Document and Entity Information
Document and Entity Information | 6 Months Ended |
Jun. 30, 2016 | |
Document And Entity Information [Abstract] | |
Document Type | 6-K |
Amendment Flag | false |
Document Period End Date | Jun. 30, 2016 |
Document Fiscal Year Focus | 2,016 |
Document Fiscal Period Focus | Q2 |
Trading Symbol | TOO |
Entity Registrant Name | Teekay Offshore Partners L.P. |
Entity Central Index Key | 1,382,298 |
Current Fiscal Year End Date | --12-31 |
Unaudited Consolidated Statemen
Unaudited Consolidated Statements of (Loss) Income - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2016 | Jun. 30, 2015 | Jun. 30, 2016 | Jun. 30, 2015 | |
Revenues (note 8) | $ 284,464 | $ 311,234 | $ 591,172 | $ 576,217 |
Voyage expenses | (17,588) | (20,716) | (35,932) | (43,233) |
Vessel operating expenses (note 8) | (90,761) | (94,823) | (186,113) | (174,390) |
Time-charter hire expenses | (18,829) | (10,762) | (34,151) | (17,745) |
Depreciation and amortization | (74,057) | (71,803) | (148,979) | (129,797) |
General and administrative (notes 8 and 13) | (13,821) | (16,083) | (28,290) | (31,102) |
(Write down) and gain on sale of vessels (note 14) | (43,650) | (500) | (43,650) | (14,353) |
Restructuring charge (note 7) | (1,487) | (135) | (1,487) | (135) |
Income from vessel operations | 24,271 | 96,412 | 112,570 | 165,462 |
Interest expense (notes 6, 8 and 9) | (33,347) | (31,380) | (69,373) | (56,179) |
Interest income | 293 | 141 | 697 | 276 |
Realized and unrealized (losses) gains on derivative instruments (note 9) | (62,037) | 49,729 | (122,527) | (13,079) |
Equity income | 3,626 | 9,720 | 8,909 | 13,811 |
Foreign currency exchange loss (note 9) | (13,087) | (1,739) | (15,925) | (6,383) |
Other (expense) income - net (notes 4 and 11d) | (21,286) | 385 | (21,277) | 639 |
(Loss) income before income tax recovery | (101,567) | 123,268 | (106,926) | 104,547 |
Income tax recovery (note 10) | 1,438 | 111 | 4,274 | 190 |
Net (loss) income | (100,129) | 123,379 | (102,652) | 104,737 |
Non-controlling interests in net (loss) income | 2,496 | 3,638 | 4,384 | 7,636 |
Preferred unitholders' interest in net (loss) income (note 12) | 10,314 | 4,791 | 21,063 | 7,510 |
General Partner’s interest in net (loss) income | (2,260) | 6,153 | (2,563) | 9,917 |
Limited partners' interest in net (loss) income | $ (110,679) | $ 93,282 | $ (125,536) | $ 69,573 |
Limited partner's interest in net (loss) income per common unit | ||||
- basic (note 12) (usd per share) | $ (1.18) | $ 1.01 | $ (1.32) | $ 0.75 |
- diluted (note 12) (usd per share) | $ (1.18) | $ 1.01 | $ (1.32) | $ 0.75 |
Weighted-average number of common units outstanding: | ||||
- basic (shares) | 107,794,323 | 92,413,598 | 107,424,853 | 92,402,772 |
- diluted (shares) | 107,794,323 | 92,457,480 | 107,424,853 | 92,470,600 |
Cash distributions declared per unit | $ 0.11 | $ 0.5384 | $ 0.22 | $ 1.0768 |
Dropdown Predecessor [Member] | ||||
Net (loss) income | $ 0 | $ 15,515 | $ 0 | $ 10,101 |
Unaudited Consolidated Stateme3
Unaudited Consolidated Statements of Comprehensive Loss (Income) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2016 | Jun. 30, 2015 | Jun. 30, 2016 | Jun. 30, 2015 | |
Net (loss) income | $ (100,129) | $ 123,379 | $ (102,652) | $ 104,737 |
Unrealized loss on qualifying cash flow hedging instruments (note 9) | (6,356) | 0 | (19,887) | 0 |
Other comprehensive loss | (6,356) | 0 | (19,887) | 0 |
Comprehensive (loss) income | (106,485) | 123,379 | (122,539) | 104,737 |
Non-controlling interests in comprehensive (loss) income | 2,496 | 3,638 | 4,384 | 7,636 |
Preferred unitholders' interest in net (loss) income (note 12) | 10,314 | 4,791 | 21,063 | 7,510 |
General and limited partners' interest in comprehensive (loss) income | (119,295) | 99,435 | (147,986) | 79,490 |
Dropdown Predecessor [Member] | ||||
Net (loss) income | $ 0 | $ 15,515 | $ 0 | $ 10,101 |
Unaudited Consolidated Balance
Unaudited Consolidated Balance Sheets - USD ($) $ in Thousands | Jun. 30, 2016 | Dec. 31, 2015 |
Current | ||
Cash and cash equivalents | $ 380,718 | $ 258,473 |
Restricted cash (note 9) | 7,403 | 51,431 |
Accounts receivable, including non-trade of $1,364 (December 31, 2015 - $4,140) | 145,902 | 153,662 |
Vessels held for sale (note 14) | 0 | 55,450 |
Net investments in direct financing leases - current (note 4b) | 6,766 | 5,936 |
Prepaid expenses | 37,619 | 34,027 |
Due from affiliates (note 8c) | 74,806 | 81,271 |
Other current assets (note 9) | 21,309 | 20,490 |
Total current assets | 674,523 | 660,740 |
Restricted cash - long-term (note 9) | 21,127 | 9,089 |
Vessels and equipment | ||
At cost, less accumulated depreciation of $1,378,660 (December 31, 2015 - $1,230,868) | 4,178,593 | 4,348,535 |
Advances on newbuilding contracts and conversion costs (notes 11b, 11c,11f and 11g) | 516,754 | 395,084 |
Net investments in direct financing leases (note 4b) | 12,302 | 11,535 |
Investment in equity accounted joint ventures (notes 11e and 15) | 120,415 | 77,647 |
Deferred tax asset | 33,511 | 30,050 |
Other assets (notes 1 and 9) | 95,917 | 82,341 |
Goodwill | 129,145 | 129,145 |
Total assets | 5,782,287 | 5,744,166 |
Current | ||
Accounts payable | 28,301 | 15,899 |
Accrued liabilities (notes 7, 9 and 13) | 138,896 | 91,065 |
Deferred revenues | 54,431 | 54,378 |
Due to affiliates (note 8c) | 97,438 | 304,583 |
Current portion of derivative instruments (note 9) | 63,924 | 201,456 |
Current portion of long-term debt (note 6) | 574,575 | 485,069 |
Current portion of in-process revenue contracts | 12,744 | 12,779 |
Total current liabilities | 970,309 | 1,165,229 |
Long-term debt (note 6) | 2,666,656 | 2,878,805 |
Derivative instruments (note 9) | 413,063 | 221,329 |
Due to affiliates (notes 8b, 8c and 8g) | 200,000 | 0 |
In-process revenue contracts | 56,706 | 63,026 |
Other long-term liabilities (note 1) | 221,055 | 192,258 |
Total liabilities | 4,527,789 | 4,520,647 |
Commitments and contingencies (notes 6, 9 and 11) | ||
Redeemable non-controlling interest (note 11a) | 2,367 | 3,173 |
Equity | ||
General Partner | 17,879 | 17,608 |
Warrants (note 12) | 13,797 | 0 |
Accumulated other comprehensive (loss) income | (19,191) | 696 |
Non-controlling interests | 59,185 | 53,355 |
Total equity | 983,854 | 967,848 |
Total liabilities and total equity | 5,782,287 | 5,744,166 |
Convertible Preferred Stock [Member] | ||
Current | ||
Convertible Preferred Units (12.5 million and 10.4 million units issued and outstanding at June 30, 2016 and December 31, 2015, respectively) (note 12) | 268,277 | 252,498 |
Equity | ||
Total equity | 268,277 | 252,498 |
Common Stock Class Undefined [Member] | ||
Equity | ||
Limited partners - common units (137.4 million and 107.0 million units issued and outstanding at June 30, 2016 and December 31, 2015, respectively) (notes 12 and 13) | 645,259 | 629,264 |
Preferred Units [Member] | ||
Equity | ||
Limited partners - preferred units (11.0 million units issued and outstanding at June 30, 2016 and December 31, 2015) (note 12) | $ 266,925 | $ 266,925 |
Unaudited Consolidated Balance5
Unaudited Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands, shares in Millions | Jun. 30, 2016 | Dec. 31, 2015 |
Accounts receivable non-trade | $ 1,364 | $ 4,140 |
At cost, less accumulated depreciation | $ 1,378,660 | $ 1,230,868 |
Convertible Preferred Stock [Member] | ||
Convertible Preferred Units, issued | 12.5 | 10.4 |
Convertible Preferred Units, outstanding | 12.5 | 10.4 |
Common Stock Class Undefined [Member] | ||
Limited partners - units issued | 137.4 | 107 |
Limited partners - units outstanding | 137.4 | 107 |
Preferred Units [Member] | ||
Limited partners - units issued | 11 | 11 |
Limited partners - units outstanding | 11 | 11 |
Unaudited Consolidated Stateme6
Unaudited Consolidated Statements of Cash Flows - USD ($) $ in Thousands | 6 Months Ended | |
Jun. 30, 2016 | Jun. 30, 2015 | |
OPERATING ACTIVITIES | ||
Net (loss) income | $ (102,652) | $ 104,737 |
Non-cash items: | ||
Unrealized loss (gain) on derivative instruments (note 9) | 51,094 | (2,589) |
Equity income, net of dividends received of $3,472 (2015 - $nil) | (5,437) | (13,811) |
Depreciation and amortization | 148,979 | 129,797 |
Write-down and (gain) on sale of vessel (note 14) | 43,650 | 14,353 |
Deferred income tax recovery (note 10) | (5,436) | (817) |
Amortization of in-process revenue contracts | (6,355) | (6,320) |
Unrealized foreign currency exchange loss and other | 26,645 | (52,439) |
Change in non-cash working capital items related to operating activities | 32,055 | 49,301 |
Expenditures for dry docking | (10,801) | (5,145) |
Net operating cash flow | 171,742 | 217,067 |
FINANCING ACTIVITIES | ||
Proceeds from long-term debt (note 6) | 163,112 | 410,374 |
Scheduled repayments of long-term debt (note 6) | (263,850) | (185,907) |
Prepayments of long-term debt (note 6) | (21,607) | (13,606) |
Debt issuance costs (note 6) | (6,102) | (4,554) |
Decrease in restricted cash (note 9) | 31,990 | 15,140 |
Purchase of Teekay Knarr AS and Knarr L.L.C from Teekay Corporation (net of cash acquired of $14.2 million) (note 3) | 0 | 14,247 |
Proceeds from issuance of common units (note 12) | 102,930 | 0 |
Proceeds from issuance of preferred units and warrants (note 12) | 100,000 | 125,000 |
Expenses relating to equity offerings | (5,601) | (4,187) |
Cash distributions paid by the Partnership | (45,538) | (115,460) |
Cash distributions paid by subsidiaries to non-controlling interests | (110) | (5,720) |
Equity contribution from joint venture partners | 750 | 5,500 |
Settlement of contingent consideration liability (note 4) | 0 | (3,303) |
Other | 0 | 579 |
Net financing cash flow | 55,974 | 238,103 |
INVESTING ACTIVITIES | ||
Net expenditures for vessels and equipment, including advances on newbuilding contracts and conversion costs | (106,432) | (418,153) |
Increase in restricted cash | 0 | (42,080) |
Proceeds from sale of vessel and equipment (note 14) | 55,450 | 8,918 |
Repayment from joint ventures (note 15) | 0 | 5,225 |
Direct financing lease (investments) payments received | (1,616) | 2,358 |
Investment in equity accounted joint ventures | (52,873) | (5,396) |
Net investing cash flow | (105,471) | (449,128) |
Increase in cash and cash equivalents | 122,245 | 6,042 |
Cash and cash equivalents, beginning of the period | 258,473 | 252,138 |
Cash and cash equivalents, end of the period | $ 380,718 | $ 258,180 |
Unaudited Consolidated Stateme7
Unaudited Consolidated Statements of Cash Flows (Parenthetical) - USD ($) $ in Thousands | 6 Months Ended | |
Jun. 30, 2016 | Jun. 30, 2015 | |
Statement of Cash Flows [Abstract] | ||
Net cash acquired on business acquisition | $ 14,200 | |
Proceeds from Equity Method Investment, Dividends or Distributions | $ 3,472 | $ 0 |
Unaudited Consolidated Stateme8
Unaudited Consolidated Statement of Changes in Total Equity - 6 months ended Jun. 30, 2016 - USD ($) shares in Thousands, $ in Thousands | Total | Convertible Preferred Stock [Member] | Limited Partner [Member] | General Partner [Member] | Common Units [Member]Limited Partner [Member] | Common Units and Additional Paid in Capital [Member]Limited Partner [Member] | Preferred Units [Member]Preferred Partner [Member] | Warrants [Member] | Accumulated Other Comprehensive Loss [Member] | Non-controlling Interests [Member] | Redeemable Non-controlling Interest [Member] |
Income (Loss) from Continuing Operations Attributable to Parent | $ (112,159) | $ 10,313 | $ (2,563) | $ (125,536) | $ 10,750 | $ 5,190 | $ (806) | ||||
Beginning balance at Dec. 31, 2015 | 967,848 | $ 252,498 | 17,608 | 629,264 | $ 266,925 | $ 696 | 53,355 | 3,173 | |||
Beginning balance, units at Dec. 31, 2015 | 10,438 | 107,027 | 11,000 | ||||||||
Other comprehensive loss (note 9) | (19,887) | (19,887) | |||||||||
Cash distributions | (34,788) | $ (10,750) | (480) | (23,558) | $ (10,750) | ||||||
Distribution to non-controlling interests | (110) | (110) | |||||||||
Contribution of capital from joint venture partner | 750 | 750 | |||||||||
Proceeds from equity offerings, net of offering costs (note 12) | 113,339 | $ 83,453 | 1,991 | 97,551 | $ 13,797 | ||||||
Proceeds from equity offerings, net of offering costs (note 12), units | 4,000 | 21,978 | |||||||||
Conversion of Convertible Preferred Units (note 12) | 47,171 | $ (46,429) | 889 | 46,282 | |||||||
Conversion of Convertible Preferred Units (note 12), units | (1,921) | 8,324 | |||||||||
Exchange of Convertible Preferred Units (note 12) | 20,644 | $ (20,644) | $ 20,231 | 413 | 20,231 | ||||||
Equity based compensation and other (note 13) | 1,046 | (164) | 21 | 1,025 | |||||||
Equity based compensation and other (note 13), units | 101 | ||||||||||
Ending balance at Jun. 30, 2016 | $ 983,854 | $ 268,277 | $ 17,879 | $ 645,259 | $ 266,925 | $ 13,797 | $ (19,191) | $ 59,185 | $ 2,367 | ||
Ending balance, units at Jun. 30, 2016 | 12,517 | 137,430 | 11,000 |
Basis of Presentation
Basis of Presentation | 6 Months Ended |
Jun. 30, 2016 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Basis of Presentation | Basis of Presentation The unaudited interim consolidated financial statements have been prepared in accordance with United States generally accepted accounting principles (or GAAP ). These financial statements include the accounts of Teekay Offshore Partners L.P., which is a limited partnership organized under the laws of the Republic of The Marshall Islands, its wholly owned or controlled subsidiaries and the Dropdown Predecessor (see note 3 ) (collectively, the Partnership ). The preparation of consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the amounts reported in the financial statements and accompanying notes. Actual results could differ from those estimates. Certain information and footnote disclosures required by GAAP for complete annual financial statements have been omitted and, therefore, these interim financial statements should be read in conjunction with the Partnership’s audited consolidated financial statements for the year ended December 31, 2015, which are included in the Partnership’s Annual Report on Form 20-F, filed with the U.S. Securities and Exchange Commission (or SEC ) on April 18, 2016. In the opinion of management of the Partnership’s general partner, Teekay Offshore GP L.L.C. (or the general partner ), these interim unaudited 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 for the interim periods presented. The results of operations for the interim periods presented are not necessarily indicative of those for a full fiscal year. Historically, the utilization of shuttle tankers in the North Sea is higher in the winter months as favorable weather conditions in the summer months provide opportunities for repairs and maintenance to the Partnership’s vessels and the offshore oil platforms. Downtime for repairs and maintenance generally reduces oil production and, thus, transportation requirements. Intercompany balances and transactions have been eliminated upon consolidation. Vessels and equipment The Partnership considers its shuttle tankers to comprise of two components: i) a conventional tanker (or the tanker componen t) and ii) specialized shuttle equipment (or the shuttle component ). The Partnership differentiates these two components on the principle that a shuttle tanker can also operate as a conventional tanker without the use of the shuttle component. The economics of this alternate use depend on the supply and demand fundamentals in the two segments. Historically, the useful life of both components was assessed as 25 years commencing from the date the vessel is delivered from the shipyard. During the six months ended June 30, 2016 , the Partnership has considered factors related to the ongoing use of the shuttle component and has reassessed the useful life as being 20 years based on the challenges associated with adverse market conditions in the energy sector and other long term factors associated with the global oil industry. This change in estimate, commencing January 1, 2016, impacts the entire fleet of its shuttle tanker vessels. Separately, the Partnership has reviewed the depreciation of the tanker component for eight vessels in its fleet that are 17 years of age or older. Based on the Partnership’s expected operating plan for these vessels, the Partnership has reassessed the estimated useful life of the tanker component for these vessels as 20 years commencing January 1, 2016. As market conditions evolve, the Partnership will continue to monitor the useful life of the tanker component for other vessels within the shuttle tanker segment. The effect of these changes in estimates was an increase in depreciation and amortization expense and net loss by $7.3 million and $14.6 million , or $0.07 and $0.14 per basic and diluted common unit, respectively, for the three and six months ended June 30, 2016 . Asset retirement obligation The Partnership has an asset retirement obligation (or ARO ) relating to the sub-sea mooring and riser system associated with the Gina Krog FSO unit expected to commence operations in the North Sea early-2017 (see note 11b ). This obligation involves the costs associated with the restoration of the environment surrounding the facility and removal of all equipment, which are subsequently to be reimbursed by the charterer. This obligation is expected to be settled at the end of the contract under which the FSO unit is expected to operate, which is a three -year time-charter contract which includes 12 additional one -year extension options. The Partnership records the fair value of an ARO as a liability in the period when the obligation arises. The fair value of the ARO is measured using expected future cash outflows discounted at the Partnership’s credit-adjusted risk-free interest rate. When the liability is recorded, and as the ARO will be covered by contractual payments to be received from the charterer, the Partnership records a separate receivable concurrently with the ARO being created. Each period, the liability is increased for the change in its present value. Changes in the amount or timing of the estimated ARO are recorded as an adjustment to the related asset and liability. As at June 30, 2016 , the ARO and associated receivable, which is recorded in other long-term liabilities and other non-current assets, respectively, were both $19.3 million . |
Accounting Pronouncements
Accounting Pronouncements | 6 Months Ended |
Jun. 30, 2016 | |
Accounting Changes and Error Corrections [Abstract] | |
Accounting Pronouncements | Accounting Pronouncements In May 2014, the Financial Accounting Standards Board (or FASB ) issued Accounting Standards Update 2014-09, Revenue from Contracts with Customers , (or ASU 2014-09 ). ASU 2014-09 will require an entity to recognize revenue when it transfers promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. This update creates a five-step model that requires entities to exercise judgment when considering the terms of the contract(s) which include (i) identifying the contract(s) with the customer, (ii) identifying the separate performance obligations in the contract, (iii) determining the transaction price, (iv) allocating the transaction price to the separate performance obligations, and (v) recognizing revenue as each performance obligation is satisfied. ASU 2014-09 is effective for the Partnership January 1, 2018 and shall be applied, at the Partnership’s option, retrospectively to each period presented or as a cumulative-effect adjustment as of the date of adoption. The Partnership is evaluating the effect of adopting this new accounting guidance. In February 2016, the FASB issued Accounting Standards Update 2016-02, Leases (or ASU 2016-02 ). ASU 2016-02 establishes a right-of-use model that requires a lessee to record a right of use asset and a lease liability on the balance sheet for all leases with terms longer than 12 months. Leases will be classified as either finance or operating, with classification affecting the pattern of expense recognition in the income statement. ASU 2016-02 is effective for the Partnership January 1, 2019 with early adoption permitted. A modified retrospective transition approach is required for lessees for capital and operating leases existing at, or entered into after, the beginning of the earliest comparative period presented in the financial statements, with certain practical expedients available. The Partnership is evaluating the effect of adopting this new accounting guidance. In March 2016, the FASB issued Accounting Standards Update 2016-09, Improvements to Employee Share-Based Payment Accounting (or ASU 2016-09 ). ASU 2016-09 simplifies aspects of accounting for share-based payment transactions, including the income tax consequences, classification of awards as either equity or liabilities and classification on the statement of cash flows. ASU 2016-09 is effective for the Partnership January 1, 2017 with early adoption permitted. The Partnership expects the impact of adopting this new accounting guidance will be a change in presentation of cash payments for tax withholdings on share settled equity awards from an operating cash outflow to a financing cash outflow on the Partnership's statement of cash flows. |
Dropdown Predecessor
Dropdown Predecessor | 6 Months Ended |
Jun. 30, 2016 | |
Business Combinations [Abstract] | |
Dropdown Predecessor | Dropdown Predecessor On July 1, 2015, the Partnership acquired from Teekay Corporation its 100% interest in Teekay Knarr AS and Knarr L.L.C. (referred to herein as the Dropdown Predecessor ). The purchase price of $529.4 million that the Partnership paid for the acquisition was based on a $1.26 billion fully built-up cost of the Petrojarl Knarr , a floating, production, storage and offloading (or FPSO ) unit, and consisted of actual costs incurred for construction and mobilization of the unit less cash generated from operations between March 9, 2015 and July 1, 2015, plus $14.5 million of working capital of the Dropdown Predecessor less $745.1 million of assumed debt. The purchase price was primarily financed with a $492.0 million convertible promissory note issued to Teekay Corporation. The convertible promissory note was due in full on July 1, 2016 and bears interest at an annual rate of 6.5% on the outstanding principal balance, however, the promissory note was refinanced with a new two -year promissory note to Teekay Corporation (see note 8g ). The Partnership paid $35.0 million of the remaining $37.4 million of the purchase price in cash to Teekay Corporation upon the acquisition of the Dropdown Predecessor. During July 2015, $300.0 million of the convertible promissory note was converted into 14.4 million common units of the Partnership and the Partnership repaid an additional $92.0 million of the convertible promissory note. Concurrently with the conversion of the promissory note, Teekay Corporation contributed $6.1 million to the Partnership to maintain its 2% general partner interest. The Petrojarl Knarr operates on the Knarr oil and gas field in the North Sea under a six -year fixed-rate charter contract, plus extension options, with Royal Dutch Shell Plc, as the operator. The $103.3 million excess of the purchase price over Teekay Corporation’s carrying value of the Dropdown Predecessor was accounted for as an equity distribution to Teekay Corporation. In addition, the acquisition of the Dropdown Predecessor has been accounted for as if the acquisition occurred on March 9, 2015, the date that the Partnership and the Petrojarl Knarr FPSO were both under the common control of Teekay Corporation and had begun operations. As a result, the Partnership’s financial statements prior to the Partnership’s July 1, 2015 acquisition of the Dropdown Predecessor were retroactively adjusted to include the financial results of the Dropdown Predecessor as if the Partnership had acquired the FPSO on March 9, 2015. This had the effect of increasing the Partnership’s revenues by $55.5 million and $69.5 million , respectively, and net income by $15.5 million and $10.1 million , respectively, for the three and six months ended June 30, 2015 . |
Financial Instruments
Financial Instruments | 6 Months Ended |
Jun. 30, 2016 | |
Investments, All Other Investments [Abstract] | |
