Document_and_Entity_Informatio
Document and Entity Information | 6 Months Ended |
Jun. 30, 2014 | |
Document And Entity Information [Abstract] | ' |
Document Type | '6-K |
Amendment Flag | 'false |
Document Period End Date | 30-Jun-14 |
Document Fiscal Year Focus | '2014 |
Document Fiscal Period Focus | 'Q2 |
Trading Symbol | 'TOO |
Entity Registrant Name | 'Teekay Offshore Partners L.P. |
Entity Central Index Key | '0001382298 |
Current Fiscal Year End Date | '--12-31 |
Unaudited_Consolidated_Stateme
Unaudited Consolidated Statements of (Loss) Income (USD $) | 3 Months Ended | 6 Months Ended | ||
In Thousands, except Share data, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 |
REVENUES (note 8) | $241,402 | $222,412 | $500,636 | $434,524 |
OPERATING EXPENSES | ' | ' | ' | ' |
Voyage expenses | 26,256 | 23,273 | 59,710 | 46,221 |
Vessel operating expenses (note 8) | 88,184 | 86,519 | 176,314 | 163,843 |
Time-charter hire expense | 4,975 | 14,093 | 16,387 | 28,870 |
Depreciation and amortization | 48,474 | 50,265 | 96,962 | 94,775 |
General and administrative (notes 8, 13 and 15) | 18,054 | 10,417 | 32,903 | 20,807 |
Restructuring (recovery) charge (note 7) | -821 | 1,395 | -262 | 2,054 |
Total operating expenses | 185,122 | 185,962 | 382,014 | 356,570 |
Income from vessel operations | 56,280 | 36,450 | 118,622 | 77,954 |
OTHER ITEMS | ' | ' | ' | ' |
Interest expense (notes 6 and 8) | -21,568 | -16,035 | -40,488 | -27,663 |
Interest income (note 8) | 190 | 1,465 | 367 | 1,660 |
Realized and unrealized (losses) gains on derivative instruments (note 9) | -38,144 | 33,901 | -74,776 | 32,824 |
Equity income | 2,388 | 1,598 | 6,091 | 1,598 |
Foreign currency exchange (loss) gain (note 9) | -2,836 | 3,555 | -3,611 | -83 |
Loss on bond repurchase (note 6) | ' | ' | ' | -1,759 |
Other income - net | 72 | 260 | 462 | 574 |
Total other items | -59,898 | 24,744 | -111,955 | 7,151 |
(Loss) income from continuing operations before income tax expense | -3,618 | 61,194 | 6,667 | 85,105 |
Income tax expense (note 10) | -182 | -456 | -1,445 | -222 |
Net (loss) income from continuing operations | -3,800 | 60,738 | 5,222 | 84,883 |
Net loss from discontinued operations (notes 8 and 14) | ' | -2,134 | ' | -4,309 |
Net (loss) income | -3,800 | 58,604 | 5,222 | 80,574 |
Non-controlling interests in net (loss) income | 1,654 | 3,274 | 3,333 | 5,051 |
Preferred unitholders' interest in net (loss) income (note 12) | 2,719 | 1,813 | 5,438 | 1,813 |
General Partner's interest in net (loss) income | 3,696 | 3,833 | 7,639 | 6,906 |
Limited partners' interest in net (loss) income from continuing operations per common unit - basic (note 12) | ($0.14) | $0.65 | ($0.13) | $0.89 |
Limited partners' interest in net (loss) income from continuing operations per common unit - diluted (note 12) | ($0.14) | $0.65 | ($0.13) | $0.89 |
Limited partners' interest in net loss from discontinued operations per common unit - basic (note 12) | ' | ($0.02) | ' | ($0.05) |
Limited partners' interest in net loss from discontinued operations per common unit - diluted (note 12) | ' | ($0.02) | ' | ($0.05) |
Limited partners' interest in net (loss) income | -11,869 | 51,909 | -11,188 | 69,029 |
Limited partners' interest in net (loss) income per common unit - basic (note 12) | ($0.14) | $0.63 | ($0.13) | $0.85 |
Limited partners' interest in net (loss) income per common unit - diluted (note 12) | ($0.14) | $0.63 | ($0.13) | $0.85 |
Weighted-average number of common units - basic | 85,529,102 | 82,726,359 | 85,492,401 | 81,423,123 |
Weighted-average number of common units - diluted | 85,529,102 | 82,742,751 | 85,492,401 | 81,432,027 |
Cash distributions declared per unit | $0.54 | $0.53 | $1.08 | $1.05 |
Continuing Operations [Member] | ' | ' | ' | ' |
OTHER ITEMS | ' | ' | ' | ' |
General Partner's interest in net (loss) income | 3,696 | 3,980 | 7,639 | 7,383 |
Limited partners' interest in net (loss) income | -11,869 | 53,896 | -11,188 | 72,861 |
Discontinued Operations [Member] | ' | ' | ' | ' |
REVENUES (note 8) | ' | 7,450 | ' | 19,760 |
OPERATING EXPENSES | ' | ' | ' | ' |
Voyage expenses | ' | -41 | ' | 237 |
Vessel operating expenses (note 8) | ' | 1,307 | ' | 3,098 |
Depreciation and amortization | ' | 397 | ' | 1,236 |
General and administrative (notes 8, 13 and 15) | ' | 99 | ' | 374 |
Total operating expenses | ' | 9,544 | ' | 23,974 |
Income from vessel operations | ' | -2,094 | ' | -4,214 |
OTHER ITEMS | ' | ' | ' | ' |
Interest expense (notes 6 and 8) | ' | -37 | ' | -89 |
Foreign currency exchange (loss) gain (note 9) | ' | -2 | ' | -4 |
Total other items | ' | -40 | ' | -95 |
Net loss from discontinued operations (notes 8 and 14) | ' | -2,134 | ' | -4,309 |
General Partner's interest in net (loss) income | ' | -147 | ' | -477 |
Limited partners' interest in net (loss) income | ' | -1,987 | ' | -3,832 |
Dropdown Predecessor [Member] | ' | ' | ' | ' |
OTHER ITEMS | ' | ' | ' | ' |
Net (loss) income | ' | ($2,225) | ' | ($2,225) |
Unaudited_Consolidated_Stateme1
Unaudited Consolidated Statements of Comprehensive (Loss) Income (USD $) | 3 Months Ended | 6 Months Ended | ||
In Thousands, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 |
Net (loss) income | ($3,800) | $58,604 | $5,222 | $80,574 |
Other comprehensive income: | ' | ' | ' | ' |
Unrealized net gain on qualifying cash flow hedging instruments | ' | ' | ' | 6 |
Realized net loss on qualifying cash flow hedging instruments | ' | ' | ' | 52 |
Other comprehensive income | ' | ' | ' | 58 |
Comprehensive (loss) income | -3,800 | 58,604 | 5,222 | 80,632 |
Non-controlling interests in comprehensive (loss) income | 1,654 | 3,274 | 3,333 | 5,051 |
General and limited partners' interest in comprehensive (loss) income | -8,173 | 55,742 | -3,549 | 75,993 |
Dropdown Predecessor [Member] | ' | ' | ' | ' |
Net (loss) income | ' | -2,225 | ' | -2,225 |
Preferred Units [Member] | ' | ' | ' | ' |
Net (loss) income | $2,719 | $1,813 | $5,438 | $1,813 |
Unaudited_Consolidated_Balance
Unaudited Consolidated Balance Sheets (USD $) | Jun. 30, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Current | ' | ' |
Cash and cash equivalents | $251,561 | $219,126 |
Accounts receivable, including non-trade of $42,823 (December 31, 2013 - $40,043) (notes 9 and 11a) | 153,226 | 176,265 |
Net investments in direct financing leases - current (note 4b) | 5,537 | 5,104 |
Prepaid expenses | 34,073 | 31,675 |
Due from affiliates (note 8b) | 55,843 | 15,202 |
Current portion of derivative instruments (note 9) | 712 | 500 |
Other current assets | 3,987 | 3,051 |
Total current assets | 504,939 | 450,923 |
Vessels and equipment | ' | ' |
At cost, less accumulated depreciation of $1,111,773 (December 31, 2013 - $1,016,812) | 2,931,060 | 3,059,770 |
Advances on newbuilding contracts and conversion costs (notes 11c, 11e and 15) | 114,087 | 29,812 |
Investment in equity accounted joint venture (note 8d) | 58,338 | 52,120 |
Net investments in direct financing leases (note 4b) | 73,909 | 22,463 |
Derivative instruments (note 9) | 5,743 | 10,323 |
Deferred tax asset | 8,106 | 7,854 |
Other assets | 45,723 | 35,272 |
Intangible assets - net | 8,423 | 10,436 |
Goodwill | 129,145 | 127,113 |
Total assets | 3,879,473 | 3,806,086 |
Current | ' | ' |
Accounts payable | 16,754 | 15,753 |
Accrued liabilities (notes 7, 9 and 11a) | 121,243 | 138,156 |
Deferred revenues | 24,004 | 29,075 |
Due to affiliates (note 8b) | 75,577 | 121,864 |
Current portion of long-term debt (note 6) | 339,087 | 806,009 |
Current portion of derivative instruments (note 9) | 63,136 | 47,944 |
Current portion of in-process revenue contracts | 12,744 | 12,744 |
Total current liabilities | 652,545 | 1,171,545 |
Long-term debt (note 6) | 2,204,394 | 1,562,967 |
Derivative instruments (note 9) | 154,681 | 121,135 |
In-process revenue contracts | 82,230 | 88,550 |
Other long-term liabilities | 27,441 | 23,984 |
Total liabilities | 3,121,291 | 2,968,181 |
Commitments and contingencies (notes 6, 9, and 11) | ' | ' |
Redeemable non-controlling interest (note 11b) | 15,149 | 16,564 |
Equity | ' | ' |
General Partner | 19,389 | 21,242 |
Partners' equity | 687,689 | 787,044 |
Non-controlling interests | 55,344 | 34,297 |
Total equity | 743,033 | 821,341 |
Total liabilities and equity | 3,879,473 | 3,806,086 |
Common Units [Member] | ' | ' |
Equity | ' | ' |
Limited partners | 523,500 | 621,002 |
Preferred Units [Member] | ' | ' |
Equity | ' | ' |
Limited partners | 144,800 | 144,800 |
Total equity | $144,800 | $144,800 |
Unaudited_Consolidated_Balance1
Unaudited Consolidated Balance Sheets (Parenthetical) (USD $) | Jun. 30, 2014 | Dec. 31, 2013 |
In Thousands, except Share data in Millions, unless otherwise specified | ||
Accounts receivable non-trade | $42,823 | $40,043 |
At cost, less accumulated depreciation | $1,111,773 | $1,016,812 |
Common Units [Member] | ' | ' |
Limited partners - units issued | 85.7 | 85.5 |
Limited partners - units outstanding | 85.7 | 85.5 |
Preferred Units [Member] | ' | ' |
Limited partners - units issued | 6 | 6 |
Limited partners - units outstanding | 6 | 6 |
Unaudited_Consolidated_Stateme2
Unaudited Consolidated Statements of Cash Flows (USD $) | 6 Months Ended | |
In Thousands, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 |
OPERATING ACTIVITIES | ' | ' |
Net income (loss) | $5,222 | $80,574 |
Non-cash items: | ' | ' |
Unrealized loss (gain) on derivative instruments (note 9) | 53,106 | -32,927 |
Equity income | -6,091 | -1,598 |
Depreciation and amortization | 96,962 | 96,011 |
Write-down and loss on sale of vessel (note 14) | ' | 19,029 |
Deferred income tax recovery (note 10) | -223 | -62 |
Amortization of in-process revenue contracts | -6,320 | -6,285 |
Foreign currency exchange gain and other | 371 | -29,813 |
Change in non-cash working capital items related to operating activities | -96,617 | 6,919 |
Expenditures for dry docking | -9,468 | -7,656 |
Net operating cash flow | 36,942 | 124,192 |
FINANCING ACTIVITIES | ' | ' |
Proceeds from long-term debt | 720,443 | 736,725 |
Scheduled repayments of long-term debt | -241,223 | -97,215 |
Prepayments of long-term debt | -302,413 | -424,152 |
Debt issuance costs | -10,094 | -10,126 |
Equity contribution from Teekay Corporation to Dropdown Predecessor | ' | 5,596 |
Purchase of Voyager LLC from Teekay Corporation (net of cash acquired of $0.9 million) (note 8c) | 3,474 | -252,086 |
Equity contribution from joint venture partner | 22,017 | 1,500 |
Proceeds from issuance of common units | 7,784 | 65,067 |
Proceeds from issuance of preferred units | ' | 150,000 |
Expenses relating to equity offerings | -153 | -5,385 |
Cash distributions paid by the Partnership | -107,197 | -90,972 |
Cash distributions paid by subsidiaries to non-controlling interests | -5,718 | -280 |
Other | 397 | ' |
Net financing cash flow | 87,317 | 78,672 |
INVESTING ACTIVITIES | ' | ' |
Expenditures for vessels and equipment | -92,084 | -216,242 |
Purchase of equity investment in Itajai FPSO joint venture (net of cash acquired of $1.3 million) (note 8d) | ' | -52,520 |
Proceeds from sale of vessels and equipment | ' | 20,350 |
Investment in direct financing lease net of payments received | 2,582 | 2,953 |
Acquisition of ALP Maritime Services B.V. (net of cash acquired of $0.3 million) (note 15) | -2,322 | ' |
Net investing cash flow | -91,824 | -245,459 |
Increase (decrease) in cash and cash equivalents | 32,435 | -42,595 |
Cash and cash equivalents, beginning of the period | 219,126 | 206,339 |
Cash and cash equivalents, end of the period | $251,561 | $163,744 |
Unaudited_Consolidated_Stateme3
Unaudited Consolidated Statements of Cash Flows (Parenthetical) (USD $) | 6 Months Ended | |
In Millions, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 |
Voyageur Spirit [Member] | ' | ' |
Net of cash acquired on purchase of equity investment | $0.90 | $0.90 |
Itajai FPSO Joint Venture [Member] | ' | ' |
Net of cash acquired on purchase of equity investment | ' | 1.3 |
ALP Maritime Services B.V. [Member] | ' | ' |
Net cash acquired on business acquisition | $0.30 | ' |
Unaudited_Consolidated_Stateme4
Unaudited Consolidated Statement of Changes in Total Equity (USD $) | Total | General Partner [Member] | Common Units [Member] | Common Units and Additional Paid-in Capital [Member] | Preferred Units [Member] | Non-controlling Interests [Member] | Redeemable Non-controlling Interest [Member] |
In Thousands | |||||||
Beginning balance at Dec. 31, 2013 | $821,341 | $21,242 | ' | $621,002 | $144,800 | $34,297 | $16,564 |
Beginning balance, units at Dec. 31, 2013 | ' | ' | 85,453 | ' | 6,000 | ' | ' |
Net (loss) income | 5,222 | 7,639 | ' | -11,188 | 5,438 | 3,333 | ' |
Reclassification of redeemable non-controlling interest in net income | -2,083 | ' | ' | ' | ' | -2,083 | 2,083 |
Cash distributions | -107,197 | -9,735 | ' | -92,024 | -5,438 | ' | ' |
Distribution of capital to joint venture partner | -2,220 | ' | ' | ' | ' | -2,220 | -3,498 |
Contribution of capital from joint venture partner | 22,017 | ' | ' | ' | ' | 22,017 | ' |
Indemnification of Voyageur LLC from Teekay Corporation (note 8c) | 3,474 | 69 | ' | 3,405 | ' | ' | ' |
Proceeds from equity offerings, net of offering costs (note12) | 7,631 | 156 | 213 | 7,475 | ' | ' | ' |
Distribution of capital to Teekay Corporation related to the equity investment in Itajai FPSO joint venture (note 8d) | -6,082 | ' | ' | -6,082 | ' | ' | ' |
Equity based compensation and other (notes 8e and 13) | 930 | 18 | ' | 912 | ' | ' | ' |
Equity based compensation and other, units | ' | ' | 15 | ' | ' | ' | ' |
Ending balance at Jun. 30, 2014 | 743,033 | 19,389 | ' | 523,500 | 144,800 | 55,344 | 15,149 |
Ending balance, units at Jun. 30, 2014 | ' | ' | 85,681 | ' | 6,000 | ' | ' |
Beginning balance at Mar. 31, 2014 | ' | ' | ' | ' | ' | ' | ' |
Net (loss) income | -3,800 | ' | ' | ' | 2,719 | ' | ' |
Cash distributions | ' | ' | ' | ' | -2,700 | ' | ' |
Ending balance at Jun. 30, 2014 | $743,033 | ' | ' | ' | $144,800 | ' | ' |
Ending balance, units at Jun. 30, 2014 | ' | ' | ' | ' | 6,000 | ' | ' |
Basis_of_Presentation
Basis of Presentation | 6 Months Ended | |
Jun. 30, 2014 | ||
Accounting Policies [Abstract] | ' | |
Basis of Presentation | ' | |
1 | 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 and its wholly owned or controlled subsidiaries (collectively, the Partnership). The preparation of 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, 2013, which are included in the Partnership’s Annual Report on Form 20-F. In the opinion of management of our 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 and lower in the summer months, as generally there is higher maintenance in the oil fields during the summer months, which leads to lower oil production, and thus, lower shuttle tanker utilization during that period. Significant intercompany balances and transactions have been eliminated upon consolidation. | ||
In the current period the Partnership has presented the conversion costs for the Partnership’s committed vessel conversions in Advances on newbuilding contracts and conversion costs. Prior to June 30, 2014, the Partnership included these amounts in Vessels and equipment – At cost, less accumulated depreciation. All such costs incurred in comparative periods have been reclassified from Vessels and equipment – At cost, less accumulated depreciation to Advances on newbuilding contracts and conversion costs to conform to the presentation adopted in the current period. The amount reclassified as at December 31, 2013 was $29.8 million. |
Accounting_Pronouncement_Not_Y
Accounting Pronouncement Not Yet Adopted | 6 Months Ended | |
Jun. 30, 2014 | ||
Accounting Changes and Error Corrections [Abstract] | ' | |
Accounting Pronouncement Not Yet Adopted | ' | |
2 | Accounting Pronouncement Not Yet Adopted | |
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 entities 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 when each performance obligation is satisfied. ASU 2014-09 is effective for interim and annual periods beginning after December 15, 2016 and shall be applied retrospectively to each period presented or as a cumulative-effect adjustment as of the date of adoption. Early adoption is not permitted. The Partnership is evaluating the effect of adopting this new accounting guidance. | ||
In April 2014, the FASB issued Accounting Standards Update 2014-08, Reporting Discontinued Operations and Disclosures of Disposals of Components of an Entity (or ASU 2014-08) which raises the threshold for disposals to qualify as discontinued operations. A discontinued operation is defined as: (i) a component of an entity or group of components that has been disposed of or classified as held for sale and represents a strategic shift that has or will have a major effect on an entity’s operations and financial results; or (ii) an acquired business that is classified as held for sale on the acquisition date. ASU 2014-08 also requires additional disclosures regarding discontinued operations, as well as material disposals that do not meet the definition of discontinued operations. ASU 2014-08 is effective for fiscal years beginning on or after December 15, 2014, and interim periods within those years. Early adoption is permitted, but only for disposals (or classifications as held for sale) that have not been reported in the financial statements previously issued or available for issuance. The impact, if any, of adopting ASU 2014-08 on the Partnership’s financial statements will depend on the occurrence and nature of disposals that occur after ASU 2014-08 is adopted. |
Dropdown_Predecessor
Dropdown Predecessor | 6 Months Ended | |
Jun. 30, 2014 | ||
Text Block [Abstract] | ' | |
Dropdown Predecessor | ' | |
3 | Dropdown Predecessor | |
On May 2, 2013, the Partnership acquired from Teekay Corporation its 100% interest in Voyageur LLC, which owns the Voyageur Spirit, a floating, production, storage and off-loading (or FPSO) unit, which operates on the Huntington Field in the North Sea under a five-year contract, plus up to 10 one-year extension options, with E.ON RuRuhrgas UK E&P Limited (or E.ON), for an original purchase price of $540.0 million that was effectively reduced to $505.8 million (see note 8c). The Partnership has accounted for this acquisition as a transfer of a business between entities under common control. The method of accounting for such transfer is similar to the pooling of interests method of accounting. Under this method, the carrying amounts of net assets recognized in the balance sheets of each combining entity are carried forward to the balance sheet of the combined entity, and no other assets or liabilities are recognized as a result of the combination. The excess of the proceeds paid by the Partnership over Teekay Corporation’s historical cost is accounted for as an equity distribution to Teekay Corporation. In addition, transfers of net assets between entities under common control are accounted for as if the transfer occurred from the date that the Partnership and the Voyageur Spirit were both under the common control of Teekay Corporation and had begun operations. | ||
As a result, the Partnership’s consolidated statements of income and cash flows for the three and six months ended June 30, 2013 reflect this unit and its results of operations, referred to herein as the Dropdown Predecessor, as if the Partnership had acquired it when it began operations under the control of Teekay Corporation on April 13, 2013. The effect of adjusting the Partnership’s financial statements to retrospectively account for the common control exchange for the period April 13, 2013 to May 2, 2013 decreased the Partnership’s net income and comprehensive income by $2.2 million for the three and six months ended June 30, 2013. |
Financial_Instruments
Financial Instruments | 6 Months Ended | ||||||||||||||||||||
Jun. 30, 2014 | |||||||||||||||||||||
Investments, All Other Investments [Abstract] | ' | ||||||||||||||||||||
Financial Instruments | ' | ||||||||||||||||||||
4 | 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 3 in the Partnership’s audited consolidated financial statements filed with its Annual Report on Form 20-F for the year ended December 31, 2013. 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, 2014 | December 31, 2013 | ||||||||||||||||||||
Carrying | Fair | Carrying | Fair | ||||||||||||||||||
Fair Value | Amount | Value | Amount | Value | |||||||||||||||||
Hierarchy | Asset (Liability) | Asset (Liability) | Asset (Liability) | Asset (Liability) | |||||||||||||||||
Level | $ | $ | $ | $ | |||||||||||||||||
Recurring: | |||||||||||||||||||||
Cash and cash equivalents | Level 1 | 251,561 | 251,561 | 219,126 | 219,126 | ||||||||||||||||
Derivative instruments (note 9) | |||||||||||||||||||||
Interest rate swap agreements | Level 2 | (187,616 | ) | (187,616 | ) | (141,143 | ) | (141,143 | ) | ||||||||||||
Cross currency swap agreements | Level 2 | (32,186 | ) | (32,186 | ) | (25,433 | ) | (25,433 | ) | ||||||||||||
Foreign currency forward contracts | Level 2 | (164 | ) | (164 | ) | (842 | ) | (842 | ) | ||||||||||||
Non-Recurring: | |||||||||||||||||||||
Vessels and equipment | Level 2 | — | — | 17,250 | 17,250 | ||||||||||||||||
Other: | |||||||||||||||||||||
Long-term debt - public (note 6) | Level 1 | (943,963 | ) | (964,564 | ) | (487,097 | ) | (496,609 | ) | ||||||||||||
Long-term debt - non-public (note 6) | Level 2 | (1,599,518 | ) | (1,581,529 | ) | (1,881,879 | ) | (1,835,218 | ) | ||||||||||||
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: | |||||||||||||||||||||
June 30, | December 31, | ||||||||||||||||||||
