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March 18 - 20 , 2013
CMA Conference
NYSE: TK 2 www.teekay.com
This presentation contains forward-looking statements (as defined in Section 21E of the Securities Exchange Act of 1934, as
amended) which reflect management’s current views with respect to certain future events and performance, including
statements regarding: the estimated cost and timing of delivery of FPSO, shuttle tanker, LNG and LPG newbuildings, including
the Petrojarl Knarr FPSO and the two fuel-saving LNG carriers, the commencement of associated time-charter contracts and the
effect on the Company’s future operating results; the timing of completion of repairs and field re-installation for the Petrojarl Banff
FPSO; the timing, certainty and costs of Teekay Offshore’s acquisition of the HiLoad DP unit from Remora and Teekay Parent’s
investment in Remora, and the effect of these acquisitions on the Company’s future cash flows; the estimated timing of
commencement of new charter contracts upon delivery of FPSO and shuttle tanker newbuildings; the timing and certainty of
securing long-term employment for the two LNG carrier newbuildings; the timing of field installation for the Voyageur Spirit FPSO
and of the sale of the Voyageur Spirit FPSO from Sevan to Teekay Parent and then to Teekay Offshore; expected timing of
redeliveries of vessels chartered-in by Teekay Parent; the timing, certainty and effect on Teekay Parent’s balance sheet and
liquidity from distribution growth from daughter subsidiaries and proceeds from sale of warehoused assets; and the Company’s
future capital expenditure commitments and the debt financings that the Company expects to obtain for its remaining unfinanced
capital expenditure commitments. The following factors are among those that could cause actual results to differ materially from
the forward-looking statements, which involve risks and uncertainties, and that should be considered in evaluating any such
statement: changes in production of or demand for oil, petroleum products, LNG and LPG, either generally or in particular
regions; greater or less than anticipated levels of tanker newbuilding orders or greater or less than anticipated rates of tanker
scrapping; changes in trading patterns significantly affecting overall vessel tonnage requirements; changes in applicable industry
laws and regulations and the timing of implementation of new laws and regulations; changes in the typical seasonal variations in
tanker charter rates; changes in the offshore production of oil or demand for shuttle tankers, FSOs and FPSOs; decreases in oil
production by or increased operating expenses for FPSO units; trends in prevailing charter rates for shuttle tanker and FPSO
contract renewals; the potential for early termination of long-term contracts and inability of the Company to renew or replace
long-term contracts or complete existing contract negotiations; the inability to negotiate new contracts on the two LNG carrier
newbuildings or the HiLoad DP unit to be acquired from Remora; changes affecting the offshore tanker market; shipyard
production or vessel conversion delays and cost overruns; delays in commencement of operations of FPSO units at designated
fields; changes in the Company’s expenses; the Company’s future capital expenditure requirements and the inability to secure
financing for such requirements; the inability of the Company to complete vessel sale transactions to its public company
subsidiaries or to third parties; conditions in the United States capital markets; and other factors discussed in Teekay’s filings
from time to time with the SEC, including its Report on Form 20-F for the fiscal year ended December 31, 2011. The Company
expressly disclaims any obligation or undertaking to release publicly any updates or revisions to any forward-looking statements
contained herein to reflect any change in the Company’s expectations with respect thereto or any change in events, conditions
or circumstances on which any such statement is based.
