Document and Entity Information
Document and Entity Information | 6 Months Ended |
Jun. 30, 2015 | |
Document And Entity Information [Abstract] | |
Document Type | 6-K |
Amendment Flag | false |
Document Period End Date | Jun. 30, 2015 |
Document Fiscal Year Focus | 2,015 |
Document Fiscal Period Focus | Q2 |
Trading Symbol | TOO |
Entity Registrant Name | Teekay Offshore Partners L.P. |
Entity Central Index Key | 1,382,298 |
Current Fiscal Year End Date | --12-31 |
Unaudited Consolidated Statemen
Unaudited Consolidated Statements of Income (Loss) And Comprehensive Income (Loss) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2015 | Jun. 30, 2014 | Jun. 30, 2015 | Jun. 30, 2014 | |
Income Statement [Abstract] | ||||
Revenues (note 6) | $ 255,758 | $ 241,402 | $ 506,669 | $ 500,636 |
Voyage expenses | (20,716) | (26,256) | (43,233) | (59,710) |
Vessel operating expenses (note 6) | (77,935) | (88,184) | (151,969) | (176,314) |
Time-charter hire expense | (10,762) | (4,975) | (17,745) | (16,387) |
Depreciation and amortization | (53,864) | (48,474) | (107,468) | (96,962) |
General and administrative (notes 6 and 11) | (14,202) | (18,054) | (29,082) | (32,903) |
(Write down) and gain on sale of vessels (note 13) | (500) | (14,353) | ||
Restructuring (charge) recovery | (135) | 821 | (135) | 262 |
Income from vessel operations | 77,644 | 56,280 | 142,684 | 118,622 |
Interest expense (notes 5 and 6) | (24,741) | (21,568) | (47,924) | (40,488) |
Interest income | 135 | 190 | 269 | 367 |
Realized and unrealized gains (losses) on derivative instruments (note 7) | 42,282 | (38,144) | (9,366) | (74,776) |
Equity income | 9,720 | 2,388 | 13,811 | 6,091 |
Foreign currency exchange gain (loss) (note 7) | 2,789 | (2,836) | (4,287) | (3,611) |
Other income - net (note 3) | 388 | 72 | 647 | 462 |
Income (loss) before income tax expense | 108,217 | (3,618) | 95,834 | 6,667 |
Income tax expense (note 8) | (353) | (182) | (1,198) | (1,445) |
Net income (loss) and comprehensive income (loss) | 107,864 | (3,800) | 94,636 | 5,222 |
Non-controlling interests in net income (loss) | 3,638 | 1,654 | 7,636 | 3,333 |
Preferred unitholders' interest in net income (loss) (note 10) | 4,791 | 2,719 | 7,510 | 5,438 |
General Partner's interest in net income (loss) | 6,153 | 3,696 | 9,917 | 7,639 |
Limited partners' interest in net income (loss) | $ 93,282 | $ (11,869) | $ 69,573 | $ (11,188) |
Limited partners' interest in net income (loss) per common unit: | ||||
Limited partners' interest in net income (loss) per common unit - basic (note 10) | $ 1.01 | $ (0.14) | $ 0.75 | $ (0.13) |
Limited partners' interest in net income (loss) per common unit - diluted (note 10) | $ 1.01 | $ (0.14) | $ 0.75 | $ (0.13) |
Weighted-average number of common units outstanding: | ||||
Weighted-average number of common units outstanding - basic | 92,413,598 | 85,529,102 | 92,402,772 | 85,492,401 |
Weighted-average number of common units outstanding - diluted | 92,457,480 | 85,529,102 | 92,470,600 | 85,492,401 |
Cash distributions declared per unit | $ 0.5384 | $ 0.5384 | $ 1.0768 | $ 1.0768 |
Unaudited Consolidated Balance
Unaudited Consolidated Balance Sheets - USD ($) $ in Thousands | Jun. 30, 2015 | Dec. 31, 2014 |
Current | ||
Cash and cash equivalents | $ 242,764 | $ 252,138 |
Restricted cash (note 7 and 9c) | 73,700 | 4,704 |
Accounts receivable, including non-trade of $5,382 (December 31, 2014 - $6,825) | 117,085 | 103,665 |
Vessel held for sale (note 13) | 5,000 | |
Net investments in direct financing leases - current (note 3b) | 5,501 | 4,987 |
Prepaid expenses | 34,503 | 30,211 |
Due from affiliates (note 6c) | 37,856 | 44,225 |
