customers | 0 | 0 |
Total other revenues | 0 | 0 |
Operating segments | Canada | Conventional Tanker Segment | ||
Disclosure of geographical areas [line items] | ||
Total revenues from contracts with customers | 0 | |
Total other revenues | 0 | |
Operating segments | United Kingdom | FPSO Segment | ||
Disclosure of geographical areas [line items] | ||
Total revenues from contracts with customers | 122,307 | 54,164 |
Total other revenues | 5,786 | 12,639 |
Operating segments | United Kingdom | Shuttle Tanker Segment | ||
Disclosure of geographical areas [line items] | ||
Total revenues from contracts with customers | 1,409 | 10,762 |
Total other revenues | 3,098 | 25,172 |
Operating segments | United Kingdom | FSO Segment | ||
Disclosure of geographical areas [line items] | ||
Total revenues from contracts with customers | 0 | 0 |
Total other revenues | 5,353 | 5,681 |
Operating segments | United Kingdom | UMS Segment | ||
Disclosure of geographical areas [line items] | ||
Total revenues from contracts with customers | 0 | 0 |
Total other revenues | 0 | 0 |
Operating segments | United Kingdom | Towage Segment | ||
Disclosure of geographical areas [line items] | ||
Total revenues from contracts with customers | 0 | 0 |
Total other revenues | 0 | 0 |
Operating segments | United Kingdom | Conventional Tanker Segment | ||
Disclosure of geographical areas [line items] | ||
Total revenues from contracts with customers | 0 | |
Total other revenues | 0 | |
Operating segments | Australia | FPSO Segment | ||
Disclosure of geographical areas [line items] | ||
Total revenues from contracts with customers | 0 | 0 |
Total other revenues | 0 | 0 |
Operating segments | Australia | Shuttle Tanker Segment | ||
Disclosure of geographical areas [line items] | ||
Total revenues from contracts with customers | 0 | 0 |
Total other revenues | 0 | 0 |
Operating segments | Australia | FSO Segment | ||
Disclosure of geographical areas [line items] | ||
Total revenues from contracts with customers | 5,157 | 14,137 |
Total other revenues | 483 | 3,276 |
Operating segments | Australia | UMS Segment | ||
Disclosure of geographical areas [line items] | ||
Total revenues from contracts with customers | 0 | 0 |
Total other revenues | 0 | 0 |
Operating segments | Australia | Towage Segment | ||
Disclosure of geographical areas [line items] | ||
Total revenues from contracts with customers | 0 | 0 |
Total other revenues | 0 | 0 |
Operating segments | Australia | Conventional Tanker Segment | ||
Disclosure of geographical areas [line items] | ||
Total revenues from contracts with customers | 0 | |
Total other revenues | 0 | |
Operating segments | Other | FPSO Segment | ||
Disclosure of geographical areas [line items] | ||
Total revenues from contracts with customers | 0 | 0 |
Total other revenues | 0 | 0 |
Operating segments | Other | Shuttle Tanker Segment | ||
Disclosure of geographical areas [line items] | ||
Total revenues from contracts with customers | 0 | 0 |
Total other revenues | 37,845 | 18,773 |
Operating segments | Other | FSO Segment | ||
Disclosure of geographical areas [line items] | ||
Total revenues from contracts with customers | 7,474 | 8,015 |
Total other revenues | 13,674 | 13,344 |
Operating segments | Other | UMS Segment | ||
Disclosure of geographical areas [line items] | ||
Total revenues from contracts with customers | 0 | 0 |
Total other revenues | 0 | 0 |
Operating segments | Other | Towage Segment | ||
Disclosure of geographical areas [line items] | ||
Total revenues from contracts with customers | 0 | 0 |
Total other revenues | 0 | 0 |
Operating segments | Other | Conventional Tanker Segment | ||
Disclosure of geographical areas [line items] | ||
Total revenues from contracts with customers | 7,972 | |
Total other revenues | 0 | |
Eliminations | ||
Disclosure of geographical areas [line items] | ||
Total revenues from contracts with customers | (5,564) | |
Total other revenues | 0 | |
Total revenues | (5,564) | $ 0 |
Eliminations | Norway | ||
Disclosure of geographical areas [line items] | ||
Total revenues from contracts with customers | 0 | |