Forward Looking Statements
NYSE: TK 3 www.teekay.com
OPERATIONAL
LEADERSHIP
NYSE: TK 4 www.teekay.com
Teekay is turning 40, what a great journey it‟s been…
Founded in 1973 as regional charterer
Evolved to tanker owner
Diversified into new segments
Created an innovative financial structure to raise capital & grow in assets
Today: $11b in assets,
170 vessels & a world leader in each of our segments
>
NYSE: TK
NYSE:
TGP NYSE:
TOO
NYSE:
TNK
PRODUCT TANKER
CRUDE TANKER
FPSO
FSO
LNG CARRIER
SHUTTLE TANKER
>
<
NYSE: TK 5 www.teekay.com
MOL NYK Teekay Golar MaranGas
BWGas
K Line
32 31 27
10 5 14 12
8 1 2
11 15
2
In Service On Order
11 14
9 9 5 4
4
2 1
1
In Service On Order
Teekay is a Leader in Each of its Business Segments
Operates Third Largest Independent Fleet in the World
Source: Clarkson Research Services, Platou, Company Websites, Industry Sources. 1 Aframax and Suezmax tankers. Includes vessels under commercial management. 2 Excludes one VLCC and six MR product tankers. 3 Includes shuttle tankers.
Controls More Than 50% of the World’s Fleet
Largest Operator of Shuttle Tankers
Leading Position in LNG Carriers
Leader in Harsh Weather Operations in the North Sea
Leading Position in Leased FPSOs
Transports Approximately 10% of the World’s Seaborne Oil3
Largest Operator of Mid-Size1 Conventional Tankers
Note: Excludes state & oil company fleets.
15
Teekay KnutsenNYK
Tranpetro Viken /PJMR
Lauritzen
33
18
2
3
4
4
7
5
In Service On Order37
22
9
40
32 29
21 20 16
12 51 65 65 59
40 26 22
32 2
3 2
Owned / Chartered-InCommercially ManagedOn Order
Teekay2 Heidmar
Pools SCF AET /
MISC
OSG
Pools
Stena
Sonangol Tsakos
83
67 65 59
40 29 24
14
11 10
5 5
SBM MODEC BW
Offshore
Teekay Bluewater Bumi
Armada
NYSE: TK 6 www.teekay.com
The Teekay Competitive Advantage
Market
Insight
Operational
Excellence
Strategic
Partnerships
Customer
Relationships
Business
Development
Financial
Expertise
Corporate
Governance
Engineering Project
Management
NYSE: TK 7 www.teekay.com
Organizational Alignment
NYSE: TK 8 www.teekay.com
PROJECT
DEVELOPER
NYSE: TK 9 www.teekay.com
$3.5 billion Invested in Gas and Offshore Projects Since 2011
Shuttle Tanker
Newbuildings Voyageur Spirit FPSO,
Upgrade
Establishment of Teekay
Marine Ltd.
Hummingbird Spirit FPSO,
Commercial Integration
Piranema Spirit FPSO,
Integration
Final Angola LNG
carrier delivered
Petrojarl Knarr FPSO,
Newbuilding
Petrojarl Banff FPSO,
Repair & Upgrade
Maersk LNG Joint
Venture
Cidade de Itajai FPSO
Conversion
Exmar LPG
Joint Venture LNG Newbuildings
NYSE: TK 10 www.teekay.com
Teekay Projects in Execution
2013
SHUTTLE
& FSO
4 BG Shuttle Tankers
Remora HiLoad DP Unit
Salamander FSO Project
TANKER VLCC Newbuilding
2014 2015/16
FPSO
Voyageur Spirit
Petrojarl I Redeployment
Petrojarl Banff Re-start
Petrojarl Knarr FPSO
Cidade de Itajai
GAS
4 Exmar LPG Newbuildings
2 LNG Newbuildings
4 Exmar LPG Newbuildings
NYSE: TK 11 www.teekay.com
LNG Newbuildings
• Recently ordered two 173,400 cbm LNG Carriers, with options to order up to
three additional vessels, from Daewoo Shipbuilding and Marine Engineering
(DSME) of South Korea
• Equipped with efficient M-type, Electronically Controlled, Gas Injection (MEGI)
twin engines
• TGP intends to secure long-term employment for both vessels prior to delivery in
early-2016
NYSE: TK 12 www.teekay.com
MEGI Engine Technology
Revolutionary technology
with MAN‟s MEGI engines:
○ Reducing fuel consumption by