Financial Instruments | Financial Instruments a) Fair Value Measurements For a description of how the Partnership estimates fair value and for a description of the fair value hierarchy levels, see Note 4 in the Partnership’s audited consolidated financial statements filed with its Annual Report on Form 20-F for the year ended December 31, 2015 . The following table includes the estimated fair value and carrying value of those assets and liabilities that are measured at fair value on a recurring and non-recurring basis, as well as the estimated fair value of the Partnership’s financial instruments that are not accounted for at fair value on a recurring basis. June 30, 2016 December 31, 2015 Fair Value Hierarchy Level Carrying Amount Asset (Liability) $ Fair Value Asset (Liability) $ Carrying Amount Asset (Liability) $ Fair Value Asset (Liability) $ Recurring: Cash and cash equivalents and restricted cash Level 1 409,248 409,248 318,993 318,993 Logitel contingent consideration (see below) Level 3 — — (14,830 ) (14,830 ) Derivative instruments (note 9) Interest rate swap agreements Level 2 (338,447 ) (338,447 ) (235,998 ) (235,998 ) Cross currency swap agreements Level 2 (144,607 ) (144,607 ) (183,327 ) (183,327 ) Foreign currency forward contracts Level 2 (2,195 ) (2,195 ) (11,509 ) (11,509 ) Non-Recurring: Vessels held for sale (note 14) Level 2 — — 55,450 55,450 Vessels and equipment (note 14) Level 2 — — 100,600 100,600 Other: Long-term debt - public (note 6) Level 1 (577,268 ) (490,954 ) (620,746 ) (473,729 ) Long-term debt - non-public (note 6) Level 2 (2,663,963 ) (2,579,967 ) (2,743,128 ) (2,783,597 ) Contingent consideration liability – 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 Units for Maintenance and Safety (or UMS ), from Cefront Technology AS (or Cefront ) for $4.0 million . The Partnership paid the purchase price in cash at closing, plus an additional amount of up to $27.6 million , depending on certain performance criteria. During the second quarter of 2016, the Partnership canceled the UMS construction contracts for its two remaining UMS newbuildings. This is expected to eliminate any future contingent consideration payments. Consequently, the contingent liability was reversed in the second quarter of 2016. The gain associated with this reversal is included in other (expense) income - net on the Partnership's consolidated statements of loss for the three and six months ended June 30, 2016 . Changes in the estimated fair value of the Partnership’s contingent consideration liability relating to the acquisition of Logitel, which is measured at fair value on a recurring basis using significant unobservable inputs (Level 3), during the three and six months ended June 30, 2016 and 2015 are as follows: Three Months Ended Six months ended June 30, 2016 2015 2016 2015 Asset (Liability) Asset (Liability) $ $ $ $ Balance at beginning of period (15,221 ) (21,562 ) (14,830 ) (21,448 ) Acquisition of Logitel — 2,569 — 2,569 Settlement of liability — 3,540 — 3,540 Gain included in Other (expense) income - net 15,221 161 14,830 47 Balance at end of period — (15,292 ) — (15,292 ) b) Financing Receivables The following table contains a summary of the Partnership’s financing receivables by type of borrower and the method by which the Partnership monitors the credit quality of its financing receivables on a quarterly basis: Credit Quality Indicator Grade June 30, December 31, $ $ Direct financing leases Payment activity Performing 19,068 17,471 |
Segment Reporting
Segment Reporting | 6 Months Ended |
Jun. 30, 2016 | |
Segment Reporting [Abstract] | |
Segment Reporting | Segment Reporting The following tables include results for the Partnership’s FPSO unit segment; shuttle tanker segment; floating storage and off-take (or FSO ) unit segment; UMS segment; towage segment; and conventional tanker segment for the periods presented in these consolidated financial statements. Three Months ended June 30, 2016 FPSO Segment Shuttle Tanker Segment FSO UMS Segment Towage Conventional Tanker Segment Total Revenues 124,715 125,840 13,789 3,736 11,730 4,654 284,464 Voyage expenses — (12,573 ) (124 ) — (4,281 ) (610 ) (17,588 ) Vessel operating expenses (41,365 ) (29,792 ) (6,195 ) (9,319 ) (3,924 ) (166 ) (90,761 ) Time-charter hire expenses — (14,764 ) — — — (4,065 ) (18,829 ) Depreciation and amortization (37,234 ) (30,089 ) (2,209 ) (1,695 ) (2,830 ) — (74,057 ) General and administrative (1) (8,217 ) (3,871 ) (144 ) (832 ) (757 ) — (13,821 ) Write down of vessels — — — (43,650 ) — — (43,650 ) Restructuring charge (1,487 ) — — — — — (1,487 ) Income (loss) from vessel operations 36,412 34,751 5,117 (51,760 ) (62 ) (187 ) 24,271 Three Months ended June 30, 2015 FPSO Segment Shuttle Tanker Segment FSO UMS Segment Towage Conventional Tanker Segment Total Revenues 141,722 132,899 14,165 3,686 10,517 8,245 311,234 Voyage expenses — (18,976 ) (89 ) — (1,004 ) (647 ) (20,716 ) Vessel operating expenses (50,445 ) (31,120 ) (6,921 ) (1,126 ) (3,697 ) (1,514 ) (94,823 ) Time-charter hire expenses — (10,762 ) — — — — (10,762 ) Depreciation and amortization (37,783 ) (26,795 ) (2,975 ) (401 ) (2,174 ) (1,675 ) (71,803 ) General and administrative (1) (6,892 ) (6,788 ) (420 ) (639 ) (837 ) (507 ) (16,083 ) Write down of vessel — — — (500 ) — — (500 ) Restructuring charge — (135 ) — — — — (135 ) Income from vessel operations 46,602 38,323 3,760 1,020 2,805 3,902 96,412 Six Months ended June 30, 2016 FPSO Segment Shuttle Tanker Segment FSO UMS Segment Towage Conventional Tanker Segment Total Revenues (2) 257,499 252,023 28,152 17,217 22,813 13,468 591,172 Voyage expenses — (26,511 ) (335 ) — (7,799 ) (1,287 ) (35,932 ) Vessel operating expenses (88,279 ) (58,673 ) (11,668 ) (17,245 ) (8,809 ) (1,439 ) (186,113 ) Time-charter hire expenses — (29,575 ) — — — (4,576 ) (34,151 ) Depreciation and amortization (74,818 ) (60,737 ) (4,381 ) (3,390 ) (5,653 ) — (148,979 ) General and administrative (1) (16,891 ) (7,828 ) (382 ) (1,526 ) (1,491 ) (172 ) (28,290 ) Write down of vessels — — — (43,650 ) — — (43,650 ) Restructuring charge (1,487 ) — — — — — (1,487 ) Income (loss) from vessel operations 76,024 68,699 11,386 (48,594 ) (939 ) 5,994 112,570 Six Months ended June 30, 2015 FPSO Segment Shuttle Tanker Segment FSO UMS Segment Towage Conventional Tanker Segment Total Revenues 239,997 270,989 28,651 3,686 16,587 16,307 576,217 Voyage expenses — (38,505 ) (221 ) — (3,292 ) (1,215 ) (43,233 ) Vessel operating expenses (87,211 ) (65,437 ) (13,280 ) (1,126 ) (4,448 ) (2,888 ) (174,390 ) Time-charter hire expenses — (17,083 ) — — (662 ) — (17,745 ) Depreciation and amortization (62,268 ) (55,162 ) (5,895 ) (401 ) (2,722 ) (3,349 ) (129,797 ) General and administrative (1) (11,833 ) (15,187 ) (1,030 ) (1,146 ) (1,147 ) (759 ) (31,102 ) (Write down) and gain on sale of vessel — (13,853 ) — (500 ) — — (14,353 ) Restructuring charge — (135 ) — — — — (135 ) Income from vessel operations 78,685 65,627 8,225 513 4,316 8,096 165,462 (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) Revenues includes a $4.0 million early termination fee received from Teekay Corporation during the six months ended June 30, 2016 , which is included in the Partnership's conventional tanker segment (see notes 8f and 14 ). A reconciliation of total segment assets to total assets presented in the accompanying consolidated balance sheets is as follows: June 30, 2016 December 31, 2015 $ $ FPSO segment 2,710,632 2,717,193 Shuttle tanker segment 1,694,150 1,732,769 FSO segment 370,932 281,776 UMS segment 225,816 267,935 Towage segment 343,290 309,009 Conventional tanker segment 14,552 63,900 Unallocated: Cash and cash equivalents and restricted cash 409,248 318,993 Other assets 13,667 52,591 Consolidated total assets 5,782,287 5,744,166 |
Long-Term Debt
Long-Term Debt | 6 Months Ended |
Jun. 30, 2016 | |
Debt Disclosure [Abstract] | |
Long-Term Debt | Long-Term Debt June 30, 2016 December 31, 2015 $ $ U.S. Dollar-denominated Revolving Credit Facilities due through 2019 343,429 429,279 Norwegian Kroner Bonds due through 2019 286,966 327,941 U.S. Dollar-denominated Term Loans due through 2018 120,809 129,133 U.S. Dollar-denominated Term Loans due through 2028 2,073,070 2,037,766 U.S. Dollar Non-Public Bonds due through 2024 174,839 202,449 U.S. Dollar Bonds due through 2019 300,000 300,000 Total principal 3,299,113 3,426,568 Less unamortized discount and debt issuance costs (57,882 ) (62,694 ) Total debt 3,241,231 3,363,874 Less current portion (574,575 ) (485,069 ) Long-term portion 2,666,656 2,878,805 As at June 30, 2016 , the Partnership had five revolving credit facilities, which, as at such date, provided for total borrowings of up to $383.4 million , of which $ 40.0 million was undrawn. The total amount available under the revolving credit facilities reduces by $58.3 million (remainder of 2016 ), $166.7 million ( 2017 ), $115.4 million ( 2018 ) and $43.0 million ( 2019 ). Four of the revolving credit facilities are guaranteed by the Partnership and certain of its subsidiaries for all outstanding amounts and contain covenants that require the Partnership to maintain an amount equal to the greater of a minimum amount of liquidity (cash, cash equivalents and undrawn committed revolving credit lines with at least six months to maturity) of at least $75.0 million and 5.0% of the Partnership’s total consolidated debt. One revolving credit facility is guaranteed by Teekay Corporation and contains a covenant that requires Teekay Corporation to maintain an amount equal to the greater of a minimum amount of liquidity (cash and cash equivalents) of at least $50.0 million and 5.0% of Teekay Corporation’s total consolidated debt which has recourse to Teekay Corporation. The revolving credit facilities are collateralized by first-priority mortgages granted on 21 of the Partnership’s vessels, together with other related security. As at June 30, 2016 , the Partnership has guaranteed $324.1 million of these revolvers and Teekay Corporation has guaranteed $19.3 million . In January 2014, the Partnership issued Norwegian Kroner (or NOK ) 1,000 million in senior unsecured bonds that mature in January 2019 in the Norwegian bond market. As of June 30, 2016 , the carrying amount of the bonds was $119.6 million . The bonds are listed on the Oslo Stock Exchange. The interest payments on the bonds are based on NIBOR plus a margin of 4.25% . The Partnership also amended its existing cross currency rate swaps to swap all interest and principal payments into US Dollars, with the interest payments fixed at a rate of 7.45% , and the transfer of the principal amount fixed at $162.2 million upon maturity in exchange for NOK 1,000 million (see note 9 ). In January 2013, the Partnership issued NOK 1,300 million in senior unsecured bonds in the Norwegian bond market. The bonds were issued in two tranches, of which one tranche matured and was paid in January 2016 (NOK 500 million ) and the remaining tranche was originally scheduled to mature in January 2018 (NOK 800 million ). In June 2016, the terms of the remaining tranche were amended such that NOK 160 million is now repayable in January 2018 with the remaining balance of NOK 640 million repayable in December 2018 at 103% of the amount outstanding. In addition, the Partnership was granted an option, exercisable immediately, to prepay the bonds in amounts ranging from 101% to 103% of the amount of bonds outstanding depending on the timing of settlement. The bonds are listed on the Oslo Stock Exchange. Interest payments were based on NIBOR plus a margin of 4.75% ; however, under the June 2016 amended bond agreement, interest payments have increased to NIBOR plus a margin of 5.75% . As at June 30, 2016 , the carrying amount of the remaining bonds was $95.7 million . The Partnership also amended its existing cross currency rate swaps to swap all interest and principal payments into U.S. Dollars, with interest payments fixed at a rate of 7.58% and the transfer of the principal amount fixed at $28.7 million in exchange for NOK 160 million on the tranche maturing in January 2018 and $118.3 million in exchange for NOK 659 million on the tranche maturing in December 2018 (see note 9 ). The Partnership recorded a $32.6 million realized foreign currency exchange gain on the payment of the NOK 500 million tranche that matured in January 2016 and a corresponding $32.6 million realized loss on the maturing cross currency swap for the six months ended June 30, 2016 , both of which are included in foreign currency exchange loss on the Partnership’s consolidated statement of loss for the six months ended June 30, 2016 . In January 2012, the Partnership issued NOK 600 million in senior unsecured bonds that were originally scheduled to mature in January 2017 in the Norwegian bond market. In June 2016, the terms of these bonds were amended such that NOK 180 million is now repayable in October 2016, NOK 180 million is repayable in October 2017 and NOK 240 million is repayable in November 2018 at 103% of the amount outstanding. In addition, the Partnership was granted an option, exercisable immediately, to prepay the bonds in amounts ranging from 101% to 103% of the amount of bonds outstanding depending on the timing of settlement. The bonds are listed on the Oslo Stock Exchange. The interest payments on the bonds are based on NIBOR plus a margin of 5.75% . As at June 30, 2016 , the carrying amount of the bonds was $71.7 million . The Partnership also amended its existing cross currency rate swap to swap all interest and principal payments into U.S. Dollars, with the interest payments fixed at a rate of 8.84% , and the transfer of the principal amount fixed at $30.4 million in exchange for NOK 180 million on the tranche maturing in October 2016, $30.4 million in exchange for NOK 180 million on the tranche maturing in October 2017 and $41.8 million in exchange for NOK 247 million on the tranche maturing in November 2018 (see note 9 ). As at June 30, 2016 , three of the Partnership’s 50% -owned subsidiaries each had an outstanding term loan, which in aggregate totaled $120.8 million . The term loans reduce over time with quarterly and semi-annual payments and have varying maturities through 2018 . These term loans are collateralized by first-priority mortgages on the three shuttle tankers to which the loans relate, together with other related security. As at June 30, 2016 , the Partnership had guaranteed $28.5 million of these term loans, which represents its 50% share of the outstanding term loans of two of these 50% -owned subsidiaries. The other owner and Teekay Corporation have guaranteed $60.4 million and $31.9 million , respectively. As at June 30, 2016 , the Partnership had term loans outstanding for the shuttle tankers the Amundsen Spirit , Nansen Spirit , Peary Spirit , Scott Spirit, Samba Spirit and Lambada Spirit shuttle tankers , for the Suksan Salamander and Gina Krog FSO units, for the Piranema Spirit, Voyageur Spirit , Petrojarl Knarr and the Petrojarl I FPSO units, for the towing and offshore installation vessels, and for the Arendal Spirit UMS, which totaled $2.1 billion in aggregate. For the term loans for the Amundsen Spirit and Nansen Spirit , one tranche reduces in semi-annual payments while another tranche correspondingly is drawn up every six months with final bullet payments of $29.0 million due in 2022 and $29.1 million due in 2023, respectively. The other term loans reduce over time with quarterly or semi-annual payments. These term loans have varying maturities through 2028 and are collateralized by first-priority mortgages on the vessels to which the loans relate, together with other related security. As at June 30, 2016 , the Partnership had guaranteed $1.8 billion of these term loans and Teekay Corporation had guaranteed $282.6 million . In February 2015, the Partnership issued $30.0 million in senior bonds that mature in June 2024 in a U.S. private placement. As of June 30, 2016 , the carrying amount of the bonds was $25.4 million . The interest payments on the bonds are fixed at a rate of 4.27% . The bonds are collateralized by a first-priority mortgage on the Dampier Spirit FSO unit, together with other related security, and are guaranteed by the Partnership. In September 2013 and November 2013, the Partnership issued, in a U.S. private placement, a total of $174.2 million of ten -year senior unsecured bonds that mature in December 2023, to finance the Bossa Nova Spirit and Sertanejo Spirit shuttle tankers. The bonds accrue interest at a fixed combined rate of 4.96% . The bonds are collateralized by first-priority mortgages on the two vessels to which the bonds relate, together with other related security. The Partnership makes semi-annual repayments on the bonds and as of June 30, 2016 , the carrying amount of the bonds was $149.4 million . In May 2014, the Partnership issued $300.0 million in five -year senior unsecured bonds that mature in July 2019 in the U.S. bond market. As of June 30, 2016 , the carrying amount of the bonds was $300.0 million . The bonds are listed on the New York Stock Exchange. The interest payments on the bonds are fixed at a rate of 6.00% . Interest payments on the revolving credit facilities and the term loans are based on LIBOR plus margins, except for $37.7 million of one tranche of the term loan for the ALP newbuilding towing and offshore installation vessels, which is fixed at 2.93% . At June 30, 2016 and December 31, 2015 , the margins ranged between 0.30% and 4.00% . The weighted-average effective interest rate on the Partnership’s variable rate long-term debt as at June 30, 2016 was 3.4% ( December 31, 2015 - 3.2% ). This rate does not include the effect of the Partnership’s interest rate swaps (see note 9 ). The aggregate annual long-term debt principal repayments required to be made subsequent to June 30, 2016 are $197.9 million (remainder of 2016 ), $640.2 million ( 2017 ), $623.5 million ( 2018 ), $755.3 million ( 2019 ), $264.8 million ( 2020 ), and $817.4 million (thereafter). Obligations under the Partnership’s credit facilities are secured by certain vessels, and if the Partnership is unable to repay debt under the credit facilities, the lenders could seek to foreclose on those assets. The Partnership has two revolving credit facilities, of which one revolving credit facility was undrawn as at June 30, 2016 , and five term loans, of which one term loan is undrawn as at June 30, 2016 , that require the Partnership to maintain vessel values to drawn principal balance ratios of a minimum range of 113% to 125% . As at June 30, 2016 , these ratios ranged from 125% to 195% and exceeded the minimum ratios required. The vessel values used in calculating these ratios are the appraised values prepared by the Partnership based on second-hand sale and purchase market data. Changes in the shuttle tanker, towing and offshore installation, UMS or FPSO markets could negatively affect these ratios. Please read Item 2 Management’s Discussion and Analysis of Financial Condition and Results of Operations - Liquidity and Capital Resources - Liquidity and Capital Needs for a description of certain covenants contained in the Partnership’s credit facilities and loan agreements. As at June 30, 2016 , the Partnership and Teekay Corporation were in compliance with all covenants related to the credit facilities and long-term debt. |
Related Party Transactions and
Related Party Transactions and Balances | 6 Months Ended |
Jun. 30, 2016 | |
Related Party Transactions [Abstract] | |
Related Party Transactions and Balances | Related Party Transactions and Balances a) During the three months ended June 30, 2016 , two shuttle tankers and three FSO units of the Partnership were employed on bareboat contracts with subsidiaries of Teekay Corporation. During the six months ended June 30, 2016 , one conventional tanker, 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. In the first quarter of 2016, the Partnership terminated the long-term time-charter-out contract under which the one conventional tanker was employed with a subsidiary of Teekay Corporation. The Partnership concurrently received an early termination fee from Teekay Corporation of $4.0 million (see note 14 ), which is recorded in revenue on the consolidated statement of loss for the six months ended June 30, 2016 . b) Teekay Corporation and its wholly-owned subsidiaries provide substantially all of the Partnership’s commercial, technical, crew training, strategic, business development and administrative service needs. In addition, the Partnership reimburses the general partner for expenses incurred by the general partner that are necessary or appropriate for the conduct of the Partnership’s business. Such related party transactions were as follows for the periods indicated: Three Months Ended June 30, Six Months Ended June 30, 2016 2015 2016 2015 $ $ $ $ Revenues (1) 10,129 17,490 24,918 34,819 Vessel operating expenses (2) (8,726 ) (10,412 ) (18,062 ) (19,850 ) General and administrative (3) (5,805 ) (8,235 ) (15,348 ) (16,062 ) Interest expense (4)(5)(6) (4,226 ) (112 ) (8,482 ) (223 ) _______________ (1) Includes revenue from time-charter-out or bareboat contracts with subsidiaries or affiliates of Teekay Corporation, including management fees from ship management services provided by the Partnership to a subsidiary of Teekay Corporation, and an early termination fee received by the Partnership from Teekay Corporation (see item f below and note 14 ). (2) Includes ship management and crew training services provided by Teekay Corporation. (3) Includes commercial, technical, strategic, business development and administrative management fees charged by Teekay Corporation and reimbursements to Teekay Corporation and our general partner for costs incurred on the Partnership’s behalf. (4) Includes a guarantee fee related to the final bullet payment of the Piranema Spirit FPSO debt facility guaranteed by Teekay Corporation and interest expense incurred on due to affiliates balances. (5) Includes interest expense of $1.6 million and $3.2 million , respectively, for the three and six months ended June 30, 2016 , incurred on the convertible promissory note issued to Teekay Corporation in connection with the financing of the acquisition of the Dropdown Predecessor (see note 3 ). The convertible promissory note incurs interest at a rate of 6.50% on the outstanding principal balance, which as at June 30, 2016 , was $100.0 million . The outstanding principal balance, together with accrued interest, was payable in full on July 1, 2016; however, in May 2016, this convertible promissory note was refinanced effective July 1, 2016 (see note 8f ). (6) Includes interest expense of $2.5 million and $5.0 million , respectively, for the three and six months ended June 30, 2016 , incurred on a $100.0 million , six months loan made by Teekay Corporation to the Partnership on January 1, 2016. The loan bears interest at an annual rate of 10.00% on the outstanding principal balance, which as at June 30, 2016 , was $100.0 million . The outstanding principal balance, together with accrued interest, was payable in full on July 1, 2016; however, in May 2016, this loan was refinanced effective July 1, 2016 (see note 8f ). c) At June 30, 2016 , due from affiliates totaled $74.8 million ( December 31, 2015 - $81.3 million ) and due to affiliates totaled $297.4 million ( December 31, 2015 - $304.6 million ). Amounts due to and from affiliates, other than the $100.0 million convertible promissory note issued to Teekay Corporation in connection with the financing of the acquisition of the Dropdown Predecessor (see note 3 ) and the $100.0 million six months loan issued by Teekay Corporation to the Partnership in January 2016 (see b(6) above), are non-interest bearing and unsecured, and all current due to and from affiliates balances are expected to be settled within the next fiscal year in the normal course of operations or from financings. d) In May 2013, the Partnership entered into an agreement with Statoil ASA (or Statoil ), on behalf of the field license partners, to provide an FSO unit for the Gina Krog oil and gas field located in the North Sea. The contract will be serviced by a new FSO unit that is being converted from the Randgrid shuttle tanker, which commenced its conversion during the second quarter of 2015. The Partnership received project management and engineering services from certain subsidiaries of Teekay Corporation relating to this FSO unit conversion. These costs are capitalized and included as part of advances on newbuilding contracts and will be reclassified to vessels and equipment upon completion of the conversion in early-2017. Project management and engineering costs paid to Teekay Corporation subsidiaries amounted to $10.2 million as of June 30, 2016 . e) On July 1, 2015 the Partnership acquired from Teekay Corporation its 100% interest in the Dropdown Predecessor, which owns the Petrojarl Knarr FPSO unit, which operates on the Knarr Field in the North Sea, for an equity purchase price of $529.4 million (see note 3 ). f) In May 2016, the Partnership agreed to issue a $200.0 million subordinated promissory note to Teekay Corporation effective July 1, 2016, to refinance the $100.0 million outstanding balance on the convertible promissory note in connection with the financing of the Dropdown Predecessor (see b(5) above) and the $100.0 million six-month loan issued by Teekay Corporation to the Partnership in January 2016 (see b(6) above), both due July 1, 2016. The subordinate promissory note bears interest at an annual rate of 10.00% on the outstanding principal balance, which is payable quarterly, of which 5.00% is payable in cash and 5.00% is payable in common units of the Partnership, or in cash, at the election of Teekay Corporation, provided that sufficient common units are subsequently issued by the Partnership within six months of the payment date to cover this payment. The outstanding principal balance, together with accrued interest, is payable in full on January 1, 2019. g) In June 2016, as part of various other financing initiatives, Teekay Corporation provided financial guarantees for the Partnership's liabilities associated with the long-term debt financing relating to the East Coast of Canada newbuilding shuttle tankers until their deliveries, which are expected to be in the third quarter of 2017 through the first half of 2018 (see note 11g ), and for certain of the Partnerships interest rate swap and cross currency swap liabilities until early-2019. The guarantees cover liabilities totaling up to a maximum amount of $495 million and have been provided for no additional cost to the Partnership. |