Total other revenues | 0 | |
Eliminations | Brazil | ||
Disclosure of geographical areas [line items] | ||
Total revenues from contracts with customers | 0 | |
Total other revenues | 0 | |
Eliminations | Netherlands | ||
Disclosure of geographical areas [line items] | ||
Total revenues from contracts with customers | (5,564) | |
Total other revenues | 0 | |
Eliminations | Canada | ||
Disclosure of geographical areas [line items] | ||
Total revenues from contracts with customers | 0 | |
Total other revenues | 0 | |
Eliminations | United Kingdom | ||
Disclosure of geographical areas [line items] | ||
Total revenues from contracts with customers | 0 | |
Total other revenues | 0 | |
Eliminations | Australia | ||
Disclosure of geographical areas [line items] | ||
Total revenues from contracts with customers | 0 | |
Total other revenues | 0 | |
Eliminations | Other | ||
Disclosure of geographical areas [line items] | ||
Total revenues from contracts with customers | 0 | |
Total other revenues | $ 0 |
Segment Information - Disclos_5
Segment Information - Disclosure of revenue from major customers (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
Disclosure of major customers [line items] | ||
Revenues | $ 1,182,110 | $ 1,252,938 |
Dutch Shell Plc | ||
Disclosure of major customers [line items] | ||
Revenues | $ 319,400 | $ 311,300 |
Percentage of entity's revenue | 27.00% | 25.00% |
BP Plc | ||
Disclosure of major customers [line items] | ||
Revenues | $ 162,100 | |
Percentage of entity's revenue | 14.00% | 0.00% |
Equinor ASA | ||
Disclosure of major customers [line items] | ||
Revenues | $ 143,300 | $ 170,800 |
Percentage of entity's revenue | 12.00% | 14.00% |
Segment Information - Disclos_6
Segment Information - Disclosure of detailed information of non-current assets by geography (Details) - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 | Jan. 01, 2019 |
Disclosure of geographical areas [line items] | |||
Non-current assets | $ 3,752,640 | $ 3,925,234 | $ 4,232,148 |
Norway | |||
Disclosure of geographical areas [line items] | |||
Non-current assets | 2,017,897 | 1,965,135 | 2,033,471 |
Brazil | |||
Disclosure of geographical areas [line items] | |||
Non-current assets | 829,206 | 957,107 | 1,035,040 |
Netherlands | |||
Disclosure of geographical areas [line items] | |||
Non-current assets | 288,823 | 323,920 | 339,048 |
Canada | |||
Disclosure of geographical areas [line items] | |||
Non-current assets | 355,497 | 363,527 | 366,875 |
United Kingdom | |||
Disclosure of geographical areas [line items] | |||
Non-current assets | 172,374 | 205,598 | 339,284 |
Australia | |||
Disclosure of geographical areas [line items] | |||
Non-current assets | 14,687 | 16,190 | |
Other | |||
Disclosure of geographical areas [line items] | |||
Non-current assets | 88,843 | 95,260 | 102,240 |
Operating segments | FPSO Segment | |||
Disclosure of geographical areas [line items] | |||
Non-current assets | 1,115,860 | 1,387,311 | 1,611,010 |
Operating segments | FPSO Segment | Norway | |||
Disclosure of geographical areas [line items] | |||
Non-current assets | 560,469 | 765,980 | 863,122 |
Operating segments | FPSO Segment | Brazil | |||
Disclosure of geographical areas [line items] | |||
Non-current assets | 443,559 | 502,084 | 517,393 |
Operating segments | FPSO Segment | Netherlands | |||
Disclosure of geographical areas [line items] | |||
Non-current assets | 0 | 0 | 0 |
Operating segments | FPSO Segment | Canada | |||
Disclosure of geographical areas [line items] | |||
Non-current assets | 0 | 0 | 0 |
Operating segments | FPSO Segment | United Kingdom | |||
Disclosure of geographical areas [line items] | |||
Non-current assets | 111,832 | 119,247 | 230,495 |
Operating segments | FPSO Segment | Australia | |||
Disclosure of geographical areas [line items] | |||
Non-current assets | 0 | 0 | |
Operating segments | FPSO Segment | Other | |||
Disclosure of geographical areas [line items] | |||
Non-current assets | 0 | 0 | 0 |
Operating segments | Shuttle Tanker Segment | |||
Disclosure of geographical areas [line items] | |||