up to 30% over current DFDE
engine technology
- Savings of $20,000 per day at
today’s fuel prices
○ Reducing operating costs
(OPEX) by 10% with fewer
cylinders
○ Patented sealed LNG
containment system allowing
flexible boil off management
and maximizing cargo
delivered
○ Reduced carbon emissions
NYSE: TK 13 www.teekay.com
• Complements TOO’s
market leading shuttle
tanker operations and
broadens offshore loading
service offering
• Alternative Offloading
solution, especially in long-
haul export markets with
benign sea conditions
• An additional channel for
future growth projects
○ Omnibus agreement will
provide right of first refusal
for TOO to acquire future
HiLoad DP units
Remora‟s HiLoad DP Unit Provides Strategic Benefits
NYSE: TK 14 www.teekay.com
• Charterer Petrobras
• First-Oil February, 2013
• Aframax conversion at Jurong
Shipyard, Singapore
• 50/50 Joint Venture with Brazil-
based Odebrecht
• Firm Contract Length: 9 years
• Extension Options: 6 x 1 years
• Designed Water Depth:
up to 1,000m
• Operating Depth: ~250m
• Processing Capacity: 80,000
bbls/d
• Storage Capacity: 650,000 bbls
• Tiro & Sidon fields on Block BM-
S-40, Santos Basin, offshore
Brazil
○ +150 million barrels of recoverable
oil
Petrojarl Cidade de Itajai FPSO
NYSE: TK 15 www.teekay.com
• Charterer BG Group
• Delivery Dates: ○ Hull 2037, Q2-2013
○ Hull 2038, Q2-2013
○ Hull 2039, Q3-2013
○ Hull 2040, Q4-2013
• Received commitments for long-
term financing for Hull 2037 and
Hull 2038
• Suezmax-sized DP2 shuttle
tankers
• Delivered Cost: ~$120m / vessel
• Being constructed at Samsung
Shipyard, South Korea
• Contract Length:
10 years plus 2 x 5-year options
• Will service BG’s pre-salt
requirements
Brazil Newbuildings Delivering for BG Contract in 2013
NYSE: TK 16 www.teekay.com
• Knarr FPSO is Teekay’s largest FPSO newbuilding project to date
○ Maximum design production capacity of 63,000 bbls/day
○ Currently under construction at the Samsung Heavy Industries yard in
South Korea
• Upon delivery, the Knarr FPSO will be employed on a 10-year
contract with BG on the Knarr oil and gas field in the North Sea
Knarr FPSO Project
NYSE: TK 17 www.teekay.com
Strategic Transaction with Sevan
• Teekay saw the current market need
○ Customers became increasingly accepting of
Sevan’s new technology
• Innovative technology could be applied to
multiple applications
• Teekay could offer customers both FPSO
solutions => increasing competitive position
• Teekay had immediate access to capital
required complete transaction:
○ Cash, PIPE investors and bridge-financing
• Ultimately, project execution provided value:
○ Voyageur Spirit conversion held to budget and
~$80 million liquidity uplift on sale to TOO
○ $25 million investment in Sevan up ~3x
NYSE: TK 18 www.teekay.com
ASSET
MANAGER
NYSE: TK 19 www.teekay.com
TEEKAY
OFFSHORE PARTNERS
• Execute on FPSO newbuilding projects currently warehoused by Teekay Parent
• Pursue redeployment opportunities for existing FPSOs and complete Banff FPSO repairs
• Enhance GP cash flows through dropdown of eligible FPSOs to Teekay Offshore and pursuit of
future Teekay LNG growth initiatives
• Complete implementation of previously announced cost saving initiatives
• Complete project financings and refinancings
• Continue focus on high HSEQ standards and strong operational KPIs across all fleets
2013 Priorities
TEEKAY
LNG PARTNERS
TEEKAY
TANKERS TEEKAY
TANKERS LTD.