Restructuring Charge
Restructuring Charge | 6 Months Ended |
Jun. 30, 2016 | |
Restructuring and Related Activities [Abstract] | |
Restructuring Charge | Restructuring Charge During the three months ended June 30, 2016 , the Partnership recognized a restructuring charge of $1.5 million relating to the reorganization of the Partnership’s FPSO business to create better alignment with the Partnership’s offshore operations resulting in a lower cost organization going forward. The Partnership expects to incur a total of $2.4 million of restructuring charges under this plan and the reorganization is expected to be completed in early-2017. As of June 30, 2016 , restructuring liabilities of $1.5 million were recorded in accrued liabilities on the consolidated balance sheet. |
Derivative Instruments and Hedg
Derivative Instruments and Hedging Activities | 6 Months Ended |
Jun. 30, 2016 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Derivative Instruments and Hedging Activities | Derivative Instruments and Hedging Activities The Partnership uses derivatives to manage certain risks in accordance with its overall risk management policies. Foreign Exchange Risk The Partnership economically hedges portions of its forecasted expenditures denominated in foreign currencies with foreign currency forward contracts. The Partnership has not designated, for accounting purposes, any of the foreign currency forward contracts held during the six months ended June 30, 2016 as cash flow hedges. As at June 30, 2016 , the Partnership was committed to the following foreign currency forward contracts: Contract Amount in Foreign Currency (thousands) Fair Value / Carrying Amount of Asset (Liability) (in thousands of U.S. Dollars) Non-hedge Average Forward Rate (1) Expected Maturity 2016 2017 (in thousands of U.S. Dollars) Norwegian Kroner 422,500 (2,302 ) 8.00 24,284 28,569 Euro 4,500 124 0.92 4,886 — Singapore Dollar 19,637 (17 ) 1.35 14,592 — (2,195 ) 43,762 28,569 (1) Average forward rate represents the contracted amount of foreign currency one U.S. Dollar will buy. In connection with its issuance of NOK bonds, the Partnership entered into cross currency swaps pursuant to which it receives the principal amounts of the bonds in NOK on the repayment and maturity dates, in exchange for payments of fixed U.S. Dollar amounts. In addition, the cross currency swaps exchange a receipt of floating interest in NOK based on NIBOR plus a margin for a payment of U.S. Dollar fixed interest. The purpose of the cross currency swaps is to economically hedge the foreign currency exposure on the payment of interest and repayments of principal amounts of the Partnership’s NOK bonds with maturity dates from 2018 to 2019 (see note 6 ). In addition, the cross currency swaps economically hedge the interest rate exposure on the NOK bonds. The Partnership has not designated, for accounting purposes, these cross currency swaps as cash flow hedges of its NOK bonds. As at June 30, 2016 , the Partnership was committed to the following cross currency swaps: Notional Principal Floating Rate Receivable Fixed Rate Fair Value / Remaining Reference Margin 600,000 (1)(2) 101,351 NIBOR 5.75 % 8.84 % (34,817 ) 2.4 800,000 (1)(3) 143,536 NIBOR 5.75 % 7.58 % (55,132 ) 2.5 1,000,000 162,200 NIBOR 4.25 % 7.45 % (54,658 ) 2.6 (144,607 ) (1) Notional amount reduces equally with NOK bond repayments (see note 6 ). (2) Excludes an economic hedge on the foreign currency exposure for a three percent premium upon maturity of the NOK bonds which exchanges NOK 7.2 million for $1.2 million (see note 6 ). (3) Excludes an economic hedge on the foreign currency exposure for a three percent premium upon maturity of the NOK bonds which exchanges NOK 19.2 million for $3.4 million (see note 6 ). 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. As at June 30, 2016 , the Partnership was committed to the following interest rate swap agreements: Interest Rate Index Notional Amount $ Fair Value / Carrying Amount of Asset (Liability) $ Weighted- Average Remaining Term (years) Fixed Interest Rate (%) (1) U.S. Dollar-denominated interest rate swaps (2) LIBOR 950,000 (225,288 ) 5.4 4.0 U.S. Dollar-denominated interest rate swaps (3) LIBOR 1,229,401 (110,646 ) 5.1 2.7 U.S. Dollar-denominated interest rate swaps (4) LIBOR 45,328 (2,513 ) 12.0 2.5 2,224,729 (338,447 ) (1) Excludes the margin the Partnership pays on its variable-rate debt, which as at June 30, 2016 , ranged between 0.30% and 4.00% (2) Notional amount remains constant over the term of the swap. (3) Principal amount reduces quarterly or semi-annually. (4) The interest rate swap is being used to economically hedge expected interest payments on new debt that is planned to be outstanding from 2016 to 2028. For the periods indicated, the following table presents the effective and ineffective portion of losses on interest rate swap agreements designated and qualifying as cash flow hedges. The following table excludes any interest rate swap agreements designated and qualifying as cash flow hedges in the Partnership’s equity accounted joint ventures. Three Months Ended June 30, 2016 Three Months Ended June 30, 2015 Effective Effective Effective Effective Portion Portion Portion Portion Recognized Reclassified Ineffective Recognized Reclassified Ineffective in AOCI (1) from AOCI (2) Portion (3) in AOCI (1) from AOCI (2) Portion (3) (1,322) — 807 Interest expense — — — (1,322) — 807 — — — Six Months Ended June 30, 2016 Six Months Ended June 30, 2015 Effective Effective Effective Effective Portion Portion Portion Portion Recognized Reclassified Ineffective Recognized Reclassified Ineffective in AOCI (1) from AOCI (2) Portion (3) in AOCI (1) from AOCI (2) Portion (3) (4,510) — 858 Interest expense — — — (4,510) — 858 — — — (1) effective portion of designated and qualifying cash flow hedges recognized in accumulated other comprehensive loss (or AOCI ). (2) effective portion of designated and qualifying cash flow hedges recorded in AOCI during the term of the hedging relationship and reclassified to earnings. (3) ineffective portion of designated and qualifying cash flow hedges. As at June 30, 2016 , the Partnership had multiple interest rate swaps and cross currency swaps governed by the same master agreement. Each of these master agreements provides for the net settlement of all swaps subject to that master agreement through a single payment in the event of default or termination of any one swap. The fair value of these interest rate swaps are presented on a gross basis in the Partnership’s consolidated balance sheets. As at June 30, 2016 , these interest rate swaps and cross currency swaps had an aggregate fair value liability amount of $369.9 million (December 31, 2015 - $360.6 million ). As at June 30, 2016 , the Partnership had $28.5 million on deposit with the relevant counterparties as security for swap liabilities under certain master agreements (December 31, 2015 - $60.5 million ). The deposit is presented in restricted cash and restricted cash - long-term on the consolidated balance sheets. Tabular disclosure The following table presents the location and fair value amounts of derivative instruments, segregated by type of contract, on the Partnership’s balance sheets. Other Current Assets $ Other Assets Accrued Liabilities $ Current Portion of Derivative Liabilities $ Derivative Liabilities $ As at June 30, 2016 Foreign currency contracts 318 253 — (2,746 ) (20 ) Cross currency swaps — — (1,948 ) (19,985 ) (122,674 ) Interest rate swaps — — (6,885 ) (41,193 ) (290,369 ) 318 253 (8,833 ) (63,924 ) (413,063 ) As at As at December 31, 2015 Foreign currency contracts 80 — — (10,266 ) (1,323 ) Cross currency swaps — — (2,196 ) (42,878 ) (138,253 ) Interest rate swaps — 1,894 (7,827 ) (148,312 ) (81,753 ) 80 1,894 (10,023 ) (201,456 ) (221,329 ) Total realized and unrealized (losses) gains on interest rate swaps and foreign currency forward contracts that are not designated for accounting purposes as cash flow hedges are recognized in earnings and reported in realized and unrealized (losses) gains on derivative instruments in the consolidated statements of (loss) income . The effect of the (losses) gains on these derivatives in the consolidated statements of (loss) income for the three and six months ended June 30, 2016 and 2015 is as follows: Three Months Ended June 30, Six Months Ended June 30, 2016 2015 2016 2015 $ $ $ $ Realized losses on derivative instruments Interest rate swaps (13,515 ) (16,101 ) (27,482 ) (29,520 ) Foreign currency forward contracts (1,687 ) (2,571 ) (4,620 ) (5,824 ) (15,202 ) (18,672 ) (32,102 ) (35,344 ) Unrealized (losses) gains on derivative instruments Interest rate swaps (47,818 ) 62,188 (99,739 ) 21,148 Foreign currency forward contracts 983 6,213 9,314 1,117 (46,835 ) 68,401 (90,425 ) 22,265 Total realized and unrealized (losses) gains on derivative instruments (62,037 ) 49,729 (122,527 ) (13,079 ) Realized and unrealized (losses) gains on cross currency swaps are recognized in earnings and reported in foreign currency exchange loss in the consolidated statements of (loss) income . The effect of the (losses) gains on cross currency swaps in the consolidated statements of (loss) income for the three and six months ended June 30, 2016 and 2015 is as follows: Three Months Ended June 30, Six Months Ended June 30, 2016 2015 2016 2015 $ $ $ $ Realized losses (2,671 ) (1,953 ) (37,947 ) (4,333 ) Unrealized (losses) gains (14,422 ) 12,525 38,473 (19,676 ) Total realized and unrealized (losses) gains on cross currency swaps (17,093 ) 10,572 526 (24,009 ) The Partnership is exposed to credit loss in the event of non-performance by the counterparties, all of which are financial institutions, to the foreign currency forward contracts and the interest rate swap agreements. In order to minimize counterparty risk, the Partnership only enters into derivative transactions with counterparties that are rated A- or better by Standard & Poor’s or A3 or better by Moody’s at the time of the transactions. In addition, to the extent possible and practical, interest rate swaps are entered into with different counterparties to reduce concentration risk. |
Income Tax
Income Tax | 6 Months Ended |
Jun. 30, 2016 | |
Income Tax Disclosure [Abstract] | |
Income Tax | Income Tax The components of the provision for income tax are as follows: Three Months Ended June 30, Six Months Ended June 30, 2016 2015 2016 2015 $ $ $ $ Current (459 ) (271 ) (1,162 ) (627 ) Deferred 1,897 382 5,436 817 Income tax recovery 1,438 111 4,274 190 |
Commitments and Contingencies
Commitments and Contingencies | 6 Months Ended |
Jun. 30, 2016 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | Commitments and Contingencies a) During 2010, an unrelated party contributed a shuttle tanker to a subsidiary of the Partnership for a 33% equity interest in the subsidiary. The non-controlling interest owner in the subsidiary holds a put option which, if exercised, would obligate the Partnership to purchase the non-controlling interest owner’s 33% share in the entity for cash in accordance with a defined formula. The redeemable non-controlling interest is subject to remeasurement if the formulaic redemption amount exceeds the carrying value. No remeasurement was required as at June 30, 2016 . b) In May 2013, the Partnership entered into an agreement with Statoil, on behalf of the field license partners, to provide an FSO unit for the Gina Krog oil and gas field located in the North Sea. The contract is being serviced by a new FSO unit that will be converted from the Randgrid shuttle tanker, which the Partnership purchased in August 2015 from a 67% -owned subsidiary. The FSO conversion project is expected to cost approximately $295 million , including amounts reimbursable upon delivery of the unit relating to installation and mobilization. As at June 30, 2016 , payments made towards this commitment totaled $195.4 million and the remaining payments required to be made are $88.1 million (remainder of 2016 ) and $11.3 million ( 2017 ). Following scheduled completion of the conversion in early-2017, the FSO unit will commence operations under a three -year time-charter contract to Statoil, which includes 12 additional one -year extension options. The Partnership expects to finance the remaining conversion costs from long-term debt financing of $230 million secured in December 2015, of which $65.5 million was undrawn as at June 30, 2016 , and to a lesser extent, through existing liquidity. c) In March 2014, the Partnership acquired 100% of the shares of ALP, a Netherlands-based provider of long-distance ocean towage and offshore installation services to the global offshore oil and gas industry. Concurrently with this transaction, the Partnership and ALP entered into an agreement with Niigata Shipbuilding & Repair of Japan for the construction of four state-of-the-art SX-157 Ulstein Design ultra-long distance towing and anchor handling offshore installation vessel newbuildings. These vessels will be equipped with dynamic positioning capability and are scheduled for delivery during the remainder of 2016 to early-2017. The total cost to acquire these newbuildings is approximately $216 million , net of amounts reimbursable by Niigata Shipbuilding & Repair of Japan upon the delivery of the vessels. As at June 30, 2016 , payments made towards these commitments totaled $129.6 million and the remaining payments required to be made under these newbuilding contracts are $53.1 million (remainder of 2016 ) and $33.7 million ( 2017 ). The Partnership expects to finance the remaining newbuilding installments primarily from long-term debt financing of approximately $185 million secured for these vessels in July 2015, of which $109 million was undrawn as at June 30, 2016 . d) In August 2014, the Partnership acquired 100% of the outstanding shares of Logitel, a Norway-based company focused on high-end UMS. As part of this transaction, the Partnership assumed three UMS newbuilding contracts ordered from the COSCO (Nantong) Shipyard ( COSCO ) in China. The Partnership took delivery of one of the UMS newbuildings, the Arendal Spirit, in February 2015. In February 2016, a special committee of the Board of Directors of Sevan Marine ASA (or Special Committee ), responding to allegations made by certain minority shareholders of Sevan Marine ASA (or Sevan ), advised the Partnership that they had initiated a review of the legality of the agreements between Sevan and CeFront Technology AS (or CeFront ) relating to the transfer to Logitel Offshore Pte. Ltd. or its wholly-owned subsidiaries (collectively Logitel Offshore ) in 2013 of two hulls to be converted into UMS, including the $60 million bond loan (of which $41 million was a vendor credit and $19 million was a cash loan) granted by a Sevan affiliate to Logitel (or the 2013 Transaction ). The Special Committee also reviewed the legality of the agreements between Sevan and the Partnership entered into in connection with the 2014 transaction whereby the Partnership acquired Logitel from CeFront (or the 2014 Transaction ). The Special Committee advised the Partnership that it had obtained legal advice indicating that Sevan had failed to obtain necessary shareholder approvals in connection with both the 2013 Transaction and the 2014 Transaction. The Special Committee also advised the Partnership of its view that the $60 million bond loan to Logitel represents lending to a related party of a Sevan shareholder, which is in breach of Norwegian corporate law. The Special Committee has advised the Partnership that the failure to obtain the necessary shareholder approvals would render certain of the agreements in the Logitel transaction either void or voidable, exposing the Partnership to potential claims for restitution as mandated by Norwegian corporate law. During the second quarter of 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, the Partnership wrote-off $43.7 million of the assets related to these newbuildings and reversed contingent liabilities of $14.5 million associated with the delivery of these assets during the three and six months ended June 30, 2016 (see notes 4 and 14 ). The estimate of potential damages for the cancellation of the Stavanger Spirit newbuilding contract is based on the amount due for the final yard instalment 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. The estimate of potential damages for the cancellation of the Nantong Spirit newbuilding contract is based upon estimates of a number of factors, which will ultimately be decided upon between the parties, 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 related to the cancellation of the Nantong Spirit contract could range between $10 million and $40 million . As at June 30, 2016, the Partnership has accrued $58 million in aggregate related to the above potential claims from Sevan and COSCO. Pursuant to the Stavanger Spirit newbuilding contract and related agreements, COSCO only has recourse to the single purpose subsidiary that is a party to the Stavanger Spirit newbuilding contract and its immediate parent company, Logitel Offshore Pte. Ltd. for damages incurred. Logitel Offshore Pte. Ltd. owns a 100% direct interest in a subsidiary that owns the Arendal Spirit UMS and the subsidiary that is a party to the existing charter contract for the Arendal Spirit UMS. Pursuant to the Nantong Spirit newbuilding contract, COSCO only has recourse to the single purpose subsidiary that is a party to the Nantong Spirit newbuilding contract. e) In October 2014, the Partnership sold a 1995-built shuttle tanker, the Navion Norvegia, to a 50 /50 joint venture of the Partnership and Odebrecht Oil and Gas S.A. (or OOG ). The vessel is committed to a new FPSO conversion for the Libra field located in the Santos Basin offshore Brazil. The conversion project will be completed at Sembcorp Marine’s Jurong Shipyard in Singapore and the FPSO unit is scheduled to commence operations in early-2017 under a 12 -year fixed-rate contract with a consortium led by Petroleo Brasileiro SA (or Petrobras ). The FPSO conversion is expected to cost approximately $1.0 billion . As at June 30, 2016 , payments made by the joint venture towards these commitments totaled $390.2 million and the remaining payments required to be made by the joint venture are $415.5 million (remainder of 2016 ) and $198.9 million ( 2017 ). The Partnership intends to finance its share of the conversion through existing long-term debt financing within the joint venture, and to a lesser extent, through existing liquidity. The joint venture secured a long-term debt facility in 2015 providing total borrowings of up to $804 million for the FPSO conversion (see note 15 ). f) In December 2014, the Partnership acquired the Petrojarl I FPSO unit from Teekay Corporation for $57 million . The Petrojarl I is undergoing upgrades at the Damen Shipyard Group’s DSR Schiedam Shipyard in the Netherlands with an estimated cost of approximately $325.0 million , which includes the cost of acquiring the Petrojarl I . The FPSO is scheduled to commence operations in the first quarter of 2017 under a five -year fixed-rate charter contract with Queiroz Galvão Exploração e Produção SA (or QGEP ). As at June 30, 2016 , payments made towards these commitments, including the acquisition of the Petrojarl I FPSO unit from Teekay Corporation, totaled $199.1 million and the remaining payments required to be made are $87.1 million (remainder of 2016 ) and $38.8 million (2017). The Partnership intends to finance the remaining upgrade payments through an existing $180 million long-term loan, which the Partnership secured in June 2015, of which $26.5 million was undrawn as at June 30, 2016 , and with its existing liquidity. g) In June 2015, the Partnership entered into 15 -year contracts, plus extension options, with a group of oil companies to provide shuttle tanker services for oil production on the East Coast of Canada. These contracts were initially being serviced by three third party-owned shuttle tankers operating on the East Coast of Canada, which were chartered-in to the Partnership. One of these vessels was replaced by one of the Partnership’s existing shuttle tankers, the Navion Hispania, during the third quarter of 2015. The Partnership has entered into contracts to construct three Suezmax DP2 shuttle tanker newbuildings for a fully built-up cost of approximately $368 million . These vessels will replace the existing vessels servicing the East Coast of Canada. The three newbuildings are expected to be delivered in the third quarter of 2017 through the first half of 2018. As at June 30, 2016 , payments made towards these commitments totaled $46.7 million and the remaining payments required to be made under these newbuilding contracts are $34.1 million (remainder of 2016 ), $219.0 million ( 2017 ), and $68.6 million ( 2018 ). The Partnership expects to finance the newbuilding installments primarily from long-term debt financing of $250 million secured for these vessels in June 2016, and to a lesser extent, through existing liquidity. h) In March 2016, Petrobras claimed that the Partnership’s November 2011 cessation of paying certain agency fees with respect to the Piranema Spirit FPSO unit’s employment should have resulted in a corresponding 2% rate reduction on the FPSO contract with Petrobras. The Partnership has estimated the maximum amount of the claim at $7.5 million , consisting of $5.0 million from a return of 2% of the charter hire previously paid by Petrobras to the Partnership for the period from November 2011 up to June 30, 2016 (which is the amount accrued by the Partnership as at June 30, 2016 as a reduction to revenue), and $2.5 million from a 2% reduction of future charter hire to the end of the term of the FPSO contract with Petrobras. |
Total Capital and Net Income Pe
Total Capital and Net Income Per Common Unit | 6 Months Ended |
Jun. 30, 2016 | |
Partners' Capital [Abstract] | |