Advances to joint venture (note 14) | 5,225 | |
Other current assets | 14,644 | 4,626 |
Total current assets | 531,053 | 449,781 |
Restricted cash - long-term (note 7) | 42,056 | |
Vessels and equipment | ||
At cost, less accumulated depreciation of $1,272,587 (December 31, 2014 - $1,202,663) | 3,274,888 | 3,010,689 |
Advances on newbuilding contracts and conversion costs (notes 9b, 9c, 9d, 9f, 9g, 12a and 12b) | 252,040 | 172,776 |
Net investments in direct financing leases (note 3b) | 14,599 | 17,471 |
Investment in equity accounted joint ventures (note 14) | 74,162 | 54,955 |
Derivative instruments (note 7) | 5,240 | 4,660 |
Deferred tax asset | 5,095 | 5,959 |
Other assets | 75,224 | 51,362 |
Intangible assets - net | 5,400 | 6,410 |
Goodwill | 129,145 | 129,145 |
Total assets | 4,366,846 | 3,945,264 |
Current | ||
Accounts payable | 12,902 | 15,064 |
Accrued liabilities (notes 7 and 11) | 120,438 | 68,013 |
Deferred revenues | 25,901 | 25,669 |
Due to affiliates (note 6c) | 143,742 | 108,941 |
Current portion of derivative instruments (note 7) | 106,588 | 85,318 |
Current portion of long-term debt (note 5) | 466,952 | 258,014 |
Current portion of in-process revenue contracts | 12,779 | 12,744 |
Total current liabilities | 889,302 | 573,763 |
Long-term debt (note 5) | 2,195,010 | 2,178,009 |
Derivative instruments (note 7) | 236,208 | 257,754 |
In-process revenue contracts | 69,450 | 75,805 |
Other long-term liabilities | 60,033 | 44,238 |
Total liabilities | $ 3,450,003 | $ 3,129,569 |
Commitments and contingencies (notes 5, 7, and 9) | ||
Redeemable non-controlling interest (note 9a) | $ 10,481 | $ 12,842 |
Equity | ||
General Partner | 20,457 | 21,038 |
Partners' equity | 848,735 | 755,003 |
Non-controlling interests | 57,627 | 47,850 |
Total equity | 906,362 | 802,853 |
Total liabilities and equity | 4,366,846 | 3,945,264 |
Common Stock Class Undefined [Member] | ||
Equity | ||
Limited partners | 560,593 | 589,165 |
Preferred Units [Member] | ||
Equity | ||
Limited partners | $ 267,685 | $ 144,800 |
Unaudited Consolidated Balance4
Unaudited Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands, shares in Millions | Jun. 30, 2015 | Dec. 31, 2014 |
Accounts receivable non-trade | $ 5,382 | $ 6,825 |
At cost, less accumulated depreciation | $ 1,272,587 | $ 1,202,663 |
Common Stock Class Undefined [Member] | ||
Limited partners - units issued | 92.4 | 92.4 |
Limited partners - units outstanding | 92.4 | 92.4 |
Preferred Units [Member] | ||
Limited partners - units issued | 11 | 6 |
Limited partners - units outstanding | 11 | 6 |
Unaudited Consolidated Stateme5
Unaudited Consolidated Statements of Cash Flows - USD ($) $ in Thousands | 6 Months Ended | |
Jun. 30, 2015 | Jun. 30, 2014 | |
OPERATING ACTIVITIES | ||
Net income | $ 94,636 | $ 5,222 |
Non-cash items: | ||
Unrealized (gain) loss on derivative instruments (note 7) | (855) | 53,106 |
Equity income | (13,811) | (6,091) |
Depreciation and amortization | 107,468 | 96,962 |
Write-down and (gain) on sale of vessel (note 13) | 14,353 | |
Deferred income tax expense (recovery) (note 8) | 571 | (223) |
Amortization of in-process revenue contracts | (6,320) | (6,320) |
Foreign currency exchange (gain) loss and other | (39,269) | 371 |
Change in non-cash working capital items related to operating activities | 15,192 | (96,617) |
Expenditures for dry docking | (5,145) | (9,468) |
Net operating cash flow | 166,820 | 36,942 |
FINANCING ACTIVITIES | ||
Proceeds from long-term debt (note 5) | 410,374 | 720,443 |
Scheduled repayments of long-term debt (note 5) | (150,949) | (241,223) |
Prepayments of long-term debt (note 5) | (13,606) | (302,413) |