TEEKAY CORPORATION (PARENT)
• Bid on point-to-point LNG
• Bid on FSRU projects
• Consider accretive on-the-
water asset acquisitions
• Deliver shuttle tanker
newbuildings in 2013
• Complete HiLoad DP
acquisition and capital
upgrades
• Bid on new FPSO and FSO
projects with post-2015
deliveries
• Consider investment in fuel-
efficient conventional tanker
newbuildings or acquisition of
quality on-the-water vessels.
NYSE: TK 20 www.teekay.com
Executing on Our Financial Strategy
Prudently Managing
Growth
Improving
Profitability
Accessing Multiple
Sources of Capital
• Reducing costs and adding profitable growth
• Expected to return to run-rate profitability in 2013
compared to a net loss of over $100 million in 2011
• Corporate structure provides financial flexibility
• Over $6.0 billion of debt and equity capital raised
during past 4 years
• Continuing to diversify sources of capital
• Teekay Parent on the path to being net debt free by
end-2014
• Disciplined approach to new investments
NYSE: TK 21 www.teekay.com
• On a Consolidated Basis, Teekay Corporation profitability is improving
• Expect to return to run-rate profitability in 2013, despite continued weakness
in spot tanker rates
Focus on Profitability is Achieving Results
1) Consolidated adjusted net income (loss) excludes gains and losses on vessel sales / write downs, unrealized gain / loss on derivatives and other Appendix A adjustments made from time to time. Please refer to Appendix A in Teekay
Corporation’s quarterly earnings releases for more detail.
Teekay Corporation Consolidated Adjusted Net Income (loss)1
Spot Tanker Rates 2010 2011 2012
Aframax $16,300 / day $13,000 / day $12,200 / day
Suezmax $22,500 / day $14,300 / day $17,100 / day
($140)
($120)
($100)
($80)
($60)
($40)
($20)
$0
2010 2011 2012
$ M
illi
on
s
Impact of Petrojarl Banff FPSO off-hire
NYSE: TK 22 www.teekay.com
$13.0 billion
* Pro forma for newbuildings to be delivered and the new LPG joint venture with Exmar, including newbuildings to be delivered.
Diversified Business Model
As at December 31, 2006 As at September 30, 2012 Pro forma*
$7.7 billion
Shuttle Tanker and FSO
18%
FPSO 30%
Liquefied Gas 33%
Fixed-Rate Conventional
Tanker 10%
Spot-Rate Conventional
Tanker 9%
Total Assets:
Shuttle Tanker and
FSO 24%
FPSO 24%
Liquified Gas 19%
Fixed-Rate Conventional Tanker
13%
Spot-Rate Conventional Tanker
20%
NYSE: TK 23 www.teekay.com
Current Sources
• Commercial Bank Debt
○ Expanded banking group
○ $200 million Corporate Revolver
secured by Daughter LP Units
• Export Credit Agency (ECA) Facilities
• U.S. Corporate Bonds
• Norwegian Kroner Bonds
○ TK, TGP and TOO
• Joint Venture Partners
• Daughter Company Equity
○ Overnights, PIPEs
Other Potential Sources
• Project Bonds
• Structured debt / equity instruments
Diversifying Sources of Capital
$2,624
$2,141
$450
$681
$186
Teekay Corporation Sources of Capital
(December 31, 2008 - Present) ($ millions)
Consolidated Total: $6.1 Billion
NYSE: TK 24 www.teekay.com
TEEKAY IS A PLAY ON THE
BUILD-OUT OF GLOBAL
ENERGY INFRASTRUCTURE
NYSE: TK 25 www.teekay.com
Global Energy Demand to Grow 40% by 2030
Source: BP
NYSE: TK 26 www.teekay.com
LNG
• LNG is the key to transitioning natural
gas from a regional to a global market
• Growth in LNG liquefaction,
transportation and regasification projects
• LNG is playing an increasing role in
many countries’ energy mix