Credit Quality | 2014 | 2013 | |||||||||||||||||||
Indicator | Grade | $ | $ | ||||||||||||||||||
Direct financing leases | Payment activity | Performing | 79,446 | 27,567 |
Segment_Reporting
Segment Reporting | 6 Months Ended | ||||||||||||||||||||||||||||||||||||||||
Jun. 30, 2014 | |||||||||||||||||||||||||||||||||||||||||
Segment Reporting [Abstract] | ' | ||||||||||||||||||||||||||||||||||||||||
Segment Reporting | ' | ||||||||||||||||||||||||||||||||||||||||
5 | Segment Reporting | ||||||||||||||||||||||||||||||||||||||||
The following table includes results for the Partnership’s shuttle tanker segment, FPSO unit segment, floating, storage and off-take (or FSO) unit segment, conventional tanker segment, and towage segment for the periods presented in these consolidated financial statements. The results below exclude three conventional tankers as they are determined to be discontinued operations (see note 14): | |||||||||||||||||||||||||||||||||||||||||
Shuttle | Conventional | ||||||||||||||||||||||||||||||||||||||||
Tanker | FPSO | FSO | Tanker | ||||||||||||||||||||||||||||||||||||||
Segment | Segment (1) | Segment | Segment | Total | |||||||||||||||||||||||||||||||||||||
Three Months Ended June 30, | |||||||||||||||||||||||||||||||||||||||||
2014 | 2013 | 2014 | 2013 | 2014 | 2013 | 2014 | 2013 | 2014 | 2013 | ||||||||||||||||||||||||||||||||
$ | $ | $ | $ | $ | $ | $ | $ | $ | $ | ||||||||||||||||||||||||||||||||
Revenues | 137,145 | 133,222 | 83,984 | 65,260 | 11,673 | 15,053 | 8,600 | 8,877 | 241,402 | 222,412 | |||||||||||||||||||||||||||||||
Voyage expenses | 24,919 | 22,275 | — | — | 149 | — | 1,188 | 998 | 26,256 | 23,273 | |||||||||||||||||||||||||||||||
Vessel operating expenses | 39,715 | 36,511 | 39,472 | 40,074 | 7,532 | 8,315 | 1,465 | 1,619 | 88,184 | 86,519 | |||||||||||||||||||||||||||||||
Time-charter hire expense | 4,975 | 14,093 | — | — | — | — | — | — | 4,975 | 14,093 | |||||||||||||||||||||||||||||||
Depreciation and amortization | 27,378 | 28,165 | 18,186 | 17,789 | 1,298 | 2,743 | 1,612 | 1,568 | 48,474 | 50,265 | |||||||||||||||||||||||||||||||
General and administrative (2) | 7,126 | 4,911 | 7,989 | 4,600 | 1,027 | 809 | 312 | 97 | 16,454 | 10,417 | |||||||||||||||||||||||||||||||
Success fee(3) | — | — | — | — | — | — | — | — | 1,600 | — | |||||||||||||||||||||||||||||||
Restructuring (recovery) charge(4) | (821 | ) | 957 | — | — | — | — | — | 438 | (821 | ) | 1,395 | |||||||||||||||||||||||||||||
Income from vessel operations | 33,853 | 26,310 | 18,337 | 2,797 | 1,667 | 3,186 | 4,023 | 4,157 | 56,280 | 36,450 | |||||||||||||||||||||||||||||||
Shuttle | Conventional | ||||||||||||||||||||||||||||||||||||||||
Tanker | FPSO | FSO | Tanker | ||||||||||||||||||||||||||||||||||||||
Segment | Segment (1) | Segment | Segment | Total | |||||||||||||||||||||||||||||||||||||
Six Months Ended June 30, | |||||||||||||||||||||||||||||||||||||||||
2014 | 2013 | 2014 | 2013 | 2014 | 2013 | 2014 | 2013 | 2014 | 2013 | ||||||||||||||||||||||||||||||||
$ | $ | $ | $ | $ | $ | $ | $ | $ | $ | ||||||||||||||||||||||||||||||||
Revenues | 290,325 | 263,572 | 167,121 | 122,945 | 25,962 | 30,193 | 17,228 | 17,814 | 500,636 | 434,524 | |||||||||||||||||||||||||||||||
Voyage expenses (recoveries) | 56,625 | 44,569 | — | — | 172 | (485 | ) | 2,913 | 2,137 | 59,710 | 46,221 | ||||||||||||||||||||||||||||||
Vessel operating expenses | 80,121 | 74,478 | 79,863 | 69,575 | 13,405 | 16,600 | 2,925 | 3,190 | 176,314 | 163,843 | |||||||||||||||||||||||||||||||
Time-charter hire expense | 16,387 | 28,870 | — | — | — | — | — | — | 16,387 | 28,870 | |||||||||||||||||||||||||||||||
Depreciation and amortization | 54,659 | 55,770 | 36,089 | 30,541 | 2,991 | 5,325 | 3,223 | 3,139 | 96,962 | 94,775 | |||||||||||||||||||||||||||||||
General and administrative (2) | 13,825 | 10,800 | 13,747 | 7,662 | 1,886 | 1,574 | 845 | 771 | 30,303 | 20,807 | |||||||||||||||||||||||||||||||
Acquisition and success fee (3) | — | — | — | — | — | — | — | — | 2,600 | — | |||||||||||||||||||||||||||||||
Restructuring (recovery) charge(4) | (262 | ) | 1,616 | — | — | — | — | — | 438 | (262 | ) | 2,054 | |||||||||||||||||||||||||||||
Income from vessel operations | 68,970 | 47,469 | 37,422 | 15,167 | 7,508 | 7,179 | 7,322 | 8,139 | 118,622 | 77,954 | |||||||||||||||||||||||||||||||
-1 | Income from vessel operations reflected above for the six months ended June 30, 2014 excludes $3.1 million of the Voyageur Spirit FPSO unit payments relating to the production shortfall during the period January 1, 2014 through to February 21, 2014 and a further $0.4 million relating to unreimbursed vessel operating expenses until the unit has declared on hire as of February 22, 2014. Income from vessel operations for the three and six months ended June 30, 2013 excludes $17.0 million of indemnification payments relating to production shortfalls for both the Dropdown Predecessor period from April 13, 2013 to May 1, 2013 and the period owned by the Partnership from May 2, 2013 to June 30, 2013 as the Voyageur Spirit FPSO unit was declared off-hire retroactive to first oil given the delay in achieving final acceptance from the charterer. The indemnification payments by Teekay Corporation have effectively been treated as a reduction to the purchase price of the Voyageur Spirit (see note 8c). | ||||||||||||||||||||||||||||||||||||||||
-2 | Includes direct general and administrative expenses and indirect general and administrative expenses (allocated to each segment based on estimated use of corporate resources). | ||||||||||||||||||||||||||||||||||||||||
-3 | The towage segment has not been disaggregated as its results are not material other than a $1.0 million fee associated with the acquisition of ALP Maritime Services B.V. (or ALP), which was recognized in general and administrative expenses in the consolidated statement of (loss) income for the three and six months ended June 30, 2014, and a $1.6 million success fee to Teekay Corporation for assistance with the acquisition of ALP, which was recognized in general and administrative expenses in the consolidated statement of (loss) income for the three and six months ended June 30, 2014 (see note 8a). | ||||||||||||||||||||||||||||||||||||||||
-4 | Restructuring recovery of $0.8 million for the three and six months ended June 30, 2014 related to a reimbursement received during the second quarter of 2014, for the reorganization of the Partnership’s shuttle tanker marine operations, which were completed during 2013. Restructuring charge of $0.6 million for the six months ended June 30, 2014 related to the reflagging of one shuttle tanker which commenced in January 2014 and was completed in March 2014 (see note 7). | ||||||||||||||||||||||||||||||||||||||||
A reconciliation of total segment assets to total assets presented in the accompanying consolidated balance sheets is as follows: | |||||||||||||||||||||||||||||||||||||||||
June 30, 2014 | December 31, 2013 | ||||||||||||||||||||||||||||||||||||||||
$ | $ | ||||||||||||||||||||||||||||||||||||||||
Shuttle tanker segment | 2,034,277 | 2,004,505 | |||||||||||||||||||||||||||||||||||||||
FPSO segment | 1,261,329 | 1,303,229 | |||||||||||||||||||||||||||||||||||||||
FSO segment | 116,495 | 102,452 | |||||||||||||||||||||||||||||||||||||||
Conventional tanker segment | 145,106 | 144,723 | |||||||||||||||||||||||||||||||||||||||
Towage segment | 49,422 | — | |||||||||||||||||||||||||||||||||||||||
Unallocated: | |||||||||||||||||||||||||||||||||||||||||
Cash and cash equivalents | 251,561 | 219,126 | |||||||||||||||||||||||||||||||||||||||
Other assets | 21,283 | 32,051 | |||||||||||||||||||||||||||||||||||||||
Consolidated total assets | 3,879,473 | 3,806,086 | |||||||||||||||||||||||||||||||||||||||
LongTerm_Debt
Long-Term Debt | 6 Months Ended | ||||||||
Jun. 30, 2014 | |||||||||
Debt Disclosure [Abstract] | ' | ||||||||
Long-Term Debt | ' | ||||||||
6 | Long-Term Debt | ||||||||
June 30, 2014 | December 31, 2013 | ||||||||
$ | $ | ||||||||
U.S. Dollar-denominated Revolving Credit Facilities due through 2018 | 583,557 | 743,494 | |||||||
Norwegian Kroner Bonds due through 2019 | 472,845 | 312,947 | |||||||
U.S. Dollar-denominated Term Loans due through 2018 | 168,143 | 188,854 | |||||||
U.S. Dollar-denominated Term Loans due through 2023 | 847,818 | 949,531 | |||||||
U.S. Dollar Bonds due through 2023 | 471,118 | 174,150 | |||||||
Total | 2,543,481 | 2,368,976 | |||||||
Less current portion | 339,087 | 806,009 | |||||||
Long-term portion | 2,204,394 | 1,562,967 | |||||||
As at June 30, 2014, the Partnership had eight long-term revolving credit facilities, which, as at such date, provided for total borrowings of up to $862.6 million, of which $279.1 million was undrawn. The total amount available under the revolving credit facilities reduces by $531.6 million (remainder of 2014), $77.8 million (2015), $140.5 million (2016), $39.6 million (2017) and $73.1 million (2018). Subsequent to June 30, 2014, the Partnership received commitments to refinance $330.0 million of revolving credit facilities coming due during the remainder of 2014. The refinancing is expected to be completed in September 2014, and the amount available under the new revolving credit facilities will reduce quarterly by $16.5 million per quarter over five years. Six of the revolving credit facilities are guaranteed by the Partnership and certain of its subsidiaries for all outstanding amounts and contain covenants that require the Partnership to maintain the greater of a minimum liquidity (cash, cash equivalents and undrawn committed revolving credit lines with at least six months to maturity) of at least $75.0 million and 5.0% of the Partnership’s total consolidated debt. Two revolving credit facilities are guaranteed by Teekay Corporation and contain covenants that require Teekay Corporation to maintain the greater of a minimum liquidity (cash and cash equivalents) of at least $50.0 million and 5.0% of Teekay Corporation’s total consolidated debt which has recourse to Teekay Corporation. The revolving credit facilities are collateralized by first-priority mortgages granted on 25 of the Partnership’s vessels, together with other related security. | |||||||||
In January 2014, the Partnership issued NOK 1,000 million in senior unsecured bonds that mature in January 2019 in the Norwegian bond market. As of June 30, 2014, the carrying amount of the bonds was $163.1 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 entered into a cross currency swap to swap all interest and principal payments into USD, with the interest payments fixed at a rate of 6.28%, 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 in the Norwegian bond market NOK 1,300 million in senior unsecured bonds. The bonds were issued in two tranches maturing in January 2016 (NOK 500 million) and January 2018 (NOK 800 million). As at June 30, 2014, the carrying amount of the bonds was $212.0 million. The bonds are listed on the Oslo Stock Exchange. Interest payments on the tranche maturing in 2016 are based on NIBOR plus a margin of 4.00%. Interest payments on the tranche maturing in 2018 are based on NIBOR plus a margin of 4.75%. The Partnership entered into cross currency rate swaps to swap all interest and principal payments into USD, with interest payments fixed at a rate of 4.80% on the tranche maturing in 2016 and 5.93% on the tranche maturing in 2018 and the transfer of the principal amount fixed at $89.7 million upon maturity in exchange for NOK 500 million on the tranche maturing in 2016 and fixed at $143.5 million upon maturity in exchange for NOK 800 million on the tranche maturing in 2018 (see note 9). As part of this bond issuance, the Partnership repurchased at a premium NOK 388.5 million of a then outstanding NOK 600 million bond with a maturity date in November 2013. In connection with this repurchase of bonds, the Partnership terminated a similar notional amount of the related cross currency swap (see note 9). The Partnership recorded a loss in relation to this repurchase of $1.8 million in its consolidated statement of income for the six months ended June 30, 2013. | |||||||||
The Partnership has NOK 600 million of senior unsecured bonds that mature in January 2017 in the Norwegian bond market. As at June 30, 2014, the carrying amount of the bonds was $97.8 million. The bonds are listed on the Oslo Stock Exchange. The interest payments on the bonds are based on NIBOR plus a margin of 5.75%. The Partnership entered into a cross currency rate swap to swap all interest and principal payments into USD, with the interest payments fixed at a rate of 7.49%, and the transfer of the principal amount fixed at $101.4 million upon maturity in exchange for NOK 600 million (see note 9). | |||||||||
As at June 30, 2014, four of the Partnership’s 50% owned subsidiaries each had an outstanding term loan, which in the aggregate totaled $168.1 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 four shuttle tankers to which the loans relate, together with other related security. As at June 30, 2014, the Partnership had guaranteed $46.5 million of these term loans, which represents its 50% share of the outstanding term loans of three of these 50% owned subsidiaries. The other owner and Teekay Corporation have guaranteed $84.1 million and $37.5 million, respectively, of the outstanding term loans. | |||||||||
As at June 30, 2014, the Partnership had term loans outstanding for the shuttle tankers the Amundsen Spirit, theNansen Spirit, the Peary Spirit, the Scott Spirit, the Samba Spirit and the Lambada Spirit and for the Piranema Spirit and the Voyageur Spirit FPSO units, which in aggregate totaled $847.8 million. For the term loan for the Amundsen Spirit and the Nansen Spirit, one tranche reduces in semi-annual payments while the other tranche correspondingly is drawn up every six months with final bullet payments of $29.0 million due in 2022 and $29.1 million due in 2023, respectively. The Peary Spirit, the Scott Spirit, the Samba Spirit, the Lambada Spirit, the Piranema Spirit and the Voyageur Spirit term loans reduce over time with quarterly or semi-annual payments. These term loans have varying maturities through 2023 and are collateralized by first-priority mortgages on the vessels to which the loans relate, together with other related security. As at June 30, 2014, the Partnership had guaranteed $514.1 million of these term loans and Teekay Corporation had guaranteed $333.7 million. | |||||||||
In May 2014, the Partnership issued $300.0 million in senior unsecured bonds that mature in July 2019 in the US bond market. As of June 30, 2014, 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 6.0%. | |||||||||
As at June 30, 2014, the Partnership had $171.1 million of ten-year senior unsecured bonds outstanding that mature in December 2023 and were issued in the second half of 2013 in a U.S. private placement to finance the Bossa Nova Spirit and the 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. | |||||||||
Interest payments on the revolving credit facilities and the term loans are based on LIBOR plus margins. At June 30, 2014 and December 31, 2013, the margins ranged between 0.3% and 3.25%. The weighted-average effective interest rate on the Partnership’s variable rate long-term debt as at June 30, 2014 was 3.3% (December 31, 2013 - 2.7%). 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, 2014 are $549.5 million (remainder of 2014), $150.7 million (2015), $246.1 million (2016), $349.4 million (2017), $370.4 million (2018), and $877.4 million (thereafter). | |||||||||
The Partnership and a subsidiary of Teekay Corporation are borrowers under a loan arrangement and are jointly and severally liable for the obligations to the lender. The obligations resulting from long-term debt joint and several liability arrangements are measured at the sum of the amount the Partnership agreed to pay, on the basis of its arrangement with the co-obligor, and any additional amount the Partnership expects to pay on behalf of the co-obligor. As of June 30, 2014, this loan arrangement had an outstanding balance of $80.9 million, of which $45.9 million was the Partnership’s obligation. Teekay Corporation has indemnified the Partnership in respect of any losses and expenses arising from any breach by the co-obligor of the terms and conditions of the loan facility. | |||||||||
Obligations under the Partnership’s credit facilities are secured by certain vessels, and if the Partnership is unable to repay debt under the credit facilities, the lenders could seek to foreclose on those assets. The Partnership has one revolving credit facility that requires it to maintain a vessel value to drawn principal balance ratio of a minimum of 105%. As at June 30, 2014, this ratio was 144.2%. The vessel value used in this ratio is the appraised value prepared by the Partnership based on second hand sale and purchase market data. A further delay in the recovery of the conventional tanker market could negatively affect this ratio. | |||||||||
As at June 30, 2014, the Partnership and Teekay Corporation were in compliance with all covenants related to the credit facilities and long-term debt. |
Restructuring_Charge
Restructuring Charge | 6 Months Ended | |
Jun. 30, 2014 | ||
Restructuring and Related Activities [Abstract] | ' | |
Restructuring Charge | ' | |
7 | Restructuring Charge | |
During the three and six months ended June 30, 2014, the Partnership recorded a restructuring charge reimbursement of $0.8 million for the reorganization of the Partnership’s shuttle tanker marine operations, which were completed during 2013. During the six months ended June 30, 2014, the Partnership incurred $0.6 million of restructuring charges related to the reflagging of one shuttle tanker which commenced in January 2014 and was completed in March 2014. | ||
During the three and six months ended June 30, 2013, the Partnership recognized restructuring charges of $1.0 million and $1.6 million, respectively, relating to the reorganization of the Partnership’s shuttle tanker marine operations, and restructuring charges of $0.4 million and $0.4 million, respectively, relating to the reorganization of the Partnership’s conventional tanker marine operations. The purpose of the restructuring was to create better alignment with the Partnership’s marine operations resulting in a lower cost organization going forward. Both reorganizations were completed by June 30, 2013. Under these plans, the Partnership recorded restructuring charges of $2.0 million and $0.9 million, respectively, in total since these plans began in 2012. | ||
As of June 30, 2014, restructuring liabilities of $0.3 million were recorded in accrued liabilities on the consolidated balance sheet. |
Related_Party_Transactions_and
Related Party Transactions and Balances | 6 Months Ended | ||||||||||||||||
Jun. 30, 2014 | |||||||||||||||||
Related Party Transactions [Abstract] | ' | ||||||||||||||||
Related Party Transactions and Balances | ' | ||||||||||||||||
8 | Related Party Transactions and Balances | ||||||||||||||||
a) | During the three and six months ended June 30, 2014, two conventional tankers, two shuttle tankers and two FSO units of the Partnership were employed on long-term time-charter-out contracts with subsidiaries of Teekay Corporation. During the first and second quarter of 2013, the Partnership terminated the long-term time-charter-out contracts under which two of its conventional tankers were employed with a subsidiary of Teekay Corporation. The Partnership received early termination fees from Teekay Corporation of $6.8 million and $4.5 million, in the first and second quarters of 2013, respectively, which are recorded in discontinued operations (see note 14). 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, | ||||||||||||||||
2014 | 2013 | 2014 | 2013 | ||||||||||||||
$ | $ | $ | $ | ||||||||||||||
Revenues(1) | 16,427 | 18,572 | 33,757 | 37,385 | |||||||||||||
Vessel operating expenses(2) | 10,182 | 9,831 | 19,830 | 19,678 | |||||||||||||
General and administrative(3) (4) | 10,252 | 6,990 | 18,540 | 13,498 | |||||||||||||
Interest income(5) | — | 1,217 | — | 1,217 | |||||||||||||
Interest expense(6) | 112 | 166 | 223 | 224 | |||||||||||||
Net income from related party transactions from discontinued operations(7) | — | 6,992 | — | 19,255 | |||||||||||||
-1 | Includes revenue from long-term time-charter-out contracts and short-term time-charter-out contracts with subsidiaries or affiliates of Teekay Corporation, including management fees from ship management services provided by the Partnership to a subsidiary of Teekay Corporation. | ||||||||||||||||
-2 | Includes ship management and crew training services provided by Teekay Corporation. | ||||||||||||||||
-3 | Includes commercial, technical, strategic, business development and administrative management fees charged by Teekay Corporation and reimbursements to Teekay Corporation and our General Partner for costs incurred on the Partnership’s behalf. | ||||||||||||||||
-4 | Includes a $1.6 million success fee to Teekay Corporation for assistance with the acquisition of ALP during the three and six months ended June 30, 2014. | ||||||||||||||||
-5 | Interest income for the three and six months ended June 30, 2013 related to the interest received from Teekay Corporation and our General Partner on a $150 million partial prepayment for the Voyageur Spirit. The Partnership received interest at a rate of LIBOR plus a margin of 4.25% on the prepaid funds to Teekay Corporation from February 26, 2013 until the Partnership acquired the FPSO unit on May 2, 2013. | ||||||||||||||||