Total Capital and Net Income Per Common Unit | Total Capital and Net (Loss) Income Per Common Unit At June 30, 2016 , a total of 72.2% of the Partnership’s common units outstanding were held by the public. The remaining common units, as well as the 2% general partner interest, were held by a subsidiary of Teekay Corporation. All of the Partnership’s outstanding Series A Cumulative Redeemable Preferred Units (the Series A Preferred Units ), Series B Cumulative Redeemable Preferred Units (the Series B Preferred Units ) and the Series C-1 Cumulative Convertible Perpetual Preferred Units (the Series C-1 Preferred Units ) are held by entities other than Teekay Corporation and its affiliates. A total of 26% of the 10.5% Series D Cumulative Exchangeable Perpetual Preferred Units (the Series D Preferred Units ) are held by Teekay Corporation. Common Units In June 2016, the Partnership issued 22.0 million common units in a private placement for net proceeds of $99.5 million , including the general partner's 2% proportionate capital contribution. The Partnership intends to use the proceeds for general partnership purposes including the funding of existing newbuilding installments and capital conversion projects. In addition, in June 2016, the Partnership agreed with Teekay Corporation that, until the Partnership's Norwegian Kroner bonds maturing in 2018 have been repaid, all cash distributions (other than with respect to incentive distribution rights) to be paid by the Partnership to Teekay Corporation or its affiliates, including the Partnership's general partner, will instead be paid in common units or from the proceeds of the sale of common units. Series C Preferred Units and Series C-1 Preferred Units In July 2015, the Partnership issued 10.4 million 8.60% Series C Cumulative Convertible Perpetual Preferred Units (the Series C Preferred Units ) in a private placement for net proceeds of approximately $249.8 million . The terms of this original agreement provided that at any time after the 18 months anniversary of the closing date, at the election of each holder, the Series C Preferred Units could be converted on a one -for- one basis into common units of the Partnership. In addition, if after the three -year anniversary of the closing date, the volume weighted average price of the common units exceeds 150% of the issuance price, the Partnership has the option to convert the Series C Preferred Units into common units. Distributions on the Series C Preferred Units 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. The Series C Preferred Units may be redeemed in cash if a change of control occurs in the Partnership. As a result, the Series C Preferred Units that are subject to this redemption feature are not included on the Partnership's consolidated balance sheet as part of the total equity and are presented as temporary equity above the equity section but below the liabilities section. A summary description of the Series C Preferred Units is included in the Partnership’s Report on Form 6-K filed with the SEC on July 6, 2015. No series C Preferred Units were outstanding as of June 30, 2016. In June 2016, the Partnership and the unitholders of the Series C Preferred Units exchanged approximately 1.9 million of the Series C Preferred Units to approximately 8.3 million common units of the Partnership. The number of common units issued consists of the approximately 1.9 million common units that would have been issuable under the original conversion terms of the Series C Preferred Units plus approximately an extra 6.4 million common units to induce the exchange (the Inducement Premium ). The value of the extra 6.4 million common units on the date of conversion was approximately $37.7 million and has been charged to the limited partner - common units and the general partner. In June 2016, the Partnership and the unitholders of the Series C Preferred Units also exchanged the remaining approximately 8.5 million Series C Preferred Units for approximately 8.5 million Series C-1 Preferred Units. The terms of the Series C-1 Preferred Units are equivalent to the terms of the Series C Preferred Units, with the exception that at any time after the 18 months anniversary of the original Series C Preferred Units closing date, at the election of each holder, each Series C-1 Preferred Unit is convertible into 1.474 common units of the Partnership. In addition, if a unitholder of the Series C-1 Preferred Units elects to convert their Series C-1 Preferred Units into common units of the Partnership, the Partnership now has the option to redeem these Series C-1 Preferred Units for cash based on the closing market price of the common units of the Partnership instead of common units. Furthermore, if after the three -year anniversary of the closing date, the volume weighted average price of the common units exceeds 150% of $16.25 per unit, the Partnership has the option to convert the Series C-1 Preferred Units into common units. In addition, unlike the Series C Preferred Units, whereby quarterly distributions are to be paid in cash, quarterly distributions on the Series C-1 Preferred Units for the eight consecutive quarters ending March 31, 2018 may be paid, in the Partnership's sole discretion, in cash, common units (at a discount of 2% to the ten days trading volume weighted average price ending on the distribution declaration date) or a combination of cash and common units (at the same discount), and thereafter, the distributions shall be paid in cash. Consistent with the terms of the Series C Preferred Units, the Series C-1 Preferred Units may be redeemed in cash if a change of control occurs in the Partnership. As a result, the Series C-1 Preferred Units are not included on the Partnership's consolidated balance sheet as part of the total equity and are presented as temporary equity above the equity section but below the liabilities section. A summary description of the Series C-1 Preferred Units is included in the Partnership’s Report on Form 6-K filed with the SEC on June 30, 2016. The exchange of the Series C Preferred Units for Series C-1 Preferred Units has been accounted for as an extinguishment of the Series C Preferred Units and the issuance of the Series C-1 Preferred Units. As a result, the excess of the carrying value of the Series C Preferred Units over the fair value of Series C-1 Preferred Units of $20.6 million was accounted for as an increase to the limited partner - common units and the general partner (the Exchange Contribution ). Series D Preferred Units and Detachable Warrants On June 29, 2016, the Partnership issued 4.0 million 10.50% Series D Preferred Units to a group of investors. These investors also received 4,500,000 warrants with an exercise price equal to the closing price of the Partnership’s common units on June 16, 2016, or $4.55 per unit (the $4.55 Warrants ) and 2,250,000 warrants with an exercise price at a 33% premium to the closing price of the Partnership’s common units on June 16, 2016, or $6.05 per unit (the $6.05 Warrants ). The gross proceeds from the sale of these securities was $100.0 million (approximately $97.2 million net of offering costs). The Partnership will pay to holders of the Series D Preferred Units a cumulative, quarterly cash distribution in arrears at an annual rate of 10.50% . However, the Partnership may elect to pay the quarterly distributions for the first eight consecutive quarters following issuance with common units, in the Partnership's sole discretion, in cash, common units (at a discount of 4% discount to the ten days trading volume weighted average price ending on the distribution declaration date) or a combination of cash and common units (at the same discount), and thereafter, the distributions shall be paid in cash. The Series D Preferred Units have a liquidation value of $25.00 per unit plus an amount equal to any accrued but unpaid distributions to the date fixed for payment. The Series D Preferred Units have no mandatory redemption date, but they are redeemable at the Partnership’s option after the five -year anniversary of the Series D Preferred Units issuance date for a 10% premium to the liquidation value and for a 5% premium to the liquidation value any time after the six -year anniversary of the Series D Preferred Units issuance date. The Series D Preferred Units are exchangeable into common units of the Partnership at the option of the holder at any time after five years, based on the greater of the ten days trading volume weighted average price at the time of the notice of exchange or $4.00 . A change of control event involving the purchase of at least 90% of the Partnership's common units would result in the Series D Preferred Units being redeemable for cash. The change of control premium to the liquidation preference on the redemption is initially 25% in year one , scaling down five percentage points per year to 5% from year five forward. Other change of control events may result in the holders of the Series D Preferred Units retaining their interest in the Series D Preferred Units, receiving a mirror security to the Series D Preferred Units or the Series D Preferred Units being redeemed for cash and/or common units. The Series D Preferred Units rank senior to all common units, pari passu with the Series A, B and C-1 Preferred Units and junior with respect to any senior securities, with respect to distribution rights and liquidation preference. The holders of Series D Preferred Units generally only have voting rights in proposed transactions that would result in a change of control, the creation or issuance of any senior securities and the issuance of any parity securities if distributions payable on any of the Preferred Units are in arrears. The Partnership has agreed to use commercially reasonable efforts to cause a registration statement with respect to the Series D Preferred Units to be declared effective by the six months anniversary of the issuance date of the Series D Preferred Units and to cause a registration statement with respect to the common units underlying the Series D Preferred Units to be declared effective within 60 days prior to the five -year anniversary date of the issuance of the Series D Preferred Units. In addition, the Partnership has agreed to pay liquidated damages in the event it fails to do so; however, this is not considered probable of occurring. The Partnership issued warrants which allow the holders to acquire up to 4,500,000 common units for a price of $4.55 per common unit and 2,250,000 common units for a price of $6.05 per common unit (the Warrants ). The Warrants have a seven -year term and are exercisable any time after six months following their issuance date. The Warrants are net settled in either cash or common units at the Partnership’s option. In the event of a change in control in which the Partnership is not the surviving entity, the Partnership will use commercially reasonable efforts to deliver or cause to be delivered one or more warrants in the surviving entity that has substantially similar rights, preferences and privileges as the Series D Preferred Units. The Partnership has agreed to use commercially reasonable efforts to cause a registration statement with respect to the common units issuable upon exercise of the Warrants and to be declared effective by the six months anniversary of the issuance date of the Warrants. In addition, the Partnership has agreed to pay liquidated damages in the event it fails to do so; however, this is not considered probable of occurring. Net cash proceeds of approximately $97.2 million (which is net of approximately $2.8 million of issuance costs), was allocated on a relative fair value basis to the Series D Preferred Units (approximately $83.5 million ), to the $4.55 Warrants (approximately $9.5 million ) and to the $6.05 Warrants (approximately $4.3 million ). The Warrants qualify as freestanding financial instruments and are accounted for separately from the Series D Preferred Units. The Series D Preferred Units are presented as temporary equity as they are not mandatorily redeemable and the prospect of a forced redemption paid with cash due to a change of control event is not presently probable. The Warrants are recorded as permanent equity in the Partnership's consolidated balance sheets with 6,750,000 Warrants outstanding at June 30, 2016 (December 31, 2015 - nil ). The $16.5 million difference between the amount of net proceeds allocated to the Series D Preferred Units based on relative fair values and redemption value of the Series D Preferred Units is subject to periodic accretion over the five -year period until they become redeemable. The portion of proceeds allocated to the Warrants is included in Partner’s Equity as a net cash settlement that cannot be forced upon the Partnership by the holders of the Warrants or by any other circumstance. Net (Loss) Income Per Common Unit Three Months Ended June 30, Six Months Ended June 30, 2016 2015 2016 2015 $ $ $ $ Limited partners' interest in net (loss) income (110,679) 93,282 (125,536) 69,573 Limited partners' interest in additional consideration for (36,960) — (36,960) — Limited partners' interest in deemed dividend on exchange 20,231 — 20,231 — Limited partners' interest in net (loss) income for basic (127,408) 93,282 (142,265) 69,573 Weighted average number of common units 107,794,323 92,413,598 107,424,853 92,402,772 Dilutive effect of unit based compensation — 43,882 — 67,828 Common units and common unit equivalents 107,794,323 92,457,480 107,424,853 92,470,600 Limited partner's interest in net (loss) income per common unit - basic (1.18) 1.01 (1.32) 0.75 - diluted (1.18) 1.01 (1.32) 0.75 Limited partners’ interest in net (loss) income per common unit – basic is determined by dividing net income, after deducting the amount of net income attributable to the non-controlling interests, the general partner’s interest, the distributions on the Series A, B, C, C-1 and D Preferred Units, the periodic accretion of the Series D Preferred Units, the Inducement Premium and the Exchange Contribution, by the weighted-average number of common units outstanding during the period. The distributions payable and paid on the preferred units for the three and six months ended June 30, 2016 were $10.3 million and $21.1 million , respectively, and $2.7 million and $5.4 million , respectively, for the three and six months ended June 30, 2015 . The computation of limited partners’ interest in net income per common unit - diluted assumes the issuance of common units for all potential dilutive securities, consisting of the restricted units, Warrants and Series C, C-1 and D Preferred Units. Consequently, the net income attributable to limited partners’ interest is exclusive of any distributions on the Series C, C-1 and D Preferred Units, the periodic accretion of the Series D Preferred Units, the Inducement Premium and the Exchange Contribution. In addition, the weighted average number of common units outstanding has been increased assuming exercise of the restricted units and Warrants using the treasury stock method and the Series C, C-1 and D are converted to common units using if-converted method. The computation of limited partners’ interest in net income per common unit - diluted does not assume the issuance of common units pursuant to the restricted units, Warrants and Series C, C-1 and D Preferred Units if the effect would be anti-dilutive. In periods where a loss is attributable to common unitholders all restricted units, Warrants, the Series C, C-1 and D Preferred Units are anti-dilutive and therefore, a total of 42.6 million common units potentially issuable pursuant to these instruments for the three and six months ended June 30, 2016 were excluded from the computation of limited partners’ interest in net loss per common unit - diluted, as their effect was anti-dilutive ( 2015 - nil ). The general partner’s and common unitholders’ interests in net income are calculated as if all net income was distributed according to the terms of the Partnership’s partnership agreement, regardless of whether those earnings would or could be distributed. The partnership agreement does not provide for the distribution of net income; rather, it provides for the distribution of available cash, which is a contractually defined term that generally means all cash on hand at the end of each quarter less, among other things, the amount of cash reserves established by the Partnership’s board of directors to provide for the proper conduct of the Partnership’s business including reserves for maintenance and replacement capital expenditure, anticipated capital requirements and any accumulated distributions on, or redemptions of, the Series A Preferred Units, Series B Preferred Units, Series C-1 Preferred Units and Series D Preferred Units. Unlike available cash, net income is affected by non-cash items such as depreciation and amortization, unrealized gains and losses on derivative instruments and unrealized foreign currency translation gains and losses. The general partner holds incentive distribution rights, which entitle the general partner to increasing percentages of incremental cash based on the amount of quarterly cash distributions per common unit. For more information on the increasing percentages used to calculate the general partner’s interest in net income or loss, please refer to the Partnership’s Annual Report on Form 20-F for the year ended December 31, 2015. Cash distributions were below $0.35 per common unit during the three and six months ended June 30, 2016 , and exceeded $0.4025 per common unit during the three and six months ended June 30, 2015 . Consequently, the increasing percentages were not used to calculate the general partner’s interest in net loss for the purposes of the net loss per common unit calculation for the three and six months ended June 30, 2016 , but used to calculate the general partner’s interest in net income for the purposes of the net income per common unit calculation for the three and six months ended June 30, 2015 . Pursuant to the partnership agreement, allocations to partners are made on a quarterly basis. |
Unit Based Compensation
Unit Based Compensation | 6 Months Ended |
Jun. 30, 2016 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |
Unit Based Compensation | Unit Based Compensation During the six months ended June 30, 2016 , a total of 76,084 common units, with an aggregate value of $0.3 million , were granted and issued to non-management directors of the general partner as part of their annual compensation for 2016 . The Partnership grants restricted unit-based compensation awards as incentive-based compensation to certain employees of Teekay Corporation’s subsidiaries that provide services to the Partnership. During March 2016 and 2015, the Partnership granted restricted unit-based compensation awards with respect to 599,479 and 102,834 units, respectively, with aggregate grant date fair values of $2.3 million and $2.1 million , respectively, based on the Partnership’s closing unit price on the grant dates. Each restricted unit is equal in value to one of the Partnership’s common units. Each award represents the specified number of the Partnership’s common units plus reinvested distributions from the grant date to the vesting date. The awards vest equally over three years from the grant date. Any portion of an award that is not vested on the date of a recipient’s termination of service is cancelled, unless their termination arises as a result of the recipient’s retirement and, in this case, the award will continue to vest in accordance with the vesting schedule. Upon vesting, the awards are paid to each grantee in the form of common units or cash. During the six months ended June 30, 2016 , restricted unit-based awards with respect to a total of 76,637 common units with a fair value of $2.0 million , based on the Partnership’s closing unit price on the grant date, vested and the amount paid to the grantees was made by issuing 25,286 common units and by paying $0.2 million in cash. During the six months ended June 30, 2015 , restricted unit-based awards with respect to a total of 48,488 common units with a fair value of $1.5 million , based on the Partnership’s closing unit price on the grant date, vested and the amount paid to the grantees was made by issuing 12,612 common units and by paying $0.5 million in cash. The Partnership recorded unit-based compensation expense of $0.2 million during the three months ended June 30, 2016 and 2015 and $1.6 million and $1.3 million , during the six months ended June 30, 2016 and 2015 , respectively, in general and administrative expenses in the Partnership’s consolidated statements of (loss) income . As of June 30, 2016 and December 31, 2015 , liabilities relating to cash settled restricted unit-based compensation awards of $1.1 million and $0.4 million , respectively, were recorded in accrued liabilities on the Partnership’s consolidated balance sheets. As at June 30, 2016 , the Partnership had $1.9 million of non-vested awards not yet recognized, which the Partnership expects to recognize over a weighted average period of 1.3 years . |
(Write-down) and Gain on Sale o
(Write-down) and Gain on Sale of Vessels and Vessel Held for Sale | 6 Months Ended |
Jun. 30, 2016 | |
Discontinued Operations and Disposal Groups [Abstract] | |
(Write-down) and Gain on Sale of Vessels and Vessel Held for Sale | (Write-down) and Gain on Sale of Vessels During the three and six months ended June 30, 2016 , the Partnership canceled the UMS construction contracts for its two UMS newbuildings. As a result, the carrying value of these two UMS newbuildings were written down to $ nil . The Partnership's consolidated statements of loss for the three and six months ended June 30, 2016 includes a $43.7 million write-down related to these two UMS newbuildings (see notes 4 and 11d ). The write-down is included in the Partnership’s UMS segment. During the six months ended June 30, 2016 , the Partnership sold a 1992-built shuttle tanker, the Navion Torinita , for net proceeds of $5.0 million , which was the approximate carrying value of the vessel at the time of sale. During the three months ended March 31, 2015, the carrying value of this shuttle tanker was written down to its estimated fair value, using an appraised value as a result of the expected sale of the vessel and the vessel was classified as held for sale on the Partnership’s consolidated balance sheet as at December 31, 2015. The Partnership’s consolidated statement of income for the six months ended June 30, 2015 includes a $1.7 million write-down related to this vessel. The write-down is included in the Partnership’s shuttle tanker segment. In March 2016, the time-charter contract with a subsidiary of Teekay Corporation for a 2004-built conventional tanker, the Kilimanjaro Spirit , was terminated by the Partnership. The Partnership concurrently received an early termination fee of $4.0 million from Teekay Corporation. Immediately following the charter termination, the Partnership sold the Kilimanjaro Spirit for net proceeds of $26.7 million and also sold a 2003-built conventional tanker, the Fuji Spirit , for net proceeds of $23.7 million , which were the approximate carrying values of the vessels at the time of sale. Both vessels were classified as held for sale on the Partnership’s consolidated balance sheet as at December 31, 2015. As part of the sale of these vessels, the Partnership is in-chartering these vessels for a period of three years each, both with an additional one -year extension option. One vessel is fixed on a two -year time-charter-out contract which commenced during the second quarter of 2016, and the other vessel is currently trading in the spot conventional tanker market. During the six months ended June 30, 2015 , the carrying value of one of the Partnership’s 1999-built shuttle tankers was written down to its estimated fair value, using an appraised value. The write down was a result of a recent change in the operating plan of the vessel. The Partnership’s consolidated statement of income for the six months ended June 30, 2015 , includes a $13.8 million write-down related to this vessel. The write-down is included in the Partnership’s shuttle tanker segment. During the six months ended June 30, 2015 , the Partnership sold a 1997-built shuttle tanker, the Navion Svenita , for net proceeds of $8.6 million . The Partnership’s consolidated statement of income for the six months ended June 30, 2015 includes a $1.6 million gain related to the sale of this vessel. The gain on sale is included in the Partnership’s shuttle tanker segment. |
Investment in Equity Accounted
Investment in Equity Accounted Joint Ventures and Advances to Joint Venture | 6 Months Ended |
Jun. 30, 2016 | |
Equity Method Investments and Joint Ventures [Abstract] | |