Debt issuance costs | (4,554) | (10,094) |
Decrease in restricted cash (note 7) | 15,140 | |
Proceeds from issuance of common units | 7,784 | |
Proceeds from issuance of preferred units | 125,000 | |
Expenses relating to equity offerings | (4,187) | (153) |
Cash distributions paid by the Partnership | (115,460) | (107,197) |
Settlement of contingent consideration liability (note 3) | (3,303) | |
Cash distributions paid by subsidiaries to non-controlling interests | (5,720) | (5,718) |
Equity contribution from joint venture partners | 5,500 | 22,017 |
Indemnification on Voyageur Spirit FPSO from Teekay Corporation (note 6f) | 3,474 | |
Other | 579 | 397 |
Net financing cash flow | 258,814 | 87,317 |
INVESTING ACTIVITIES | ||
Expenditures for vessels and equipment, including advances on newbuilding contracts and conversion costs | (404,033) | (92,084) |
Increase in restricted cash (note 9c) | (42,080) | |
Proceeds from sale of vessel and equipment (note 13) | 8,918 | |
Repayment from joint ventures (note 14) | 5,225 | |
Direct financing lease payments received | 2,358 | 2,582 |
Investment in equity accounted joint ventures (note 14) | (5,396) | |
Net investing cash flow | (435,008) | (91,824) |
(Decrease) Increase in cash and cash equivalents | (9,374) | 32,435 |
Cash and cash equivalents, beginning of the period | 252,138 | 219,126 |
Cash and cash equivalents, end of the period | $ 242,764 | 251,561 |
ALP Maritime Services B.V. [Member] | ||
INVESTING ACTIVITIES | ||
Acquisition of subsidiary, Net of cash acquired | $ (2,322) |
Unaudited Consolidated Stateme6
Unaudited Consolidated Statements of Cash Flows (Parenthetical) - USD ($) $ in Millions | 6 Months Ended | |
Jun. 30, 2015 | Jun. 30, 2014 | |
ALP Maritime Services B.V. [Member] | ||
Net cash acquired on business acquisition | $ 0.3 | $ 0.3 |
Unaudited Consolidated Stateme7
Unaudited Consolidated Statement of Changes in Total Equity - 6 months ended Jun. 30, 2015 - USD ($) shares in Thousands, $ in Thousands | 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] |
Beginning balance at Dec. 31, 2014 | $ 802,853 | $ 21,038 | $ 589,165 | $ 144,800 | $ 47,850 | $ 12,842 | |
Beginning balance, units at Dec. 31, 2014 | 92,386 | 6,000 | |||||
Net income | 94,636 | 9,917 | 69,573 | $ 7,510 | 7,636 | ||
Reclassification of redeemable non-controlling interest in net income | (3,139) | (3,139) | 3,139 | ||||
Cash distributions | (115,460) | (10,526) | (99,496) | (5,438) | |||
Distribution of capital to joint venture partner | (220) | (220) | (5,500) | ||||
Contribution of capital from joint venture partner | 5,500 | 5,500 | |||||
Proceeds from equity offerings, net of offering costs | 120,813 | $ 120,813 | |||||
Proceeds from equity offerings, units, net of offering costs | 5,000 | ||||||
Equity based compensation and other (notes 6h and 11) | 1,379 | 28 | 1,351 | ||||
Equity based compensation and other, units | 28 | ||||||
Ending balance at Jun. 30, 2015 | $ 906,362 | $ 20,457 | $ 560,593 | $ 267,685 | $ 57,627 | $ 10,481 | |
Ending balance, units at Jun. 30, 2015 | 92,414 | 11,000 |
Basis of Presentation
Basis of Presentation | 6 Months Ended |
Jun. 30, 2015 | |