-6 | Guarantee fee related to the final bullet payment of the Piranema Spirit FPSO debt facility guaranteed by Teekay Corporation. | ||||||||||||||||
-7 | Related party transactions relating to three conventional tankers determined to be discontinued operations. This includes revenue from long-term time-charter-out contracts with subsidiaries or affiliates of Teekay Corporation, including the early termination fee described above, and crew training, commercial, technical, strategic and business development management fees charged by Teekay Corporation. | ||||||||||||||||
b) | At June 30, 2014, due from affiliates totaled $55.8 million (December 31, 2013 - $15.2 million) and due to affiliates totaled $75.6 million (December 31, 2013 - $121.9 million). Due to and from affiliates are non-interest bearing and unsecured, and are expected to be settled within the next fiscal year in the normal course of operations. | ||||||||||||||||
c) | On May 2, 2013, the Partnership acquired from Teekay Corporation its 100% interest in Voyageur LLC, which owns the Voyageur Spirit FPSO unit, which operates on the Huntington Field in the North Sea under a five-year contract, plus up to 10 one-year extension options, with E.ON Ruhrgas UK GP Limited (or E.ON), for an original purchase price of $540.0 million. The purchase price was financed with the assumption of the $230.0 million debt facility secured by the unit, $270.0 million of cash (of which a partial prepayment of $150.0 million was made to Teekay Corporation in February 2013) and the non-cash issuance of 1.4 million common units to Teekay Corporation, which had a value of $40.0 million at the time Teekay Corporation offered to sell the unit to the Partnership. | ||||||||||||||||
On April 13, 2013, the Voyageur Spirit FPSO unit began production and on May 2, 2013, the Partnership acquired the unit from Teekay Corporation. Upon commencing production, the Partnership and its sponsor, Teekay Corporation, had a specified time period to receive final acceptance from the charterer, at which point the unit would commence full operations under the contract with E.ON. However, due to a defect encountered in one of its two gas compressors, the FPSO unit was unable to achieve final acceptance within the allowable timeframe, resulting in the FPSO unit being declared off-hire by the charterer retroactive to April 13, 2013. | |||||||||||||||||
On August 27, 2013, repairs to the defective gas compressor on the Voyageur Spirit FPSO were completed and the unit achieved full production capacity. On September 30, 2013, the Partnership entered into an interim agreement with E.ON whereby the Partnership was compensated for production beginning August 27, 2013 until the receipt of final acceptance by E.ON. Compensation was based on actual production relative to the operating capacity of the FPSO unit; however, any restrictions on production as a result of the charterer were included in this compensation. Until declared on hire, Teekay Corporation agreed to indemnify the Partnership for certain production shortfalls and unreimbursed vessel operating expenses. For the period from April 13, 2013 to December 31, 2013, Teekay Corporation has indemnified the Partnership a total of $34.9 million for production shortfalls and unreimbursed repair costs. For the first quarter of 2014, Teekay Corporation indemnified the Partnership for a further $3.1 million and $0.4 million for production shortfalls and unrecovered repair costs to address the compressor issues. On April 4, 2014, the Partnership received the certificate of final acceptance from the charterer, which declared the unit on-hire retroactive to February 22, 2014. | |||||||||||||||||
Any amounts paid as indemnification from Teekay Corporation to the Partnership were effectively treated as a reduction in the purchase price paid by the Partnership for the FPSO unit. The $540.0 million original purchase price of the Voyageur Spirit FPSO unit has effectively been reduced to $505.8 million ($275.8 million net of assumed debt of $230.0 million) to reflect total indemnification payments from Teekay Corporation of $38.4 million relating to the period from the date of first oil on April 13, 2013 to when the unit was declared on-hire on February 22, 2014, partially offset by the excess value of $4.3 million relating to the 1.4 million common units issued to Teekay Corporation on the date of closing of the transaction in May 2013 compared to the date Teekay Corporation offered to sell the unit to the Partnership. The excess of the purchase price (net of assumed debt) over the book value of the net assets of $201.8 million has been accounted for as an equity distribution to Teekay Corporation of $74.1 million. | |||||||||||||||||
d) | On June 10, 2013, the Partnership acquired Teekay Corporation’s 50% interest in OOG-TKP FPSO GmbH & Co KG, a joint venture with Odebrecht, which owns the Itajai FPSO unit, for a purchase price of $53.8 million, which was paid in cash. The Partnership’s investment in the Itajai FPSO unit is accounted for using the equity method. The Itajai FPSO unit achieved first oil in February 2013, at which time the unit commenced operations under a nine-year, fixed-rate time-charter contract with Petrobras, with six additional one-year extension options exercisable by Petrobras. | ||||||||||||||||
The purchase price was based on an estimate of the fully built-up cost of the Itajai FPSO unit, including certain outstanding contractual items. As at June 30, 2014, the joint venture had received in connection with the resolution of these contractual items, an aggregate of $6.1 million in reimbursements from the charterer and insurer, which was originally deducted from the Partnership’s purchase price of the Itajai FPSO unit. As a result of these reimbursements, this amount was returned to Teekay Corporation. | |||||||||||||||||
e) | During the first quarter of 2014, the long-term bareboat contracts employed by two conventional tankers of the Partnership with a joint venture in which Teekay Corporation has a 50% interest were novated under the same terms to a subsidiary of Teekay Corporation. The excess of the contractual rates over the market rates at the time of the novation, was $0.3 million and $0.4 million for the three and six months ended June 30, 2014, respectively, and is accounted for as an equity contribution from Teekay Corporation. |
Derivative_Instruments_and_Hed
Derivative Instruments and Hedging Activities | 6 Months Ended | ||||||||||||||||||||||||
Jun. 30, 2014 | |||||||||||||||||||||||||
Derivative Instruments and Hedging Activities Disclosure [Abstract] | ' | ||||||||||||||||||||||||
Derivative Instruments and Hedging Activities | ' | ||||||||||||||||||||||||
9 | 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, these foreign currency forward contracts as cash flow hedges. | |||||||||||||||||||||||||
As at June 30, 2014, the Partnership was committed to the following foreign currency forward contracts: | |||||||||||||||||||||||||
Contract Amount | Fair Value / Carrying | ||||||||||||||||||||||||
in Foreign | Amount of Asset (Liability) | Average | Expected Maturity | ||||||||||||||||||||||
Currency | (in thousands of U.S. Dollars) | Forward | 2014 | 2015 | |||||||||||||||||||||
(thousands) | Non-hedge | Rate(1) | (in thousands of U.S. Dollars) | ||||||||||||||||||||||
Norwegian Kroner | 410,000 | (164 | ) | 6.16 | 30,526 | 36,004 | |||||||||||||||||||
-1 | Average forward rate represents the contracted amount of foreign currency one U.S. Dollar will buy. | ||||||||||||||||||||||||
The Partnership enters into cross currency swaps and pursuant to these swaps the Partnership receives the principal amount in Norwegian Kroner (or NOK) on the maturity date of the swap, in exchange for payment of a fixed U.S. Dollar amount. In addition, the cross currency swaps exchange a receipt of floating interest in NOK based on NIBOR plus a margin for a payment of U.S. Dollar fixed interest. The purpose of the cross currency swaps is to economically hedge the foreign currency exposure on the payment of interest and principal at maturity of the Partnership’s Norwegian Kroner Bonds due through 2019. In addition, the cross currency swaps due from 2016 through 2019 economically hedge the interest rate exposure on the Norwegian Kroner Bonds due in 2016 through 2019. The Partnership has not designated, for accounting purposes, these cross currency swaps as cash flow hedges of its Norwegian Kroner Bonds due through 2019. As at June 30, 2014, the Partnership was committed to the following cross currency swaps: | |||||||||||||||||||||||||
Fair Value / | |||||||||||||||||||||||||
Carrying | |||||||||||||||||||||||||
Principal | Principal | Floating Rate Receivable | Amount of | Remaining | |||||||||||||||||||||
Amount | Amount | Reference | Fixed Rate | Asset | Term | ||||||||||||||||||||
NOK | USD | Rate | Margin | Payable | (Liability) | (years) | |||||||||||||||||||
600,000 | 101,351 | NIBOR | 5.75 | % | 7.49 | % | (6,337 | ) | 2.6 | ||||||||||||||||
500,000 | 89,710 | NIBOR | 4 | % | 4.8 | % | (8,943 | ) | 1.6 | ||||||||||||||||
800,000 | 143,536 | NIBOR | 4.75 | % | 5.93 | % | (14,285 | ) | 3.6 | ||||||||||||||||
1,000,000 | 162,200 | NIBOR | 4.25 | % | 6.28 | % | (2,621 | ) | 4.6 | ||||||||||||||||
(32,186 | ) | ||||||||||||||||||||||||
Interest Rate Risk | |||||||||||||||||||||||||
The Partnership enters into interest rate swaps, which exchange a receipt of floating interest for a payment of fixed interest, to reduce the Partnership’s exposure to interest rate variability on its outstanding floating-rate debt. The Partnership has not designated, for accounting purposes, its interest rate swaps as cash flow hedges of its U.S. Dollar LIBOR-denominated borrowings. | |||||||||||||||||||||||||
As at June 30, 2014, the Partnership was committed to the following interest rate swap agreements: | |||||||||||||||||||||||||
Fair Value / | |||||||||||||||||||||||||
Carrying | Weighted- | ||||||||||||||||||||||||
Amount of | Average | Fixed | |||||||||||||||||||||||
Interest | Notional | Assets | Remaining | Interest | |||||||||||||||||||||
Rate | Amount | (Liability) | Term | Rate | |||||||||||||||||||||
Index | $ | $ | (years) | (%)(1) | |||||||||||||||||||||
U.S. Dollar-denominated interest rate swaps (2) | LIBOR | 800,000 | (139,215 | ) | 8.4 | 4.7 | |||||||||||||||||||
U.S. Dollar-denominated interest rate swaps (3) | LIBOR | 815,781 | (45,147 | ) | 6.1 | 2.5 | |||||||||||||||||||
U.S. Dollar-denominated interest rate swaps (4) | LIBOR | 180,000 | (3,254 | ) | 0.3 | 3.4 | |||||||||||||||||||
1,795,781 | (187,616 | ) | |||||||||||||||||||||||
-1 | Excludes the margin the Partnership pays on its variable-rate debt, which as at June 30, 2014, ranged between 0.3% and 3.25%. | ||||||||||||||||||||||||
-2 | Notional amount remains constant over the term of the swap. | ||||||||||||||||||||||||
-3 | Principal amount reduces quarterly or semi-annually. | ||||||||||||||||||||||||
-4 | This 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. The interest rate swap is subject to mandatory early termination in 2014 whereby the swap will be settled based on its fair value at that time. | ||||||||||||||||||||||||
As at June 30, 2014, 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, 2014, these interest rate swaps and cross currency swaps had an aggregate fair value asset amount of $0.7 million and an aggregate fair value liability amount of $187.9 million. | |||||||||||||||||||||||||
Tabular disclosure | |||||||||||||||||||||||||
The following table presents the location and fair value amounts of derivative instruments, segregated by type of contract, on the Partnership’s balance sheets. | |||||||||||||||||||||||||
Current | Current | ||||||||||||||||||||||||
Portion of | Portion of | ||||||||||||||||||||||||
Accounts | Derivative | Derivative | Accrued | Derivative | Derivative | ||||||||||||||||||||
Receivable | Assets | Assets | Liabilities | Liabilities | Liabilities | ||||||||||||||||||||
$ | $ | $ | $ | $ | $ | ||||||||||||||||||||
As at June 30, 2014 | |||||||||||||||||||||||||
Foreign currency contracts | — | 517 | 11 | — | (471 | ) | (221 | ) | |||||||||||||||||
Cross currency swaps | — | 195 | — | (49 | ) | (1,189 | ) | (31,143 | ) | ||||||||||||||||
Interest rate swaps | — | — | 5,732 | (8,555 | ) | (61,476 | ) | (123,317 | ) | ||||||||||||||||
— | 712 | 5,743 | (8,604 | ) | (63,136 | ) | (154,681 | ) | |||||||||||||||||
As at December 31, 2013 | |||||||||||||||||||||||||
Foreign currency contracts | — | 213 | 4 | — | (976 | ) | (83 | ) | |||||||||||||||||
Cross currency swaps | 12 | 287 | — | — | (311 | ) | (25,421 | ) | |||||||||||||||||
Interest rate swaps | — | — | 10,319 | (9,174 | ) | (46,657 | ) | (95,631 | ) | ||||||||||||||||
12 | 500 | 10,323 | (9,174 | ) | (47,944 | ) | (121,135 | ) | |||||||||||||||||
Realized and unrealized (losses) gains of interest rate swaps and foreign currency forward contracts that are not designated for accounting purposes as cash flow hedges are recognized in earnings and reported in realized and unrealized losses on derivative instruments in the consolidated statements of (loss) income. The effect of the (losses) gains on these derivatives on the consolidated statements of (loss) income is as follows: | |||||||||||||||||||||||||
Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||||||||||||
2014 | 2013 | 2014 | 2013 | ||||||||||||||||||||||
$ | $ | $ | $ | ||||||||||||||||||||||
Realized (losses) gains relating to: | |||||||||||||||||||||||||
Interest rate swaps | (13,997 | ) | (19,055 | ) | (28,060 | ) | (33,678 | ) | |||||||||||||||||
Foreign currency forward contracts | 196 | (1,646 | ) | (302 | ) | (1,293 | ) | ||||||||||||||||||
(13,801 | ) | (20,701 | ) | (28,362 | ) | (34,971 | ) | ||||||||||||||||||
Unrealized (losses) gains relating to: | |||||||||||||||||||||||||
Interest rate swaps | (22,985 | ) | 56,931 | (47,093 | ) | 71,902 | |||||||||||||||||||
Foreign currency forward contracts | (1,358 | ) | (2,329 | ) | 679 | (4,107 | ) | ||||||||||||||||||
(24,343 | ) | 54,602 | (46,414 | ) | 67,795 | ||||||||||||||||||||
Total realized and unrealized (losses) gains on derivative instruments | (38,144 | ) | 33,901 | (74,776 | ) | 32,824 | |||||||||||||||||||
Realized and unrealized (losses) gains of the cross currency swaps are recognized in earnings and reported, including the impact of the partial termination of a cross currency swap in connection with the repurchase of bonds described in note 6, in foreign currency exchange (loss) gain in the consolidated statements of (loss) income. The effect of the loss on cross currency swaps on the consolidated statements of (loss) income is as follows: | |||||||||||||||||||||||||
Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||||||||||||
2014 | 2013 | 2014 | 2013 | ||||||||||||||||||||||
$ | $ | $ | $ | ||||||||||||||||||||||
Realized gain on partial termination of cross currency swaps | — | — | — | 6,800 | |||||||||||||||||||||
Realized (losses) gains | (38 | ) | 297 | (22 | ) | 1,022 | |||||||||||||||||||
Unrealized losses | (14,267 | ) | (9,307 | ) | (6,692 | ) | (34,809 | ) | |||||||||||||||||
Total realized and unrealized losses on cross-currency swaps | (14,305 | ) | (9,010 | ) | (6,714 | ) | (26,987 | ) | |||||||||||||||||
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, 2014 | |||||||||||||||||
Income Tax Disclosure [Abstract] | ' | ||||||||||||||||
Income Tax | ' | ||||||||||||||||
10 | Income Tax | ||||||||||||||||
The components of the provision for income tax are as follows: | |||||||||||||||||
Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||||
2014 | 2013 | 2014 | 2013 | ||||||||||||||
$ | $ | $ | $ | ||||||||||||||
Current | (415 | ) | (410 | ) | (1,668 | ) | (284 | ) | |||||||||
Deferred | 233 | (46 | ) | 223 | 62 | ||||||||||||
Income tax expense | (182 | ) | (456 | ) | (1,445 | ) | (222 | ) | |||||||||
Commitments_and_Contingencies
Commitments and Contingencies | 6 Months Ended | ||
Jun. 30, 2014 | |||
Commitments and Contingencies Disclosure [Abstract] | ' | ||
Commitments and Contingencies | ' | ||
11 | Commitments and Contingencies | ||
a) | On November 13, 2006, one of the Partnership’s shuttle tankers, the Navion Hispania, collided with the Njord Bravo, an FSO unit, while preparing to load an oil cargo from the Njord Bravo. The Njord Bravo services the Njord field, which is operated by Statoil Petroleum AS (or Statoil) and is located off the Norwegian coast. At the time of the incident, Statoil was chartering the Navion Hispania from the Partnership. The Navion Hispania and the Njord Bravo both incurred damage as a result of the collision. In November 2007, Navion Offshore Loading AS (or NOL) and Teekay Navion Offshore Loading Pte Ltd. (or TNOL), subsidiaries of the Partnership, and Teekay Shipping Norway AS (or TSN), a subsidiary of Teekay Corporation, were named as co-defendants in a legal action filed by Norwegian Hull Club (the hull and machinery insurers of the Njord Bravo), several other insurance underwriters and various licensees in the Njord field. The Plaintiffs sought damages for vessel repairs, expenses for a replacement vessel and other amounts related to production stoppage on the field, totaling NOK 213,000,000 (approximately $34.7 million). | ||
The appellate court in June 2013 held that NOL, TNOL and TSN are jointly and severally responsible towards the Plaintiffs for all the losses as a result of the collision, plus interests accrued on the amount of damages. In addition, Statoil ASA was held not to be under an obligation to indemnify NOL, TNOL and TSN for the losses. NOL, TNOL and TSN were also held liable for legal costs associated with court proceedings. As a result of this judgment, in the second quarter of 2013, the Partnership recognized a liability in the amount of NOK 213,000,000 in respect of damages, NOK 66,000,000 in respect of interest and NOK 11,000,000 in respect of legal costs, totaling NOK 290,000,000 (approximately $47.3 million), to the Plaintiffs recorded in accrued liabilities. In the fourth quarter of 2013, the Partnership recognized an additional liability of NOK 4,000,000 in respect of interest, bringing the total liability to NOK 294,000,000 (approximately $47.9 million). The judgment rendered deals with liability only and the ultimate amount of damages may be reduced compared to the NOK 213,000,000 claimed by the Plaintiffs. | |||
The Partnership and Teekay Corporation maintain protection and indemnity insurance for damages to the Navion Hispania and insurance for collision-related costs and claims. These insurance policies are expected to cover the costs related to this incident, including any costs not indemnified by Statoil, and thus a receivable of NOK 294,000,000 (approximately $47.9 million) was concurrently recorded in accounts receivable, which equals the total cost of the claim. In addition, Teekay Corporation has agreed to indemnify the Partnership for any losses it may incur in connection with this incident. | |||
In the fourth quarter of 2013, the insurer made payments directly to the Plaintiffs in full settlement of interest and partial settlement of legal costs and thus the Partnership, as at December 31, 2013, reduced its liability and related receivable to NOK 213,000,000 in respect of damages and approximately NOK 3,400,000 in respect of legal costs, totaling approximately NOK 216,400,000 (approximately $35.3 million). No further payments were made during the first six months of 2014. | |||
b) | During 2010, an unrelated party contributed a 1995-built shuttle tanker, the Randgrid, 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, 2014. | ||
c) | In May 2013, the Partnership entered into an agreement with Statoil, on behalf of the field license partners, to provide an FSO unit for the Gina Krog oil and gas field located in the North Sea. The contract will be serviced by a new FSO unit that will be converted from the Randgrid shuttle tanker, which the Partnership currently owns through a 67% owned subsidiary and intends to acquire full ownership of the vessel prior to its conversion. The FSO conversion project is expected to cost approximately $281 million, including amounts reimbursable upon delivery of the unit relating to installation and mobilization, and the cost of acquiring the remaining 33% ownership interest in the Randgrid shuttle tanker. As at June 30, 2014, payments made towards this commitment totaled $27.3 million. Following scheduled completion in early-2017, the newly converted FSO unit will commence operations under a three-year time-charter contract to Statoil, which includes 12 additional one-year extension options. | ||
d) | In May 2013, the Partnership entered into a ten-year charter contract, plus extension options, with Salamander Energy plc (or Salamander) to supply a FSO unit in Asia. The Partnership converted its 1993-built shuttle tanker, the Navion Clipper, into an FSO unit for an estimated fully built-up cost of approximately $73 million, including mobilization costs. As at June 30, 2014, payments made towards this commitment totaled $39.9 million. The unit commenced its charter contract with Salamander in mid-August of 2014. | ||