Investment in Equity Accounted Joint Ventures and Advances to Joint Venture | Investment in Equity Accounted Joint Ventures and Advances to Joint Venture In October 2014, the Partnership sold a 1995-built shuttle tanker, the Navion Norvegia , to the OOG-TK Libra GmbH & Co KG (or Libra Joint Venture ), a 50 / 50 joint venture with OOG. The vessel is committed to a new FPSO unit conversion for the Libra field. The FPSO unit is scheduled to commence operations in early-2017 (see note 11e ). In conjunction with the conversion project in late-2015, the Libra Joint Venture entered into a ten -year plus construction period loan facility providing total borrowings of up to $804 million , of which $230.3 million was drawn as of June 30, 2016 . The interest payments of the loan facility are based on LIBOR, plus margins which range between 2.50% to 2.65% . The final payment under the loan facility is due October 2027 . The Partnership has guaranteed its 50% share of the loan facility. In addition, the Libra Joint Venture entered into ten -year interest rate swap agreements with an aggregate notional amount of $ 301 million which amortizes quarterly over the term of the interest rate swap agreements. These interest rate swap agreements exchange the receipt of LIBOR-based interest for the payment of a fixed rate of 2.49% . These interest rate swap agreements have been designated as qualifying cash flow hedging instruments for accounting purposes. In June 2013, the Partnership acquired Teekay Corporation’s 50% interest in OOG-TKP FPSO GmbH & Co KG, a joint venture with OOG, which owns the Itajai FPSO unit. Included in the joint venture is an eight -year loan facility providing total borrowings of up to $300 million , which as at June 30, 2016 had a carrying balance of $212.3 million . The interest payments of the loan facility are based on LIBOR, plus margins which range between 2.15% and 2.45% . The final payment under the loan facility is due October 2021. The Partnership has guaranteed its 50% share of the loan facility. In addition, the joint venture entered into ten -year interest rate swap agreements with an aggregate notional amount of $95 million which amortizes semi-annually over the term of the interest rate swap agreements. These interest rate swap agreements exchange the receipt of LIBOR-based interest for the payment of a fixed rate of 2.63% . These interest rate swap agreements are not designated as qualifying cash flow hedging instruments for accounting purposes. As at December 31, 2014 , the Partnership advanced $5.2 million to the joint venture, which was repaid during the six months ended June 30, 2015 . As at June 30, 2016 and December 31, 2015 , the Partnership had total investments of $120.4 million and $77.6 million , respectively, in joint ventures. |
Basis of Presentation (Policies
Basis of Presentation (Policies) | 6 Months Ended |
Jun. 30, 2016 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Basis of Presentation | The unaudited interim consolidated financial statements have been prepared in accordance with United States generally accepted accounting principles (or GAAP ). These financial statements include the accounts of Teekay Offshore Partners L.P., which is a limited partnership organized under the laws of the Republic of The Marshall Islands, its wholly owned or controlled subsidiaries and the Dropdown Predecessor (see note 3 ) (collectively, the Partnership ). The preparation of consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the amounts reported in the financial statements and accompanying notes. Actual results could differ from those estimates. Certain information and footnote disclosures required by GAAP for complete annual financial statements have been omitted and, therefore, these interim financial statements should be read in conjunction with the Partnership’s audited consolidated financial statements for the year ended December 31, 2015, which are included in the Partnership’s Annual Report on Form 20-F, filed with the U.S. Securities and Exchange Commission (or SEC ) on April 18, 2016. In the opinion of management of the Partnership’s general partner, Teekay Offshore GP L.L.C. (or the general partner ), these interim unaudited 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 for the interim periods presented. The results of operations for the interim periods presented are not necessarily indicative of those for a full fiscal year. Historically, the utilization of shuttle tankers in the North Sea is higher in the winter months as favorable weather conditions in the summer months provide opportunities for repairs and maintenance to the Partnership’s vessels and the offshore oil platforms. Downtime for repairs and maintenance generally reduces oil production and, thus, transportation requirements. Intercompany balances and transactions have been eliminated upon consolidation. |
Accounting Pronouncements | In May 2014, the Financial Accounting Standards Board (or FASB ) issued Accounting Standards Update 2014-09, Revenue from Contracts with Customers , (or ASU 2014-09 ). ASU 2014-09 will require an entity to recognize revenue when it transfers promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. This update creates a five-step model that requires entities to exercise judgment when considering the terms of the contract(s) which include (i) identifying the contract(s) with the customer, (ii) identifying the separate performance obligations in the contract, (iii) determining the transaction price, (iv) allocating the transaction price to the separate performance obligations, and (v) recognizing revenue as each performance obligation is satisfied. ASU 2014-09 is effective for the Partnership January 1, 2018 and shall be applied, at the Partnership’s option, retrospectively to each period presented or as a cumulative-effect adjustment as of the date of adoption. The Partnership is evaluating the effect of adopting this new accounting guidance. In February 2016, the FASB issued Accounting Standards Update 2016-02, Leases (or ASU 2016-02 ). ASU 2016-02 establishes a right-of-use model that requires a lessee to record a right of use asset and a lease liability on the balance sheet for all leases with terms longer than 12 months. Leases will be classified as either finance or operating, with classification affecting the pattern of expense recognition in the income statement. ASU 2016-02 is effective for the Partnership January 1, 2019 with early adoption permitted. A modified retrospective transition approach is required for lessees for capital and operating leases existing at, or entered into after, the beginning of the earliest comparative period presented in the financial statements, with certain practical expedients available. The Partnership is evaluating the effect of adopting this new accounting guidance. In March 2016, the FASB issued Accounting Standards Update 2016-09, Improvements to Employee Share-Based Payment Accounting (or ASU 2016-09 ). ASU 2016-09 simplifies aspects of accounting for share-based payment transactions, including the income tax consequences, classification of awards as either equity or liabilities and classification on the statement of cash flows. ASU 2016-09 is effective for the Partnership January 1, 2017 with early adoption permitted. The Partnership expects the impact of adopting this new accounting guidance will be a change in presentation of cash payments for tax withholdings on share settled equity awards from an operating cash outflow to a financing cash outflow on the Partnership's statement of cash flows. |
Financial Instruments (Tables)
Financial Instruments (Tables) | 6 Months Ended |
Jun. 30, 2016 | |
Investments, All Other Investments [Abstract] | |
Estimated Fair Value of Financial Instruments Measured at Fair Value on Recurring Basis | The following table includes the estimated fair value and carrying value of those assets and liabilities that are measured at fair value on a recurring and non-recurring basis, as well as the estimated fair value of the Partnership’s financial instruments that are not accounted for at fair value on a recurring basis. June 30, 2016 December 31, 2015 Fair Value Hierarchy Level Carrying Amount Asset (Liability) $ Fair Value Asset (Liability) $ Carrying Amount Asset (Liability) $ Fair Value Asset (Liability) $ Recurring: Cash and cash equivalents and restricted cash Level 1 409,248 409,248 318,993 318,993 Logitel contingent consideration (see below) Level 3 — — (14,830 ) (14,830 ) Derivative instruments (note 9) Interest rate swap agreements Level 2 (338,447 ) (338,447 ) (235,998 ) (235,998 ) Cross currency swap agreements Level 2 (144,607 ) (144,607 ) (183,327 ) (183,327 ) Foreign currency forward contracts Level 2 (2,195 ) (2,195 ) (11,509 ) (11,509 ) Non-Recurring: Vessels held for sale (note 14) Level 2 — — 55,450 55,450 Vessels and equipment (note 14) Level 2 — — 100,600 100,600 Other: Long-term debt - public (note 6) Level 1 (577,268 ) (490,954 ) (620,746 ) (473,729 ) Long-term debt - non-public (note 6) Level 2 (2,663,963 ) (2,579,967 ) (2,743,128 ) (2,783,597 ) |
Changes in Fair Value for Partnership's Contingent Consideration Liability Measured Recurring Basis Using Significant Unobservable Inputs (Level 3) | Changes in the estimated fair value of the Partnership’s contingent consideration liability relating to the acquisition of Logitel, which is measured at fair value on a recurring basis using significant unobservable inputs (Level 3), during the three and six months ended June 30, 2016 and 2015 are as follows: Three Months Ended Six months ended June 30, 2016 2015 2016 2015 Asset (Liability) Asset (Liability) $ $ $ $ Balance at beginning of period (15,221 ) (21,562 ) (14,830 ) (21,448 ) Acquisition of Logitel — 2,569 — 2,569 Settlement of liability — 3,540 — 3,540 Gain included in Other (expense) income - net 15,221 161 14,830 47 Balance at end of period — (15,292 ) — (15,292 ) |
Summary of Partnership's Financing Receivables | The following table contains a summary of the Partnership’s financing receivables by type of borrower and the method by which the Partnership monitors the credit quality of its financing receivables on a quarterly basis: Credit Quality Indicator Grade June 30, December 31, $ $ Direct financing leases Payment activity Performing 19,068 17,471 |
Segment Reporting (Tables)
Segment Reporting (Tables) | 6 Months Ended |
Jun. 30, 2016 | |
Segment Reporting [Abstract] | |
Segment Results as Presented in Consolidated Financial Statements | The following tables include results for the Partnership’s FPSO unit segment; shuttle tanker segment; floating storage and off-take (or FSO ) unit segment; UMS segment; towage segment; and conventional tanker segment for the periods presented in these consolidated financial statements. Three Months ended June 30, 2016 FPSO Segment Shuttle Tanker Segment FSO UMS Segment Towage Conventional Tanker Segment Total Revenues 124,715 125,840 13,789 3,736 11,730 4,654 284,464 Voyage expenses — (12,573 ) (124 ) — (4,281 ) (610 ) (17,588 ) Vessel operating expenses (41,365 ) (29,792 ) (6,195 ) (9,319 ) (3,924 ) (166 ) (90,761 ) Time-charter hire expenses — (14,764 ) — — — (4,065 ) (18,829 ) Depreciation and amortization (37,234 ) (30,089 ) (2,209 ) (1,695 ) (2,830 ) — (74,057 ) General and administrative (1) (8,217 ) (3,871 ) (144 ) (832 ) (757 ) — (13,821 ) Write down of vessels — — — (43,650 ) — — (43,650 ) Restructuring charge (1,487 ) — — — — — (1,487 ) Income (loss) from vessel operations 36,412 34,751 5,117 (51,760 ) (62 ) (187 ) 24,271 Three Months ended June 30, 2015 FPSO Segment Shuttle Tanker Segment FSO UMS Segment Towage Conventional Tanker Segment Total Revenues 141,722 132,899 14,165 3,686 10,517 8,245 311,234 Voyage expenses — (18,976 ) (89 ) — (1,004 ) (647 ) (20,716 ) Vessel operating expenses (50,445 ) (31,120 ) (6,921 ) (1,126 ) (3,697 ) (1,514 ) (94,823 ) Time-charter hire expenses — (10,762 ) — — — — (10,762 ) Depreciation and amortization (37,783 ) (26,795 ) (2,975 ) (401 ) (2,174 ) (1,675 ) (71,803 ) General and administrative (1) (6,892 ) (6,788 ) (420 ) (639 ) (837 ) (507 ) (16,083 ) Write down of vessel — — — (500 ) — — (500 ) Restructuring charge — (135 ) — — — — (135 ) Income from vessel operations 46,602 38,323 3,760 1,020 2,805 3,902 96,412 Six Months ended June 30, 2016 FPSO Segment Shuttle Tanker Segment FSO UMS Segment Towage Conventional Tanker Segment Total Revenues (2) 257,499 252,023 28,152 17,217 22,813 13,468 591,172 Voyage expenses — (26,511 ) (335 ) — (7,799 ) (1,287 ) (35,932 ) Vessel operating expenses (88,279 ) (58,673 ) (11,668 ) (17,245 ) (8,809 ) (1,439 ) (186,113 ) Time-charter hire expenses — (29,575 ) — — — (4,576 ) (34,151 ) Depreciation and amortization (74,818 ) (60,737 ) (4,381 ) (3,390 ) (5,653 ) — (148,979 ) General and administrative (1) (16,891 ) (7,828 ) (382 ) (1,526 ) (1,491 ) (172 ) (28,290 ) Write down of vessels — — — (43,650 ) — — (43,650 ) Restructuring charge (1,487 ) — — — — — (1,487 ) Income (loss) from vessel operations 76,024 68,699 11,386 (48,594 ) (939 ) 5,994 112,570 Six Months ended June 30, 2015 FPSO Segment Shuttle Tanker Segment FSO UMS Segment Towage Conventional Tanker Segment Total Revenues 239,997 270,989 28,651 3,686 16,587 16,307 576,217 Voyage expenses — (38,505 ) (221 ) — (3,292 ) (1,215 ) (43,233 ) Vessel operating expenses (87,211 ) (65,437 ) (13,280 ) (1,126 ) (4,448 ) (2,888 ) (174,390 ) Time-charter hire expenses — (17,083 ) — — (662 ) — (17,745 ) Depreciation and amortization (62,268 ) (55,162 ) (5,895 ) (401 ) (2,722 ) (3,349 ) (129,797 ) General and administrative (1) (11,833 ) (15,187 ) (1,030 ) (1,146 ) (1,147 ) (759 ) (31,102 ) (Write down) and gain on sale of vessel — (13,853 ) — (500 ) — — (14,353 ) Restructuring charge — (135 ) — — — — (135 ) Income from vessel operations 78,685 65,627 8,225 513 4,316 8,096 165,462 (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) Revenues includes a $4.0 million early termination fee received from Teekay Corporation during the six months ended June 30, 2016 , which is included in the Partnership's conventional tanker segment (see notes 8f and 14 ). |
Reconciliation of Total Segment Assets to Total Assets Presented in Accompanying Consolidated Balance Sheets | A reconciliation of total segment assets to total assets presented in the accompanying consolidated balance sheets is as follows: June 30, 2016 December 31, 2015 $ $ FPSO segment 2,710,632 2,717,193 Shuttle tanker segment 1,694,150 1,732,769 FSO segment 370,932 281,776 UMS segment 225,816 267,935 Towage segment 343,290 309,009 Conventional tanker segment 14,552 63,900 Unallocated: Cash and cash equivalents and restricted cash 409,248 318,993 Other assets 13,667 52,591 Consolidated total assets 5,782,287 5,744,166 |
Long-Term Debt (Tables)
Long-Term Debt (Tables) | 6 Months Ended |
Jun. 30, 2016 | |
Debt Disclosure [Abstract] | |
Long-Term Debt | June 30, 2016 December 31, 2015 $ $ U.S. Dollar-denominated Revolving Credit Facilities due through 2019 343,429 429,279 Norwegian Kroner Bonds due through 2019 286,966 327,941 U.S. Dollar-denominated Term Loans due through 2018 120,809 129,133 U.S. Dollar-denominated Term Loans due through 2028 2,073,070 2,037,766 U.S. Dollar Non-Public Bonds due through 2024 174,839 202,449 U.S. Dollar Bonds due through 2019 300,000 300,000 Total principal 3,299,113 3,426,568 Less unamortized discount and debt issuance costs (57,882 ) (62,694 ) Total debt 3,241,231 3,363,874 Less current portion (574,575 ) (485,069 ) Long-term portion 2,666,656 2,878,805 |
Related Party Transactions an28
Related Party Transactions and Balances (Tables) | 6 Months Ended |
Jun. 30, 2016 | |
Related Party Transactions [Abstract] | |
Revenues (Expenses) from Related Party Transactions | Such related party transactions were as follows for the periods indicated: Three Months Ended June 30, Six Months Ended June 30, 2016 2015 2016 2015 $ $ $ $ Revenues (1) 10,129 17,490 24,918 34,819 Vessel operating expenses (2) (8,726 ) (10,412 ) (18,062 ) (19,850 ) General and administrative (3) (5,805 ) (8,235 ) (15,348 ) (16,062 ) Interest expense (4)(5)(6) (4,226 ) (112 ) (8,482 ) (223 ) _______________ (1) Includes revenue from time-charter-out or bareboat contracts with subsidiaries or affiliates of Teekay Corporation, including management fees from ship management services provided by the Partnership to a subsidiary of Teekay Corporation, and an early termination fee received by the Partnership from Teekay Corporation (see item f below and note 14 ). (2) Includes ship management and crew training services provided by Teekay Corporation. (3) Includes commercial, technical, strategic, business development and administrative management fees charged by Teekay Corporation and reimbursements to Teekay Corporation and our general partner for costs incurred on the Partnership’s behalf. (4) Includes a guarantee fee related to the final bullet payment of the Piranema Spirit FPSO debt facility guaranteed by Teekay Corporation and interest expense incurred on due to affiliates balances. (5) Includes interest expense of $1.6 million and $3.2 million , respectively, for the three and six months ended June 30, 2016 , incurred on the convertible promissory note issued to Teekay Corporation in connection with the financing of the acquisition of the Dropdown Predecessor (see note 3 ). The convertible promissory note incurs interest at a rate of 6.50% on the outstanding principal balance, which as at June 30, 2016 , was $100.0 million . The outstanding principal balance, together with accrued interest, was payable in full on July 1, 2016; however, in May 2016, this convertible promissory note was refinanced effective July 1, 2016 (see note 8f ). (6) Includes interest expense of $2.5 million and $5.0 million , respectively, for the three and six months ended June 30, 2016 , incurred on a $100.0 million , six months loan made by Teekay Corporation to the Partnership on January 1, 2016. The loan bears interest at an annual rate of 10.00% on the outstanding principal balance, which as at June 30, 2016 , was $100.0 million . The outstanding principal balance, together with accrued interest, was payable in full on July 1, 2016; however, in May 2016, this loan was refinanced effective July 1, 2016 (see note 8f ). |
Derivative Instruments and He29
Derivative Instruments and Hedging Activities (Tables) | 6 Months Ended |
Jun. 30, 2016 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Foreign Currency Forward Contracts | As at June 30, 2016 , the Partnership was committed to the following foreign currency forward contracts: Contract Amount in Foreign Currency (thousands) Fair Value / Carrying Amount of Asset (Liability) (in thousands of U.S. Dollars) Non-hedge Average Forward Rate (1) Expected Maturity 2016 2017 (in thousands of U.S. Dollars) Norwegian Kroner 422,500 (2,302 ) 8.00 24,284 28,569 Euro 4,500 124 0.92 4,886 — Singapore Dollar 19,637 (17 ) 1.35 14,592 — (2,195 ) 43,762 28,569 (1) Average forward rate represents the contracted amount of foreign currency one U.S. Dollar will buy. |
Interest Rate Swap Agreements | As at June 30, 2016 , the Partnership was committed to the following interest rate swap agreements: Interest Rate Index Notional Amount $ Fair Value / Carrying Amount of Asset (Liability) $ Weighted- Average Remaining Term (years) Fixed Interest Rate (%) (1) U.S. Dollar-denominated interest rate swaps (2) LIBOR 950,000 (225,288 ) 5.4 4.0 U.S. Dollar-denominated interest rate swaps (3) LIBOR 1,229,401 (110,646 ) 5.1 2.7 U.S. Dollar-denominated interest rate swaps (4) LIBOR 45,328 (2,513 ) 12.0 2.5 2,224,729 (338,447 ) (1) Excludes the margin the Partnership pays on its variable-rate debt, which as at June 30, 2016 , ranged between 0.30% and 4.00% (2) Notional amount remains constant over the term of the swap. (3) Principal amount reduces quarterly or semi-annually. (4) The interest rate swap is being used to economically hedge expected interest payments on new debt that is planned to be outstanding from 2016 to 2028. |
Derivative Instruments, Gain (Loss) | For the periods indicated, the following table presents the effective and ineffective portion of losses on interest rate swap agreements designated and qualifying as cash flow hedges. The following table excludes any interest rate swap agreements designated and qualifying as cash flow hedges in the Partnership’s equity accounted joint ventures. Three Months Ended June 30, 2016 Three Months Ended June 30, 2015 Effective Effective Effective Effective Portion Portion Portion Portion Recognized Reclassified Ineffective Recognized Reclassified Ineffective in AOCI (1) from AOCI (2) Portion (3) in AOCI (1) from AOCI (2) Portion (3) (1,322) — 807 Interest expense — — — (1,322) — 807 — — — Six Months Ended June 30, 2016 Six Months Ended June 30, 2015 Effective Effective Effective Effective Portion Portion Portion Portion Recognized Reclassified Ineffective Recognized Reclassified Ineffective in AOCI (1) from AOCI (2) Portion (3) in AOCI (1) from AOCI (2) Portion (3) (4,510) — 858 Interest expense — — — (4,510) — 858 — — — (1) effective portion of designated and qualifying cash flow hedges recognized in accumulated other comprehensive loss (or AOCI ). (2) effective portion of designated and qualifying cash flow hedges recorded in AOCI during the term of the hedging relationship and reclassified to earnings. (3) ineffective portion of designated and qualifying cash flow hedges. |
Location and Fair Value Amounts of Assets (Liabilities) of Partnership's Derivative Instruments | The following table presents the location and fair value amounts of derivative instruments, segregated by type of contract, on the Partnership’s balance sheets. Other Current Assets $ Other Assets Accrued Liabilities $ Current Portion of Derivative Liabilities $ Derivative Liabilities $ As at June 30, 2016 Foreign currency contracts 318 253 — (2,746 ) (20 ) Cross currency swaps — — (1,948 ) (19,985 ) (122,674 ) Interest rate swaps — — (6,885 ) (41,193 ) (290,369 ) 318 253 (8,833 ) (63,924 ) (413,063 ) As at As at December 31, 2015 Foreign currency contracts 80 — — (10,266 ) (1,323 ) Cross currency swaps — — (2,196 ) (42,878 ) (138,253 ) Interest rate swaps — 1,894 (7,827 ) (148,312 ) (81,753 ) 80 1,894 (10,023 ) (201,456 ) (221,329 ) |
Effect of Losses on Derivatives | The effect of the (losses) gains on these derivatives in the consolidated statements of (loss) income for the three and six months ended June 30, 2016 and 2015 is as follows: Three Months Ended June 30, Six Months Ended June 30, 2016 2015 2016 2015 $ $ $ $ Realized losses on derivative instruments Interest rate swaps (13,515 ) (16,101 ) (27,482 ) (29,520 ) Foreign currency forward contracts (1,687 ) (2,571 ) (4,620 ) (5,824 ) (15,202 ) (18,672 ) (32,102 ) (35,344 ) Unrealized (losses) gains on derivative instruments Interest rate swaps (47,818 ) 62,188 (99,739 ) 21,148 Foreign currency forward contracts 983 6,213 9,314 1,117 (46,835 ) 68,401 (90,425 ) 22,265 Total realized and unrealized (losses) gains on derivative instruments (62,037 ) 49,729 (122,527 ) (13,079 ) |
Effect of Gain (Loss) on Cross Currency Swaps on Consolidated Statements of Income (Loss) | The effect of the (losses) gains on cross currency swaps in the consolidated statements of (loss) income for the three and six months ended June 30, 2016 and 2015 is as follows: Three Months Ended June 30, Six Months Ended June 30, 2016 2015 2016 2015 $ $ $ $ Realized losses (2,671 ) (1,953 ) (37,947 ) (4,333 ) Unrealized (losses) gains (14,422 ) 12,525 38,473 (19,676 ) Total realized and unrealized (losses) gains on cross currency swaps (17,093 ) 10,572 526 (24,009 ) |
Schedule of Cross Currency Contracts Statement of Financial Position [Table Text Block] | As at June 30, 2016 , the Partnership was committed to the following cross currency swaps: Notional Principal Floating Rate Receivable Fixed Rate Fair Value / Remaining Reference Margin 600,000 (1)(2) 101,351 NIBOR 5.75 % 8.84 % (34,817 ) 2.4 800,000 (1)(3) 143,536 NIBOR 5.75 % 7.58 % (55,132 ) 2.5 1,000,000 162,200 NIBOR 4.25 % 7.45 % (54,658 ) 2.6 (144,607 ) (1) Notional amount reduces equally with NOK bond repayments (see note 6 ). (2) Excludes an economic hedge on the foreign currency exposure for a three percent premium upon maturity of the NOK bonds which exchanges NOK 7.2 million for $1.2 million (see note 6 ). (3) Excludes an economic hedge on the foreign currency exposure for a three percent premium upon maturity of the NOK bonds which exchanges NOK 19.2 million for $3.4 million (see note 6 ). |