Global Infrastructure Build-Out In Progress
0
10
20
30
40
50
200
0
200
1
200
2
200
3
200
4
200
5
200
6
200
7
200
8
200
9
201
0
201
1
201
8
LNG Import / Export Countries
Exporting Countries Importing Countries
Oil
• Remaining conventional land-based
crude increasingly controlled by
National Oil Companies
• Business of Independent Oil
Companies shifting to deepwater
offshore and unconventional crude
sources (i.e. oil sands, shale, heavy oil)
0
10
20
30
40
50
60
70
US
D B
illi
on
s
Deepwater Capex Forecast
Source: Clarksons / GIIGNL / JP Morgan Source: Douglas Westwood
NYSE: TK 27 www.teekay.com
OFFSHORE
NYSE: TK 28 www.teekay.com
• Decrease in total global and North Sea offshore oil production
• Continued increase in deepwater well supply
• Historic high rates of deepwater drilling will lead to FPSO and shuttle demand
in future years
• Trend towards deeper water suits FPSO and shuttle solutions
World Becoming More Reliant On Offshore Oil
World Offshore Crude Oil Production by Type and Region
Source: IEA World Energy Outlook, 2012
NYSE: TK 29 www.teekay.com
• Production lags exploration and drilling by roughly 10 years or more on the
Norwegian Continental Shelf (NCS)
• Increasing amount of drilling on the NCS suggests project pipeline for
FPSOs & FSOs should be strong in the long-term
Innovation and Increasing Oil Production
Source: Norwegian Petroleum Directorate, The Shelf in 2012
Mobile Drill Rigs on Norwegian Continental Shelf to 2017
NYSE: TK 30 www.teekay.com
• The number of projects which could require an FPSO has increased
significantly in the past five years
• Estimate of 18-26 FPSO orders per year over the next five years depending
on the global economy, oil demand and energy prices
• Operational and engineering expertise required to be successful in the
leased FPSO business creates a high barrier to entry
Strong Future Demand For FPSOs
0 50 100 150 200
Current
2011
2008
154
124
86
FPSOs in the Planning Stage
0
5
10
15
20
25
30
Avg.Orders per
year
Low Case Base Case High Case
15 18
22
26
FPSO Forecast (Next 5 Years)
Avg.
Orders
per year
Low
Case
Base
Case High
Case
Source: IMA
(2003 – 2012) Next 5 Years
NYSE: TK 31 www.teekay.com
GAS
NYSE: TK 32 www.teekay.com
• LNG supply expected to grow by 4.5% p.a. to 2030, more than twice
as fast as underlying global gas production (2.1% p.a.)
• Demand growth driven by the power generation sector with gas
displacing coal
• Non-OECD, led by China, accounts for the majority of demand
growth
• Worldwide build-out of a global LNG market requires significant
investment in infrastructure and logistics chain
LNG Shipping In The “Golden Age of Gas”
Upstream
Liquefaction
Plant
Floating
LNG
LNG
Carrier
FSRU
Regasification
Plant
End User
NYSE: TK 33 www.teekay.com
• LNG is a cornerstone of China’s energy mix
• Chinese LNG imports expected to double to ~25-30 million tonnes
(MT) by 2015
• Domestic gas shortfall prompting India to turn to LNG imports
• India planning to double regasification capacity by end-2015
LNG Demand Growth Primarily Driven By China and India
0
2
4
6
8
10
12
14
16
18
Current Secured by2016
MOU
Mil
lio
n T
on
ne
s
Chinese LNG Purchase Agreements
Australia
Qatar
Indonesia
Malaysia
PNG
Portfolio
0
5
10
15
20
25
30
35
40
2012 2013 2014 2015 2016
Mil
lio
n T
on
nes
Pe
r A
nn
um
Indian Regasification Capacity
Source: Thomson Reuters Source: Ambit Capital
NYSE: TK 34 www.teekay.com