e) | In March 2014, the Partnership acquired 100% of the shares of ALP, a Netherlands-based provider of long-haul 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 vessel newbuildings. These vessels will be equipped with dynamic positioning capability and are scheduled for delivery in 2016. The Partnership is committed to acquire these newbuildings for a total cost of approximately $258 million. As at June 30, 2014, payments made towards these commitments totaled $46.9 million and the remaining payments required to be made under these newbuilding contracts are $14.4 million (balance of 2014), $77.9 million (2015) and $119.1 million (2016). The Partnership intends to continue financing the newbuilding installments through its existing liquidity and expects to secure long-term debt financing for these vessels prior to their scheduled deliveries in 2016. |
Total_Capital_and_Net_Income_P
Total Capital and Net Income Per Common Unit | 6 Months Ended | |
Jun. 30, 2014 | ||
Equity [Abstract] | ' | |
Total Capital and Net Income Per Common Unit | ' | |
12 | Total Capital and Net Income Per Common Unit | |
At June 30, 2014, 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 Series A Preferred Units (defined below) outstanding are held by the public. | ||
In 2013, the Partnership implemented a continuous offering program (or COP) under which the Partnership may issue new common units, representing limited partner interests, at market prices up to a maximum aggregate amount of $100 million. For the six months ended June 30, 2014 and 2013, the Partnership sold an aggregate of 213,350 and 85,508 common units, respectively, under the COP, generating proceeds of approximately $7.6 million and $2.7 million, respectively, (including the General Partner’s 2% proportionate capital contribution of $0.2 million and $0.1 million, respectively, and net of approximately $0.2 million and $0.1 million, respectively, of offering costs). The net proceeds from the issuance of these common units were used for general partnership purposes. | ||
Net Income Per Common Unit | ||
Limited partners’ interest in net income per common unit – basic is determined by dividing net income, after deducting the non-controlling interests and the General Partner’s interest and the distributions on the Series A Preferred Units (defined below), by the weighted-average number of common units outstanding during the period. The accumulated distributions on the preferred units for the three and six months ended June 30, 2014 were $2.7 million and $5.4 million, respectively, and $1.8 million for the three and six months ended June 30, 2013. The computation of limited partners’ interest in net income per common unit – diluted assumes the exercise of all dilutive restricted units using the treasury stock method. The computation of limited partners’ interest in net loss per common unit – diluted does not assume such exercises as the effect would be anti-dilutive. | ||
The General Partner’s and common unitholders’ interests in net income 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 the amount of cash reserves established by the Partnership’s board of directors to provide for the proper conduct of the Partnership’s business, including reserves for maintenance and replacement capital expenditure and anticipated capital requirements and any accumulated distributions on the Series A Preferred Units (defined below). Unlike available cash, net income is affected by non-cash items such as depreciation and amortization, unrealized gains and losses on derivative instruments and unrealized foreign currency translation gains and losses. | ||
The Partnership allocates the limited partners’ interest in net income, including both distributed and undistributed net income, between continuing operations and discontinued operations based on the proportion of net loss from continuing and discontinued operations to total net income. | ||
During the quarters ended June 30, 2014 and 2013, cash distributions exceeded $0.4025 per common unit and, consequently, the assumed distributions of net (loss) income resulted in the use of the increasing percentages to calculate the General Partner’s interest in net (loss) income for the purposes of the net (loss) income per common unit calculation. For more information on the increasing percentages to calculate the General Partner’s interest in net (loss) income, please refer to the Partnership’s Annual Report on Form 20-F for the year ended December 31, 2013. | ||
Pursuant to the partnership agreement, allocations to partners are made on a quarterly basis. | ||
Preferred Units | ||
In April 2013, the Partnership issued 6.0 million of its 7.25% Series A Cumulative Redeemable Preferred Units (or Series A Preferred Units) in a public offering for net proceeds of $144.9 million. | ||
Pursuant to the partnership agreement, distributions on the Series A Preferred Units to preferred unitholders are cumulative from the date of original issue and are payable quarterly in arrears, when, as and if declared by the board of directors of the General Partner. At any time on or after April 30, 2018, the Series A Preferred Units may be redeemed by the Partnership at a redemption price of $25.00 per unit plus an amount equal to all accumulated and unpaid distributions to the date of redemption. These units are listed on the New York Stock Exchange. |
Unit_Based_Compensation
Unit Based Compensation | 6 Months Ended | |
Jun. 30, 2014 | ||
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | ' | |
Unit Based Compensation | ' | |
13 | Unit Based Compensation | |
During the six months ended June 30, 2014, a total of 9,482 common units, with an aggregate value of $0.3 million, were granted and issued to the non-management directors of the General Partner as part of their annual compensation for 2014. | ||
The Partnership grants restricted unit awards as incentive-based compensation to certain employees of Teekay Corporation’s subsidiaries that provide services to the Partnership. During March 2014 and 2013, the Partnership granted 68,153 and 63,309 restricted units, respectively, with fair values of $2.1 million and $1.8 million, respectively, based on the Partnership’s closing unit price on the grant date. Each restricted unit is equal in value to one of the Partnership’s common units plus reinvested distributions from the grant date to the vesting date. The restricted units vest equally over three years from the grant date. Any portion of a restricted unit award that is not vested on the date of a recipient’s termination of service is cancelled, unless their termination arises as a result of the recipient’s retirement and, in this case, the restricted unit awarded will continue to vest in according with the vesting schedule. Upon vesting, the value of the restricted units is paid to each grantee in the form of common units or cash. During the six months ended June 30, 2014, a total of 63,327 restricted stock units with a fair value of $1.9 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 6,584 common units and by paying $0.3 million in cash. During the six months ended June 2013, a total of 6,742 restricted stock units with a fair value of $0.2 million, based on the Partnership’s closing unit price on the grant date, vested. During the three and six months ended June 30, 2014 and 2013, the Partnership recorded unit based compensation expense of $0.5 million and $1.9 million, and $0.2 million and $0.5 million, respectively, in general and administrative expenses in the Partnership’s consolidated statements of (loss) income. As of June 30, 2014 and 2013, liabilities relating to cash settled restricted unit awards of $1.1 million and $nil, respectively, were recorded in accrued liabilities on the Partnership’s consolidated balance sheets. |
Discontinued_Operations
Discontinued Operations | 6 Months Ended | ||||||||
Jun. 30, 2014 | |||||||||
Discontinued Operations and Disposal Groups [Abstract] | ' | ||||||||
Discontinued Operations | ' | ||||||||
14 | Discontinued Operations | ||||||||
The operations of the Leyte Spirit, the Poul Spirit and the Gotland Spirit prior to being considered discontinued operations, were reported within the conventional tanker segment. The Leyte Spirit, which was written down in 2012, was sold in the first quarter of 2013. In the first and second quarters of 2013, the Poul Spirit and the Gotland Spirit, respectively, were written down to their estimated fair values in conjunction with the termination of their long-term time-charter-out contracts with a subsidiary of Teekay Corporation. The Partnership received early termination fees of $4.5 million and $6.8 million from Teekay Corporation in the second quarter and first quarter of 2013, respectively, which are recorded in discontinued operations. The Poul Spirit was further written down upon sale in the second quarter of 2013 and a gain was recognized upon the sale of the Gotland Spirit in the third quarter of 2013. The estimated fair value for each of the three vessels was determined using appraised values. The following table summarizes the net loss from discontinued operations related to these three vessels for the period presented in the consolidated statements of income: | |||||||||
Three Months Ended | Six Months Ended | ||||||||
June 30, 2013 | June 30, 2013 | ||||||||
$ | $ | ||||||||
REVENUES | 7,450 | 19,760 | |||||||
OPERATING EXPENSES | |||||||||
Voyage (recoveries) expenses | (41 | ) | 237 | ||||||
Vessel operating expenses | 1,307 | 3,098 | |||||||
Depreciation and amortization | 397 | 1,236 | |||||||
General and administrative | 99 | 374 | |||||||
Write-down and loss on sale of vessels | 7,782 | 19,029 | |||||||
Total operating expenses | 9,544 | 23,974 | |||||||
Loss from vessel operations | (2,094 | ) | (4,214 | ) | |||||
OTHER ITEMS | |||||||||
Interest expense | (37 | ) | (89 | ) | |||||
Foreign currency exchange loss | (2 | ) | (4 | ) | |||||
Other expense - net | (1 | ) | (2 | ) | |||||
Total other items | (40 | ) | (95 | ) | |||||
Net loss from discontinued operations | (2,134 | ) | (4,309 | ) | |||||
Acquisition_of_ALP_Maritime_Se
Acquisition of ALP Maritime Services B.V. | 6 Months Ended | ||||||||
Jun. 30, 2014 | |||||||||
Business Combinations [Abstract] | ' | ||||||||
Acquisition of ALP Maritime Services B.V. | ' | ||||||||
15 | Acquisition of ALP Maritime Services B.V. | ||||||||
On March 14, 2014, the Partnership acquired 100% of the shares of ALP. 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 vessel newbuildings. These vessels will be equipped with dynamic positioning capability and are scheduled for delivery in 2016. The Partnership is committed to acquire these newbuildings for a total cost of approximately $258 million (see note 11e). | |||||||||
The Partnership acquired ALP for a purchase price of $2.6 million, which was paid in cash, and also entered into an arrangement to pay additional compensation to three former shareholders of ALP if certain requirements are satisfied. This contingent compensation consists of $2.4 million, which is payable upon the delivery and employment of ALP’s four newbuildings scheduled throughout 2016, and a further amount of up to $2.6 million, which is payable if ALP’s annual operating results from 2017 to 2021 meet certain targets. The Partnership has the option to pay up to 50 percent of this compensation through the issuance of common units of the Partnership. Each of the contingent compensation amounts are payable only if the three shareholders are employed by ALP at the time performance conditions are met. For the three and six months ended June 30, 2014, compensation costs were $0.2 million and were recorded under general and administrative expenses in the Partnership’s consolidated statements of (loss) income. The Partnership also incurred a $1.0 million fee associated with the acquisition and a $1.6 million success fee to Teekay Corporation (see note 8a) for assistance of the acquisition which have been recognized in general and administrative expenses during the first and second quarters of 2014, respectively. | |||||||||
This acquisition of ALP and the related newbuilding orders represent the Partnership’s entrance into the long-haul ocean towage and offshore installation services business. This acquisition allows the Partnership to combine its infrastructure and access to capital with ALP’s experienced management team to further grow this niche business, which is in an adjacent sector to the Partnership’s FPSO and shuttle tanker businesses. The acquisition of ALP was accounted for using the purchase method of accounting, based upon preliminary estimates of fair value. | |||||||||
The following table summarizes the preliminary estimates of fair values of the ALP assets acquired and liabilities assumed by the Partnership on the acquisition date. | |||||||||
(in thousands of U.S. dollars) | As at March 14, 2014 | ||||||||
$ | |||||||||
ASSETS | |||||||||
Cash and cash equivalents | 294 | ||||||||
Other current assets | 404 | ||||||||
Advances on newbuilding contracts | 164 | ||||||||
Other assets - long-term | 395 | ||||||||
Goodwill (towage segment) | 2,032 | ||||||||
Total assets acquired | 3,289 | ||||||||
LIABILITIES | |||||||||
Current liabilities | 387 | ||||||||
Other long-term liabilities | 286 | ||||||||
Total liabilities assumed | 673 | ||||||||
Net assets acquired | 2,616 | ||||||||
Consideration | 2,616 | ||||||||
The goodwill recognized in connection with the ALP acquisition is attributable primarily to the assembled workforce of ALP, including their experience, skills and abilities. Operating results of ALP are reflected in the Partnership’s financial statements commencing March 14, 2014, the effective date of acquisition. For the six months ended June 30, 2014, the Partnership recognized $0.2 million of revenue and $1.7 million of net loss, respectively, resulting from this acquisition. The following table shows comparative summarized consolidated pro forma financial information for the Partnership for the six months ended June 30, 2014 and 2013, giving effect to the Partnership’s acquisition of ALP as if it had taken place on January 1, 2013: | |||||||||
Pro Forma | Pro Forma | ||||||||
Six Months | Six Months | ||||||||
ended | ended | ||||||||
June 30, | June 30, | ||||||||
2014 | 2013 | ||||||||
(in thousands of U.S dollars, except per unit data) | $ | $ | |||||||
Revenues | 500,771 | 440,857 | |||||||
Net income | 5,061 | 80,712 | |||||||
Limited partners’ interest in net (loss) income per common unit - basic | (0.13 | ) | 0.85 | ||||||
Limited partners’ interest in net (loss) income per common unit - diluted | (0.13 | ) | 0.85 |
Subsequent_events
Subsequent events | 6 Months Ended | |
Jun. 30, 2014 | ||
Subsequent Events [Abstract] | ' | |
Subsequent events | ' | |
16 | Subsequent events | |
Acquisition of Logitel | ||
In August 2014, the Partnership acquired 100% of the outstanding shares of Logitel Offshore Holding AS (Logitel), a Norway-based company focused on the high-end floating accommodation market. The purchase price for the shares of Logitel consisted of $4.0 million in cash due on closing and a potential additional cash amount of $27.6 million, subject to reductions of some or all of this potential additional amount if certain performance criteria, primarily relating to the construction of the three floating accommodation units (FAUs) ordered from the COSCO (Nantong) Shipyard (COSCO) in China, are not met. Two of the FAUs are currently under construction and in August 2014, the Partnership exercised one of its existing six options with COSCO to construct a third FAU. Prior to the acquisition, Logitel secured a three-year fixed-rate charter contract, plus extension options, with Petroleo Brasileiro SA (Petrobras) in Brazil for the first FAU which is scheduled to deliver in the first quarter of 2015. The Partnership expects to secure charter contracts for the remaining two newbuilding FAUs prior to their respective scheduled deliveries in the fourth quarter of 2015 and the third quarter of 2016. | ||
The Partnership is committed to acquire the three FAUs ordered from COSCO for a total cost of approximately $534.0 million, including estimated site supervision costs and license fees to be paid to Sevan Marine ASA (or Sevan) to allow for use of its cylindrical hull design in these FAUs. As at the date of acquisition, payments made towards these commitments totaled $18.0 million and the remaining payments required to be made under these newbuilding contracts are $8.8 million (balance of 2014), $341.0 million (2015) and $166.2 million (2016). The amount of the license fees, in aggregate for the three FAUs ordered from COSCO, is $22.2 million, subject to reductions of some or all of this amount if certain performance criteria, primarily relating to the construction of the three FAUs ordered from COSCO, is not met. The amount of site supervision costs are based on hours spent at agreed upon hourly rates as per the Partnership’s agreement with Sevan. | ||
The Partnership intends to finance the initial newbuilding payments through its existing liquidity and expects to secure long-term debt financing for the units prior to their scheduled deliveries. Prior to the acquisition, financing for $60.0 million of costs incurred by Logitel relating to the acquisition of two partially completed hulls from Sevan and the subsequent construction installments to COSCO has been provided by a bond agreement between Logitel and Sevan, The Partnership has assumed Logitel’s obligations under the bond agreement as part of this acquisition. The bond is non-interest bearing and is repayable in amounts of $10.0 million within 6 months of delivery of each of the next six FAUs, including the three ordered from COSCO. The bonds are redeemable at par at any time by Logitel. The bonds are convertible by Sevan. The conversion option is exercisable if the fourth of six options with COSCO is not exercised by its option expiry date on November 30, 2016, In this case, Sevan has a one-time option to receive the remaining two options with COSCO in exchange for the extinguishment of the remaining amount owing on the bond agreement. If the one-time option is not exercised by Sevan, any remaining amount owing on the bond agreement will be forgiven when there is a continuous three-year period, from the date of the latest delivery of a newbuilding FAU based on the Sevan cylindrical hull design, where no such Sevan design FAUs are ordered. |
Basis_of_Presentation_Policies
Basis of Presentation (Policies) | 6 Months Ended | |
Jun. 30, 2014 | ||
Accounting Policies [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 and its wholly owned or controlled subsidiaries (collectively, the Partnership). The preparation of 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, 2013, which are included in the Partnership’s Annual Report on Form 20-F. In the opinion of management of our 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 and lower in the summer months, as generally there is higher maintenance in the oil fields during the summer months, which leads to lower oil production, and thus, lower shuttle tanker utilization during that period. Significant intercompany balances and transactions have been eliminated upon consolidation. | ||
In the current period the Partnership has presented the conversion costs for the Partnership’s committed vessel conversions in Advances on newbuilding contracts and conversion costs. Prior to June 30, 2014, the Partnership included these amounts in Vessels and equipment – At cost, less accumulated depreciation. All such costs incurred in comparative periods have been reclassified from Vessels and equipment – At cost, less accumulated depreciation to Advances on newbuilding contracts and conversion costs to conform to the presentation adopted in the current period. The amount reclassified as at December 31, 2013 was $29.8 million. | ||
Accounting Pronouncement Not Yet Adopted | ' | |
Accounting Pronouncement Not Yet Adopted | ||
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 entities 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 when each performance obligation is satisfied. ASU 2014-09 is effective for interim and annual periods beginning after December 15, 2016 and shall be applied retrospectively to each period presented or as a cumulative-effect adjustment as of the date of adoption. Early adoption is not permitted. The Partnership is evaluating the effect of adopting this new accounting guidance. | ||
In April 2014, the FASB issued Accounting Standards Update 2014-08, Reporting Discontinued Operations and Disclosures of Disposals of Components of an Entity (or ASU 2014-08) which raises the threshold for disposals to qualify as discontinued operations. A discontinued operation is defined as: (i) a component of an entity or group of components that has been disposed of or classified as held for sale and represents a strategic shift that has or will have a major effect on an entity’s operations and financial results; or (ii) an acquired business that is classified as held for sale on the acquisition date. ASU 2014-08 also requires additional disclosures regarding discontinued operations, as well as material disposals that do not meet the definition of discontinued operations. ASU 2014-08 is effective for fiscal years beginning on or after December 15, 2014, and interim periods within those years. Early adoption is permitted, but only for disposals (or classifications as held for sale) that have not been reported in the financial statements previously issued or available for issuance. The impact, if any, of adopting ASU 2014-08 on the Partnership’s financial statements will depend on the occurrence and nature of disposals that occur after ASU 2014-08 is adopted. |
Financial_Instruments_Tables
Financial Instruments (Tables) | 6 Months Ended | ||||||||||||||||||||