Income Tax (Tables)
Income Tax (Tables) | 6 Months Ended |
Jun. 30, 2016 | |
Income Tax Disclosure [Abstract] | |
Components of Provision for Income Tax | The components of the provision for income tax are as follows: Three Months Ended June 30, Six Months Ended June 30, 2016 2015 2016 2015 $ $ $ $ Current (459 ) (271 ) (1,162 ) (627 ) Deferred 1,897 382 5,436 817 Income tax recovery 1,438 111 4,274 190 |
Total Capital and Net Income 31
Total Capital and Net Income Per Common Unit (Tables) | 6 Months Ended |
Jun. 30, 2016 | |
Partners' Capital [Abstract] | |
Schedule of Earnings Per Share, Basic and Diluted | Net (Loss) Income Per Common Unit Three Months Ended June 30, Six Months Ended June 30, 2016 2015 2016 2015 $ $ $ $ Limited partners' interest in net (loss) income (110,679) 93,282 (125,536) 69,573 Limited partners' interest in additional consideration for (36,960) — (36,960) — Limited partners' interest in deemed dividend on exchange 20,231 — 20,231 — Limited partners' interest in net (loss) income for basic (127,408) 93,282 (142,265) 69,573 Weighted average number of common units 107,794,323 92,413,598 107,424,853 92,402,772 Dilutive effect of unit based compensation — 43,882 — 67,828 Common units and common unit equivalents 107,794,323 92,457,480 107,424,853 92,470,600 Limited partner's interest in net (loss) income per common unit - basic (1.18) 1.01 (1.32) 0.75 - diluted (1.18) 1.01 (1.32) 0.75 |
Basis of Presentation - Additio
Basis of Presentation - Additional Information (Details) $ / shares in Units, $ in Thousands | 1 Months Ended | 3 Months Ended | 6 Months Ended | 12 Months Ended | ||
May 31, 2013ExtensionOptions | Jun. 30, 2016USD ($)$ / shares | Jun. 30, 2015USD ($) | Jun. 30, 2016USD ($)component$ / shares | Jun. 30, 2015USD ($) | Dec. 31, 2015 | |
Property, Plant and Equipment [Line Items] | ||||||
Property, plant and equipment, useful life | 20 years | 25 years | ||||
Depreciation and amortization | $ 74,057 | $ 71,803 | $ 148,979 | $ 129,797 | ||
Net (loss) income | (100,129) | 123,379 | (102,652) | 104,737 | ||
Asset retirement obligation | 19,300 | 19,300 | ||||
Restatement Adjustment [Member] | Service Life [Member] | ||||||
Property, Plant and Equipment [Line Items] | ||||||
Net (loss) income | $ (7,300) | $ (14,600) | ||||
Net income (loss), per unit, basic and diluted (usd per share) | $ / shares | $ (0.07) | $ (0.14) | ||||
Restatement Adjustment [Member] | Service Life [Member] | Vessels [Member] | ||||||
Property, Plant and Equipment [Line Items] | ||||||
Depreciation and amortization | $ 7,300 | $ 14,600 | ||||
Shuttle Tanker [Member] | ||||||
Property, Plant and Equipment [Line Items] | ||||||
Number of components in segment | component | 2 | |||||
Depreciation and amortization | $ 30,089 | $ 26,795 | $ 60,737 | $ 55,162 | ||
Randgrid shuttle tanker [Member] | ||||||
Property, Plant and Equipment [Line Items] | ||||||
Operating lease arrangement period, lessor | 3 years | |||||
Number of extension options | ExtensionOptions | 12 | |||||
Additional term of contract | 1 year |
Dropdown Predecessor (Details)
Dropdown Predecessor (Details) - USD ($) $ in Thousands, shares in Millions | Jul. 01, 2015 | Jun. 30, 2016 | Jul. 31, 2015 | Jun. 30, 2016 | Jun. 30, 2015 | Jun. 30, 2016 | Jun. 30, 2015 |
Business Acquisition [Line Items] | |||||||
Proceeds from equity offerings, net of offering costs (note 12) | $ 113,339 | ||||||
Cash distributions | 34,788 | ||||||
Revenues | $ 284,464 | $ 311,234 | 591,172 | $ 576,217 | |||
Net (loss) income | $ (100,129) | 123,379 | $ (102,652) | 104,737 | |||
Petrojarl Knarr Fpso [Member] | |||||||
Business Acquisition [Line Items] | |||||||
Long-term debt | $ 745,100 | ||||||
Portion of purchase price paid in cash | 35,000 | ||||||
Entity acquired, Purchase price, excluding promissory note | $ 37,400 | ||||||
Operating lease arrangement period, lessor | 6 years | ||||||
Revenues | 55,500 | 69,500 | |||||
Net (loss) income | $ 15,500 | $ 10,100 | |||||
Affiliated Entity [Member] | Petrojarl Knarr Fpso [Member] | |||||||
Business Acquisition [Line Items] | |||||||
Percentage of ownership in acquired entity after acquisition | 100.00% | ||||||
Business acquisition, purchase price | $ 529,400 | ||||||
Teekay Corporation [Member] | Petrojarl Knarr Fpso [Member] | |||||||
Business Acquisition [Line Items] | |||||||
Estimated cost of project | 1,260,000 | ||||||
Cash distributions | 103,300 | ||||||
Working Capital [Member] | Petrojarl Knarr Fpso [Member] | |||||||
Business Acquisition [Line Items] | |||||||
Business acquisition, purchase price | 14,500 | ||||||
July 1, 2016 [Member] | Petrojarl Knarr Fpso [Member] | |||||||
Business Acquisition [Line Items] | |||||||
Outstanding principal balance of convertible debt | $ 300,000 | ||||||
July 1, 2016 [Member] | Teekay Corporation [Member] | Petrojarl Knarr Fpso [Member] | |||||||
Business Acquisition [Line Items] | |||||||
Repayments of long-term debt | $ 92,000 | ||||||
Convertible promissory note [Member] | Petrojarl Knarr Fpso [Member] | |||||||
Business Acquisition [Line Items] | |||||||
Interest rate, percentage | 6.50% | 6.50% | 6.50% | ||||
Outstanding principal balance of convertible debt | $ 100,000 | $ 100,000 | $ 100,000 | ||||
Convertible promissory note [Member] | July 1, 2016 [Member] | Teekay Corporation [Member] | Petrojarl Knarr Fpso [Member] | |||||||
Business Acquisition [Line Items] | |||||||
Long-term debt | $ 492,000 | ||||||
Interest rate, percentage | 6.50% | ||||||
Subordinated promissory note [Member] | |||||||
Business Acquisition [Line Items] | |||||||
Interest rate, percentage | 10.00% | 10.00% | 10.00% | ||||
Subordinated promissory note [Member] | July 1, 2016 [Member] | Teekay Corporation [Member] | Petrojarl Knarr Fpso [Member] | |||||||
Business Acquisition [Line Items] | |||||||
Debt instrument, term | 2 years | ||||||
Common Units [Member] | |||||||
Business Acquisition [Line Items] | |||||||
Proceeds from equity offerings, net of offering costs (note 12), units | 22 | ||||||
Common Units [Member] | Petrojarl Knarr Fpso [Member] | |||||||
Business Acquisition [Line Items] | |||||||
Proceeds from equity offerings, net of offering costs (note 12), units | 14.4 | ||||||
General Partner [Member] | |||||||
Business Acquisition [Line Items] | |||||||
Proceeds from equity offerings, net of offering costs (note 12) | $ 1,991 | ||||||
Cash distributions | $ 480 | ||||||
General Partner [Member] | Petrojarl Knarr Fpso [Member] | |||||||
Business Acquisition [Line Items] | |||||||
Proceeds from equity offerings, net of offering costs (note 12) | $ 6,100 | ||||||
General partner's interest | 2.00% |
Financial Instruments - Estimat
Financial Instruments - Estimated Fair Value of Financial Instruments Measured at Fair Value on Recurring Basis (Detail) - USD ($) $ in Thousands | Jun. 30, 2016 | Dec. 31, 2015 |
Recurring: | ||
Cash and cash equivalents and restricted cash | $ 409,248 | $ 318,993 |
Other: | ||
Long-term debt | (3,241,231) | (3,363,874) |
Interest Rate Swap [Member] | ||
Derivative instruments (note 9) | ||
Fair Value/Carrying Amount of Assets (Liability) | (338,447) | |
Cross currency swaps agreements [Member] | ||
Derivative instruments (note 9) | ||
Fair Value/Carrying Amount of Assets (Liability) | (144,607) | |
Foreign currency forward contracts [Member] | ||
Derivative instruments (note 9) | ||
Fair Value/Carrying Amount of Assets (Liability) | (2,195) | |
Carrying Amount [Member] | Level 1 [Member] | Public [Member] | ||
Other: | ||
Long-term debt | (577,268) | (620,746) |
Carrying Amount [Member] | Level 1 [Member] | Recurring [Member] | ||
Recurring: | ||
Cash and cash equivalents and restricted cash | 409,248 | 318,993 |
Carrying Amount [Member] | Level 3 [Member] | Recurring [Member] | Logitel Offshore Holding [Member] | ||
Recurring: | ||
Contingent consideration | 0 | (14,830) |
Carrying Amount [Member] | Level 2 [Member] | Non-Public [Member] | ||
Other: | ||
Long-term debt | (2,663,963) | (2,743,128) |
Carrying Amount [Member] | Level 2 [Member] | Recurring [Member] | Interest Rate Swap [Member] | ||
Derivative instruments (note 9) | ||
Fair Value/Carrying Amount of Assets (Liability) | (338,447) | (235,998) |
Carrying Amount [Member] | Level 2 [Member] | Recurring [Member] | Cross currency swaps agreements [Member] | ||
Derivative instruments (note 9) | ||
Fair Value/Carrying Amount of Assets (Liability) | (144,607) | (183,327) |
Carrying Amount [Member] | Level 2 [Member] | Recurring [Member] | Foreign currency forward contracts [Member] | ||
Derivative instruments (note 9) | ||
Fair Value/Carrying Amount of Assets (Liability) | (2,195) | (11,509) |
Carrying Amount [Member] | Level 2 [Member] | Nonrecurring [Member] | ||
Non-Recurring: | ||
Vessels held for sale (note 14) | 0 | 55,450 |
Vessels and equipment (note 14) | 0 | 100,600 |
Fair Value [Member] | Level 1 [Member] | Public [Member] | ||
Other: | ||
Long-term debt | (490,954) | (473,729) |
Fair Value [Member] | Level 1 [Member] | Recurring [Member] | ||
Recurring: | ||
Cash and cash equivalents and restricted cash | 409,248 | 318,993 |
Fair Value [Member] | Level 3 [Member] | Recurring [Member] | Logitel Offshore Holding [Member] | ||
Recurring: | ||
Contingent consideration | 0 | (14,830) |
Fair Value [Member] | Level 2 [Member] | Non-Public [Member] | ||
Other: | ||
Long-term debt | (2,579,967) | (2,783,597) |
Fair Value [Member] | Level 2 [Member] | Recurring [Member] | Interest Rate Swap [Member] | ||
Derivative instruments (note 9) | ||
Fair Value/Carrying Amount of Assets (Liability) | (338,447) | (235,998) |
Fair Value [Member] | Level 2 [Member] | Recurring [Member] | Cross currency swaps agreements [Member] | ||
Derivative instruments (note 9) | ||
Fair Value/Carrying Amount of Assets (Liability) | (144,607) | (183,327) |
Fair Value [Member] | Level 2 [Member] | Recurring [Member] | Foreign currency forward contracts [Member] | ||
Derivative instruments (note 9) | ||
Fair Value/Carrying Amount of Assets (Liability) | (2,195) | (11,509) |
Fair Value [Member] | Level 2 [Member] | Nonrecurring [Member] | ||
Non-Recurring: | ||
Vessels held for sale (note 14) | 0 | 55,450 |
Vessels and equipment (note 14) | $ 0 | $ 100,600 |
Financial Instruments - Additio
Financial Instruments - Additional Information (Detail) $ in Thousands | Aug. 11, 2014USD ($) | Jun. 30, 2016Vessel | Aug. 31, 2014 |
Logitel Offshore Holding [Member] | |||
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items] | |||
Percentage of noncontrolling interest acquired | 100.00% | 100.00% | |
Portion of purchase price paid in cash | $ 4,000 | ||
Potential additional cash amount for purchase price | $ 27,600 | ||
Impaired Asset [Member] | UMS Segment [Member] | |||
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items] | |||
Number of vessels | Vessel | 2 |
Financial Instruments - Changes
Financial Instruments - Changes in Fair Value for Partnership's Contingent Consideration Liability Measured Recurring Basis Using Significant Unobservable Inputs (Level 3) (Detail) - Contingent Consideration [Member] - Logitel Offshore Holding [Member] - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2016 | Jun. 30, 2015 | Jun. 30, 2016 | Jun. 30, 2015 | |
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||||
Balance at beginning of period | $ (15,221) | $ (21,562) | $ (14,830) | $ (21,448) |
Acquisition of Logitel | 0 | 2,569 | 0 | 2,569 |
Settlement of liability | 0 | 3,540 | 0 | 3,540 |
Gain included in Other (expense) income - net | 15,221 | 161 | 14,830 | 47 |
Balance at end of period | $ 0 | $ (15,292) | $ 0 | $ (15,292) |
Financial Instruments - Summary
Financial Instruments - Summary of Partnership's Financing Receivables (Detail) - USD ($) $ in Thousands | Jun. 30, 2016 | Dec. 31, 2015 |
Payment activity [Member] | Performing [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Direct financing leases | $ 19,068 | $ 17,471 |
Segment Reporting - Segment Res
Segment Reporting - Segment Results as Presented in Consolidated Financial Statements (Detail) - USD ($) $ in Thousands | 1 Months Ended | 3 Months Ended | 6 Months Ended | ||
Mar. 31, 2016 | Jun. 30, 2016 | Jun. 30, 2015 | Jun. 30, 2016 | Jun. 30, 2015 | |
Segment Reporting Information [Line Items] | |||||
Revenues | $ 284,464 | $ 311,234 | $ 591,172 | $ 576,217 | |
Voyage expenses | (17,588) | (20,716) | (35,932) | (43,233) | |
Vessel operating expenses | (90,761) | (94,823) | (186,113) | (174,390) | |
Time-charter hire expenses | (18,829) | (10,762) | (34,151) | (17,745) | |
Depreciation and amortization | (74,057) | (71,803) | (148,979) | (129,797) | |
General and administrative | (13,821) | (16,083) | (28,290) | (31,102) | |
(Write down) and gain on sale of vessel | (43,650) | (500) | (43,650) | (14,353) | |
Restructuring charge | (1,487) | (135) | (1,487) | (135) | |
Income (loss) from vessel operations | 24,271 | 96,412 | 112,570 | 165,462 | |
Early termination fee received | $ 4,000 | ||||
FPSO Segment [Member] | |||||
Segment Reporting Information [Line Items] | |||||
Revenues | 124,715 | 141,722 | 257,499 | 239,997 | |
Voyage expenses | 0 | 0 | 0 | 0 | |
Vessel operating expenses | (41,365) | (50,445) | (88,279) | (87,211) | |
Time-charter hire expenses | 0 | 0 | 0 | 0 | |
Depreciation and amortization | (37,234) | (37,783) | (74,818) | (62,268) | |
General and administrative | (8,217) | (6,892) | (16,891) | (11,833) | |
(Write down) and gain on sale of vessel | 0 | 0 | 0 | 0 | |
Restructuring charge | (1,487) | 0 | (1,487) | 0 | |
Income (loss) from vessel operations | 36,412 | 46,602 | 76,024 | 78,685 | |
Shuttle Tanker [Member] | |||||
Segment Reporting Information [Line Items] | |||||
Revenues | 125,840 | 132,899 | 252,023 | 270,989 | |
Voyage expenses | (12,573) | (18,976) | (26,511) | (38,505) | |
Vessel operating expenses | (29,792) | (31,120) | (58,673) | (65,437) | |
Time-charter hire expenses | (14,764) | (10,762) | (29,575) | (17,083) | |
Depreciation and amortization | (30,089) | (26,795) | (60,737) | (55,162) | |
General and administrative | (3,871) | (6,788) | (7,828) | (15,187) | |
(Write down) and gain on sale of vessel | 0 | 0 | 0 | (13,853) | |
Restructuring charge | 0 | (135) | 0 | (135) | |
Income (loss) from vessel operations | 34,751 | 38,323 | 68,699 | 65,627 | |
FSO Segment [Member] | |||||
Segment Reporting Information [Line Items] | |||||
Revenues | 13,789 | 14,165 | 28,152 | 28,651 | |
Voyage expenses | (124) | (89) | (335) | (221) | |
Vessel operating expenses | (6,195) | (6,921) | (11,668) | (13,280) | |
Time-charter hire expenses | 0 | 0 | 0 | 0 | |
Depreciation and amortization | (2,209) | (2,975) | (4,381) | (5,895) | |
General and administrative | (144) | (420) | (382) | (1,030) | |
(Write down) and gain on sale of vessel | 0 | 0 | 0 | 0 | |
Restructuring charge | 0 | 0 | 0 | 0 | |
Income (loss) from vessel operations | 5,117 | 3,760 | 11,386 | 8,225 | |
UMS Segment [Member] | |||||
Segment Reporting Information [Line Items] | |||||
Revenues | 3,736 | 3,686 | 17,217 | 3,686 | |
Voyage expenses | 0 | 0 | 0 | 0 | |
Vessel operating expenses | (9,319) | (1,126) | (17,245) | (1,126) | |
Time-charter hire expenses | 0 | 0 | 0 | 0 | |
Depreciation and amortization | (1,695) | (401) | (3,390) | (401) | |
General and administrative | (832) | (639) | (1,526) | (1,146) | |
(Write down) and gain on sale of vessel | (43,650) | (500) | (43,650) | (500) | |
Restructuring charge | 0 | 0 | 0 | 0 | |
Income (loss) from vessel operations | (51,760) | 1,020 | (48,594) | 513 | |
Towage segment [Member] | |||||
Segment Reporting Information [Line Items] | |||||
Revenues | 11,730 | 10,517 | 22,813 | 16,587 | |
Voyage expenses | (4,281) | (1,004) | (7,799) | (3,292) | |
Vessel operating expenses | (3,924) | (3,697) | (8,809) | (4,448) | |
Time-charter hire expenses | 0 | 0 | 0 | (662) | |
Depreciation and amortization | (2,830) | (2,174) | (5,653) | (2,722) | |
General and administrative | (757) | (837) | (1,491) | (1,147) | |
(Write down) and gain on sale of vessel | 0 | 0 | 0 | 0 | |
Restructuring charge | 0 | 0 | 0 | 0 | |
Income (loss) from vessel operations | (62) | 2,805 | (939) | 4,316 | |
Conventional Tanker [Member] | |||||
Segment Reporting Information [Line Items] | |||||
Revenues | 4,654 | 8,245 | 13,468 | 16,307 | |
Voyage expenses | (610) | (647) | (1,287) | (1,215) | |
Vessel operating expenses | (166) | (1,514) | (1,439) | (2,888) | |
Time-charter hire expenses | (4,065) | 0 | (4,576) | 0 | |
Depreciation and amortization | 0 | (1,675) | 0 | (3,349) | |
General and administrative | 0 | (507) | (172) | (759) | |
(Write down) and gain on sale of vessel | 0 | 0 | 0 | 0 | |
Restructuring charge | 0 | 0 | 0 | 0 | |
Income (loss) from vessel operations | $ (187) | $ 3,902 | 5,994 | $ 8,096 | |
Early termination fee received | $ 4,000 |
Segment Reporting - Reconciliat
Segment Reporting - Reconciliation of Total Segment Assets to Total Assets Presented in Accompanying Consolidated Balance Sheets (Detail) - USD ($) $ in Thousands | Jun. 30, 2016 | Dec. 31, 2015 |
Segment Reporting Information [Line Items] | ||
Consolidated total assets | $ 5,782,287 | $ 5,744,166 |
Cash and cash equivalents and restricted cash | 409,248 | 318,993 |
Other assets | 13,667 | 52,591 |
FPSO Segment [Member] | ||
Segment Reporting Information [Line Items] | ||
Consolidated total assets | 2,710,632 | 2,717,193 |
Shuttle Tanker [Member] | ||
Segment Reporting Information [Line Items] | ||
Consolidated total assets | 1,694,150 | 1,732,769 |
FSO Segment [Member] | ||
Segment Reporting Information [Line Items] | ||
Consolidated total assets | 370,932 | 281,776 |
UMS Segment [Member] | ||
Segment Reporting Information [Line Items] | ||
Consolidated total assets | 225,816 | 267,935 |
Towage segment [Member] | ||
Segment Reporting Information [Line Items] | ||
Consolidated total assets | 343,290 | 309,009 |
Conventional Tanker [Member] | ||
Segment Reporting Information [Line Items] | ||
Consolidated total assets | $ 14,552 | $ 63,900 |
Long-Term Debt - Long-Term Debt
Long-Term Debt - Long-Term Debt (Detail) - USD ($) $ in Thousands | Jun. 30, 2016 | Dec. 31, 2015 |
Debt Instrument [Line Items] | ||
Total principal | $ 3,299,113 | $ 3,426,568 |
Less unamortized discount and debt issuance costs | (57,882) | (62,694) |
Total debt | 3,241,231 | 3,363,874 |
Less current portion | (574,575) | (485,069) |
Long-term portion | 2,666,656 | 2,878,805 |
U.S. Dollar-denominated Revolving Credit Facilities due through 2019 [Member] | ||
Debt Instrument [Line Items] | ||
Total principal | 343,429 | 429,279 |
Norwegian Kroner Bonds due through 2019 [Member] | ||
Debt Instrument [Line Items] | ||
Total principal | 286,966 | 327,941 |
U.S. Dollar-denominated Term Loans due through 2018 [Member] | ||
Debt Instrument [Line Items] | ||
Total principal | 120,809 | 129,133 |
Total debt | 120,800 | |
U.S. Dollar denominated Term Loans due through 2028 [Member] | ||
Debt Instrument [Line Items] | ||
Total principal | 2,073,070 | 2,037,766 |
Total debt | 2,100,000 | |
U.S. Dollar Non-Public Bond due through 2024 [Member] | ||
Debt Instrument [Line Items] | ||
Total principal | 174,839 | 202,449 |
U.S. Dollar Bonds due through 2019 [Member] | ||
Debt Instrument [Line Items] | ||
Total principal | $ 300,000 | $ 300,000 |
Long-Term Debt - Additional Inf
Long-Term Debt - Additional Information - Revolvers (Detail) | 6 Months Ended | |
Jun. 30, 2016USD ($)VesselCreditFacility | Dec. 31, 2015USD ($) | |
Debt Instrument [Line Items] | ||
Amount reduced under revolving credit facilities, remainder of 2016 | $ 197,900,000 | |
Amount reduced under revolving credit facilities, 2017 | 640,200,000 | |
Amount reduced under revolving credit facilities, 2018 | 623,500,000 | |
Amount reduced under revolving credit facilities, 2019 | 755,300,000 | |
Amount reduced under revolving credit facilities, 2020 | $ 264,800,000 | |
Revolving Credit Facility [Member] | ||
Debt Instrument [Line Items] | ||
Number of long-term revolving credit facilities | CreditFacility | 5 | |
Revolving credit facilities borrowing capacity | $ 383,400,000 | |
Line of Credit Facility, Remaining Borrowing Capacity | 40,000,000 | |
Amount reduced under revolving credit facilities, remainder of 2016 | 58,300,000 | |
Amount reduced under revolving credit facilities, 2017 | 166,700,000 | |
Amount reduced under revolving credit facilities, 2018 | 115,400,000 | |
Amount reduced under revolving credit facilities, 2019 | $ 43,000,000 | |
Debt instrument collateral, description | The revolving credit facilities are collateralized by first-priority mortgages granted on 21 of the Partnership's vessels, together with other related security. | |
Revolving Credit Facility [Member] | Guaranteed by Partnership and Subsidiaries [Member] | ||
Debt Instrument [Line Items] | ||
Number of long-term revolving credit facilities | CreditFacility | 4 | |
Minimum liquidity required by revolving credit facility covenants descriptions | Four of the revolving credit facilities are guaranteed by the Partnership and certain of its subsidiaries for all outstanding amounts and contain covenants that require the Partnership to maintain the greater of a minimum liquidity (cash, cash equivalents and undrawn committed revolving credit lines with at least six months to maturity) of at least $75.0 million and 5.0% of the Partnership's total consolidated debt. | |
Minimum level of free cash be maintained as per loan agreements | $ 75,000,000 | |
Long-term line of credit, noncurrent | $ 324,100,000 | |
Revolving Credit Facility [Member] | Guaranteed by Partnership and Subsidiaries [Member] | Minimum [Member] | ||
Debt Instrument [Line Items] | ||
Free liquidity and undrawn revolving credit line as percentage of debt | 5.00% | |
Revolving Credit Facility [Member] | Guaranteed by Teekay Corporation [Member] | ||
Debt Instrument [Line Items] | ||
Number of long-term revolving credit facilities | CreditFacility | 1 | |
Minimum liquidity required by revolving credit facility covenants descriptions | Two revolving credit facilities are guaranteed by Teekay Corporation and contain covenants that require Teekay Corporation to maintain the greater of a minimum liquidity (cash and cash equivalents) of at least $50.0 million and 5.0% of Teekay Corporation's total consolidated debt which has recourse to Teekay Corporation. | |
Minimum level of free cash be maintained as per loan agreements | $ 50,000,000 | |
Long-term line of credit, noncurrent | $ 19,300,000 | |
Revolving Credit Facility [Member] | Guaranteed by Teekay Corporation [Member] | Minimum [Member] | ||
Debt Instrument [Line Items] | ||
Free liquidity and undrawn revolving credit line as percentage of debt | 5.00% | |
Equipment [Member] | Revolving Credit Facility [Member] | ||
Debt Instrument [Line Items] | ||
Number of vessels | Vessel | 21 |
Long-Term Debt - Additional I42
Long-Term Debt - Additional Information - NOK Bonds (Detail) $ in Thousands, NOK in Millions | 1 Months Ended | 6 Months Ended | |||||
Jan. 31, 2016tranche | Jan. 31, 2013NOKtranche | Jun. 30, 2016USD ($) | Jun. 30, 2016NOK | Dec. 31, 2015USD ($) | Jan. 31, 2014NOK | Jan. 31, 2012NOK | |
Debt Instrument [Line Items] | |||||||
Long-term debt, gross | $ | $ 3,299,113 | $ 3,426,568 | |||||
Norwegian Kroner Bond Due In January 2019 [Member] | |||||||
Debt Instrument [Line Items] | |||||||
Senior unsecured bonds issued | $ | $ 119,600 | ||||||
Norwegian Kroner Bond Due In January 2019 [Member] | NIBOR Loan [Member] | |||||||
Debt Instrument [Line Items] | |||||||
Senior unsecured bonds issued | NOK 1,000 | ||||||
Marginal rate added for interest paid | 4.25% | ||||||
Norwegian Kroner Bond issued January 2013 [Member] | |||||||
Debt Instrument [Line Items] | |||||||
Senior unsecured bonds issued | NOK 1,300 | ||||||
Number of tranches | tranche | 1 | 2 | |||||
Norwegian Kroner Bond due in January 2016 [Member] | NIBOR Loan [Member] | |||||||
Debt Instrument [Line Items] | |||||||
Senior unsecured bonds issued | NOK 500 | ||||||
Realized transaction gain (loss) | $ | $ 32,600 | ||||||
Norwegian Kroner Bonds due January 2018 [Member] | NIBOR Loan [Member] | |||||||
Debt Instrument [Line Items] | |||||||
Senior unsecured bonds issued | NOK 800 | ||||||
Marginal rate added for interest paid | 4.75% | ||||||
Norwegian Kroner Bond Due In December 2018 [Member] | |||||||
Debt Instrument [Line Items] | |||||||
Senior unsecured bonds issued | $ | $ 95,700 | ||||||
Norwegian Kroner Bond Issued January 2012 [Member] | NIBOR Loan [Member] | |||||||