Organization, Consolidation and Presentation of Financial Statements [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 Partnership The preparation of consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the amounts reported in the financial statements and accompanying notes. Actual results could differ from those estimates. Certain information and footnote disclosures required by GAAP for complete annual financial statements have been omitted and, therefore, these interim financial statements should be read in conjunction with the Partnership’s audited consolidated financial statements for the year ended December 31, 2014, which are included in the Partnership’s Annual Report on Form 20-F, filed with the U.S. Securities and Exchange Commission (or SEC General Partner The Partnership presents non-controlling ownership interests in subsidiaries in the consolidated financial statements within the equity section, but separate from the Partners’ equity. However, the holder of the non-controlling interest of one of the Partnership’s subsidiaries holds a put option which, if exercised, would obligate the Partnership to purchase the non-controlling interest (see note 9a). As a result, the non-controlling interest that is subject to this redemption feature is not included on the Partnership’s consolidated balance sheet as part of the total equity and is presented as redeemable non-controlling interest above the equity section but below the liabilities section on the Partnership’s consolidated balance sheet. |
Accounting Pronouncements
Accounting Pronouncements | 6 Months Ended |
Jun. 30, 2015 | |
Accounting Changes and Error Corrections [Abstract] | |
Accounting Pronouncements | 2. Accounting Pronouncements In April 2014, the Financial Accounting Standards Board (or FASB Reporting Discontinued Operations and Disclosures of Disposals of Components of an Entity ASU 2014-08 In May 2014, the FASB issued Accounting Standards Update 2014-09, Revenue from Contracts with Customers ASU 2014-09 In February 2015, the FASB issued Accounting Standards Update 2015-02, Amendments to the Consolidation Analysis ASU 2015-02 In April 2015, the FASB issued Accounting Standards Update 2015-03, Simplifying the Presentation of Debt Issuance Costs ASU 2015-03 |
Financial Instruments
Financial Instruments | 6 Months Ended |
Jun. 30, 2015 | |
Investments, All Other Investments [Abstract] | |
Financial Instruments | 3. Financial Instruments a) Fair Value Measurements For a description of how the Partnership estimates fair value and for a description of the fair value hierarchy levels, see Note 4 in the Partnership’s audited consolidated financial statements filed with its Annual Report on Form 20-F for the year ended December 31, 2014. 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, 2015 December 31, 2014 Fair Value Hierarchy Carrying Fair Value Carrying Fair Value Recurring: Cash and cash equivalents and restricted cash Level 1 316,464 316,464 298,898 298,898 Logitel contingent consideration (see below) Level 3 (15,292 ) (15,292 ) (21,448 ) (21,448 ) Derivative instruments (note 7) Interest rate swap agreements Level 2 (194,252 ) (194,252 ) (216,488 ) (216,488 ) Cross currency swap agreements Level 2 (140,557 ) (140,557 ) (120,503 ) (120,503 ) Foreign currency forward contracts Level 2 (10,150 ) (10,150 ) (11,268 ) (11,268 ) Other: Long-term debt - public (note 5) Level 1 (669,277 ) (637,129 ) (689,157 ) (656,899 ) Long-term debt - non-public (note 5) Level 2 (1,992,685 ) (1,974,978 ) (1,746,866 ) (1,743,378 ) Contingent consideration liability Logitel UMS Cefront The Partnership will owe an additional amount of up to $27.6 million if there are no yard cost overruns and no charterer late delivery penalties; the two unchartered UMS under construction are chartered above specified rates; and no material defects from construction are identified within one year after the delivery of each UMS. To the extent such events occur, the potential additional amount of $27.6 million will be reduced in accordance with the terms of the purchase agreement. The estimated fair value of the