Jun. 30, 2014 | |||||||||||||||||||||
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, 2014 | December 31, 2013 | ||||||||||||||||||||
Carrying | Fair | Carrying | Fair | ||||||||||||||||||
Fair Value | Amount | Value | Amount | Value | |||||||||||||||||
Hierarchy | Asset (Liability) | Asset (Liability) | Asset (Liability) | Asset (Liability) | |||||||||||||||||
Level | $ | $ | $ | $ | |||||||||||||||||
Recurring: | |||||||||||||||||||||
Cash and cash equivalents | Level 1 | 251,561 | 251,561 | 219,126 | 219,126 | ||||||||||||||||
Derivative instruments (note 9) | |||||||||||||||||||||
Interest rate swap agreements | Level 2 | (187,616 | ) | (187,616 | ) | (141,143 | ) | (141,143 | ) | ||||||||||||
Cross currency swap agreements | Level 2 | (32,186 | ) | (32,186 | ) | (25,433 | ) | (25,433 | ) | ||||||||||||
Foreign currency forward contracts | Level 2 | (164 | ) | (164 | ) | (842 | ) | (842 | ) | ||||||||||||
Non-Recurring: | |||||||||||||||||||||
Vessels and equipment | Level 2 | — | — | 17,250 | 17,250 | ||||||||||||||||
Other: | |||||||||||||||||||||
Long-term debt - public (note 6) | Level 1 | (943,963 | ) | (964,564 | ) | (487,097 | ) | (496,609 | ) | ||||||||||||
Long-term debt - non-public (note 6) | Level 2 | (1,599,518 | ) | (1,581,529 | ) | (1,881,879 | ) | (1,835,218 | ) | ||||||||||||
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: | |||||||||||||||||||||
June 30, | December 31, | ||||||||||||||||||||
Credit Quality | 2014 | 2013 | |||||||||||||||||||
Indicator | Grade | $ | $ | ||||||||||||||||||
Direct financing leases | Payment activity | Performing | 79,446 | 27,567 |
Segment_Reporting_Tables
Segment Reporting (Tables) | 6 Months Ended | ||||||||||||||||||||||||||||||||||||||||
Jun. 30, 2014 | |||||||||||||||||||||||||||||||||||||||||
Segment Reporting [Abstract] | ' | ||||||||||||||||||||||||||||||||||||||||
Segment Results as Presented in Consolidated Financial Statements | ' | ||||||||||||||||||||||||||||||||||||||||
The results below exclude three conventional tankers as they are determined to be discontinued operations (see note 14): | |||||||||||||||||||||||||||||||||||||||||
Shuttle | Conventional | ||||||||||||||||||||||||||||||||||||||||
Tanker | FPSO | FSO | Tanker | ||||||||||||||||||||||||||||||||||||||
Segment | Segment (1) | Segment | Segment | Total | |||||||||||||||||||||||||||||||||||||
Three Months Ended June 30, | |||||||||||||||||||||||||||||||||||||||||
2014 | 2013 | 2014 | 2013 | 2014 | 2013 | 2014 | 2013 | 2014 | 2013 | ||||||||||||||||||||||||||||||||
$ | $ | $ | $ | $ | $ | $ | $ | $ | $ | ||||||||||||||||||||||||||||||||
Revenues | 137,145 | 133,222 | 83,984 | 65,260 | 11,673 | 15,053 | 8,600 | 8,877 | 241,402 | 222,412 | |||||||||||||||||||||||||||||||
Voyage expenses | 24,919 | 22,275 | — | — | 149 | — | 1,188 | 998 | 26,256 | 23,273 | |||||||||||||||||||||||||||||||
Vessel operating expenses | 39,715 | 36,511 | 39,472 | 40,074 | 7,532 | 8,315 | 1,465 | 1,619 | 88,184 | 86,519 | |||||||||||||||||||||||||||||||
Time-charter hire expense | 4,975 | 14,093 | — | — | — | — | — | — | 4,975 | 14,093 | |||||||||||||||||||||||||||||||
Depreciation and amortization | 27,378 | 28,165 | 18,186 | 17,789 | 1,298 | 2,743 | 1,612 | 1,568 | 48,474 | 50,265 | |||||||||||||||||||||||||||||||
General and administrative (2) | 7,126 | 4,911 | 7,989 | 4,600 | 1,027 | 809 | 312 | 97 | 16,454 | 10,417 | |||||||||||||||||||||||||||||||
Success fee(3) | — | — | — | — | — | — | — | — | 1,600 | — | |||||||||||||||||||||||||||||||
Restructuring (recovery) charge(4) | (821 | ) | 957 | — | — | — | — | — | 438 | (821 | ) | 1,395 | |||||||||||||||||||||||||||||
Income from vessel operations | 33,853 | 26,310 | 18,337 | 2,797 | 1,667 | 3,186 | 4,023 | 4,157 | 56,280 | 36,450 | |||||||||||||||||||||||||||||||
Shuttle | Conventional | ||||||||||||||||||||||||||||||||||||||||
Tanker | FPSO | FSO | Tanker | ||||||||||||||||||||||||||||||||||||||
Segment | Segment (1) | Segment | Segment | Total | |||||||||||||||||||||||||||||||||||||
Six Months Ended June 30, | |||||||||||||||||||||||||||||||||||||||||
2014 | 2013 | 2014 | 2013 | 2014 | 2013 | 2014 | 2013 | 2014 | 2013 | ||||||||||||||||||||||||||||||||
$ | $ | $ | $ | $ | $ | $ | $ | $ | $ | ||||||||||||||||||||||||||||||||
Revenues | 290,325 | 263,572 | 167,121 | 122,945 | 25,962 | 30,193 | 17,228 | 17,814 | 500,636 | 434,524 | |||||||||||||||||||||||||||||||
Voyage expenses (recoveries) | 56,625 | 44,569 | — | — | 172 | (485 | ) | 2,913 | 2,137 | 59,710 | 46,221 | ||||||||||||||||||||||||||||||
Vessel operating expenses | 80,121 | 74,478 | 79,863 | 69,575 | 13,405 | 16,600 | 2,925 | 3,190 | 176,314 | 163,843 | |||||||||||||||||||||||||||||||
Time-charter hire expense | 16,387 | 28,870 | — | — | — | — | — | — | 16,387 | 28,870 | |||||||||||||||||||||||||||||||
Depreciation and amortization | 54,659 | 55,770 | 36,089 | 30,541 | 2,991 | 5,325 | 3,223 | 3,139 | 96,962 | 94,775 | |||||||||||||||||||||||||||||||
General and administrative (2) | 13,825 | 10,800 | 13,747 | 7,662 | 1,886 | 1,574 | 845 | 771 | 30,303 | 20,807 | |||||||||||||||||||||||||||||||
Acquisition and success fee (3) | — | — | — | — | — | — | — | — | 2,600 | — | |||||||||||||||||||||||||||||||
Restructuring (recovery) charge(4) | (262 | ) | 1,616 | — | — | — | — | — | 438 | (262 | ) | 2,054 | |||||||||||||||||||||||||||||
Income from vessel operations | 68,970 | 47,469 | 37,422 | 15,167 | 7,508 | 7,179 | 7,322 | 8,139 | 118,622 | 77,954 | |||||||||||||||||||||||||||||||
-1 | Income from vessel operations reflected above for the six months ended June 30, 2014 excludes $3.1 million of the Voyageur Spirit FPSO unit payments relating to the production shortfall during the period January 1, 2014 through to February 21, 2014 and a further $0.4 million relating to unreimbursed vessel operating expenses until the unit has declared on hire as of February 22, 2014. Income from vessel operations for the three and six months ended June 30, 2013 excludes $17.0 million of indemnification payments relating to production shortfalls for both the Dropdown Predecessor period from April 13, 2013 to May 1, 2013 and the period owned by the Partnership from May 2, 2013 to June 30, 2013 as the Voyageur Spirit FPSO unit was declared off-hire retroactive to first oil given the delay in achieving final acceptance from the charterer. The indemnification payments by Teekay Corporation have effectively been treated as a reduction to the purchase price of the Voyageur Spirit (see note 8c). | ||||||||||||||||||||||||||||||||||||||||
-2 | Includes direct general and administrative expenses and indirect general and administrative expenses (allocated to each segment based on estimated use of corporate resources). | ||||||||||||||||||||||||||||||||||||||||
-3 | The towage segment has not been disaggregated as its results are not material other than a $1.0 million fee associated with the acquisition of ALP Maritime Services B.V. (or ALP), which was recognized in general and administrative expenses in the consolidated statement of (loss) income for the three and six months ended June 30, 2014, and a $1.6 million success fee to Teekay Corporation for assistance with the acquisition of ALP, which was recognized in general and administrative expenses in the consolidated statement of (loss) income for the three and six months ended June 30, 2014 (see note 8a). | ||||||||||||||||||||||||||||||||||||||||
-4 | Restructuring recovery of $0.8 million for the three and six months ended June 30, 2014 related to a reimbursement received during the second quarter of 2014, for the reorganization of the Partnership’s shuttle tanker marine operations, which were completed during 2013. Restructuring charge of $0.6 million for the six months ended June 30, 2014 related to the reflagging of one shuttle tanker which commenced in January 2014 and was completed in March 2014 (see note 7). | ||||||||||||||||||||||||||||||||||||||||
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, 2014 | December 31, 2013 | ||||||||||||||||||||||||||||||||||||||||
$ | $ | ||||||||||||||||||||||||||||||||||||||||
Shuttle tanker segment | 2,034,277 | 2,004,505 | |||||||||||||||||||||||||||||||||||||||
FPSO segment | 1,261,329 | 1,303,229 | |||||||||||||||||||||||||||||||||||||||
FSO segment | 116,495 | 102,452 | |||||||||||||||||||||||||||||||||||||||
Conventional tanker segment | 145,106 | 144,723 | |||||||||||||||||||||||||||||||||||||||
Towage segment | 49,422 | — | |||||||||||||||||||||||||||||||||||||||
Unallocated: | |||||||||||||||||||||||||||||||||||||||||
Cash and cash equivalents | 251,561 | 219,126 | |||||||||||||||||||||||||||||||||||||||
Other assets | 21,283 | 32,051 | |||||||||||||||||||||||||||||||||||||||
Consolidated total assets | 3,879,473 | 3,806,086 | |||||||||||||||||||||||||||||||||||||||
LongTerm_Debt_Tables
Long-Term Debt (Tables) | 6 Months Ended | ||||||||
Jun. 30, 2014 | |||||||||
Debt Disclosure [Abstract] | ' | ||||||||
Long-Term Debt | ' | ||||||||
June 30, 2014 | December 31, 2013 | ||||||||
$ | $ | ||||||||
U.S. Dollar-denominated Revolving Credit Facilities due through 2018 | 583,557 | 743,494 | |||||||
Norwegian Kroner Bonds due through 2019 | 472,845 | 312,947 | |||||||
U.S. Dollar-denominated Term Loans due through 2018 | 168,143 | 188,854 | |||||||
U.S. Dollar-denominated Term Loans due through 2023 | 847,818 | 949,531 | |||||||
U.S. Dollar Bonds due through 2023 | 471,118 | 174,150 | |||||||
Total | 2,543,481 | 2,368,976 | |||||||
Less current portion | 339,087 | 806,009 | |||||||
Long-term portion | 2,204,394 | 1,562,967 | |||||||
Related_Party_Transactions_and1
Related Party Transactions and Balances (Tables) | 6 Months Ended | ||||||||||||||||
Jun. 30, 2014 | |||||||||||||||||
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, | ||||||||||||||||
2014 | 2013 | 2014 | 2013 | ||||||||||||||
$ | $ | $ | $ | ||||||||||||||
Revenues(1) | 16,427 | 18,572 | 33,757 | 37,385 | |||||||||||||
Vessel operating expenses(2) | 10,182 | 9,831 | 19,830 | 19,678 | |||||||||||||
General and administrative(3) (4) | 10,252 | 6,990 | 18,540 | 13,498 | |||||||||||||
Interest income(5) | — | 1,217 | — | 1,217 | |||||||||||||
Interest expense(6) | 112 | 166 | 223 | 224 | |||||||||||||
Net income from related party transactions from discontinued operations(7) | — | 6,992 | — | 19,255 | |||||||||||||
-1 | Includes revenue from long-term time-charter-out contracts and short-term time-charter-out contracts with subsidiaries or affiliates of Teekay Corporation, including management fees from ship management services provided by the Partnership to a subsidiary of Teekay Corporation. | ||||||||||||||||
-2 | Includes ship management and crew training services provided by Teekay Corporation. | ||||||||||||||||
-3 | Includes commercial, technical, strategic, business development and administrative management fees charged by Teekay Corporation and reimbursements to Teekay Corporation and our General Partner for costs incurred on the Partnership’s behalf. | ||||||||||||||||
-4 | Includes a $1.6 million success fee to Teekay Corporation for assistance with the acquisition of ALP during the three and six months ended June 30, 2014. | ||||||||||||||||
-5 | Interest income for the three and six months ended June 30, 2013 related to the interest received from Teekay Corporation and our General Partner on a $150 million partial prepayment for the Voyageur Spirit. The Partnership received interest at a rate of LIBOR plus a margin of 4.25% on the prepaid funds to Teekay Corporation from February 26, 2013 until the Partnership acquired the FPSO unit on May 2, 2013. | ||||||||||||||||
-6 | Guarantee fee related to the final bullet payment of the Piranema Spirit FPSO debt facility guaranteed by Teekay Corporation. | ||||||||||||||||
-7 | Related party transactions relating to three conventional tankers determined to be discontinued operations. This includes revenue from long-term time-charter-out contracts with subsidiaries or affiliates of Teekay Corporation, including the early termination fee described above, and crew training, commercial, technical, strategic and business development management fees charged by Teekay Corporation. |
Derivative_Instruments_and_Hed1
Derivative Instruments and Hedging Activities (Tables) | 6 Months Ended | ||||||||||||||||||||||||
Jun. 30, 2014 | |||||||||||||||||||||||||
Derivative Instruments and Hedging Activities Disclosure [Abstract] | ' | ||||||||||||||||||||||||
Foreign Currency Forward Contracts | ' | ||||||||||||||||||||||||
As at June 30, 2014, the Partnership was committed to the following foreign currency forward contracts: | |||||||||||||||||||||||||
Contract Amount | Fair Value / Carrying | ||||||||||||||||||||||||
in Foreign | Amount of Asset (Liability) | Average | Expected Maturity | ||||||||||||||||||||||
Currency | (in thousands of U.S. Dollars) | Forward | 2014 | 2015 | |||||||||||||||||||||
(thousands) | Non-hedge | Rate(1) | (in thousands of U.S. Dollars) | ||||||||||||||||||||||
Norwegian Kroner | 410,000 | (164 | ) | 6.16 | 30,526 | 36,004 | |||||||||||||||||||
-1 | Average forward rate represents the contracted amount of foreign currency one U.S. Dollar will buy. | ||||||||||||||||||||||||
Summary of Cross Currency Swaps | ' | ||||||||||||||||||||||||
As at June 30, 2014, the Partnership was committed to the following cross currency swaps: | |||||||||||||||||||||||||
Fair Value / | |||||||||||||||||||||||||
Carrying | |||||||||||||||||||||||||
Principal | Principal | Floating Rate Receivable | Amount of | Remaining | |||||||||||||||||||||
Amount | Amount | Reference | Fixed Rate | Asset | Term | ||||||||||||||||||||
NOK | USD | Rate | Margin | Payable | (Liability) | (years) | |||||||||||||||||||
600,000 | 101,351 | NIBOR | 5.75 | % | 7.49 | % | (6,337 | ) | 2.6 | ||||||||||||||||
500,000 | 89,710 | NIBOR | 4 | % | 4.8 | % | (8,943 | ) | 1.6 | ||||||||||||||||
800,000 | 143,536 | NIBOR | 4.75 | % | 5.93 | % | (14,285 | ) | 3.6 | ||||||||||||||||
1,000,000 | 162,200 | NIBOR | 4.25 | % | 6.28 | % | (2,621 | ) | 4.6 | ||||||||||||||||
(32,186 | ) | ||||||||||||||||||||||||
Interest Rate Swap Agreements | ' | ||||||||||||||||||||||||
As at June 30, 2014, the Partnership was committed to the following interest rate swap agreements: | |||||||||||||||||||||||||
Fair Value / | |||||||||||||||||||||||||
Carrying | Weighted- | ||||||||||||||||||||||||
Amount of | Average | Fixed | |||||||||||||||||||||||
Interest | Notional | Assets | Remaining | Interest | |||||||||||||||||||||
Rate | Amount | (Liability) | Term | Rate | |||||||||||||||||||||
Index | $ | $ | (years) | (%)(1) | |||||||||||||||||||||
U.S. Dollar-denominated interest rate swaps (2) | LIBOR | 800,000 | (139,215 | ) | 8.4 | 4.7 | |||||||||||||||||||
U.S. Dollar-denominated interest rate swaps (3) | LIBOR | 815,781 | (45,147 | ) | 6.1 | 2.5 | |||||||||||||||||||
U.S. Dollar-denominated interest rate swaps (4) | LIBOR | 180,000 | (3,254 | ) | 0.3 | 3.4 | |||||||||||||||||||
1,795,781 | (187,616 | ) | |||||||||||||||||||||||
-1 | Excludes the margin the Partnership pays on its variable-rate debt, which as at June 30, 2014, ranged between 0.3% and 3.25%. | ||||||||||||||||||||||||
-2 | Notional amount remains constant over the term of the swap. | ||||||||||||||||||||||||
-3 | Principal amount reduces quarterly or semi-annually. | ||||||||||||||||||||||||
-4 | This 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. The interest rate swap is subject to mandatory early termination in 2014 whereby the swap will be settled based on its fair value at that time. | ||||||||||||||||||||||||
Location and Fair Value Amounts of Derivative Instruments | ' | ||||||||||||||||||||||||
The following table presents the location and fair value amounts of derivative instruments, segregated by type of contract, on the Partnership’s balance sheets. | |||||||||||||||||||||||||
Current | Current | ||||||||||||||||||||||||
Portion of | Portion of | ||||||||||||||||||||||||
Accounts | Derivative | Derivative | Accrued | Derivative | Derivative | ||||||||||||||||||||
Receivable | Assets | Assets | Liabilities | Liabilities | Liabilities | ||||||||||||||||||||
$ | $ | $ | $ | $ | $ | ||||||||||||||||||||
As at June 30, 2014 | |||||||||||||||||||||||||
Foreign currency contracts | — | 517 | 11 | — | (471 | ) | (221 | ) | |||||||||||||||||
Cross currency swaps | — | 195 | — | (49 | ) | (1,189 | ) | (31,143 | ) | ||||||||||||||||
Interest rate swaps | — | — | 5,732 | (8,555 | ) | (61,476 | ) | (123,317 | ) | ||||||||||||||||
— | 712 | 5,743 | (8,604 | ) | (63,136 | ) | (154,681 | ) | |||||||||||||||||
As at December 31, 2013 | |||||||||||||||||||||||||
Foreign currency contracts | — | 213 | 4 | — | (976 | ) | (83 | ) | |||||||||||||||||
Cross currency swaps | 12 | 287 | — | — | (311 | ) | (25,421 | ) | |||||||||||||||||
Interest rate swaps | — | — | 10,319 | (9,174 | ) | (46,657 | ) | (95,631 | ) | ||||||||||||||||
12 | 500 | 10,323 | (9,174 | ) | (47,944 | ) | (121,135 | ) | |||||||||||||||||
Effect of (Losses) Gains on Derivatives | ' | ||||||||||||||||||||||||
The effect of the (losses) gains on these derivatives on the consolidated statements of (loss) income is as follows: | |||||||||||||||||||||||||
Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||||||||||||
2014 | 2013 | 2014 | 2013 | ||||||||||||||||||||||
$ | $ | $ | $ | ||||||||||||||||||||||
Realized (losses) gains relating to: | |||||||||||||||||||||||||
Interest rate swaps | (13,997 | ) | (19,055 | ) | (28,060 | ) | (33,678 | ) | |||||||||||||||||
Foreign currency forward contracts | 196 | (1,646 | ) | (302 | ) | (1,293 | ) | ||||||||||||||||||
(13,801 | ) | (20,701 | ) | (28,362 | ) | (34,971 | ) | ||||||||||||||||||
Unrealized (losses) gains relating to: | |||||||||||||||||||||||||
Interest rate swaps | (22,985 | ) | 56,931 | (47,093 | ) | 71,902 | |||||||||||||||||||
Foreign currency forward contracts | (1,358 | ) | (2,329 | ) | 679 | (4,107 | ) | ||||||||||||||||||
(24,343 | ) | 54,602 | (46,414 | ) | 67,795 | ||||||||||||||||||||
Total realized and unrealized (losses) gains on derivative instruments | (38,144 | ) | 33,901 | (74,776 | ) | 32,824 | |||||||||||||||||||
Effect of Loss on Cross Currency Swaps on Consolidated Statements of (Loss) Income | ' | ||||||||||||||||||||||||
The effect of the loss on cross currency swaps on the consolidated statements of (loss) income is as follows: | |||||||||||||||||||||||||
Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||||||||||||
2014 | 2013 | 2014 | 2013 | ||||||||||||||||||||||
$ | $ | $ | $ | ||||||||||||||||||||||
Realized gain on partial termination of cross currency swaps | — | — | — | 6,800 | |||||||||||||||||||||
Realized (losses) gains | (38 | ) | 297 | (22 | ) | 1,022 | |||||||||||||||||||
Unrealized losses | (14,267 | ) | (9,307 | ) | (6,692 | ) | (34,809 | ) | |||||||||||||||||
Total realized and unrealized losses on cross-currency swaps | (14,305 | ) | (9,010 | ) | (6,714 | ) | (26,987 | ) | |||||||||||||||||
Income_Tax_Tables
Income Tax (Tables) | 6 Months Ended | ||||||||||||||||
Jun. 30, 2014 | |||||||||||||||||
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, | ||||||||||||||||
2014 | 2013 | 2014 | 2013 | ||||||||||||||
$ | $ | $ | $ | ||||||||||||||
Current | (415 | ) | (410 | ) | (1,668 | ) | (284 | ) | |||||||||
Deferred | 233 | (46 | ) | 223 | 62 | ||||||||||||
Income tax expense | (182 | ) | (456 | ) | (1,445 | ) | (222 | ) | |||||||||
Discontinued_Operations_Tables
Discontinued Operations (Tables) | 6 Months Ended | ||||||||
Jun. 30, 2014 | |||||||||
Discontinued Operations and Disposal Groups [Abstract] | ' | ||||||||
Summary of Net Loss from Discontinued Operations | ' | ||||||||
The following table summarizes the net loss from discontinued operations related to these three vessels for the period presented in the consolidated statements of income: | |||||||||
Three Months Ended | Six Months Ended | ||||||||
June 30, 2013 | June 30, 2013 | ||||||||
$ | $ | ||||||||
REVENUES | 7,450 | 19,760 | |||||||
OPERATING EXPENSES | |||||||||
Voyage (recoveries) expenses | (41 | ) | 237 | ||||||
Vessel operating expenses | 1,307 | 3,098 | |||||||
Depreciation and amortization | 397 | 1,236 | |||||||
General and administrative | 99 | 374 | |||||||
Write-down and loss on sale of vessels | 7,782 | 19,029 | |||||||
Total operating expenses | 9,544 | 23,974 | |||||||
Loss from vessel operations | (2,094 | ) | (4,214 | ) | |||||
OTHER ITEMS | |||||||||
Interest expense | (37 | ) | (89 | ) | |||||
Foreign currency exchange loss | (2 | ) | (4 | ) | |||||
Other expense - net | (1 | ) | (2 | ) | |||||
Total other items | (40 | ) | (95 | ) | |||||
Net loss from discontinued operations | (2,134 | ) | (4,309 | ) | |||||
Acquisition_of_ALP_Maritime_Se1
Acquisition of ALP Maritime Services B.V. (Tables) | 6 Months Ended | ||||||||
Jun. 30, 2014 | |||||||||
Business Combinations [Abstract] | ' | ||||||||
Fair Values of Assets Acquired and Liabilities Assumed by Partnership | ' | ||||||||
The following table summarizes the preliminary estimates of fair values of the ALP assets acquired and liabilities assumed by the Partnership on the acquisition date. | |||||||||
(in thousands of U.S. dollars) | As at March 14, 2014 | ||||||||
$ | |||||||||
ASSETS | |||||||||
Cash and cash equivalents | 294 | ||||||||
Other current assets | 404 | ||||||||
Advances on newbuilding contracts | 164 | ||||||||
Other assets - long-term | 395 | ||||||||
Goodwill (towage segment) | 2,032 | ||||||||
Total assets acquired | 3,289 | ||||||||
LIABILITIES | |||||||||
Current liabilities | 387 | ||||||||