Debt Instrument [Line Items] | |||||||
Marginal rate added for interest paid | 5.75% | ||||||
Reference rate for the variable rate of the debt instrument | NIBOR | ||||||
Norwegian Kroner Bond due in January 2017 [Member] | NIBOR Loan [Member] | |||||||
Debt Instrument [Line Items] | |||||||
Senior unsecured bonds issued | NOK 600 | ||||||
Norwegian Kroner Bond Due In November 2018 [Member] | |||||||
Debt Instrument [Line Items] | |||||||
Senior unsecured bonds issued | $ | $ 71,700 | ||||||
Interest Rate Swap [Member] | NIBOR Loan [Member] | |||||||
Debt Instrument [Line Items] | |||||||
Realized transaction gain (loss) | $ | $ (32,600) | ||||||
Interest Rate Swap [Member] | Norwegian Kroner Bond Due In January 2019 [Member] | |||||||
Debt Instrument [Line Items] | |||||||
Fixed Interest Rate | 7.45% | 7.45% | |||||
Debt instrument transfer of principal amount | $ | $ 162,200 | ||||||
Interest Rate Swap [Member] | Norwegian Kroner Bonds due January 2018 [Member] | |||||||
Debt Instrument [Line Items] | |||||||
Debt instrument transfer of principal amount | $ | $ 28,700 | ||||||
Interest Rate Swap [Member] | Norwegian Kroner Bond Due In December 2018 [Member] | |||||||
Debt Instrument [Line Items] | |||||||
Fixed Interest Rate | 7.58% | 7.58% | |||||
Debt instrument transfer of principal amount | $ | $ 118,300 | ||||||
Interest Rate Swap [Member] | Norwegian Kroner Bond Due In October 2016 [Member] | |||||||
Debt Instrument [Line Items] | |||||||
Debt instrument transfer of principal amount | 30,400 | NOK 180 | |||||
Interest Rate Swap [Member] | Norwegian Kroner Bond Due In October 2017 [Member] | |||||||
Debt Instrument [Line Items] | |||||||
Debt instrument transfer of principal amount | $ 30,400 | NOK 180 | |||||
Interest Rate Swap [Member] | Norwegian Kroner Bond Due In November 2018 [Member] | |||||||
Debt Instrument [Line Items] | |||||||
Fixed Interest Rate | 8.84% | 8.84% | |||||
Debt instrument transfer of principal amount | $ 41,800 | NOK 247 | |||||
Norwegian Kroner Bond Amendment [Member] | |||||||
Debt Instrument [Line Items] | |||||||
Marginal rate added for interest paid | 5.75% | ||||||
Norwegian Kroner Bond Amendment [Member] | Norwegian Kroner Bonds due January 2018 [Member] | NIBOR Loan [Member] | |||||||
Debt Instrument [Line Items] | |||||||
Senior unsecured bonds issued | 160 | ||||||
Norwegian Kroner Bond Amendment [Member] | Norwegian Kroner Bond Due In December 2018 [Member] | NIBOR Loan [Member] | |||||||
Debt Instrument [Line Items] | |||||||
Senior unsecured bonds issued | 640 | ||||||
Long-term debt, gross | 659 | ||||||
Norwegian Kroner Bond Amendment [Member] | Norwegian Kroner Bond Due In October 2016 [Member] | NIBOR Loan [Member] | |||||||
Debt Instrument [Line Items] | |||||||
Senior unsecured bonds issued | 180 | ||||||
Norwegian Kroner Bond Amendment [Member] | Norwegian Kroner Bond Due In October 2017 [Member] | NIBOR Loan [Member] | |||||||
Debt Instrument [Line Items] | |||||||
Senior unsecured bonds issued | 180 | ||||||
Norwegian Kroner Bond Amendment [Member] | Norwegian Kroner Bond Due In November 2018 [Member] | NIBOR Loan [Member] | |||||||
Debt Instrument [Line Items] | |||||||
Senior unsecured bonds issued | NOK 240 | ||||||
Maximum [Member] | Norwegian Kroner Bond Amendment [Member] | Norwegian Kroner Bond Due In December 2018 [Member] | NIBOR Loan [Member] | |||||||
Debt Instrument [Line Items] | |||||||
Repayment price, percentage | 103.00% | ||||||
Maximum [Member] | Norwegian Kroner Bond Amendment [Member] | Norwegian Kroner Bond Due In November 2018 [Member] | NIBOR Loan [Member] | |||||||
Debt Instrument [Line Items] | |||||||
Repayment price, percentage | 103.00% | ||||||
Minimum [Member] | Norwegian Kroner Bond Amendment [Member] | Norwegian Kroner Bond Due In December 2018 [Member] | NIBOR Loan [Member] | |||||||
Debt Instrument [Line Items] | |||||||
Repayment price, percentage | 101.00% | ||||||
Minimum [Member] | Norwegian Kroner Bond Amendment [Member] | Norwegian Kroner Bond Due In November 2018 [Member] | NIBOR Loan [Member] | |||||||
Debt Instrument [Line Items] | |||||||
Repayment price, percentage | 101.00% |
Long-Term Debt - Additional I43
Long-Term Debt - Additional Information - USD Term Loans (Detail) | 6 Months Ended | ||
Jun. 30, 2016USD ($)Subsidiary | Dec. 31, 2015USD ($) | Feb. 28, 2015USD ($) | |
Debt Instrument [Line Items] | |||
Number of subsidiaries with outstanding term loans guaranteed | Subsidiary | 3 | ||
Partnership's interest owned in subsidiaries | 50.00% | ||
Carrying amount of debt | $ 3,241,231,000 | $ 3,363,874,000 | |
U.S. Dollar-denominated Term Loans due through 2018 [Member] | |||
Debt Instrument [Line Items] | |||
Carrying amount of debt | $ 120,800,000 | ||
Debt instrument collateral, description | These term loans are collateralized by first-priority mortgages on the three shuttle tankers to which the loans relate, together with other related security. | ||
Frequency of paying U.S. Dollar-denominated Term Loans | Quarterly and semi-annual payments | ||
U.S. Dollar-denominated Term Loans due through 2018 [Member] | Guarantee of Indebtedness of Others [Member] | |||
Debt Instrument [Line Items] | |||
Partnership's interest owned in subsidiaries | 50.00% | ||
Guaranteed term loans | $ 28,500,000 | ||
U.S. Dollar-denominated Term Loans due through 2018 [Member] | Guarantee of Indebtedness of Others [Member] | Corporate Joint Venture [Member] | |||
Debt Instrument [Line Items] | |||
Guaranteed term loans | 60,400,000 | ||
U.S. Dollar-denominated Term Loans due through 2018 [Member] | Guarantee of Indebtedness of Others [Member] | Teekay Corporation [Member] | |||
Debt Instrument [Line Items] | |||
Guaranteed term loans | $ 31,900,000 | ||
U.S. Dollar-denominated Term Loans due through 2018 [Member] | Guarantee of Indebtedness of Others [Member] | Partnership [Member] | |||
Debt Instrument [Line Items] | |||
Number of subsidiaries with outstanding term loans guaranteed | Subsidiary | 2 | ||
U.S. Dollar denominated Term Loans due through 2028 [Member] | |||
Debt Instrument [Line Items] | |||
Carrying amount of debt | $ 2,100,000,000 | ||
U.S. Dollar denominated Term Loans due through 2028 [Member] | Guarantee of Indebtedness of Others [Member] | |||
Debt Instrument [Line Items] | |||
Guaranteed term loans | $ 1,800,000,000 | ||
U.S. Dollar-denominated Term Loans due through 2025 [Member] | |||
Debt Instrument [Line Items] | |||
Debt instrument collateral, description | These term loans have varying maturities through 2025 and are collateralized by first-priority mortgages on the vessels to which the loans relate, together with other related security. | ||
Frequency of paying U.S. Dollar-denominated Term Loans | Quarterly or semi-annual payments | ||
U.S. Dollar-denominated Term Loans due through 2025 [Member] | Guarantee of Indebtedness of Others [Member] | Teekay Corporation [Member] | |||
Debt Instrument [Line Items] | |||
Guaranteed term loans | $ 282,600,000 | ||
Term Loans Due 2022 [Member] | |||
Debt Instrument [Line Items] | |||
Final bullet payments | 29,000,000 | ||
U.S. Dollar-denominated Term Loans due through 2023 [Member] | |||
Debt Instrument [Line Items] | |||
Final bullet payments | 29,100,000 | ||
Senior bonds mature in June 2024 [Member] | |||
Debt Instrument [Line Items] | |||
Carrying amount of debt | $ 25,400,000 | ||
Debt instrument collateral, description | The bonds are collateralized by first-priority mortgage on the Dampier Spirit FSO unit to which the bonds relate, together with other related security. | ||
Fixed interest rate of bonds | 4.27% | ||
Senior bonds issued face amount | $ 30,000,000 |
Long-Term Debt - Additional I44
Long-Term Debt - Additional Information - Senior unsecured bonds (Detail) $ in Thousands | 1 Months Ended | 3 Months Ended | 6 Months Ended | |
May 31, 2014USD ($) | Nov. 30, 2013USD ($) | Jun. 30, 2016USD ($)Vessel | Dec. 31, 2015USD ($) | |
Debt Instrument [Line Items] | ||||
Carrying amount of debt | $ 3,241,231 | $ 3,363,874 | ||
US Dollar Bonds Due in 2019 [Member] | ||||
Debt Instrument [Line Items] | ||||
Senior unsecured bonds issued | $ 300,000 | 300,000 | ||
Debt instrument, term | 5 years | |||
Fixed interest rate of bonds | 6.00% | |||
Ten Year Senior Unsecured Bonds [Member] | ||||
Debt Instrument [Line Items] | ||||
Senior unsecured bonds issued | $ 174,200 | $ 149,400 | ||
Debt instrument, term | 10 years | |||
Fixed interest rate of bonds | 4.96% | |||
Number of vessels | Vessel | 2 | |||
Debt instrument collateral, description | The bonds are collateralized by first-priority mortgages on the two vessels to which the bonds relate, together with other related security. | |||
Frequency of paying U.S. Dollar-denominated Term Loans | Semi-annual repayments | |||
ALP Maritime Services B.V. [Member] | ||||
Debt Instrument [Line Items] | ||||
Fixed interest rate of bonds | 2.93% | |||
Carrying amount of debt | $ 37,700 |
Long-Term Debt - Additional I45
Long-Term Debt - Additional Information - Other (Detail) $ in Millions | Jun. 30, 2016USD ($)CreditFacility | Dec. 31, 2015 |
Debt Instrument [Line Items] | ||
Weighted-average effective interest rate | 3.40% | 3.20% |
Aggregate principal repayments, remainder of 2016 | $ 197.9 | |
Aggregate principal repayments, 2017 | 640.2 | |
Aggregate principal repayments, 2018 | 623.5 | |
Aggregate principal repayments, 2019 | 755.3 | |
Aggregate principal repayments, 2020 | 264.8 | |
Aggregate principal repayments, thereafter | 817.4 | |
Revolving Credit Facility [Member] | ||
Debt Instrument [Line Items] | ||
Aggregate principal repayments, remainder of 2016 | 58.3 | |
Aggregate principal repayments, 2017 | 166.7 | |
Aggregate principal repayments, 2018 | 115.4 | |
Aggregate principal repayments, 2019 | $ 43 | |
Number of credit facilities | CreditFacility | 5 | |
Collateralized Debt Obligations [Member] | Revolving Credit Facility [Member] | ||
Debt Instrument [Line Items] | ||
Number of credit facilities | CreditFacility | 2 | |
Number of credit facilities undrawn | CreditFacility | 1 | |
Collateralized Debt Obligations [Member] | Term loans [Member] | ||
Debt Instrument [Line Items] | ||
Number of credit facilities | CreditFacility | 5 | |
Number of credit facilities undrawn | CreditFacility | 1 | |
Interest Rate Swap [Member] | ||
Debt Instrument [Line Items] | ||
Lower range of credit facility margin | 0.30% | 0.30% |
Higher range of credit facility margin | 4.00% | 4.00% |
Minimum [Member] | Line of Credit One [Member] | Collateralized Debt Obligations [Member] | Term loans [Member] | ||
Debt Instrument [Line Items] | ||
Asset value to outstanding drawn principal balance ratio | 113.00% | |
Vessel values to drawn principal balance ratios | 125.00% | |
Maximum [Member] | Line of Credit One [Member] | Collateralized Debt Obligations [Member] | Term loans [Member] | ||
Debt Instrument [Line Items] | ||
Asset value to outstanding drawn principal balance ratio | 125.00% | |
Vessel values to drawn principal balance ratios | 195.00% |
Restructuring Charge - Addition
Restructuring Charge - Additional Information (Details) - FPSO Segment [Member] $ in Millions | 3 Months Ended |
Jun. 30, 2016USD ($) | |
Restructuring Cost and Reserve [Line Items] | |
Restructuring charges | $ 1.5 |
Expected restructuring cost | 2.4 |
Restructuring reserve | $ 1.5 |
Related Party Transactions an47
Related Party Transactions and Balances - Additional Information (Detail) $ in Thousands | Jul. 01, 2015USD ($) | Mar. 31, 2016USD ($) | Jun. 30, 2016USD ($)Vessel | May 31, 2016USD ($) | Dec. 31, 2015USD ($) |
Related Party Transaction [Line Items] | |||||
Early termination fee received | $ 4,000 | ||||
Due from affiliates | $ 74,806 | $ 81,271 | |||
Due to affiliates | 297,400 | $ 304,600 | |||
Conventional Tanker [Member] | |||||
Related Party Transaction [Line Items] | |||||
Early termination fee received | 4,000 | ||||
Randgrid shuttle tanker [Member] | |||||
Related Party Transaction [Line Items] | |||||
Shipbuilding and supervision costs | $ 10,200 | ||||
Affiliated Entity [Member] | Shuttle Tanker [Member] | |||||
Related Party Transaction [Line Items] | |||||
Number of vessels | Vessel | 2 | ||||
Affiliated Entity [Member] | FSO Segment [Member] | |||||
Related Party Transaction [Line Items] | |||||
Number of vessels | Vessel | 3 | ||||
Affiliated Entity [Member] | Conventional Tanker [Member] | |||||
Related Party Transaction [Line Items] | |||||
Number of vessels | Vessel | 1 | ||||
Six Month Loan [Member] | |||||
Related Party Transaction [Line Items] | |||||
Related parties, note payable | $ 100,000 | ||||
Interest rate, percentage | 10.00% | ||||
Subordinated promissory note [Member] | |||||
Related Party Transaction [Line Items] | |||||
Subordinated debt | $ 200,000 | ||||
Interest rate, percentage | 10.00% | ||||
Petrojarl Knarr Fpso [Member] | Affiliated Entity [Member] | |||||
Related Party Transaction [Line Items] | |||||
Percentage of ownership in acquired entity after acquisition | 100.00% | ||||
Entity acquired, purchase price | $ 529,400 | ||||
Petrojarl Knarr Fpso [Member] | Convertible promissory note [Member] | |||||
Related Party Transaction [Line Items] | |||||
Interest rate, percentage | 6.50% | ||||
Outstanding principal balance of convertible debt | $ 100,000 | ||||
Cash [Member] | Subordinated promissory note [Member] | |||||
Related Party Transaction [Line Items] | |||||
Interest rate, percentage | 5.00% | ||||
Cash Equivalents [Member] | Subordinated promissory note [Member] | |||||
Related Party Transaction [Line Items] | |||||
Interest rate, percentage | 5.00% | ||||
Financial Guarantee [Member] | |||||
Related Party Transaction [Line Items] | |||||
Maximum exposure | $ 495,000 |
Related Party Transactions an48
Related Party Transactions and Balances - Revenues (Expenses) from Related Party Transactions (Detail) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2016 | Jun. 30, 2015 | Jun. 30, 2016 | Jun. 30, 2015 | |
Related Party Transaction [Line Items] | ||||
Revenues | $ 10,129 | $ 17,490 | $ 24,918 | $ 34,819 |
Vessel operating expenses | (8,726) | (10,412) | (18,062) | (19,850) |
General and administrative | (5,805) | (8,235) | (15,348) | (16,062) |
Interest expense | (4,226) | $ (112) | (8,482) | $ (223) |
Convertible promissory note [Member] | Petrojarl Knarr Fpso [Member] | ||||
Related Party Transaction [Line Items] | ||||
Interest expense | $ (1,600) | $ (3,200) | ||
Interest rate, percentage | 6.50% | 6.50% | ||
Outstanding principal balance of convertible debt | $ 100,000 | $ 100,000 | ||
Six Month Loan [Member] | ||||
Related Party Transaction [Line Items] | ||||
Interest expense | (2,500) | (5,000) | ||
Related parties, note payable | $ 100,000 | $ 100,000 | ||
Interest rate, percentage | 10.00% | 10.00% |
Derivative Instruments and He49
Derivative Instruments and Hedging Activities - Foreign Currency Forward Contracts (Detail) - Foreign currency forward contracts [Member] $ in Thousands | Jun. 30, 2016USD ($) | Jun. 30, 2016NOK | Jun. 30, 2016EUR (€) | Jun. 30, 2016SGD |
Derivative [Line Items] | ||||
Fair Value / Carrying Amount of Asset (Liability) Non-hedge | $ (2,195) | |||
Expected Maturity Next Fiscal Year | 43,762 | |||
Expected Maturity Fiscal Year Two | 28,569 | |||
Norwegian Kroner [Member] | ||||
Derivative [Line Items] | ||||
Contract Amount in Foreign Currency | NOK | NOK 422,500,000 | |||
Fair Value / Carrying Amount of Asset (Liability) Non-hedge | $ (2,302) | |||
Average Forward Rate | 8 | 8 | 8 | 8 |
Expected Maturity Next Fiscal Year | $ 24,284 | |||
Expected Maturity Fiscal Year Two | 28,569 | |||
Euro [Member] | ||||
Derivative [Line Items] | ||||
Contract Amount in Foreign Currency | € | € 4,500,000 | |||
Fair Value / Carrying Amount of Asset (Liability) Non-hedge | $ 124 | |||
Average Forward Rate | 0.92 | 0.92 | 0.92 | 0.92 |
Expected Maturity Next Fiscal Year | $ 4,886 | |||
Singapore Dollars [Member] | ||||
Derivative [Line Items] | ||||
Contract Amount in Foreign Currency | SGD | SGD 19,637,000 | |||
Fair Value / Carrying Amount of Asset (Liability) Non-hedge | $ (17) | |||
Average Forward Rate | 1.35 | 1.35 | 1.35 | 1.35 |
Expected Maturity Next Fiscal Year | $ 14,592 |
Derivative Instruments and He50
Derivative Instruments and Hedging Activities - Summary of Cross Currency Swaps (Detail) NOK in Thousands | 6 Months Ended | |
Jun. 30, 2016USD ($) | Jun. 30, 2016NOK | |
Cross currency swaps agreements [Member] | ||
Derivative [Line Items] | ||
Fair Value / Carrying Amount of Asset (Liability) | $ (144,607,000) | |
Cross currency swaps agreements [Member] | Maturing In January Two Thousand Seventeen [Member] | ||
Derivative [Line Items] | ||
Notional Amount | $ 101,351,000 | NOK 600,000 |
Floating Rate Receivable Reference Rate | NIBOR | |
Floating Rate Receivable Reference Margin | 5.75% | 5.75% |
Fixed Interest Rate | 8.84% | 8.84% |
Fair Value / Carrying Amount of Asset (Liability) | $ (34,817,000) | |
Remaining Term (years) | 2 years 4 months 26 days | |
Cross currency swaps agreements [Member] | Maturing In January Two Thousand Sixteen [Member] | ||
Derivative [Line Items] | ||
Notional Amount | $ 143,536,000 | NOK 800,000 |
Floating Rate Receivable Reference Rate | NIBOR | |
Floating Rate Receivable Reference Margin | 5.75% | 5.75% |
Fixed Interest Rate | 7.58% | 7.58% |
Fair Value / Carrying Amount of Asset (Liability) | $ (55,132,000) | |
Remaining Term (years) | 2 years 6 months | |
Cross currency swaps agreements [Member] | Maturing In January Two Thousand Nineteen [Member] | ||
Derivative [Line Items] | ||
Notional Amount | $ 162,200,000 | NOK 1,000,000 |
Floating Rate Receivable Reference Rate | NIBOR | |
Floating Rate Receivable Reference Margin | 4.25% | 4.25% |
Fixed Interest Rate | 7.45% | 7.45% |
Fair Value / Carrying Amount of Asset (Liability) | $ (54,658,000) | |
Remaining Term (years) | 2 years 7 months 6 days | |
Foreign currency contracts [Member] | Maturing In January Two Thousand Seventeen [Member] | ||
Derivative [Line Items] | ||
Notional Amount | $ 1,200,000 | NOK 7,200 |
Debt instrument, premium, percent | 3.00% | 3.00% |
Foreign currency contracts [Member] | Maturing In January Two Thousand Sixteen [Member] | ||
Derivative [Line Items] | ||
Notional Amount | $ 3,400,000 | NOK 19,200 |
Debt instrument, premium, percent | 3.00% | 3.00% |
Derivative Instruments and He51
Derivative Instruments and Hedging Activities - Interest Rate Swap Agreements (Detail) - USD ($) | 6 Months Ended | |
Jun. 30, 2016 | Dec. 31, 2015 | |
Interest Rate Swap [Member] | ||
Derivative [Line Items] | ||
Notional Amount | $ 2,224,729,000 | |
Fair Value / Carrying Amount of Assets (Liability) | $ (338,447,000) | |
Lower range of credit facility margin | 0.30% | 0.30% |
Higher range of credit facility margin | 4.00% | 4.00% |
Interest Rate Swap Agreements One [Member] | ||
Derivative [Line Items] | ||
Interest Rate Index | LIBOR | |
Notional Amount | $ 950,000,000 | |
Fair Value / Carrying Amount of Assets (Liability) | $ (225,288,000) | |
Weighted-Average Remaining Term (years) | 5 years 4 months 26 days | |
Fixed Interest Rate | 4.00% | |
Interest Rate Swap Agreements Two [Member] | ||
Derivative [Line Items] | ||
Interest Rate Index | LIBOR | |
Notional Amount | $ 1,229,401,000 | |
Fair Value / Carrying Amount of Assets (Liability) | $ (110,646,000) | |
Weighted-Average Remaining Term (years) | 5 years 1 month | |
Fixed Interest Rate | 2.70% | |
Interest Rate Swap Agreements Three [Member] | ||
Derivative [Line Items] | ||
Interest Rate Index | LIBOR | |
Notional Amount | $ 45,328,000 | |
Fair Value / Carrying Amount of Assets (Liability) | $ (2,513,000) | |
Weighted-Average Remaining Term (years) | 12 years | |
Fixed Interest Rate | 2.50% |
Derivative Instruments and He52
Derivative Instruments and Hedging Activities - Effective Portion of Gains (Losses) on Interest Rate Swap Agreements (Detail) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2016 | Jun. 30, 2015 | Jun. 30, 2016 | Jun. 30, 2015 | |
Derivative [Line Items] | ||||
Effective Portion Recognized in AOCI | $ (1,322) | $ 0 | $ (4,510) | $ 0 |
Effective Portion Reclassified from AOCI | 0 | 0 | 0 | 0 |
Ineffective Portion | 807 | 0 | 858 | 0 |
Interest Expense [Member] | ||||
Derivative [Line Items] | ||||
Effective Portion Recognized in AOCI | (1,322) | 0 | (4,510) | 0 |
Effective Portion Reclassified from AOCI | 0 | 0 | 0 | 0 |
Ineffective Portion | $ 807 | $ 0 | $ 858 | $ 0 |
Derivative Instruments and He53
Derivative Instruments and Hedging Activities - Additional Information (Detail) - Interest rate swaps and cross currency swaps [Member] - USD ($) $ in Millions | Jun. 30, 2016 | Dec. 31, 2015 |
Derivative Instruments, Gain (Loss) [Line Items] | ||
Aggregate fair value liability | $ 369.9 | $ 360.6 |
Restricted cash | $ 28.5 | $ 60.5 |
Derivative Instruments and He54
Derivative Instruments and Hedging Activities - Location and Fair Value Amounts of Assets (Liabilities) of Partnership's Derivative Instruments (Detail) - USD ($) $ in Thousands | Jun. 30, 2016 | Dec. 31, 2015 |
Derivatives, Fair Value [Line Items] | ||
Other Current Assets | $ 21,309 | $ 20,490 |
Other Assets | 95,917 | 82,341 |
Accrued Liabilities | (138,896) | (91,065) |
Current Portion of Derivative Liabilities | (63,924) | (201,456) |
Derivative Liabilities | (413,063) | (221,329) |
Derivative Financial Instruments, Liabilities [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Accrued Liabilities | (8,833) | (10,023) |
Current Portion of Derivative Liabilities | (63,924) | (201,456) |
Derivative Liabilities | (413,063) | (221,329) |
Derivative Financial Instruments, Liabilities [Member] | Foreign currency contracts [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Current Portion of Derivative Liabilities | (2,746) | (10,266) |
Derivative Liabilities | (20) | (1,323) |
Derivative Financial Instruments, Liabilities [Member] | Cross currency swap [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Accrued Liabilities | (1,948) | (2,196) |
Current Portion of Derivative Liabilities | (19,985) | (42,878) |
Derivative Liabilities | (122,674) | (138,253) |
Derivative Financial Instruments, Liabilities [Member] | Interest Rate Swap [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Accrued Liabilities | (6,885) | (7,827) |
Current Portion of Derivative Liabilities | (41,193) | (148,312) |
Derivative Liabilities | (290,369) | (81,753) |
Derivative Financial Instruments, Assets [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Other Current Assets | 318 | 80 |
Other Assets | 253 | 1,894 |
Derivative Financial Instruments, Assets [Member] | Foreign currency contracts [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Other Current Assets | 318 | 80 |
Other Assets | $ 253 | |
Derivative Financial Instruments, Assets [Member] | Interest Rate Swap [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Other Assets | $ 1,894 |
Derivative Instruments and He55
Derivative Instruments and Hedging Activities - Effect of Losses on Derivatives (Detail) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2016 | Jun. 30, 2015 | Jun. 30, 2016 | Jun. 30, 2015 | |
Realized (losses) gains relating to: | ||||
Unrealized Gain (Loss) on Derivatives | $ (51,094) | $ 2,589 | ||
Unrealized gains (losses) relating to: | ||||
Total realized and unrealized gains (losses) on derivative instruments | $ (62,037) | $ 49,729 | (122,527) | (13,079) |
Not Designated as Hedging Instrument [Member] | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Gain (Loss) on Sale of Derivatives | (15,202) | (18,672) | (32,102) | (35,344) |
Realized (losses) gains relating to: | ||||
Unrealized Gain (Loss) on Derivatives | (46,835) | 68,401 | (90,425) | 22,265 |
Unrealized gains (losses) relating to: | ||||
Total realized and unrealized gains (losses) on derivative instruments | (62,037) | 49,729 | (122,527) | (13,079) |
Not Designated as Hedging Instrument [Member] | Interest Rate Swap [Member] | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Gain (Loss) on Sale of Derivatives | (13,515) | (16,101) | (27,482) | (29,520) |
Realized (losses) gains relating to: | ||||
Unrealized Gain (Loss) on Derivatives | (47,818) | 62,188 | (99,739) | 21,148 |
Not Designated as Hedging Instrument [Member] | Foreign currency forward contracts [Member] | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Gain (Loss) on Sale of Derivatives | (1,687) | (2,571) | (4,620) | (5,824) |
Realized (losses) gains relating to: | ||||
Unrealized Gain (Loss) on Derivatives | $ 983 | $ 6,213 | $ 9,314 | $ 1,117 |