• Australia expected to add ~80 MTPA of LNG supply by 2020
• Requirement for additional newbuildings to move new LNG volumes
Strong LNG Supply Growth Post-2015
Source: Internal Estimates / Clarksons
200
250
300
350
400
450
500
2012 2013 2014 2015 2016 2017 2018 2019 2020
Mil
lio
n T
on
ne
s P
er
An
nu
m (
MT
PA
)
LNG Capacity Additions By Region vs. LNG Carrier Orderbook
Others Russia Africa North America Australia Existing
170 MTPA by 2020 =
170 incremental LNG carriers
NYSE: TK 35 www.teekay.com
• 200+ MTPA of North American LNG export projects in the planning stage
○ Cheniere’s 18 MTPA Sabine Pass terminal the only project fully approved
• Every 10 MTPA moving USG to Asia creates demand for ~18-20 LNGCs
○ Versus ~7-8 LNGCs to move 10 MTPA from Australia to Asia
North American Exports Provide Upside
0 50 100 150 200 250 300 350 400 450
Proposed Projects
Under Construction
Existing Global LNG Capacity
Million Tonnes per Annum
Global LNG Production Capacity
North America Australia Qatar Rest of World
NYSE: TK 36 www.teekay.com
Looking to Take Advantage of Regional Pricing
Current Spot Natural Gas Prices
US Henry Hub
$3.19 / MMBtu
UK NBP
$10.36 / MMBtu
N.E. Asia LNG
$19.00 / MMBtu
$3-4 / MMBtu Henry Hub means US LNG can
be delivered into Asia for ~$7-10 / MMBtu
NYSE: TK 37 www.teekay.com
LNG Fleet Utilization Improves Post - 2015
• 78 LNG carriers due to deliver by end-2015
○ Little new LNG supply growth during this time; fleet utilization expected to fall
• New LNG supply post-2015 expected to create significant demand for
new vessels over and above the current orderbook
-80
-60
-40
-20
0
20
40
60
80
2012 2013 2014 2015 2016 2017
Nu
mb
er
of
Vessels
Source: Clarksons / Internal Estimates
Tonnage Supply / Demand Balance
Vessels on Order Vessel Demand Surplus / Deficit Total Surplus / Deficit
VESSEL SURPLUS
VESSEL DEFICIT
NYSE: TK 38 www.teekay.com
TANKERS
NYSE: TK 39 www.teekay.com
• Spot tanker rates have been below the long-term average since 2009
○ Aframax 2009-13 average of $14,300 / day vs. $23,500 / day long-term average
○ Suezmax 2009-13 average of $21,700 / day vs. $31,000 / day long-term average
Currently In 5th Year of Tanker Market Downturn
0
10
20
30
40
50
60
70
80
90
„00
0 U
SD
/ D
ay
Source: Clarksons
Aframax Spot Rates Suezmax Spot Rates VLCC Spot Rates
NYSE: TK 40 www.teekay.com
• 2012 / 13 projected to be the trough in terms of tanker fleet utilization / rates
• Improvement in rates from late 2013 / 2014 due to slowing fleet growth (sub-3% p.a.)
coupled with economic recovery, improved oil demand
• Pace of ordering is low and must remain low
• Aframax supply / demand outlook more balanced than other tanker segments
Gradual Recovery Starting Late 2013 / 2014
0%
1%
2%
3%
4%
5%
6%
7%
8%
76%
78%
80%
82%
84%
86%
88%
90%
92%Fleet Utilization Tanker Demand Growth Tanker Supply Growth
Note: Tanker Supply Growth for 2015 and 2016 are based on forecasted assumptions versus actual orders.
NYSE: TK 41 www.teekay.com
Shift in Global Refining Driving Long Haul LR2 Product
Tanker Demand
-0.6 mb/d
+2.9 mb/d
-0.4 mb/d
+1.9 mb/d
-0.3 mb/d
N. American refining capacity
remains flat as US East Coast /
Caribs closures are balanced by
expansion projects in US Gulf
Refinery capacity expansion
Refinery capacity contraction
Refinery Capacity Additions / Reductions 2012-17
+0.9 mb/d To Asia / Pacific
NYSE: TK 42 www.teekay.com