Non-current assets | 2,037,896 | 1,815,462 | 1,787,362 |
Operating segments | Shuttle Tanker Segment | Norway | |||
Disclosure of geographical areas [line items] | |||
Non-current assets | 1,203,857 | 882,811 | 767,751 |
Operating segments | Shuttle Tanker Segment | Brazil | |||
Disclosure of geographical areas [line items] | |||
Non-current assets | 385,647 | 455,023 | 517,647 |
Operating segments | Shuttle Tanker Segment | Netherlands | |||
Disclosure of geographical areas [line items] | |||
Non-current assets | 0 | 0 | 0 |
Operating segments | Shuttle Tanker Segment | Canada | |||
Disclosure of geographical areas [line items] | |||
Non-current assets | 355,497 | 363,527 | 366,875 |
Operating segments | Shuttle Tanker Segment | United Kingdom | |||
Disclosure of geographical areas [line items] | |||
Non-current assets | 60,542 | 81,349 | 101,389 |
Operating segments | Shuttle Tanker Segment | Australia | |||
Disclosure of geographical areas [line items] | |||
Non-current assets | 0 | 0 | |
Operating segments | Shuttle Tanker Segment | Other | |||
Disclosure of geographical areas [line items] | |||
Non-current assets | 32,353 | 32,752 | 33,700 |
Operating segments | FSO Segment | |||
Disclosure of geographical areas [line items] | |||
Non-current assets | 213,711 | 318,257 | 357,382 |
Operating segments | FSO Segment | Norway | |||
Disclosure of geographical areas [line items] | |||
Non-current assets | 157,221 | 236,060 | 265,252 |
Operating segments | FSO Segment | Brazil | |||
Disclosure of geographical areas [line items] | |||
Non-current assets | 0 | 0 | 0 |
Operating segments | FSO Segment | Netherlands | |||
Disclosure of geographical areas [line items] | |||
Non-current assets | 0 | 0 | 0 |
Operating segments | FSO Segment | Canada | |||
Disclosure of geographical areas [line items] | |||
Non-current assets | 0 | 0 | 0 |
Operating segments | FSO Segment | United Kingdom | |||
Disclosure of geographical areas [line items] | |||
Non-current assets | 0 | 5,002 | 7,400 |
Operating segments | FSO Segment | Australia | |||
Disclosure of geographical areas [line items] | |||
Non-current assets | 14,687 | 16,190 | |
Operating segments | FSO Segment | Other | |||
Disclosure of geographical areas [line items] | |||
Non-current assets | 56,490 | 62,508 | 68,540 |
Operating segments | UMS Segment | |||
Disclosure of geographical areas [line items] | |||
Non-current assets | 59,798 | 79,276 | 137,168 |
Operating segments | UMS Segment | Norway | |||
Disclosure of geographical areas [line items] | |||
Non-current assets | 59,798 | 79,276 | 137,168 |
Operating segments | UMS Segment | Brazil | |||
Disclosure of geographical areas [line items] | |||
Non-current assets | 0 | 0 | 0 |
Operating segments | UMS Segment | Netherlands | |||
Disclosure of geographical areas [line items] | |||
Non-current assets | 0 | 0 | 0 |
Operating segments | UMS Segment | Canada | |||
Disclosure of geographical areas [line items] | |||
Non-current assets | 0 | 0 | 0 |
Operating segments | UMS Segment | United Kingdom | |||
Disclosure of geographical areas [line items] | |||
Non-current assets | 0 | 0 | 0 |
Operating segments | UMS Segment | Australia | |||
Disclosure of geographical areas [line items] | |||
Non-current assets | 0 | 0 | |
Operating segments | UMS Segment | Other | |||
Disclosure of geographical areas [line items] | |||
Non-current assets | 0 | 0 | 0 |
Operating segments | Towage Segment | |||
Disclosure of geographical areas [line items] | |||
Non-current assets | 288,823 | 323,920 | 339,048 |
Operating segments | Towage Segment | Norway | |||
Disclosure of geographical areas [line items] | |||
Non-current assets | 0 | 0 | 0 |
Operating segments | Towage Segment | Brazil | |||
Disclosure of geographical areas [line items] | |||
Non-current assets | 0 | 0 | 0 |
Operating segments | Towage Segment | Netherlands | |||
Disclosure of geographical areas [line items] | |||
Non-current assets | 288,823 | 323,920 | 339,048 |
Operating segments | Towage Segment | Canada | |||
Disclosure of geographical areas [line items] | |||
Non-current assets | 0 | 0 | 0 |