Other long-term liabilities | 286 | ||||||||
Total liabilities assumed | 673 | ||||||||
Net assets acquired | 2,616 | ||||||||
Consideration | 2,616 | ||||||||
Consolidated Pro Forma Financial Information | ' | ||||||||
The following table shows comparative summarized consolidated pro forma financial information for the Partnership for the six months ended June 30, 2014 and 2013, giving effect to the Partnership’s acquisition of ALP as if it had taken place on January 1, 2013: | |||||||||
Pro Forma | Pro Forma | ||||||||
Six Months | Six Months | ||||||||
ended | ended | ||||||||
June 30, | June 30, | ||||||||
2014 | 2013 | ||||||||
(in thousands of U.S dollars, except per unit data) | $ | $ | |||||||
Revenues | 500,771 | 440,857 | |||||||
Net income | 5,061 | 80,712 | |||||||
Limited partners’ interest in net (loss) income per common unit - basic | (0.13 | ) | 0.85 | ||||||
Limited partners’ interest in net (loss) income per common unit - diluted | (0.13 | ) | 0.85 |
Basis_of_Presentation_Addition
Basis of Presentation - Additional Information (Detail) (USD $) | Jun. 30, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Organization Consolidation And Presentation Of Financial Statements Disclosure [Line Items] | ' | ' |
Advances on new building contracts | $114,087 | $29,812 |
Reclassification from vessels and equipment at cost, less accumulated depreciation [Member] | ' | ' |
Organization Consolidation And Presentation Of Financial Statements Disclosure [Line Items] | ' | ' |
Advances on new building contracts | ' | $29,812 |
Dropdown_Predecessor_Additiona
Dropdown Predecessor - Additional Information (Detail) (USD $) | 3 Months Ended | 6 Months Ended | 3 Months Ended | 6 Months Ended | 0 Months Ended | 6 Months Ended | 0 Months Ended | 14 Months Ended | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2013 | Jun. 30, 2013 | 2-May-13 | Jun. 30, 2014 | 2-May-13 | 2-May-13 | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2013 | |
Dropdown Predecessor [Member] | Dropdown Predecessor [Member] | Voyageur Spirit [Member] | Voyageur Spirit [Member] | Voyageur Spirit [Member] | Voyageur Spirit [Member] | Voyageur Spirit [Member] | Voyageur Spirit [Member] | Voyageur Spirit [Member] | |||||
Maximum [Member] | Maximum [Member] | Dropdown Predecessor [Member] | Dropdown Predecessor [Member] | ||||||||||
ExtensionOptions | ExtensionOptions | ||||||||||||
Business Acquisition, Equity Interests Issued or Issuable [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Percentage of shares acquired in entity under common control | ' | ' | ' | ' | ' | ' | ' | ' | 100.00% | ' | ' | ' | ' |
Operating lease arrangement period, lessor | ' | ' | ' | ' | ' | ' | '5 years | ' | ' | ' | '5 years | ' | ' |
Number of extension options | ' | ' | ' | ' | ' | ' | ' | ' | ' | 10 | 10 | ' | ' |
Entity acquired, purchase price | ' | ' | ' | ' | ' | ' | $540,000,000 | $505,800,000 | ' | ' | ' | ' | ' |
Increase (Decrease) Partnership's net income | -3,800,000 | 58,604,000 | 5,222,000 | 80,574,000 | -2,225,000 | -2,225,000 | ' | ' | ' | ' | ' | -2,200,000 | -2,200,000 |
Increase (Decrease) Partnership's comprehensive income | ' | ' | ' | $58,000 | ' | ' | ' | ' | ' | ' | ' | ($2,200,000) | ($2,200,000) |
Financial_Instruments_Estimate
Financial Instruments - Estimated Fair Value of Financial Instruments Measured at Fair Value on Recurring Basis (Detail) (USD $) | Jun. 30, 2014 | Dec. 31, 2013 | Jun. 30, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||||
Recurring: | ' | ' | ' | ' |
Cash and cash equivalents | $251,561 | $219,126 | $163,744 | $206,339 |
Other: | ' | ' | ' | ' |
Long-term debt | -2,543,481 | -2,368,976 | ' | ' |
Interest Rate Swaps [Member] | ' | ' | ' | ' |
Derivative instruments | ' | ' | ' | ' |
Fair Value /Carrying Amount of Assets (Liability) | -187,616 | ' | ' | ' |
Cross currency swaps agreements [Member] | ' | ' | ' | ' |
Derivative instruments | ' | ' | ' | ' |
Fair value/ Carrying Amount of Assets (Liability) | -32,186 | ' | ' | ' |
Foreign currency forward contracts [Member] | ' | ' | ' | ' |
Derivative instruments | ' | ' | ' | ' |
Fair value/ Carrying Amount of Assets (Liability) | -164 | ' | ' | ' |
Carrying Amount [Member] | Level 1 [Member] | Recurring [Member] | ' | ' | ' | ' |
Recurring: | ' | ' | ' | ' |
Cash and cash equivalents | 251,561 | 219,126 | ' | ' |
Carrying Amount [Member] | Level 1 [Member] | Public [Member] | ' | ' | ' | ' |
Other: | ' | ' | ' | ' |
Long-term debt | -943,963 | -487,097 | ' | ' |
Carrying Amount [Member] | Level 2 [Member] | Recurring [Member] | Interest Rate Swaps [Member] | ' | ' | ' | ' |
Derivative instruments | ' | ' | ' | ' |
Fair Value /Carrying Amount of Assets (Liability) | -187,616 | -141,143 | ' | ' |
Carrying Amount [Member] | Level 2 [Member] | Recurring [Member] | Cross currency swaps agreements [Member] | ' | ' | ' | ' |
Derivative instruments | ' | ' | ' | ' |
Fair value/ Carrying Amount of Assets (Liability) | -32,186 | -25,433 | ' | ' |
Carrying Amount [Member] | Level 2 [Member] | Recurring [Member] | Foreign currency forward contracts [Member] | ' | ' | ' | ' |
Derivative instruments | ' | ' | ' | ' |
Fair Value /Carrying Amount of Assets (Liability) | -164 | -842 | ' | ' |
Carrying Amount [Member] | Level 2 [Member] | Non-Recurring [Member] | ' | ' | ' | ' |
Non-Recurring: | ' | ' | ' | ' |
Vessels and equipment | ' | 17,250 | ' | ' |
Carrying Amount [Member] | Level 2 [Member] | Non-Public [Member] | ' | ' | ' | ' |
Other: | ' | ' | ' | ' |
Long-term debt | -1,599,518 | -1,881,879 | ' | ' |
Fair Value [Member] | Level 1 [Member] | Recurring [Member] | ' | ' | ' | ' |
Recurring: | ' | ' | ' | ' |
Cash and cash equivalents | 251,561 | 219,126 | ' | ' |
Fair Value [Member] | Level 1 [Member] | Public [Member] | ' | ' | ' | ' |
Other: | ' | ' | ' | ' |
Long-term debt | -964,564 | -496,609 | ' | ' |
Fair Value [Member] | Level 2 [Member] | Recurring [Member] | Interest Rate Swaps [Member] | ' | ' | ' | ' |
Derivative instruments | ' | ' | ' | ' |
Fair Value /Carrying Amount of Assets (Liability) | -187,616 | -141,143 | ' | ' |
Fair Value [Member] | Level 2 [Member] | Recurring [Member] | Cross currency swaps agreements [Member] | ' | ' | ' | ' |
Derivative instruments | ' | ' | ' | ' |
Fair value/ Carrying Amount of Assets (Liability) | -32,186 | -25,433 | ' | ' |
Fair Value [Member] | Level 2 [Member] | Recurring [Member] | Foreign currency forward contracts [Member] | ' | ' | ' | ' |
Derivative instruments | ' | ' | ' | ' |
Fair Value /Carrying Amount of Assets (Liability) | -164 | -842 | ' | ' |
Fair Value [Member] | Level 2 [Member] | Non-Recurring [Member] | ' | ' | ' | ' |
Non-Recurring: | ' | ' | ' | ' |
Vessels and equipment | ' | 17,250 | ' | ' |
Fair Value [Member] | Level 2 [Member] | Non-Public [Member] | ' | ' | ' | ' |
Other: | ' | ' | ' | ' |
Long-term debt | ($1,581,529) | ($1,835,218) | ' | ' |
Financial_Instruments_Summary_
Financial Instruments - Summary of Partnership's Financing Receivables (Detail) (Payment activity [Member], Performing [Member], USD $) | Jun. 30, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Payment activity [Member] | Performing [Member] | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Direct financing leases | $79,446 | $27,567 |
Segment_Reporting_Additional_I
Segment Reporting - Additional Information (Detail) (Discontinued Operations [Member], Conventional Tanker [Member]) | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 | |
Vessel | Vessel | Vessel | Vessel | |
Discontinued Operations [Member] | Conventional Tanker [Member] | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' |
Number of vessels | 3 | 3 | 3 | 3 |
Segment_Reporting_Segment_Resu
Segment Reporting - Segment Results as Presented in Consolidated Financial Statements (Detail) (USD $) | 3 Months Ended | 6 Months Ended | ||
In Thousands, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 |
Segment Reporting Information [Line Items] | ' | ' | ' | ' |
REVENUES | $241,402 | $222,412 | $500,636 | $434,524 |
Voyage expenses (recoveries) | 26,256 | 23,273 | 59,710 | 46,221 |
Vessel operating expenses | 88,184 | 86,519 | 176,314 | 163,843 |
Time-charter hire expense | 4,975 | 14,093 | 16,387 | 28,870 |
Depreciation and amortization | 48,474 | 50,265 | 96,962 | 94,775 |
General and administrative | 18,054 | 10,417 | 32,903 | 20,807 |
Acquisition and success fee | 1,600 | ' | 2,600 | ' |
Restructuring (recovery) charge | -821 | 1,395 | -262 | 2,054 |
Income from vessel operations | 56,280 | 36,450 | 118,622 | 77,954 |
Shuttle Tankers [Member] | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' |
REVENUES | 137,145 | 133,222 | 290,325 | 263,572 |
Voyage expenses (recoveries) | 24,919 | 22,275 | 56,625 | 44,569 |
Vessel operating expenses | 39,715 | 36,511 | 80,121 | 74,478 |
Time-charter hire expense | 4,975 | 14,093 | 16,387 | 28,870 |
Depreciation and amortization | 27,378 | 28,165 | 54,659 | 55,770 |
General and administrative | 7,126 | 4,911 | 13,825 | 10,800 |
Restructuring (recovery) charge | -821 | 957 | -262 | 1,616 |
Income from vessel operations | 33,853 | 26,310 | 68,970 | 47,469 |
FPSO [Member] | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' |
REVENUES | 83,984 | 65,260 | 167,121 | 122,945 |
Vessel operating expenses | 39,472 | 40,074 | 79,863 | 69,575 |
Depreciation and amortization | 18,186 | 17,789 | 36,089 | 30,541 |
General and administrative | 7,989 | 4,600 | 13,747 | 7,662 |
Income from vessel operations | 18,337 | 2,797 | 37,422 | 15,167 |
FSO [Member] | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' |
REVENUES | 11,673 | 15,053 | 25,962 | 30,193 |
Voyage expenses (recoveries) | 149 | ' | 172 | -485 |
Vessel operating expenses | 7,532 | 8,315 | 13,405 | 16,600 |
Depreciation and amortization | 1,298 | 2,743 | 2,991 | 5,325 |
General and administrative | 1,027 | 809 | 1,886 | 1,574 |
Income from vessel operations | 1,667 | 3,186 | 7,508 | 7,179 |
Conventional Tanker [Member] | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' |
REVENUES | 8,600 | 8,877 | 17,228 | 17,814 |
Voyage expenses (recoveries) | 1,188 | 998 | 2,913 | 2,137 |
Vessel operating expenses | 1,465 | 1,619 | 2,925 | 3,190 |
Depreciation and amortization | 1,612 | 1,568 | 3,223 | 3,139 |
General and administrative | 312 | 97 | 845 | 771 |
Restructuring (recovery) charge | ' | 438 | ' | 438 |
Income from vessel operations | $4,023 | $4,157 | $7,322 | $8,139 |
Segment_Reporting_Segment_Resu1
Segment Reporting - Segment Results as Presented in Consolidated Financial Statements (Parenthetical) (Detail) (USD $) | 3 Months Ended | 6 Months Ended | 0 Months Ended | 3 Months Ended | 6 Months Ended | 2 Months Ended | 3 Months Ended | 6 Months Ended | 3 Months Ended | 6 Months Ended | 3 Months Ended | 6 Months Ended | 3 Months Ended | 6 Months Ended | ||||||
Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 | Feb. 22, 2014 | Jun. 30, 2013 | Jun. 30, 2013 | Feb. 21, 2014 | Mar. 31, 2014 | Jun. 30, 2014 | Jun. 30, 2014 | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2014 | Jun. 30, 2014 | Jun. 30, 2014 | Jun. 30, 2014 | |
Voyageur Spirit [Member] | Voyageur Spirit [Member] | Voyageur Spirit [Member] | Voyageur Spirit [Member] | ALP Maritime Services B.V. [Member] | ALP Maritime Services B.V. [Member] | ALP Maritime Services B.V. [Member] | Shuttle Tankers [Member] | Shuttle Tankers [Member] | Shuttle Tankers [Member] | Shuttle Tankers [Member] | Towage Segment [Member] | Towage Segment [Member] | Towage Segment [Member] | Towage Segment [Member] | Shuttle Tankers Reflagged [Member] | |||||
Indemnification Agreement [Member] | Indemnification Agreement [Member] | Indemnification Agreement [Member] | Indemnification Agreement [Member] | Teekay Corporation [Member] | Teekay Corporation [Member] | ALP Maritime Services B.V. [Member] | ALP Maritime Services B.V. [Member] | ALP Maritime Services B.V. [Member] | ALP Maritime Services B.V. [Member] | Vessel | ||||||||||
Production Shortfalls [Member] | Teekay Corporation [Member] | Teekay Corporation [Member] | ||||||||||||||||||
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Indemnification of revenue loss | ' | ' | ' | ' | ' | ' | ' | $3,100,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Unreimbursed vessel operating expenses | ' | ' | ' | ' | -400,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Amount of charter rate being forgone | 4,975,000 | 14,093,000 | 16,387,000 | 28,870,000 | ' | 17,000,000 | 17,000,000 | ' | ' | ' | ' | 4,975,000 | 14,093,000 | 16,387,000 | 28,870,000 | ' | ' | ' | ' | ' |
Acquisition and success fee | 1,600,000 | ' | 2,600,000 | ' | ' | ' | ' | ' | 1,000,000 | 1,600,000 | 1,600,000 | ' | ' | ' | ' | 1,000,000 | 1,000,000 | 1,600,000 | 1,600,000 | ' |
Restructuring recovery | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 800,000 | ' | 800,000 | ' | ' | ' | ' | ' | ' |
Restructuring charges | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $600,000 |
Number of vessels | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1 |
Segment_Reporting_Reconciliati
Segment Reporting - Reconciliation of Total Segment Assets to Total Assets Presented in Accompanying Consolidated Balance Sheets (Detail) (USD $) | Jun. 30, 2014 | Dec. 31, 2013 | Jun. 30, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||||
Segment Reporting Information [Line Items] | ' | ' | ' | ' |
Cash and cash equivalents | $251,561 | $219,126 | $163,744 | $206,339 |
Other assets | 21,283 | 32,051 | ' | ' |
Consolidated total assets | 3,879,473 | 3,806,086 | ' | ' |
Shuttle Tankers [Member] | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' |
Consolidated total assets | 2,034,277 | 2,004,505 | ' | ' |
FPSO [Member] | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' |
Consolidated total assets | 1,261,329 | 1,303,229 | ' | ' |
FSO Segment [Member] | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' |
Consolidated total assets | 116,495 | 102,452 | ' | ' |
Conventional Tanker [Member] | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' |
Consolidated total assets | 145,106 | 144,723 | ' | ' |
Towage Segment [Member] | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' |
Consolidated total assets | $49,422 | ' | ' | ' |
LongTerm_Debt_LongTerm_Debt_De
Long-Term Debt - Long-Term Debt (Detail) (USD $) | Jun. 30, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Debt Instrument [Line Items] | ' | ' |
Long-term debt | $2,543,481 | $2,368,976 |
Less current portion | 339,087 | 806,009 |
Total | 2,204,394 | 1,562,967 |
Long-term debt | 2,543,481 | 2,368,976 |
U.S. Dollar-denominated Revolving Credit Facilities due through 2018 [Member] | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Long-term debt | 583,557 | 743,494 |
Long-term debt | 583,557 | 743,494 |
Norwegian Kroner Bonds due through 2019 [Member] | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Long-term debt | 472,845 | 312,947 |
Long-term debt | 472,845 | 312,947 |
U.S. Dollar-denominated Term Loans due through 2018 [Member] | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Long-term debt | 168,143 | 188,854 |
Long-term debt | 168,143 | 188,854 |
U.S. Dollar-denominated Term Loans due through 2023 [Member] | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Long-term debt | 847,818 | 949,531 |
Long-term debt | 847,818 | 949,531 |
U.S. Dollar Bonds due through 2023 [Member] | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Long-term debt | 471,118 | 174,150 |
Long-term debt | $471,118 | $174,150 |
LongTerm_Debt_Additional_Infor
Long-Term Debt - Additional Information - Revolvers (Detail) (USD $) | 6 Months Ended |
In Millions, unless otherwise specified | Jun. 30, 2014 |
CreditFacility | |
Debt Instrument [Line Items] | ' |
Amount reduced under revolving credit facilities, 2014 | $549.50 |
Amount reduced under revolving credit facilities, 2015 | 150.7 |
Amount reduced under revolving credit facilities, 2016 | 246.1 |
Amount reduced under revolving credit facilities, 2017 | 349.4 |
Amount reduced under revolving credit facilities, 2018 | 370.4 |
Revolving Credit Facility [Member] | ' |
Debt Instrument [Line Items] | ' |
Number of long-term revolving credit facilities | 8 |
Revolving credit facilities borrowing capacity | 862.6 |
Undrawn amount of revolving credit facility | 279.1 |
Amount reduced under revolving credit facilities, 2014 | 531.6 |
Amount reduced under revolving credit facilities, 2015 | 77.8 |
Amount reduced under revolving credit facilities, 2016 | 140.5 |
Amount reduced under revolving credit facilities, 2017 | 39.6 |
Amount reduced under revolving credit facilities, 2018 | 73.1 |
Debt instrument collateral, description | 'The revolving credit facilities are collateralized by first-priority mortgages granted on 25 of the Partnership's vessels, together with other related security. |
Revolving Credit Facility [Member] | Scenario, Forecast [Member] | ' |
Debt Instrument [Line Items] | ' |
Revolving credit facilities refinanced amount | 330 |
Amount reduced under revolving credit facilities | 16.5 |
Revolving credit facilities payment frequency, description | 'Per quarter |
Debt instrument maturity period | '5 years |
Revolving Credit Facility [Member] | Guaranteed by Partnership and Subsidiaries [Member] | ' |
Debt Instrument [Line Items] | ' |
Minimum liquidity required by revolving credit facility covenants descriptions | 'Six 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. |
Revolving Credit Facility [Member] | Guaranteed by Partnership and Subsidiaries [Member] | Minimum [Member] | ' |
Debt Instrument [Line Items] | ' |
Minimum level of free cash be maintained as per loan agreements | 75 |
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] | ' |
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. |
Revolving Credit Facility [Member] | Guaranteed by Teekay Corporation [Member] | Minimum [Member] | ' |
Debt Instrument [Line Items] | ' |
Minimum level of free cash be maintained as per loan agreements | $50 |
Free liquidity and undrawn revolving credit line as percentage of debt | 5.00% |
LongTerm_Debt_Additional_Infor1
Long-Term Debt - Additional Information - NOK Bonds (Detail) | 6 Months Ended | 6 Months Ended | 6 Months Ended | |||||||||||||
Jun. 30, 2013 | Nov. 30, 2013 | Nov. 30, 2013 | Jun. 30, 2014 | Jan. 31, 2013 | Jun. 30, 2014 | Jun. 30, 2014 | Jun. 30, 2014 | Jun. 30, 2014 | Jun. 30, 2014 | Jun. 30, 2014 | Jan. 31, 2014 | Jun. 30, 2014 | Jun. 30, 2014 | Jun. 30, 2014 | Jun. 30, 2014 | |
USD ($) | USD ($) | NOK | Norwegian kroner bond [Member] | Norwegian kroner bond [Member] | Norwegian Kroner Bond due in 2016 [Member] | Norwegian Kroner Bonds due through 2018 [Member] | Norwegian Kroner Bond due in 2017 [Member] | Norwegian Kroner Bond due in 2017 [Member] | Norwegian Kroner Bonds due through 2019 [Member] | Norwegian Kroner Bonds due through 2019 [Member] | Norwegian Kroner Bonds due through 2019 [Member] | Interest Rate Swaps [Member] | Interest Rate Swaps [Member] | Interest Rate Swaps [Member] | Interest Rate Swaps [Member] | |
USD ($) | NOK | NIBOR Loan [Member] | NIBOR Loan [Member] | USD ($) | NIBOR Loan [Member] | USD ($) | NIBOR Loan [Member] | NIBOR Loan [Member] | Norwegian Kroner Bond due in 2016 [Member] | Norwegian Kroner Bonds due through 2018 [Member] | Norwegian Kroner Bond due in 2017 [Member] | Norwegian Kroner Bonds due through 2019 [Member] | ||||
NOK | NOK | NOK | NOK | USD ($) | USD ($) | USD ($) | USD ($) | |||||||||
Debt Instrument [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Senior unsecured bonds issued | ' | ' | 600,000,000 | $212,000,000 | 1,300,000,000 | 500,000,000 | 800,000,000 | $97,800,000 | 600,000,000 | $163,100,000 | ' | 1,000,000,000 | ' | ' | ' | ' |
Marginal rate added for interest paid | ' | ' | ' | ' | ' | 4.00% | 4.75% | ' | 5.75% | ' | 4.25% | ' | ' | ' | ' | ' |
Reference rate for the variable rate of the debt instrument | ' | ' | ' | ' | ' | 'NIBOR | 'NIBOR | 'NIBOR | ' | ' | 'NIBOR | ' | ' | ' | ' | ' |
Fixed interest rates based on interest rate swaps | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 4.80% | 5.93% | 7.49% | 6.28% |
Debt instrument transfer of principal amount | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 89,700,000 | 143,500,000 | 101,400,000 | 162,200,000 |
Repurchase of bond | ' | 388,500,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Loss on bond repurchase | ($1,759,000) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
LongTerm_Debt_Additional_Infor2
Long-Term Debt - Additional Information - USD Term Loans (Detail) (USD $) | 6 Months Ended | |
Jun. 30, 2014 | Dec. 31, 2013 | |
Subsidiary | ||
Debt Instrument [Line Items] | ' | ' |
Number of subsidiaries with outstanding term loans guaranteed | 4 | ' |
Partnership's interest owned in subsidiaries | 50.00% | ' |
Carrying amount of debt | $2,543,481,000 | $2,368,976,000 |
U.S. Dollar-denominated Term Loans due through 2018 [Member] | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Carrying amount of debt | 168,143,000 | 188,854,000 |
Debt instrument collateral, description | 'These term loans are collateralized by first-priority mortgages on the four 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] | Teekay Corporation [Member] | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Guaranteed term loans | 37,500,000 | ' |
U.S. Dollar-denominated Term Loans due through 2018 [Member] | Guarantee of Indebtedness of Others [Member] | JV Partner [Member] | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Guaranteed term loans | 84,100,000 | ' |
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 | 3 | ' |
Guaranteed term loans | 46,500,000 | ' |