Derivative Instruments and He56
Derivative Instruments and Hedging Activities - Effect of Gain (Loss) on Cross Currency Swaps on Consolidated Statements of Income (Loss) (Detail) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2016 | Jun. 30, 2015 | Jun. 30, 2016 | Jun. 30, 2015 | |
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Total realized and unrealized gains (losses) on derivative instruments | $ (62,037) | $ 49,729 | $ (122,527) | $ (13,079) |
Foreign Exchange and Other Derivative Financial Instruments [Member] | Cross currency swaps agreements [Member] | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Realized losses | (2,671) | (1,953) | (37,947) | (4,333) |
Unrealized (losses) gains | (14,422) | 12,525 | 38,473 | (19,676) |
Total realized and unrealized gains (losses) on derivative instruments | $ (17,093) | $ 10,572 | $ 526 | $ (24,009) |
Income Taxes - Components of Pr
Income Taxes - Components of Provision for Income Taxes (Detail) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2016 | Jun. 30, 2015 | Jun. 30, 2016 | Jun. 30, 2015 | |
Income Tax Disclosure [Abstract] | ||||
Current | $ (459) | $ (271) | $ (1,162) | $ (627) |
Deferred | 1,897 | 382 | 5,436 | 817 |
Income tax expense | $ 1,438 | $ 111 | $ 4,274 | $ 190 |
Commitments and Contingencies -
Commitments and Contingencies - Additional Information - Randgrid (Detail) | Jun. 30, 2016 |
Randgrid shuttle tanker [Member] | |
Loss Contingencies [Line Items] | |
Percentage of ownership by non-controlling owners | 33.00% |
Commitments and Contingencies59
Commitments and Contingencies - Additional Information - Statoil (Detail) $ in Thousands | 1 Months Ended | 6 Months Ended | |
May 31, 2013USD ($)ExtensionOptions | Jun. 30, 2016USD ($) | Dec. 31, 2015USD ($) | |
Loss Contingencies [Line Items] | |||
Payments made towards commitments | $ 37,619 | $ 34,027 | |
Randgrid shuttle tanker [Member] | |||
Loss Contingencies [Line Items] | |||
Percentage of currently owned interest | 67.00% | ||
Estimated cost of project | $ 295,000 | ||
Prepaid Expense | $ 195,400 | ||
Operating lease arrangement period, lessor | 3 years | ||
Additional term of contract | 1 year | ||
Number of extension options | ExtensionOptions | 12 | ||
Payments due in the remainder of 2015 | $ 88,100 | ||
Payments due in the year 2016 | 11,300 | ||
Long-term Debt Financing Secured in December 2015 [Member] | Randgrid shuttle tanker [Member] | |||
Loss Contingencies [Line Items] | |||
Loan facility | 230,000 | ||
Undrawn borrowing capacity | $ 65,500 |
Commitments and Contingencies60
Commitments and Contingencies - Additional Information - ALP (Detail) $ in Thousands | 1 Months Ended | |||
Mar. 31, 2014USD ($)Vessel | Jun. 30, 2016USD ($) | Dec. 31, 2015USD ($) | Jul. 31, 2015USD ($) | |
Loss Contingencies [Line Items] | ||||
Payments made towards commitments | $ 37,619 | $ 34,027 | ||
ALP Maritime Services B.V. [Member] | ||||
Loss Contingencies [Line Items] | ||||
Percentage of noncontrolling interest acquired | 100.00% | |||
Expected cost of new buildings | $ 216,000 | |||
Prepaid Expense | 129,600 | |||
Payments due in the remainder of 2015 | 53,100 | |||
Payments due in the year 2016 | 33,700 | |||
ALP Maritime Services B.V. [Member] | Newbuildings [Member] | ||||
Loss Contingencies [Line Items] | ||||
Number of vessels | Vessel | 4 | |||
Secured long-term debt financing | $ 185,000 | |||
Undrawn borrowing capacity | $ 109,000 |
Commitments and Contingencies61
Commitments and Contingencies - Additional Information - Logitel (Detail) $ in Thousands | 1 Months Ended | 3 Months Ended | 6 Months Ended | |||||
Aug. 31, 2014MaintenanceAndSafety | Jun. 30, 2016USD ($) | Jun. 30, 2015USD ($) | Jun. 30, 2016USD ($) | Jun. 30, 2015USD ($) | Feb. 29, 2016USD ($)hull | Dec. 31, 2015USD ($) | Aug. 11, 2014 | |
Loss Contingencies [Line Items] | ||||||||
(Write down) and gain on sale of vessel | $ (43,650) | $ (500) | $ (43,650) | $ (14,353) | ||||
Payments made towards commitments | 37,619 | 37,619 | $ 34,027 | |||||
UMS Segment [Member] | ||||||||
Loss Contingencies [Line Items] | ||||||||
(Write down) and gain on sale of vessel | (43,650) | $ (500) | (43,650) | $ (500) | ||||
Reversed contingent liabilities | 14,549 | 14,500 | ||||||
Logitel Offshore Holding [Member] | ||||||||
Loss Contingencies [Line Items] | ||||||||
Percentage of noncontrolling interest acquired | 100.00% | 100.00% | ||||||
Number of units for maintenance safety | MaintenanceAndSafety | 3 | |||||||
Sevan Marine ASA [Member] | Logitel Offshore Holding [Member] | ||||||||
Loss Contingencies [Line Items] | ||||||||
Number of hulls to be converted | hull | 2 | |||||||
Loan facility | $ 60,000 | |||||||
Sevan and Cosco [Member] | ||||||||
Loss Contingencies [Line Items] | ||||||||
Loss contingency accrual | 58,000 | 58,000 | ||||||
Vendor Credit Loan [Member] | Sevan Marine ASA [Member] | Logitel Offshore Holding [Member] | ||||||||
Loss Contingencies [Line Items] | ||||||||
Loan facility | 41,000 | |||||||
Cash Loan [Member] | Sevan Marine ASA [Member] | Logitel Offshore Holding [Member] | ||||||||
Loss Contingencies [Line Items] | ||||||||
Loan facility | $ 19,000 | |||||||
Stavanger Spirit [Member] | ||||||||
Loss Contingencies [Line Items] | ||||||||
Estimate of damages, maximum | 170,000 | 170,000 | ||||||
Nantong Spirit [Member] | ||||||||
Loss Contingencies [Line Items] | ||||||||
Estimate of damages, maximum | 40,000 | 40,000 | ||||||
Estimate of damages, minimum | $ 10,000 | $ 10,000 |
Commitments and Contingencies62
Commitments and Contingencies - Additional Information - Odebrecht (Detail) - USD ($) $ in Thousands | 1 Months Ended | 6 Months Ended | ||
Oct. 31, 2014 | Jun. 30, 2016 | Dec. 31, 2015 | Jul. 31, 2015 | |
Loss Contingencies [Line Items] | ||||
Payments made towards commitments | $ 37,619 | $ 34,027 | ||
Odebrecht Oil And Gas Sa [Member] | ||||
Loss Contingencies [Line Items] | ||||
Percentage of interest in joint venture arrangement | 50.00% | |||
Operating lease arrangement period, lessor | 12 years | |||
Estimated cost of project | $ 1,000,000 | |||
Prepaid Expense | $ 390,200 | |||
Purchase obligation due (remainder of 2015) | 415,500 | |||
Purchase obligation due in 2016 | 198,900 | |||
Secured long-term debt financing | $ 230,000 | $ 804,000 |
Commitments and Contingencies63
Commitments and Contingencies - Additional Information - Petrojarl I (Detail) - USD ($) $ in Thousands | 1 Months Ended | 6 Months Ended | |
Dec. 31, 2014 | Jun. 30, 2016 | Dec. 31, 2015 | |
Loss Contingencies [Line Items] | |||
Payments made towards commitments | $ 37,619 | $ 34,027 | |
Petrojarl I FPSO [Member] | |||
Loss Contingencies [Line Items] | |||
Business acquisition, purchase price | $ 57,000 | ||
Estimated cost of project | $ 325,000 | ||
Operating lease arrangement period, lessor | 5 years | ||
Prepaid Expense | $ 199,100 | ||
Purchase obligation due (remainder of 2015) | 87,100 | ||
Purchase obligation due in 2016 | 38,800 | ||
Secured long-term loan | 180,000 | ||
Undrawn borrowing capacity | $ 26,500 |
Commitments and Contingencies64
Commitments and Contingencies - Additional Information - Shuttle Tankers (Detail) - Shuttle Tanker [Member] $ in Millions | 1 Months Ended | 3 Months Ended | 6 Months Ended |
Jun. 30, 2015Vessel | Sep. 30, 2015Vessel | Jun. 30, 2016USD ($)Vessel | |
Loss Contingencies [Line Items] | |||
Operating lease arrangement period, lessor | 15 years | ||
Number of vessels | Vessel | 3 | 1 | |
Estimated cost of project | $ 368 | ||
Payments made towards commitments | 46.7 | ||
Purchase obligation due (remainder of 2015) | 34.1 | ||
Purchase obligation due in 2016 | 219 | ||
Purchase obligation due in 2017 | 68.6 | ||
Purchase obligation due in 2018 | $ 250 | ||
Newbuildings [Member] | |||
Loss Contingencies [Line Items] | |||
Number of vessels | Vessel | 3 |
Commitments and Contingencies65
Commitments and Contingencies - Additional Information - Petrobras (Details) - FPSO Segment [Member] - Petrobras [Member] $ in Millions | 1 Months Ended |
Mar. 31, 2016USD ($) | |
Loss Contingencies [Line Items] | |
Percentage of rate reduction claim | 2.00% |
Estimated claim | $ 7.5 |
Return of 2% of Charter Hire Charter Hire Previously Paid [Member] | |
Loss Contingencies [Line Items] | |
Estimated claim | 5 |
2% Reduction of Future Charter Hire [Member] | |
Loss Contingencies [Line Items] | |
Estimated claim | $ 2.5 |
Total Capital and Net Income 66
Total Capital and Net Income Per Common Unit - Additional Information (Detail) | Jun. 29, 2016 | Jun. 30, 2016 |
Limited Partners' Capital Account [Line Items] | ||
Percentage of limited partner units outstanding held by public | 72.20% | |
General partner's interest | 2.00% | |
Series D Preferred Stock [Member] | ||
Limited Partners' Capital Account [Line Items] | ||
Preferred units dividend rate | 10.50% | |
Series D Preferred Stock [Member] | Teekay Corporation [Member] | ||
Limited Partners' Capital Account [Line Items] | ||
Percentage of units owned | 26.00% |
Total Capital and Net Income 67
Total Capital and Net Income Per Common Unit - Additional Information - Common Units (Details) shares in Millions, $ in Millions | 1 Months Ended |
Jun. 30, 2016USD ($)shares | |
Limited Partners' Capital Account [Line Items] | |
Proceeds from issuance of common limited partners units | $ | $ 99.5 |
General partner's interest | 2.00% |
Common Units [Member] | |
Limited Partners' Capital Account [Line Items] | |
Proceeds from equity offerings, net of offering costs (note 12), units | shares | 22 |
Total Capital and Net Income 68
Total Capital and Net Income Per Common Unit - Additional Information - Series C Preferred Units and Series C-1 Preferred Units (Details) - USD ($) $ / shares in Units, $ in Thousands | 1 Months Ended | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2016 | Jul. 31, 2015 | Jun. 30, 2016 | Jun. 30, 2015 | Jun. 30, 2016 | Jun. 30, 2015 | |
Limited Partners' Capital Account [Line Items] | ||||||
Exchange of Convertible Preferred Units (note 12) | $ 20,644 | |||||
Common Units [Member] | ||||||
Limited Partners' Capital Account [Line Items] | ||||||
Public offering made by Partnership | 22,000,000 | |||||
Conversion of Convertible Preferred Units, units | 1,900,000 | |||||
Inducement Premium on Series C Preferred Units Conversion [Member] | ||||||
Limited Partners' Capital Account [Line Items] | ||||||
Conversion of Convertible Preferred Units, units | 6,400,000 | |||||
Conversion of convertible preferred units | $ 37,700 | |||||
Series C Preferred Stock [Member] | ||||||
Limited Partners' Capital Account [Line Items] | ||||||
Public offering made by Partnership | 10,400,000 | |||||
Preferred units dividend rate | 8.60% | |||||
Contributed capital | $ 249,800 | |||||
Conversion period | 18 months | |||||
Shares issued upon conversion | 1 | |||||
Period for optional conversion to common units | 3 years | |||||
Volume weighted average price of common units, percent of issuance price | 150.00% | |||||
Series C Preferred Stock [Member] | Induced Exchange of Series C Preferred Units [Member] | ||||||
Limited Partners' Capital Account [Line Items] | ||||||
Shares converted | 1,900,000 | |||||
Series C Preferred Stock [Member] | Extinguishment of Series C Preferred Units [Member] | ||||||
Limited Partners' Capital Account [Line Items] | ||||||
Shares converted | 8,500,000 | |||||
Series C-1 Preferred Units [Member] | ||||||
Limited Partners' Capital Account [Line Items] | ||||||
Shares issued upon conversion | 1.474 | 1.474 | 1.474 | |||
Period for optional conversion to common units | 3 years | |||||
Volume weighted average price of common units, percent of issuance price | 150.00% | |||||
Conversion of Convertible Preferred Units, units | 8,500,000 | |||||
Issuance price (usd per share) | $ 16.25 | |||||
Dividend payment terms, discount on 10 days trading volume weighted average price, percent | 2.00% | |||||
Limited Partner [Member] | ||||||
Limited Partners' Capital Account [Line Items] | ||||||
Conversion of convertible preferred units | $ 36,960 | $ 0 | $ 36,960 | $ 0 | ||
Exchange of Convertible Preferred Units (note 12) | $ 20,231 | $ 0 | $ 20,231 | $ 0 | ||
Limited Partner [Member] | Common Units [Member] | ||||||
Limited Partners' Capital Account [Line Items] | ||||||
Public offering made by Partnership | 21,978,000 | |||||
Conversion of Convertible Preferred Units, units | 8,324,000 |
Total Capital and Net Income 69
Total Capital and Net Income Per Common Unit - Additional Information - Series D Preferred Units and Detachable Warrants (Details) - USD ($) $ / shares in Units, $ in Thousands | Jun. 29, 2016 | Jun. 30, 2016 | Jun. 30, 2015 | Dec. 31, 2015 |
Limited Partners' Capital Account [Line Items] | ||||
Proceeds from issuance or sale of equity | $ 100,000 | |||
Proceeds from issuance or sale of equity, net of offering costs | 97,200 | |||
Stock issuance costs | $ 2,800 | $ 5,601 | $ 4,187 | |
Warrants outstanding | 6,750,000 | 0 | ||
The Warrants [Member] | ||||
Limited Partners' Capital Account [Line Items] | ||||
Warrants, term | 7 years | |||
Period after which warrants are exercisable | 6 months | |||
The $4.55 Warrants [Member] | ||||
Limited Partners' Capital Account [Line Items] | ||||
Exercise price of warrants | $ 4.55 | |||
Proceeds from issuance or sale of equity, net of offering costs | $ 9,500 | |||
Warrants outstanding | 4,500,000 | |||
The $6.05 Warrants [Member] | ||||
Limited Partners' Capital Account [Line Items] | ||||
Exercise price of warrants | $ 6.05 | |||
Exercise premium | 33.00% | |||
Proceeds from issuance or sale of equity, net of offering costs | $ 4,300 | |||
Warrants outstanding | 2,250,000 | |||
Series D Preferred Stock [Member] | ||||
Limited Partners' Capital Account [Line Items] | ||||
Proceeds from equity offerings, net of offering costs (note 12), units | 4,000,000 | |||
Preferred units dividend rate | 10.50% | |||
Proceeds from issuance or sale of equity, net of offering costs | $ 83,500 | |||
Dividend payment terms, discount on 10 days trading volume weighted average price, percent | 4.00% | |||
Liquidation preference per share | $ 25 | |||
Redemption period one | 5 years | |||
Premium to liquidation value in redemption period one, percent | 10.00% | |||
Premium to liquidation value in redemption period two, percent | 5.00% | |||
Redemption period two | 6 years | |||
Redemption price per share | $ 4 | |||
Percent of common units purchased to trigger a change of control event | 90.00% | |||
Change of control premium to liquidation preference in year one, percent | 25.00% | |||
Annual decrease to change of control premium to liquidation preference, percent | 5.00% | |||
Change of control premium to liquidation preference in year five and thereafter, percent | 5.00% | |||
Preferred stock redemption discount | $ 16,500 | |||
Redemption period | 5 years |
Total Capital and Net Income 70
Total Capital and Net Income Per Common Unit - Additional Information - Net (Loss) Income Per Common Unit (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2016 | Jun. 30, 2015 | Jun. 30, 2016 | Jun. 30, 2015 | |
Earning Per Share [Line Items] | ||||
Limited partners' interest in net (loss) income | $ (110,679) | $ 93,282 | $ (125,536) | $ 69,573 |
Limited partners' interest in deemed dividend on exchange of Series C Preferred Units | 20,644 | |||
Limited partners' interest in net (loss) income for basic and diluted net (loss) income per common unit | $ (127,408) | $ 93,282 | $ (142,265) | $ 69,573 |
Weighted average number of common units | 107,794,323 | 92,413,598 | 107,424,853 | 92,402,772 |
Dilutive effect of unit based compensation | 0 | 43,882 | 0 | 67,828 |
Common units and common unit equivalents | 107,794,323 | 92,457,480 | 107,424,853 | 92,470,600 |
Limited partner's interest in net (loss) income per common unit | ||||
- basic (usd per share) | $ (1.18) | $ 1.01 | $ (1.32) | $ 0.75 |
- diluted (usd per share) | $ (1.18) | $ 1.01 | $ (1.32) | $ 0.75 |
Distributions payable and paid on the preferred units | $ 10,314 | $ 2,719 | $ 21,064 | $ 5,438 |
Antidilutive securities excluded from computation of earnings per share, units | 42,600,000 | 0 | ||
Below cash distribution per unit | $ 0.35 | $ 0.35 | ||
Exceeded cash distributions per unit | $ 0.4025 | $ 0.4025 | ||
Limited Partner [Member] | ||||
Earning Per Share [Line Items] | ||||
Limited partners' interest in additional consideration for induced conversion of Series C Preferred Units | $ (36,960) | $ 0 | $ (36,960) | $ 0 |
Limited partners' interest in deemed dividend on exchange of Series C Preferred Units | $ 20,231 | $ 0 | $ 20,231 | $ 0 |
Unit Based Compensation - Addit
Unit Based Compensation - Additional Information (Detail) - USD ($) $ in Thousands | 1 Months Ended | 3 Months Ended | 6 Months Ended | ||||
Mar. 31, 2016 | Mar. 31, 2015 | Jun. 30, 2016 | Jun. 30, 2015 | Jun. 30, 2016 | Jun. 30, 2015 | Dec. 31, 2015 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||
Cash settled restricted unit-based compensation awards | $ 138,896 | $ 138,896 | $ 91,065 | ||||
Director [Member] | |||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||
Common units, granted | 76,084 | ||||||
Common units aggregate value, granted | $ 300 | ||||||
Restricted Unit-based Compensation Awards [Member] | |||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||
Common units aggregate value, granted | $ 2,300 | $ 2,100 | |||||
Common units, granted | 599,479 | 102,834 | |||||
Share-based Compensation Arrangement by Share-based Payment Award, Description | Each award represents the specified number of the Partnership’s common units plus reinvested distributions from the grant date to the vesting date. | ||||||
Vesting period from grant date | 3 years | ||||||
Common units, vested | 76,637 | 48,488 | |||||
Common units, value | $ 2,000 | $ 1,500 | |||||
Common units issued to grantees | 25,286 | 12,612 | |||||
Amount paid to grantees in cash | $ 200 | $ 500 | |||||
Restricted stock or unit expense | 200 | $ 200 | 1,600 | $ 1,300 | |||
Cash settled restricted unit-based compensation awards | 1,100 | 1,100 | $ 400 | ||||
Non-vested awards not yet recognized | $ 1,900 | $ 1,900 | |||||
Expected weighted average period of non-vested awards not yet recognized | 1 year 3 months 18 days |
(Write-down) and Gain on Sale72
(Write-down) and Gain on Sale of Vessels and Vessel Held for Sale - Additional Information (Detail) | 1 Months Ended | 3 Months Ended | 6 Months Ended | |||
Mar. 31, 2016USD ($) | Jun. 30, 2016USD ($)Vessel | Jun. 30, 2015USD ($) | Jun. 30, 2016USD ($)Vessel | Jun. 30, 2015USD ($) | Dec. 31, 2015USD ($) | |
Property, Plant and Equipment [Line Items] | ||||||
Property, plant and equipment, net | $ 4,178,593,000 | $ 4,178,593,000 | $ 4,348,535,000 | |||
Write down and gain (loss) on sale of vessels | (43,650,000) | $ (500,000) | (43,650,000) | $ (14,353,000) | ||
Early termination fee received | $ 4,000,000 | |||||
Proceeds from sale of vessels | 55,450,000 | 8,918,000 | ||||
Charter contract period | 3 years | |||||
Charter contract extension, period | 1 year | |||||
UMS Segment [Member] | ||||||
Property, Plant and Equipment [Line Items] | ||||||
Write down and gain (loss) on sale of vessels | $ (43,650,000) | (500,000) | (43,650,000) | (500,000) | ||
UMS Segment [Member] | Impaired Asset [Member] | ||||||
Property, Plant and Equipment [Line Items] | ||||||
Number of vessels | Vessel | 2 | |||||
Property, plant and equipment, net | $ 0 | 0 | ||||
Shuttle Tanker [Member] | ||||||
Property, Plant and Equipment [Line Items] | ||||||
Write down and gain (loss) on sale of vessels | $ 0 | $ 0 | $ 0 | $ (13,853,000) | ||
1992-built shuttle tankers [Member] | ||||||
Property, Plant and Equipment [Line Items] | ||||||
Write down and gain (loss) on sale of vessels, description | During the six months ended June 30, 2015, the carrying value of one of the Partnership’s 1992-built shuttle tankers was written down to its estimated fair value, using an appraised value. The write down was a result of the expected sale of the vessel. | |||||
Write down and gain (loss) on sale of vessels | $ (1,700,000) | |||||
Proceeds from sale of vessels | $ 5,000,000 | |||||
2004-built conventional tanker [Member] | ||||||
Property, Plant and Equipment [Line Items] | ||||||
Proceeds from sale of vessels | $ 26,700,000 | |||||
2003-built conventional tanker [Member] | ||||||
Property, Plant and Equipment [Line Items] | ||||||
Proceeds from sale of vessels | $ 23,700,000 | |||||
One Vessel [Member] | ||||||
Property, Plant and Equipment [Line Items] | ||||||
Charter contract period | 2 years | |||||
1999-built shuttle tankers [Member] | ||||||
Property, Plant and Equipment [Line Items] | ||||||
Write down and gain (loss) on sale of vessels, description | During the six months ended June 30, 2015, the carrying value of one of the Partnership’s 1999-built shuttle tankers was written down to its estimated fair value, using an appraised value. The write down was a result of a recent change in the operating plan of the vessel. | |||||
Write down and gain (loss) on sale of vessels | $ (13,800,000) | |||||
1999-built shuttle tankers [Member] | Shuttle Tanker [Member] | Impaired Asset [Member] | Cost Approach Valuation Technique [Member] | ||||||
Property, Plant and Equipment [Line Items] | ||||||
Number of vessels | Vessel | 1 | |||||
1997-built shuttle tankers [Member] | ||||||
Property, Plant and Equipment [Line Items] | ||||||
Write down and gain (loss) on sale of vessels | $ 1,600,000 | |||||
Proceeds from sale of vessels | $ 8,600,000 |
Investment in Equity Accounte73
Investment in Equity Accounted Joint Ventures and Advances to Joint Venture - Additional Information (Detail) - USD ($) | 1 Months Ended | 12 Months Ended | ||||
Jun. 30, 2013 | Dec. 31, 2015 | Jun. 30, 2016 | Jul. 31, 2015 | Dec. 31, 2014 | Oct. 31, 2014 | |
Schedule of Equity Method Investments [Line Items] | ||||||
Investment in equity accounted joint ventures | $ 77,647,000 | $ 120,415,000 | ||||
OOG-TKP FPSO GmbH & Co KG [Member] | ||||||
Schedule of Equity Method Investments [Line Items] | ||||||
Debt instrument, term | 8 years | |||||
Loan facility | $ 300,000,000 | |||||
Secured long-term debt financing | 212,000,000 | |||||
Minimum [Member] | OOG-TKP FPSO GmbH & Co KG [Member] | ||||||
Schedule of Equity Method Investments [Line Items] | ||||||
Marginal rate added for interest paid | 2.15% | |||||
Maximum [Member] | OOG-TKP FPSO GmbH & Co KG [Member] | ||||||
Schedule of Equity Method Investments [Line Items] | ||||||
Marginal rate added for interest paid | 2.45% | |||||
Libra JV [Member] | ||||||
Schedule of Equity Method Investments [Line Items] | ||||||
Loan facility | $ 804,000,000 | |||||
Loan facility, maturity date | Oct. 29, 2027 | |||||
Percentage guaranteed, loan facility | 50.00% | |||||
Advances to joint venture | $ 5,200,000 | |||||
Libra JV [Member] | Minimum [Member] | ||||||
Schedule of Equity Method Investments [Line Items] | ||||||
Marginal rate added for interest paid | 2.50% | |||||
Libra JV [Member] | Maximum [Member] | ||||||
Schedule of Equity Method Investments [Line Items] | ||||||
Marginal rate added for interest paid | 2.65% | |||||
Odebrecht Oil And Gas Sa [Member] | ||||||
Schedule of Equity Method Investments [Line Items] | ||||||
Percentage of interest in joint venture | 50.00% | |||||
Secured long-term debt financing | 230,000,000 | $ 804,000,000 | ||||
Odebrecht Oil And Gas Sa [Member] | FPSO Units [Member] | Teekay Corporation [Member] | ||||||
Schedule of Equity Method Investments [Line Items] | ||||||
Percentage of interest in joint venture | 50.00% | |||||
Odebrecht Oil And Gas Sa [Member] | Minimum [Member] | ||||||
Schedule of Equity Method Investments [Line Items] | ||||||
Debt instrument, term | 10 years | |||||
Interest Rate Swap [Member] | ||||||
Schedule of Equity Method Investments [Line Items] | ||||||
Notional Amount | $ 2,224,729,000 | |||||
Designated as Hedging Instrument [Member] | Cash Flow Hedging [Member] | Interest Rate Swap [Member] | Libra JV [Member] | ||||||
Schedule of Equity Method Investments [Line Items] | ||||||
Derivative, term of contract | 10 years | |||||
Notional Amount | $ 301,000,000 | |||||
Fixed Interest Rate | 2.49% | |||||
Not Designated as Hedging Instrument [Member] | Cash Flow Hedging [Member] | Interest Rate Swap [Member] | OOG-TKP FPSO GmbH & Co KG [Member] | ||||||
Schedule of Equity Method Investments [Line Items] | ||||||
Derivative, term of contract | 10 years | |||||
Notional Amount | $ 95,000,000 | |||||
Fixed Interest Rate | 2.63% |