Operating segments | Towage Segment | United Kingdom | |||
Disclosure of geographical areas [line items] | |||
Non-current assets | 0 | 0 | 0 |
Operating segments | Towage Segment | Australia | |||
Disclosure of geographical areas [line items] | |||
Non-current assets | 0 | 0 | |
Operating segments | Towage Segment | Other | |||
Disclosure of geographical areas [line items] | |||
Non-current assets | 0 | 0 | 0 |
Corporate/Other | |||
Disclosure of geographical areas [line items] | |||
Non-current assets | 36,552 | 1,008 | 178 |
Corporate/Other | Norway | |||
Disclosure of geographical areas [line items] | |||
Non-current assets | 36,552 | 1,008 | 178 |
Corporate/Other | Brazil | |||
Disclosure of geographical areas [line items] | |||
Non-current assets | 0 | 0 | 0 |
Corporate/Other | Netherlands | |||
Disclosure of geographical areas [line items] | |||
Non-current assets | 0 | 0 | 0 |
Corporate/Other | Canada | |||
Disclosure of geographical areas [line items] | |||
Non-current assets | 0 | 0 | 0 |
Corporate/Other | United Kingdom | |||
Disclosure of geographical areas [line items] | |||
Non-current assets | 0 | 0 | 0 |
Corporate/Other | Australia | |||
Disclosure of geographical areas [line items] | |||
Non-current assets | 0 | 0 | |
Corporate/Other | Other | |||
Disclosure of geographical areas [line items] | |||
Non-current assets | $ 0 | $ 0 | $ 0 |
Supplemental Cash Flow Inform_3
Supplemental Cash Flow Information - Interest and income taxes paid (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
Disclosure Of Cash Flow Statements [Abstract] | ||
Interest paid | $ 174,827 | $ 204,074 |
Income taxes paid | $ 7,368 | $ 4,859 |
Supplemental Cash Flow Inform_4
Supplemental Cash Flow Information - Non-cash working capital (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
Disclosure Of Cash Flow Statements [Abstract] | ||
Accounts and other receivable, net | $ (2,154) | $ (62,287) |
Other assets | 7,867 | 6,362 |
Accounts payable and other | (8,652) | 68,165 |
Due from (to) related parties | (9,932) | 1,101 |
Changes in non-cash working capital, net | $ (12,871) | $ 13,341 |
Supplemental Cash Flow Inform_5
Supplemental Cash Flow Information - Financing activities (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
Borrowings | ||
Disclosure of reconciliation of liabilities arising from financing activities [line items] | ||
Liabilities arising from financing activities at beginning of period | $ 3,184,512 | $ 3,097,742 |
Increase (decrease) through financing cash flows, liabilities arising from financing activities | (24,947) | 61,336 |
Non-cash changes: | ||
Increase (decrease) through changes in fair values, liabilities arising from financing activities | 13,943 | 15,483 |
Other | (2,531) | 9,951 |
Liabilities arising from financing activities at end of period | 3,170,977 | 3,184,512 |
Finance leases | ||
Disclosure of reconciliation of liabilities arising from financing activities [line items] | ||
Liabilities arising from financing activities at beginning of period | 21,544 | 0 |
Increase (decrease) through financing cash flows, liabilities arising from financing activities | 117,696 | 21,547 |
Non-cash changes: | ||
Other | (1) | (3) |
Liabilities arising from financing activities at end of period | 139,239 | 21,544 |
Borrowings, Related Party | ||
Disclosure of reconciliation of liabilities arising from financing activities [line items] | ||
Liabilities arising from financing activities at beginning of period | 21,306 | 125,000 |
Increase (decrease) through financing cash flows, liabilities arising from financing activities | 205,000 | (105,000) |
Non-cash changes: | ||
Increase (decrease) through changes in fair values, liabilities arising from financing activities | (37,060) | 1,949 |
Other | 5,382 | (643) |
Liabilities arising from financing activities at end of period | 194,628 | 21,306 |
Lease liabilty | ||
Disclosure of reconciliation of liabilities arising from financing activities [line items] | ||
Liabilities arising from financing activities at beginning of period | 67,985 | 20,201 |