Percent share of the outstanding term loans | 50.00% | ' |
U.S. Dollar-denominated Term Loans due through 2023 [Member] | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Carrying amount of debt | 847,818,000 | 949,531,000 |
Debt instrument collateral, description | 'These term loans have varying maturities through 2023 and are collateralized by first-priority mortgages on the vessels to which the loans relate, together with other related security. | ' |
Final bullet payments | 29,100,000 | ' |
U.S. Dollar-denominated Term Loans due through 2023 [Member] | Guarantee of Indebtedness of Others [Member] | Teekay Corporation [Member] | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Guaranteed term loans | 333,700,000 | ' |
U.S. Dollar-denominated Term Loans due through 2023 [Member] | Guarantee of Indebtedness of Others [Member] | Partnership [Member] | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Guaranteed term loans | 514,100,000 | ' |
Term Loans Due 2022 [Member] | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Frequency of paying U.S. Dollar-denominated Term Loans | 'Quarterly or semi-annual payments | ' |
Final bullet payments | $29,000,000 | ' |
LongTerm_Debt_Additional_Infor3
Long-Term Debt - Additional Information - Senior unsecured bonds (Detail) | Nov. 30, 2013 | 31-May-14 | 31-May-14 | Jun. 30, 2014 |
In Millions, unless otherwise specified | NOK | U S Dollar Bonds Due Through 2023 [Member] | US Dollar Bonds Due In 2023 [Member] | Ten-Year Senior Unsecured Bonds [Member] |
USD ($) | USD ($) | |||
Debt Instrument [Line Items] | ' | ' | ' | ' |
Senior unsecured bonds issued | 600 | $300 | ' | $171.10 |
Fixed interest rate of bonds | ' | ' | 6.00% | 4.96% |
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. |
LongTerm_Debt_Additional_Infor4
Long-Term Debt - Additional Information - Other (Detail) (USD $) | Jun. 30, 2014 | Dec. 31, 2013 | Jun. 30, 2014 | Jun. 30, 2014 | Jun. 30, 2014 | Jun. 30, 2014 | Jun. 30, 2014 | Jun. 30, 2014 | Jun. 30, 2014 | Dec. 31, 2013 | Jun. 30, 2014 | Dec. 31, 2013 |
In Millions, unless otherwise specified | Revolving Credit Facility [Member] | U.S. Dollar-denominated Revolving Credit Facilities due through 2018 [Member] | Obligations [Member] | Collateralized Debt Obligations [Member] | Partnership [Member] | Minimum [Member] | Minimum [Member] | Minimum [Member] | Maximum [Member] | Maximum [Member] | ||
CreditFacility | Revolving Credit Facility [Member] | Obligations [Member] | U.S. Dollar-denominated Revolving Credit Facilities due through 2018 [Member] | Interest Rate Swaps [Member] | Interest Rate Swaps [Member] | Interest Rate Swaps [Member] | Interest Rate Swaps [Member] | |||||
CreditFacility | ||||||||||||
Debt Instrument [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Range of credit facility margin | ' | ' | ' | ' | ' | ' | ' | ' | 0.30% | 0.30% | ' | ' |
Range of credit facility margin | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 3.25% | 3.25% |
Weighted-average effective interest rate | 3.30% | 2.70% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Aggregate principal repayments, 2014 | $549.50 | ' | $531.60 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Aggregate principal repayments, 2015 | 150.7 | ' | 77.8 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Aggregate principal repayments, 2016 | 246.1 | ' | 140.5 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Aggregate principal repayments, 2017 | 349.4 | ' | 39.6 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Aggregate principal repayments, 2018 | 370.4 | ' | 73.1 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Aggregate principal repayments, thereafter | 877.4 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Outstanding loan amount | ' | ' | ' | ' | $80.90 | ' | $45.90 | ' | ' | ' | ' | ' |
Number of revolving credit facilities | ' | ' | 8 | ' | ' | 1 | ' | ' | ' | ' | ' | ' |
Asset value to outstanding drawn principal balance ratio | ' | ' | ' | 144.20% | ' | ' | ' | 105.00% | ' | ' | ' | ' |
Restructuring_Charge_Additiona
Restructuring Charge - Additional Information (Detail) (USD $) | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 | |
Restructuring Cost and Reserve [Line Items] | ' | ' | ' | ' |
Restructuring (recovery) charge | ($821,000) | $1,395,000 | ($262,000) | $2,054,000 |
Restructuring liabilities | 300,000 | ' | 300,000 | ' |
Shuttle Tankers Reflagged [Member] | ' | ' | ' | ' |
Restructuring Cost and Reserve [Line Items] | ' | ' | ' | ' |
Restructuring charges | ' | ' | 600,000 | ' |
Number of vessels | ' | ' | 1 | ' |
Shuttle Tankers [Member] | ' | ' | ' | ' |
Restructuring Cost and Reserve [Line Items] | ' | ' | ' | ' |
Restructuring (recovery) charge | -821,000 | 957,000 | -262,000 | 1,616,000 |
Total restructuring charges recorded under plan | ' | 2,000,000 | ' | 2,000,000 |
Conventional Tanker [Member] | ' | ' | ' | ' |
Restructuring Cost and Reserve [Line Items] | ' | ' | ' | ' |
Restructuring (recovery) charge | ' | 438,000 | ' | 438,000 |
Total restructuring charges recorded under plan | ' | $900,000 | ' | $900,000 |
Related_Party_Transactions_and2
Related Party Transactions and Balances - Additional Information (Detail) (USD $) | 3 Months Ended | 6 Months Ended | 3 Months Ended | 6 Months Ended | 3 Months Ended | 6 Months Ended | 3 Months Ended | 6 Months Ended | 3 Months Ended | 6 Months Ended | 3 Months Ended | 6 Months Ended | 0 Months Ended | 6 Months Ended | 11 Months Ended | 14 Months Ended | 11 Months Ended | 0 Months Ended | 1 Months Ended | 9 Months Ended | 3 Months Ended | 0 Months Ended | 14 Months Ended | 0 Months Ended | 11 Months Ended | 0 Months Ended | 6 Months Ended | 0 Months Ended | 6 Months Ended | 0 Months Ended | ||||||||||||||
Share data in Millions, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 | Mar. 31, 2013 | Jun. 30, 2014 | Mar. 31, 2014 | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Mar. 31, 2014 | Jun. 30, 2014 | Jun. 30, 2014 | Jun. 30, 2014 | Jun. 30, 2014 | Jun. 30, 2014 | Jun. 30, 2014 | 2-May-13 | Jun. 30, 2014 | Feb. 28, 2014 | Jun. 30, 2014 | 2-May-13 | Feb. 28, 2014 | Feb. 28, 2014 | 2-May-13 | Feb. 28, 2013 | Jun. 30, 2014 | Dec. 31, 2013 | Mar. 31, 2014 | Mar. 31, 2014 | 2-May-13 | Jun. 30, 2014 | 2-May-13 | Feb. 28, 2014 | Jun. 10, 2013 | Jun. 30, 2014 | Jun. 10, 2013 | Jun. 30, 2014 | Jun. 10, 2013 |
Teekay Corporation [Member] | Teekay Corporation [Member] | Teekay Corporation [Member] | Teekay Corporation [Member] | Teekay Corporation [Member] | Conventional Tanker [Member] | Conventional Tanker [Member] | Conventional Tanker [Member] | Conventional Tanker [Member] | Conventional Tanker [Member] | Conventional Tanker [Member] | Conventional Tanker [Member] | Conventional Tanker [Member] | Conventional Tanker [Member] | Shuttle Tankers [Member] | Shuttle Tankers [Member] | FSO [Member] | FSO [Member] | Voyageur Spirit [Member] | Voyageur Spirit [Member] | Voyageur Spirit [Member] | Voyageur Spirit [Member] | Voyageur Spirit [Member] | Voyageur Spirit [Member] | Voyageur Spirit [Member] | Voyageur Spirit [Member] | Voyageur Spirit [Member] | Voyageur Spirit [Member] | Voyageur Spirit [Member] | Voyageur Spirit [Member] | Voyageur Spirit [Member] | Voyageur Spirit [Member] | Voyageur Spirit [Member] | Voyageur Spirit [Member] | Voyageur Spirit [Member] | Itajai FPSO Joint Venture [Member] | Itajai FPSO Joint Venture [Member] | Itajai FPSO Joint Venture [Member] | Itajai FPSO Joint Venture [Member] | Itajai FPSO Joint Venture [Member] | |||||
Discontinued Operations [Member] | Discontinued Operations [Member] | Discontinued Operations [Member] | Discontinued Operations [Member] | Long-Term Time-Charter-Out Contract Termination [Member] | Long-Term Time-Charter-Out Contract Termination [Member] | Teekay Corporation [Member] | Affiliated Entity [Member] | Affiliated Entity [Member] | Affiliated Entity [Member] | Affiliated Entity [Member] | Vessel | Vessel | Dropdown Predecessor [Member] | Indemnification Agreement [Member] | Teekay Corporation [Member] | Teekay Corporation [Member] | Teekay Corporation [Member] | Teekay Corporation [Member] | Production Shortfalls [Member] | Unrecovered Repair Cost [Member] | Maximum [Member] | Maximum [Member] | Adjusted [Member] | Initial [Member] | Teekay Corporation [Member] | Teekay Corporation [Member] | Maximum [Member] | |||||||||||||||||
Vessel | Vessel | Vessel | Vessel | Vessel | Vessel | Vessel | Vessel | Vessel | Vessel | Vessel | Indemnification Agreement [Member] | Teekay Corporation [Member] | Teekay Corporation [Member] | ExtensionOptions | ExtensionOptions | ExtensionOptions | ||||||||||||||||||||||||||||
Indemnification Agreement [Member] | Indemnification Agreement [Member] | |||||||||||||||||||||||||||||||||||||||||||
Related Party Transaction [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Number of vessels | ' | ' | ' | ' | ' | ' | ' | ' | ' | 3 | 3 | 3 | 3 | 2 | 2 | 2 | 2 | 2 | 2 | 2 | 2 | 2 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Early termination fee | $16,427,000 | $18,572,000 | $33,757,000 | $37,385,000 | ' | $4,500,000 | $6,800,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Percentage of ownership in acquired entity after acquisition | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 100.00% | ' | ' | ' | ' | 100.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Operating lease arrangement period, lessor | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | '5 years | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | '5 years | ' | ' | '9 years | ' | ' | ' | ' |
Additional fixed rate time charter contract period | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | '1 year | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | '1 year | ' | ' | ' | ' |
Number of extension options | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 10 | 10 | ' | ' | ' | ' | ' | ' | 6 |
Entity acquired, purchase price | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 540,000,000 | 505,800,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 540,000,000 | 505,800,000 | ' | ' | ' | ' | ' |
Entity acquired, purchase price of loan due to parent | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 230,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Portion of purchase price paid in cash | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 270,000,000 | ' | ' | ' | ' | ' | ' | ' | 150,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Purchase price financed through the issuance of new units | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 40,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Common units issued | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1.4 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Indemnification amount | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 38,400,000 | ' | ' | ' | 34,900,000 | 3,100,000 | 400,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Net assumed debt on purchase | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 275,800,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Liabilities assumed on business combination | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 230,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Excess purchase price over book value | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 201,800,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Equity distribution | ' | ' | -107,197,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 74,100,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Carrying value in excess of fair value | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 4,300,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Percentage of interest in joint venture | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 50.00% | ' |
Entity acquired, purchase price | ' | ' | ' | 52,520,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 53,800,000 | ' | ' |
Resolution of contractual items, Aggregate reimbursement | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 6,100,000 | ' | ' | ' |
Return of aggregate reimbursements from resolution of contractual terms | ' | ' | -6,082,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 6,100,000 | ' |
Percentage of interest in joint venture | ' | ' | ' | ' | ' | ' | ' | ' | 50.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Excess of contract rate over market rate | ' | ' | ($22,017,000) | ($1,500,000) | $300,000 | ' | ' | $400,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Related_Party_Transactions_and3
Related Party Transactions and Balances - Revenues (Expenses) from Related Party Transactions (Detail) (USD $) | 3 Months Ended | 6 Months Ended | ||
In Thousands, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 |
Related Party Transaction [Line Items] | ' | ' | ' | ' |
Revenues | $16,427 | $18,572 | $33,757 | $37,385 |
Vessel operating expenses | 10,182 | 9,831 | 19,830 | 19,678 |
General and administrative | 10,252 | 6,990 | 18,540 | 13,498 |
Interest income | 0 | 1,217 | 0 | 1,217 |
Interest expense | 112 | 166 | 223 | 224 |
Net income from related party transactions from discontinued operations | ' | -2,134 | ' | -4,309 |
Affiliated Entity [Member] | ' | ' | ' | ' |
Related Party Transaction [Line Items] | ' | ' | ' | ' |
Net income from related party transactions from discontinued operations | $0 | $6,992 | $0 | $19,255 |
Related_Party_Transactions_and4
Related Party Transactions and Balances - Additional Information (Parenthetical) (Detail) (USD $) | 3 Months Ended | 6 Months Ended | 0 Months Ended | 2 Months Ended | 6 Months Ended | 1 Months Ended | 0 Months Ended | 1 Months Ended | 3 Months Ended | 6 Months Ended | ||
In Thousands, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2014 | Dec. 31, 2013 | 2-May-13 | 2-May-13 | Jun. 30, 2014 | Feb. 28, 2013 | Mar. 14, 2014 | Mar. 14, 2014 | Mar. 31, 2014 | Jun. 30, 2014 | Jun. 30, 2014 |
Voyageur Spirit [Member] | Voyageur Spirit [Member] | Voyageur Spirit [Member] | Voyageur Spirit [Member] | ALP Maritime Services B.V. [Member] | ALP Maritime Services B.V. [Member] | ALP Maritime Services B.V. [Member] | ALP Maritime Services B.V. [Member] | ALP Maritime Services B.V. [Member] | ||||
Teekay Corporation [Member] | Teekay Corporation [Member] | Teekay Corporation [Member] | ||||||||||
Related Party Transaction [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Acquisition and success fee | $1,600 | $2,600 | ' | ' | ' | ' | ' | ' | ' | $1,000 | $1,600 | $1,600 |
Portion of purchase price paid in cash | ' | ' | ' | 270,000 | ' | ' | 150,000 | 2,616 | 2,616 | ' | ' | ' |
Reference rate for the variable rate of the debt instrument | ' | ' | ' | ' | ' | 'LIBOR | ' | ' | ' | ' | ' | ' |
Margin portion of LIBOR interest rate | ' | ' | ' | ' | 4.25% | ' | ' | ' | ' | ' | ' | ' |
Due from affiliates | 55,843 | 55,843 | 15,202 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Due to affiliates | $75,577 | $75,577 | $121,864 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Derivative_Instruments_and_Hed2
Derivative Instruments and Hedging Activities - Foreign Currency Forward Contracts (Detail) | Jun. 30, 2014 | Jun. 30, 2014 |
In Thousands, unless otherwise specified | Foreign currency forward contracts [Member] | Norwegian Kroner [Member] |
USD ($) | NOK | |
Derivative [Line Items] | ' | ' |
Contract Amount in Foreign Currency | ' | 410,000 |
Average Forward Rate | ' | 6.16 |
Fair Value / Carrying Amount of Asset (Liability) Non-hedge | -164 | ' |
Expected Maturity Current Year | 30,526 | ' |
Expected Maturity Next Fiscal Year | $36,004 | ' |
Derivative_Instruments_and_Hed3
Derivative Instruments and Hedging Activities - Summary of Cross Currency Swaps (Detail) (Cross currency swaps agreements [Member]) | Jun. 30, 2014 | Jun. 30, 2014 | Jun. 30, 2014 | Jun. 30, 2014 | Jun. 30, 2014 | Jun. 30, 2014 | Jun. 30, 2014 | Jun. 30, 2014 | Jun. 30, 2014 |
In Thousands, unless otherwise specified | USD ($) | Maturing in 2017 [Member] | Maturing in 2017 [Member] | Maturing in 2016 [Member] | Maturing in 2016 [Member] | Maturing in 2018 [Member] | Maturing in 2018 [Member] | Maturing In Two Thousand Nineteen [Member] | Maturing In Two Thousand Nineteen [Member] |
USD ($) | NOK | USD ($) | NOK | USD ($) | NOK | USD ($) | NOK | ||
Derivative [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Fair Value / Carrying Amount of Asset (Liability) | ($32,186) | ($6,337) | ' | ($8,943) | ' | ($14,285) | ' | ($2,621) | ' |
Principal Amount | ' | $101,351 | 600,000 | $89,710 | 500,000 | $143,536 | 800,000 | $162,200 | 1,000,000 |
Floating Rate Receivable Reference Rate | ' | 'NIBOR | 'NIBOR | 'NIBOR | 'NIBOR | 'NIBOR | 'NIBOR | 'NIBOR | 'NIBOR |
Floating Rate Receivable Reference Margin | ' | 5.75% | 5.75% | 4.00% | 4.00% | 4.75% | 4.75% | 4.25% | 4.25% |
Fixed Rate Payable | ' | 7.49% | 7.49% | 4.80% | 4.80% | 5.93% | 5.93% | 6.28% | 6.28% |
Remaining Term (years) | ' | '2 years 7 months 6 days | '2 years 7 months 6 days | '1 year 7 months 6 days | '1 year 7 months 6 days | '3 years 7 months 6 days | '3 years 7 months 6 days | '4 years 7 months 6 days | '4 years 7 months 6 days |
Derivative_Instruments_and_Hed4
Derivative Instruments and Hedging Activities - Interest Rate Swap Agreements (Detail) (Interest Rate Swaps [Member], USD $) | 6 Months Ended |
In Thousands, unless otherwise specified | Jun. 30, 2014 |
Derivative [Line Items] | ' |
Notional Amount | $1,795,781 |
Fair Value / Carrying Amount of Assets (Liability) | -187,616 |
Swap Agreement One [Member] | ' |
Derivative [Line Items] | ' |
Interest Rate Index | 'LIBOR |
Notional Amount | 800,000 |
Fair Value / Carrying Amount of Assets (Liability) | -139,215 |
Weighted-Average Remaining Term (years) | '8 years 4 months 24 days |
Fixed Interest Rate | 4.70% |
Swap Agreement Two [Member] | ' |
Derivative [Line Items] | ' |
Interest Rate Index | 'LIBOR |
Notional Amount | 815,781 |
Fair Value / Carrying Amount of Assets (Liability) | -45,147 |
Weighted-Average Remaining Term (years) | '6 years 1 month 6 days |
Fixed Interest Rate | 2.50% |
Swap Agreement Three [Member] | ' |
Derivative [Line Items] | ' |
Interest Rate Index | 'LIBOR |
Notional Amount | 180,000 |
Fair Value / Carrying Amount of Assets (Liability) | ($3,254) |
Weighted-Average Remaining Term (years) | '3 months 18 days |
Fixed Interest Rate | 3.40% |
Derivative_Instruments_and_Hed5
Derivative Instruments and Hedging Activities - Interest Rate Swap Agreements (Parenthetical) (Detail) (Interest Rate Swaps [Member]) | Jun. 30, 2014 | Dec. 31, 2013 |
Minimum [Member] | ' | ' |
Derivative [Line Items] | ' | ' |
Range of credit facility margin | 0.30% | 0.30% |
Maximum [Member] | ' | ' |
Derivative [Line Items] | ' | ' |
Range of credit facility margin | 3.25% | 3.25% |
Derivative_Instruments_and_Hed6
Derivative Instruments and Hedging Activities - Additional Information (Detail) (Interest rate swaps and cross currency swaps [Member], USD $) | Jun. 30, 2014 |
In Millions, unless otherwise specified | |
Interest rate swaps and cross currency swaps [Member] | ' |
Derivative Instruments, Gain (Loss) [Line Items] | ' |
Aggregate fair value asset | $0.70 |
Aggregate fair value liability | $187.90 |
Derivative_Instruments_and_Hed7
Derivative Instruments and Hedging Activities - Location and Fair Value Amounts of Derivative Instruments (Detail) (USD $) | Jun. 30, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Derivatives, Fair Value [Line Items] | ' | ' |
Accounts Receivable | $153,226 | $176,265 |
Current Portion of Derivative Assets | 712 | 500 |
Derivative Assets | 5,743 | 10,323 |
Accrued Liabilities | -121,243 | -138,156 |
Current Portion of Derivative Liabilities | -63,136 | -47,944 |
Derivative Liabilities | -154,681 | -121,135 |
Derivative Financial Instruments, Assets [Member] | ' | ' |
Derivatives, Fair Value [Line Items] | ' | ' |
Accounts Receivable | ' | 12 |
Current Portion of Derivative Assets | 712 | 500 |
Derivative Assets | 5,743 | 10,323 |
Foreign currency contracts [Member] | Derivative Financial Instruments, Assets [Member] | ' | ' |
Derivatives, Fair Value [Line Items] | ' | ' |
Current Portion of Derivative Assets | 517 | 213 |
Derivative Assets | 11 | 4 |
Interest Rate Swaps [Member] | Derivative Financial Instruments, Assets [Member] | ' | ' |
Derivatives, Fair Value [Line Items] | ' | ' |
Derivative Assets | 5,732 | 10,319 |
Cross currency swaps [Member] | Derivative Financial Instruments, Assets [Member] | ' | ' |
Derivatives, Fair Value [Line Items] | ' | ' |
Accounts Receivable | ' | 12 |
Current Portion of Derivative Assets | 195 | 287 |
Derivative Financial Instruments, Liabilities [Member] | ' | ' |
Derivatives, Fair Value [Line Items] | ' | ' |
Accrued Liabilities | -8,604 | -9,174 |
Current Portion of Derivative Liabilities | -63,136 | -47,944 |
Derivative Liabilities | -154,681 | -121,135 |
Derivative Financial Instruments, Liabilities [Member] | Foreign currency contracts [Member] | ' | ' |
Derivatives, Fair Value [Line Items] | ' | ' |
Current Portion of Derivative Liabilities | -471 | -976 |
Derivative Liabilities | -221 | -83 |
Derivative Financial Instruments, Liabilities [Member] | Interest Rate Swaps [Member] | ' | ' |
Derivatives, Fair Value [Line Items] | ' | ' |
Accrued Liabilities | -8,555 | -9,174 |
Current Portion of Derivative Liabilities | -61,476 | -46,657 |
Derivative Liabilities | -123,317 | -95,631 |
Derivative Financial Instruments, Liabilities [Member] | Cross currency swaps [Member] | ' | ' |
Derivatives, Fair Value [Line Items] | ' | ' |
Accrued Liabilities | -49 | ' |
Current Portion of Derivative Liabilities | -1,189 | -311 |
Derivative Liabilities | ($31,143) | ($25,421) |