Increase (decrease) through financing cash flows, liabilities arising from financing activities | (20,332) | (14,695) |
Non-cash changes: | ||
Additions | 757 | 63,349 |
Dispositions | (15,074) | (1,854) |
Other | 2,492 | 984 |
Liabilities arising from financing activities at end of period | $ 35,828 | $ 67,985 |
Financial Risk Management - Cap
Financial Risk Management - Capital risk management (Details) $ in Thousands | Dec. 31, 2020USD ($) | Dec. 31, 2019USD ($) | Jan. 01, 2019USD ($) |
Disclosure Of Financial Risk Management [Abstract] | |||
Borrowings | $ 3,170,977 | $ 3,184,512 | $ 3,097,742 |
Obligations relating to finance leases | 139,239 | 21,544 | 0 |
Due to related parties | 194,628 | 21,306 | 125,000 |
Cash and cash equivalents | 235,734 | 199,388 | 225,040 |
Restricted cash | 133,389 | 106,869 | 8,540 |
Net debt | 3,135,721 | 2,921,105 | 2,989,162 |
Total equity | 244,899 | 597,802 | 793,033 |
Total equity and net debt | $ 3,380,620 | $ 3,518,907 | $ 3,782,195 |
Net debt to capitalization ratio | 0.93 | 0.83 | 0.79 |
Financial Risk Management - Nar
Financial Risk Management - Narrative (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Jan. 01, 2019 | |
Disclosure of detailed information about borrowings [line items] | |||
10 basis point decrease, expected increase to net income and other comprehensive income | $ 700 | ||
Allowance account for credit losses of financial assets | 1,400 | $ 0 | $ 0 |
Borrowings | 3,170,977 | $ 3,184,512 | $ 3,097,742 |
Floating interest rate | |||
Disclosure of detailed information about borrowings [line items] | |||
Borrowings | 1,840,613 | ||
Interest rate risk | |||
Disclosure of detailed information about borrowings [line items] | |||
Notional amount | $ 1,173,909 |
Financial Risk Management - For
Financial Risk Management - Foreign currency risk (Details) - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 | Jan. 01, 2019 |
Disclosure of nature and extent of risks arising from financial instruments [line items] | |||
Current assets | $ 103,514 | $ 107,992 | $ 9,568 |
Non-current assets | 36,372 | 0 | 2,075 |
Currency risk | |||
Disclosure of nature and extent of risks arising from financial instruments [line items] | |||
Current assets | 569,810 | 417,975 | 435,712 |
Non-current assets | 88,011 | 109,231 | 42,546 |
Total | 657,821 | 527,206 | 478,258 |
Current liabilities | 620,911 | 474,157 | 789,255 |
Non-current liabilities | 3,169,886 | 3,042,553 | 2,697,063 |
Total | 3,790,797 | 3,516,710 | 3,486,318 |
USD | Currency risk | |||
Disclosure of nature and extent of risks arising from financial instruments [line items] | |||
Current assets | 470,906 | 301,862 | 352,211 |
Non-current assets | 87,274 | 109,231 | 38,611 |
Total | 558,180 | 411,093 | 390,822 |
Current liabilities | 592,664 | 458,911 | 769,538 |
Non-current liabilities | 3,159,205 | 3,031,105 | 2,688,059 |
Total | 3,751,869 | 3,490,016 | 3,457,597 |
NOK | Currency risk | |||
Disclosure of nature and extent of risks arising from financial instruments [line items] | |||
Current assets | 31,940 | 36,271 | 41,662 |
Non-current assets | 737 | 0 | 987 |
Total | 32,677 | 36,271 | 42,649 |
Current liabilities | 9,815 | 4,061 | 10,942 |
Non-current liabilities | 5,043 | 6,597 | 9,004 |
Total | 14,858 | 10,658 | 19,946 |
AUD | Currency risk | |||
Disclosure of nature and extent of risks arising from financial instruments [line items] | |||
Current assets | 123 | 5,400 | 4,962 |
Non-current assets | 0 | 0 | 0 |
Total | 123 | 5,400 | 4,962 |
Current liabilities | 10,985 | 212 | 0 |
Non-current liabilities | 0 | 0 | 0 |
Total | 10,985 | 212 | 0 |
GBP | Currency risk | |||
Disclosure of nature and extent of risks arising from financial instruments [line items] | |||
Current assets | 48,068 | 9,014 | 4,907 |
Non-current assets | 0 | 0 | 0 |
Total | 48,068 | 9,014 | 4,907 |
Current liabilities | 4,174 | 3,523 | 1,607 |
Non-current liabilities | 3,548 | 3,894 | 0 |
Total | 7,722 | 7,417 | 1,607 |
CAD | Currency risk | |||
Disclosure of nature and extent of risks arising from financial instruments [line items] | |||
Current assets | 8,914 | 6,509 | 6,807 |