Derivative_Instruments_and_Hed8
Derivative Instruments and Hedging Activities - Effect of (Losses) Gains on Derivatives (Detail) (USD $) | 3 Months Ended | 6 Months Ended | ||
In Thousands, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 |
Realized (losses) gains relating to: | ' | ' | ' | ' |
Derivative instruments not designated as hedging instruments realized gain (loss) net | ($13,801) | ($20,701) | ($28,362) | ($34,971) |
Unrealized (losses) gains relating to: | ' | ' | ' | ' |
Derivative instruments not designated as hedging instruments unrealized gain (loss) net | -24,343 | 54,602 | -46,414 | 67,795 |
Total realized and unrealized (losses) gains on derivative instruments | -38,144 | 33,901 | -74,776 | 32,824 |
Not Designated as Hedging Instrument [Member] | Interest Rate Swaps [Member] | ' | ' | ' | ' |
Realized (losses) gains relating to: | ' | ' | ' | ' |
Derivative instruments not designated as hedging instruments realized gain (loss) net | -13,997 | -19,055 | -28,060 | -33,678 |
Unrealized (losses) gains relating to: | ' | ' | ' | ' |
Derivative instruments not designated as hedging instruments unrealized gain (loss) net | -22,985 | 56,931 | -47,093 | 71,902 |
Not Designated as Hedging Instrument [Member] | Foreign currency forward contracts [Member] | ' | ' | ' | ' |
Realized (losses) gains relating to: | ' | ' | ' | ' |
Derivative instruments not designated as hedging instruments realized gain (loss) net | 196 | -1,646 | -302 | -1,293 |
Unrealized (losses) gains relating to: | ' | ' | ' | ' |
Derivative instruments not designated as hedging instruments unrealized gain (loss) net | ($1,358) | ($2,329) | $679 | ($4,107) |
Derivative_Instruments_and_Hed9
Derivative Instruments and Hedging Activities - Effect of Gain (Loss) on Cross Currency Swaps on Consolidated Statements of Income (Detail) (Foreign Exchange and Other Derivative Financial Instruments [Member], USD $) | 3 Months Ended | 6 Months Ended | ||
In Thousands, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 |
Derivative Instruments, Gain (Loss) [Line Items] | ' | ' | ' | ' |
Total realized and unrealized losses on cross-currency swaps | ($14,305) | ($9,010) | ($6,714) | ($26,987) |
Cross currency swaps agreement partial termination [Member] | ' | ' | ' | ' |
Derivative Instruments, Gain (Loss) [Line Items] | ' | ' | ' | ' |
Realized (losses) gains | ' | ' | ' | 6,800 |
Cross currency swaps agreements [Member] | ' | ' | ' | ' |
Derivative Instruments, Gain (Loss) [Line Items] | ' | ' | ' | ' |
Realized (losses) gains | -38 | 297 | -22 | 1,022 |
Unrealized losses | ($14,267) | ($9,307) | ($6,692) | ($34,809) |
Income_Tax_Components_of_Provi
Income Tax - Components of Provision for Income Taxes (Detail) (USD $) | 3 Months Ended | 6 Months Ended | ||
In Thousands, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 |
Income Tax Disclosure [Abstract] | ' | ' | ' | ' |
Current | ($415) | ($410) | ($1,668) | ($284) |
Deferred | 233 | -46 | 223 | 62 |
Income tax expense | ($182) | ($456) | ($1,445) | ($222) |
Commitments_and_Contingencies_
Commitments and Contingencies - Additional Information - Navion Hispania (Detail) | Jun. 30, 2014 | Dec. 31, 2013 | Jun. 30, 2014 | Jun. 30, 2014 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Jun. 30, 2013 | Jun. 30, 2013 | Dec. 31, 2013 | Jun. 30, 2013 | Dec. 31, 2013 | Jun. 30, 2013 | Dec. 31, 2013 | Jun. 30, 2013 |
USD ($) | USD ($) | Navion Offshore Loading [Member] | Navion Offshore Loading [Member] | Navion Offshore Loading [Member] | Navion Offshore Loading [Member] | Navion Offshore Loading [Member] | Navion Offshore Loading [Member] | Navion Offshore Loading [Member] | Navion Offshore Loading [Member] | Navion Offshore Loading [Member] | Navion Offshore Loading [Member] | Navion Offshore Loading [Member] | Navion Offshore Loading [Member] | Navion Offshore Loading [Member] | Navion Offshore Loading [Member] | |
USD ($) | NOK | USD ($) | NOK | Appellate Court [Member] | Appellate Court [Member] | Appellate Court [Member] | Appellate Court [Member] | Appellate Court [Member] | Appellate Court [Member] | Loss from Catastrophes [Member] | Loss from Catastrophes [Member] | Legal Fees [Member] | Legal Fees [Member] | |||
USD ($) | NOK | USD ($) | NOK | Interest Expense [Member] | Interest Expense [Member] | NOK | Appellate Court [Member] | NOK | Appellate Court [Member] | |||||||
NOK | NOK | NOK | NOK | |||||||||||||
Loss Contingencies [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Plaintiffs sought for damages | ' | ' | $34,700,000 | 213,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Loss contingency, liability accrual | ' | ' | ' | ' | 35,300,000 | 216,400,000 | 47,900,000 | 294,000,000 | 47,300,000 | 290,000,000 | 4,000,000 | 66,000,000 | 213,000,000 | 213,000,000 | 3,400,000 | 11,000,000 |
Accounts Receivable | 153,226,000 | 176,265,000 | 47,900,000 | 294,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Loss Contingency Accrual, Payments | ' | ' | $0 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Commitments_and_Contingencies_1
Commitments and Contingencies - Additional Information - Randgrid (Detail) (Randgrid shuttle tanker [Member]) | Jun. 30, 2014 |
Randgrid shuttle tanker [Member] | ' |
Loss Contingencies [Line Items] | ' |
Percentage of ownership by non-controlling owners | 33.00% |
Commitments_and_Contingencies_2
Commitments and Contingencies - Additional Information - Statoil (Detail) (USD $) | Jun. 30, 2014 | Dec. 31, 2013 | 31-May-13 | Jun. 30, 2014 |
Randgrid shuttle tanker [Member] | Randgrid shuttle tanker [Member] | |||
ExtensionOptions | ||||
Loss Contingencies [Line Items] | ' | ' | ' | ' |
Percentage of currently owned interest | ' | ' | 67.00% | ' |
Expected cost of project | ' | ' | $281,000,000 | ' |
Operating lease arrangement period, lessor | ' | ' | ' | '3 years |
Additional term of contract | ' | ' | ' | '1 year |
Number of extension options | ' | ' | 12 | ' |
Payments made towards commitment | $34,073,000 | $31,675,000 | ' | $27,300,000 |
Commitments_and_Contingencies_3
Commitments and Contingencies - Additional Information - Salamander (Detail) (USD $) | Jun. 30, 2014 | Dec. 31, 2013 | 31-May-13 | Jun. 30, 2014 |
Navion Clipper [Member] | Navion Clipper [Member] | |||
Loss Contingencies [Line Items] | ' | ' | ' | ' |
Operating lease arrangement period, lessor | ' | ' | ' | '10 years |
Expected cost of project | ' | ' | $73,000,000 | ' |
Payments made towards commitment | $34,073,000 | $31,675,000 | ' | $39,900,000 |
Commitments_and_Contingencies_4
Commitments and Contingencies - Additional Information - ALP (Detail) (USD $) | Jun. 30, 2014 | Dec. 31, 2013 | Mar. 14, 2014 | Mar. 31, 2014 | Jun. 30, 2014 | Mar. 14, 2014 | Mar. 14, 2014 | Mar. 31, 2014 |
ALP Maritime Services B.V. [Member] | ALP Maritime Services B.V. [Member] | ALP Maritime Services B.V. [Member] | ALP Maritime Services B.V. [Member] | ALP Maritime Services B.V. [Member] | ALP Maritime Services B.V. [Member] | |||
Newbuildings [Member] | Newbuildings [Member] | |||||||
Vessel | Vessel | |||||||
Loss Contingencies [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' |
Percentage of shares acquired | ' | ' | ' | 100.00% | ' | 100.00% | ' | ' |
Number of vessls | ' | ' | ' | ' | ' | ' | 4 | 4 |
Expected cost of newbuildings | ' | ' | $258,000,000 | $258,000,000 | ' | ' | ' | ' |
Payments made towards commitment | 34,073,000 | 31,675,000 | ' | ' | 46,900,000 | ' | ' | ' |
Payments due in the remainder of fiscal year | ' | ' | ' | ' | 14,400,000 | ' | ' | ' |
Payments due in the year 2015 | ' | ' | ' | ' | 77,900,000 | ' | ' | ' |
Payments due in the year 2016 | ' | ' | ' | ' | $119,100,000 | ' | ' | ' |
Total_Capital_and_Net_Income_P1
Total Capital and Net Income Per Common Unit - Additional Information (Detail) (USD $) | 3 Months Ended | 6 Months Ended | 1 Months Ended | 3 Months Ended | 6 Months Ended | ||||||
Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Apr. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 | Dec. 31, 2013 | |
Preferred Units [Member] | Preferred Units [Member] | Preferred Units [Member] | Preferred Units [Member] | Preferred Units [Member] | General Partner [Member] | General Partner [Member] | Maximum [Member] | ||||
Limited Partner [Member] | |||||||||||
Limited Partners' Capital Account [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Percentage of limited partner units outstanding held by public | 72.20% | ' | 72.20% | ' | ' | ' | ' | ' | ' | ' | ' |
General partner's interest | ' | ' | ' | ' | ' | ' | ' | ' | 2.00% | ' | ' |
Issue new common units, limited partner interests | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $100,000,000 |
Number of Common Units Issued | ' | ' | ' | 6,000,000 | ' | ' | ' | ' | 213,350 | 85,508 | ' |
Common units issued, amount | ' | ' | ' | ' | ' | ' | ' | ' | 7,600,000 | 2,700,000 | ' |
General Partner's proportionate capital contribution | ' | ' | ' | ' | ' | ' | ' | ' | 200,000 | 100,000 | ' |
General partner's interest | ' | ' | ' | ' | ' | ' | ' | ' | 2.00% | 2.00% | ' |
Offering costs | ' | ' | ' | ' | ' | ' | ' | ' | 200,000 | 100,000 | ' |
Accumulated distributions on the preferred units | ' | ' | -107,197,000 | ' | -2,700,000 | -1,800,000 | -5,438,000 | -1,800,000 | -9,735,000 | ' | ' |
Exceeded cash distributions per unit | $0.40 | $0.40 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Preferred Units dividend rate | ' | ' | ' | 7.25% | ' | ' | ' | ' | ' | ' | ' |
Net proceeds from public offering | ' | ' | $7,631,000 | $144,900,000 | ' | ' | ' | ' | $156,000 | ' | ' |
Redemption of Preferred Units | $25 | ' | $25 | ' | ' | ' | ' | ' | ' | ' | ' |
Unit_Based_Compensation_Additi
Unit Based Compensation - Additional Information (Detail) (USD $) | Jun. 30, 2014 | Dec. 31, 2013 | Jun. 30, 2014 | Mar. 31, 2014 | Mar. 31, 2013 | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 |
Non-management directors [Member] | Restricted Stock Units (RSUs) [Member] | Restricted Stock Units (RSUs) [Member] | Restricted Stock Units (RSUs) [Member] | Restricted Stock Units (RSUs) [Member] | Restricted Stock Units (RSUs) [Member] | Restricted Stock Units (RSUs) [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Common units, granted | ' | ' | 9,482 | ' | ' | ' | ' | ' | ' |
Common units aggregate value, granted | ' | ' | $300,000 | $2,100,000 | $1,800,000 | ' | ' | ' | ' |
Common units, granted | ' | ' | ' | 68,153 | 63,309 | ' | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Description | ' | ' | ' | ' | ' | ' | ' | 'Each restricted unit is equal in value to one 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 | ' | ' | ' | ' | ' | ' | ' | 63,327 | 6,742 |
Common units, value | ' | ' | ' | ' | ' | ' | ' | 1,900,000 | 200,000 |
Common units issued to grantees | ' | ' | ' | ' | ' | ' | ' | 6,584 | ' |
Amount paid to grantees in cash | ' | ' | ' | ' | ' | ' | ' | 300,000 | ' |
Unit based compensation expense | ' | ' | ' | ' | ' | 500,000 | 200,000 | 1,900,000 | 500,000 |
Cash settled restricted unit awards | $121,243,000 | $138,156,000 | ' | ' | ' | $1,100,000 | $0 | $1,100,000 | $0 |
Discontinued_Operations_Additi
Discontinued Operations - Additional Information (Detail) (USD $) | 3 Months Ended | 6 Months Ended | 3 Months Ended | 6 Months Ended | |||||||
In Thousands, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Mar. 31, 2014 | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 |
Teekay Corporation [Member] | Teekay Corporation [Member] | Conventional Tanker [Member] | Conventional Tanker [Member] | Conventional Tanker [Member] | Conventional Tanker [Member] | Conventional Tanker [Member] | |||||
Teekay Corporation [Member] | Discontinued Operations [Member] | Discontinued Operations [Member] | Discontinued Operations [Member] | Discontinued Operations [Member] | |||||||
Vessel | Vessel | Vessel | Vessel | Vessel | |||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Early termination fees | $16,427 | $18,572 | $33,757 | $37,385 | $4,500 | $6,800 | ' | ' | ' | ' | ' |
Number of vessels | ' | ' | ' | ' | ' | ' | 2 | 3 | 3 | 3 | 3 |
Discontinued_Operations_Summar
Discontinued Operations - Summary of Net Loss from Discontinued Operations (Detail) (USD $) | 3 Months Ended | 6 Months Ended | ||
In Thousands, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ' | ' | ' | ' |
REVENUES | $241,402 | $222,412 | $500,636 | $434,524 |
OPERATING EXPENSES | ' | ' | ' | ' |
Voyage expenses (recoveries) | 26,256 | 23,273 | 59,710 | 46,221 |
Vessel operating expenses | 88,184 | 86,519 | 176,314 | 163,843 |
Depreciation and amortization | 48,474 | 50,265 | 96,962 | 94,775 |
General and administrative | 18,054 | 10,417 | 32,903 | 20,807 |
Write-down and loss on sale of vessels | ' | ' | ' | 19,029 |
Total operating expenses | 185,122 | 185,962 | 382,014 | 356,570 |
Loss from vessel operations | 56,280 | 36,450 | 118,622 | 77,954 |
OTHER ITEMS | ' | ' | ' | ' |
Interest expense | -21,568 | -16,035 | -40,488 | -27,663 |
Foreign currency exchange loss | -2,836 | 3,555 | -3,611 | -83 |
Total other items | -59,898 | 24,744 | -111,955 | 7,151 |
Net loss from discontinued operations | ' | -2,134 | ' | -4,309 |
Discontinued Operations [Member] | ' | ' | ' | ' |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ' | ' | ' | ' |
REVENUES | ' | 7,450 | ' | 19,760 |
OPERATING EXPENSES | ' | ' | ' | ' |
Voyage expenses (recoveries) | ' | -41 | ' | 237 |
Vessel operating expenses | ' | 1,307 | ' | 3,098 |
Depreciation and amortization | ' | 397 | ' | 1,236 |
General and administrative | ' | 99 | ' | 374 |
Write-down and loss on sale of vessels | ' | 7,782 | ' | 19,029 |
Total operating expenses | ' | 9,544 | ' | 23,974 |
Loss from vessel operations | ' | -2,094 | ' | -4,214 |
OTHER ITEMS | ' | ' | ' | ' |
Interest expense | ' | -37 | ' | -89 |
Foreign currency exchange loss | ' | -2 | ' | -4 |
Other expense - net | ' | -1 | ' | -2 |
Total other items | ' | -40 | ' | -95 |
Net loss from discontinued operations | ' | ($2,134) | ' | ($4,309) |
Acquisition_of_ALP_Maritime_Se2
Acquisition of ALP Maritime Services B.V. - Additional Information (Detail) (USD $) | 3 Months Ended | 6 Months Ended | 0 Months Ended | 1 Months Ended | 3 Months Ended | 6 Months Ended | 3 Months Ended | 6 Months Ended | 0 Months Ended | 1 Months Ended | |||||||
Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 | Mar. 14, 2014 | Mar. 31, 2014 | Mar. 14, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Jun. 30, 2014 | Jun. 30, 2014 | Jun. 30, 2014 | Mar. 14, 2014 | Mar. 31, 2014 | Mar. 14, 2014 | Mar. 14, 2014 | Mar. 14, 2014 | |
ALP Maritime Services B.V. [Member] | ALP Maritime Services B.V. [Member] | ALP Maritime Services B.V. [Member] | ALP Maritime Services B.V. [Member] | ALP Maritime Services B.V. [Member] | ALP Maritime Services B.V. [Member] | ALP Maritime Services B.V. [Member] | ALP Maritime Services B.V. [Member] | ALP Maritime Services B.V. [Member] | ALP Maritime Services B.V. [Member] | ALP Maritime Services B.V. [Member] | ALP Maritime Services B.V. [Member] | ALP Maritime Services B.V. [Member] | |||||
Teekay Corporation [Member] | Teekay Corporation [Member] | Newbuildings [Member] | Newbuildings [Member] | Shareholders of ALP [Member] | Shareholders of ALP [Member] | Shareholders of ALP [Member] | |||||||||||
Vessel | Vessel | Shareholder | Delivered [Member] | Contingent Consideration On Operating Results [Member] | |||||||||||||
Business Acquisition [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Percentage of noncontrolling interest acquired | ' | ' | ' | ' | ' | 100.00% | 100.00% | ' | 100.00% | ' | ' | ' | ' | ' | ' | ' | ' |
Expected cost of newbuildings | ' | ' | ' | ' | $258,000,000 | $258,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Purchase price paid in cash | ' | ' | ' | ' | 2,616,000 | ' | 2,616,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Number of shareholders | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 3 | ' | ' |
Number of vessels | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 4 | 4 | ' | ' | ' |
Contingent consideration payable | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 2,400,000 | 2,600,000 |
Business Combination, Contingent Consideration Arrangements, Description | ' | ' | ' | ' | ' | ' | ' | ' | ' | 'The Partnership has the option to pay up to 50 percent of this compensation through the issuance of common units of the Partnership. Each of the contingent compensation amounts are payable only if the three shareholders are employed by ALP at the time performance conditions are met. | ' | ' | ' | ' | ' | ' | ' |
General and administrative | 18,054,000 | 10,417,000 | 32,903,000 | 20,807,000 | ' | ' | ' | 200,000 | ' | 200,000 | ' | ' | ' | ' | ' | ' | ' |
Acquisition and success fee | 1,600,000 | ' | 2,600,000 | ' | ' | ' | ' | ' | 1,000,000 | ' | 1,600,000 | 1,600,000 | ' | ' | ' | ' | ' |
Revenue | 241,402,000 | 222,412,000 | 500,636,000 | 434,524,000 | ' | ' | ' | ' | ' | 200,000 | ' | ' | ' | ' | ' | ' | ' |
Net loss | ($3,800,000) | $58,604,000 | $5,222,000 | $80,574,000 | ' | ' | ' | ' | ' | ($1,700,000) | ' | ' | ' | ' | ' | ' | ' |
Acquisition_of_ALP_Maritime_Se3
Acquisition of ALP Maritime Services B.V. - Fair Values of Assets Acquired and Liabilities Assumed by Partnership (Detail) (USD $) | Jun. 30, 2014 | Dec. 31, 2013 | Mar. 14, 2014 | Mar. 14, 2014 |
In Thousands, unless otherwise specified | ALP Maritime Services B.V. [Member] | ALP Maritime Services B.V. [Member] | ||
ASSETS | ' | ' | ' | ' |
Cash and cash equivalents | ' | ' | ' | $294 |
Other current assets | ' | ' | ' | 404 |
Advances on newbuilding contracts | ' | ' | ' | 164 |
Other assets - long-term | ' | ' | ' | 395 |
Goodwill (towage segment) | 129,145 | 127,113 | ' | 2,032 |
Total assets acquired | ' | ' | ' | 3,289 |
LIABILITIES | ' | ' | ' | ' |
Current liabilities | ' | ' | ' | 387 |
Other long-term liabilities | 82,230 | 88,550 | ' | 286 |
Total liabilities assumed | ' | ' | ' | 673 |
Net assets acquired | ' | ' | ' | 2,616 |
Consideration | ' | ' | $2,616 | $2,616 |
Acquisition_of_ALP_Maritime_Se4
Acquisition of ALP Maritime Services B.V. - Consolidated Pro Forma Financial Information (Detail) (ALP Maritime Services B.V. [Member], USD $) | 6 Months Ended | |
In Thousands, except Per Share data, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 |
ALP Maritime Services B.V. [Member] | ' | ' |
Business Acquisition Pro Forma Information [Line Items] | ' | ' |
Revenues | $500,771 | $440,857 |
Net income | $5,061 | $80,712 |
Limited partners' interest in net (loss) income per common unit - basic | ($0.13) | $0.85 |
Limited partners' interest in net (loss) income per common unit - diluted | ($0.13) | $0.85 |
Subsequent_events_Additional_I
Subsequent events - Additional Information (Detail) (USD $) | Jun. 30, 2014 | Dec. 31, 2013 | Aug. 31, 2014 | Aug. 31, 2014 | Aug. 31, 2014 | Aug. 31, 2014 | Jun. 30, 2014 | Aug. 31, 2014 |
Subsequent Event [Member] | Subsequent Event [Member] | Subsequent Event [Member] | Subsequent Event [Member] | Subsequent Event [Member] | Subsequent Event [Member] | |||
Logitel Offshore Holdings [Member] | Logitel Offshore Holdings [Member] | Logitel Offshore Holdings [Member] | Logitel Offshore Holdings [Member] | Logitel Offshore Holdings [Member] | Logitel Offshore Holdings [Member] | |||
FloatingAccommodationUnits | Order or Production Backlog [Member] | Newbuildings [Member] | Newbuildings [Member] | Scheduled For Delivery [Member] | Scheduled For Delivery [Member] | |||
FloatingAccommodationUnits | FloatingAccommodationUnits | Order or Production Backlog [Member] | Order or Production Backlog [Member] | |||||
FloatingAccommodationUnits | ||||||||
Subsequent Event [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' |
Percentage of noncontrolling interest acquired | ' | ' | 100.00% | ' | ' | ' | ' | ' |
Portion of purchase price paid in cash | ' | ' | $4,000,000 | ' | ' | ' | ' | ' |
Potential additional cash amount for purchase price | ' | ' | 27,600,000 | ' | ' | ' | ' | ' |
Number of floating accommodation units | ' | ' | 3 | 6 | 2 | ' | ' | 1 |
Operating lease arrangement period, lessor | ' | ' | ' | ' | ' | ' | '3 years | ' |
Expected cost of project | ' | ' | 534,000,000 | ' | ' | ' | ' | ' |
Payments made towards commitments | 34,073,000 | 31,675,000 | 18,000,000 | ' | ' | ' | ' | ' |
Purchase obligation due in 2014 | ' | ' | 8,800,000 | ' | ' | ' | ' | ' |
Purchase obligation due in 2015 | ' | ' | 341,000,000 | ' | ' | ' | ' | ' |
Purchase obligation due in 2016 | ' | ' | 166,200,000 | ' | ' | ' | ' | ' |
License fees | ' | ' | 22,200,000 | ' | ' | ' | ' | ' |
Long-term debt | 2,543,481,000 | 2,368,976,000 | ' | ' | ' | 60,000,000 | ' | ' |
Repayment of non-interest bearing amount on bond | ' | ' | ' | ' | ' | $10,000,000 | ' | ' |
Long-term Debt, Maturities, Repayment Terms | ' | ' | ' | ' | ' | 'within 6 months of delivery of each of the next six FAUs, including the three ordered from COSCO. | ' | ' |
Debt conversion, description | ' | ' | 'The conversion option is exercisable if the fourth of six options with COSCO is not exercised by its option expiry date on November 30, 2016, In this case, Sevan has a one-time option to receive the remaining two options with COSCO in exchange for the extinguishment of the remaining amount owing on the bond agreement. If the one-time option is not exercised by Sevan, any remaining amount owing on the bond agreement will be forgiven when there is a continuous three-year period, from the date of the latest delivery of a newbuilding FAU based on the Sevan cylindrical hull design, where no such Sevan design FAUs are ordered. | ' | ' | ' | ' | ' |