Non-current assets | 0 | 0 | 0 |
Total | 8,914 | 6,509 | 6,807 |
Current liabilities | 0 | 1,404 | 356 |
Non-current liabilities | 192 | 209 | 0 |
Total | 192 | 1,613 | 356 |
EUR | Currency risk | |||
Disclosure of nature and extent of risks arising from financial instruments [line items] | |||
Current assets | 1,651 | 26,335 | 3,793 |
Non-current assets | 0 | 0 | 10 |
Total | 1,651 | 26,335 | 3,803 |
Current liabilities | 2,324 | 1,204 | 3,749 |
Non-current liabilities | 541 | 639 | 0 |
Total | 2,865 | 1,843 | 3,749 |
BRL | Currency risk | |||
Disclosure of nature and extent of risks arising from financial instruments [line items] | |||
Current assets | 3,536 | 25,390 | 16,088 |
Non-current assets | 0 | 0 | 0 |
Total | 3,536 | 25,390 | 16,088 |
Current liabilities | 419 | 574 | 1,368 |
Non-current liabilities | 914 | 109 | 0 |
Total | 1,333 | 683 | 1,368 |
Other | Currency risk | |||
Disclosure of nature and extent of risks arising from financial instruments [line items] | |||
Current assets | 4,672 | 7,194 | 5,282 |
Non-current assets | 0 | 0 | 2,938 |
Total | 4,672 | 7,194 | 8,220 |
Current liabilities | 530 | 4,268 | 1,695 |
Non-current liabilities | 443 | 0 | 0 |
Total | $ 973 | $ 4,268 | $ 1,695 |
Financial Risk Management - Cur
Financial Risk Management - Currency risk sensitivity analysis (Details) - Currency risk - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
NOK | ||
Disclosure of nature and extent of risks arising from financial instruments [line items] | ||
Effect of 10% decrease | $ (1,782) | $ (2,561) |
Effect of 10% increase | 1,782 | 2,561 |
GBP | ||
Disclosure of nature and extent of risks arising from financial instruments [line items] | ||
Effect of 10% decrease | (4,035) | (160) |
Effect of 10% increase | 4,035 | 160 |
Other | ||
Disclosure of nature and extent of risks arising from financial instruments [line items] | ||
Effect of 10% decrease | (255) | (6,221) |
Effect of 10% increase | $ 255 | $ 6,221 |
Other income (expenses), net (D
Other income (expenses), net (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
Analysis of income and expense [abstract] | ||
Restructuring costs | $ (9,994) | $ (119) |
Gain (loss) on modification of financial liabilities, net | 0 | 8,332 |
Other, net | (478) | (1,226) |
Other income (expenses), net | $ (10,472) | $ (9,677) |
Subsequent Events (Details)
Subsequent Events (Details) $ in Thousands | 1 Months Ended | |||
Feb. 28, 2021USD ($)credit_facilityderivative | Dec. 31, 2020USD ($) | Dec. 31, 2019USD ($) | Jan. 01, 2019USD ($) | |
Disclosure of non-adjusting events after reporting period [line items] | ||||
Borrowings | $ 3,170,977 | $ 3,184,512 | $ 3,097,742 | |
Number of interest rate swaps terminated | derivative | 2 | |||
Number of interest rate swaps amended | derivative | 2 | |||
Derivative financial liabilities | 203,597 | $ 162,178 | $ 168,157 | |
Number of interest rate swaps held | derivative | 2 | |||
Unsecured revolving credit facilities | ||||
Disclosure of non-adjusting events after reporting period [line items] | ||||
Number of borrowing instruments | credit_facility | 2 | |||
Borrowings, adjustment to interest rate basis | 5.00% | |||
Unsecured Revolving Credit Facility, $70 Million | ||||
Disclosure of non-adjusting events after reporting period [line items] | ||||
Notional amount | $ 70,000 | |||
Unsecured Revolving Credit Facility, $30 Million | ||||
Disclosure of non-adjusting events after reporting period [line items] | ||||
Notional amount | 30,000 | |||
Refinanced Term Loan | ||||
Disclosure of non-adjusting events after reporting period [line items] | ||||
Notional amount | $ 75,000 | |||
Borrowings | 34,200 | |||
Borrowings, adjustment to interest rate basis | 3.50% | |||
Terminated And Amended Interest Rate Swaps | ||||
Disclosure of non-adjusting events after reporting period [line items] | ||||
Notional amount | 600,300 | |||
Derivative financial liabilities | $ 147,500 | |||
Interest rate swap contract | ||||
Disclosure of non-adjusting events after reporting period [line items] | ||||
Notional amount | $ 132,000 |