contingent consideration liability of $15.3 million at June 30, 2015 is the amount the Partnership expects to pay to Cefront discounted to its present value using a weighted average cost of capital rate of 11.5%. As of June 30, 2015, the amount of the expected payments for each UMS was based upon the status of the construction project for the remaining two UMS newbuildings, the state of the charter market for the remaining two UMS newbuildings, the expectation of potential material defects for each UMS, and, to a lesser extent, the timing of delivery of the remaining two UMS newbuildings. An increase (decrease) in the Partnership’s estimates of yard cost overruns, charterer late delivery penalties, material defects and the discount rate, as well as a decrease (increase) in the Partnership’s estimates of day rates at which it expects to charter the two unchartered UMS, will decrease (increase) the estimated fair value of the contingent consideration liability. Changes in the estimated fair value of the Partnership’s contingent consideration liability relating to the acquisition of Logitel, which is measured at fair value on a recurring basis using significant unobservable inputs (Level 3), during the three and six months ended June 30, 2015 and 2014 are as follows: Three months ended Six months ended June 30, June 30, 2015 2014 2015 2014 Asset (Liability) Asset (Liability) $ $ $ $ Balance at beginning of period (21,562 ) — (21,448 ) — Settlement of liability 3,540 — 3,540 — Adjustment to liability (note 12b) 2,569 — 2,569 — Unrealized gain included in Other income - net 161 — 47 — Balance at end of period (15,292 ) — (15,292 ) — b) Financing Receivables The following table contains a summary of the Partnership’s financing receivables by type of borrower and the method by which the Partnership monitors the credit quality of its financing receivables on a quarterly basis: Credit Quality Grade June 30, December 31, $ $ Direct financing leases Payment activity Performing 20,100 22,458 |
Segment Reporting
Segment Reporting | 6 Months Ended |
Jun. 30, 2015 | |
Segment Reporting [Abstract] | |
Segment Reporting | 4. Segment Reporting The following table includes results for the Partnership’s shuttle tanker segment; floating production, storage and off-loading (or FPSO FSO Three months ended June 30, 2015 Shuttle FPSO FSO Conventional Towage UMS (1) Total Revenues 132,899 86,246 14,165 8,245 10,517 3,686 255,758 Voyage expenses (18,976 ) — (89 ) (647 ) (1,004 ) — (20,716 ) Vessel operating expenses (31,120 ) (33,557 ) (6,921 ) (1,514 ) (3,697 ) (1,126 ) (77,935 ) Time-charter hire expense (10,762 ) — — — — — (10,762 ) Depreciation and amortization (26,795 ) (19,844 ) (2,975 ) (1,675 ) (2,174 ) (401 ) (53,864 ) General and administrative (2) (6,788 ) (5,011 ) (420 ) (507 ) (837 ) (639 ) (14,202 ) Write down of vessel — — — — — (500 ) (500 ) Restructuring charge (135 ) — — — — — (135 ) Income from vessel operations 38,323 27,834 3,760 3,902 2,805 1,020 77,644 Three months ended June 30, 2014 Shuttle FPSO FSO Conventional Towage Total Revenues 137,042 83,984 11,673 8,600 103 241,402 Voyage expenses (24,913 ) — (149 ) (1,188 ) (6 ) (26,256 ) Vessel operating expenses (39,715 ) (39,472 ) (7,532 ) (1,465 ) — (88,184 ) Time-charter hire expense (4,975 ) — — — — (4,975 ) Depreciation and amortization (27,378 ) (18,186 ) (1,298 ) (1,612 ) — (48,474 ) General and administrative (2) (6,532 ) (7,989 ) (1,027 ) (312 ) (2,194 ) (18,054 ) Restructuring recovery (3) 821 — — — — 821 Income (loss) from vessel operations 34,350 18,337 1,667 4,023 (2,097 ) 56,280 Six months ended June 30, 2015 Shuttle FPSO FSO Conventional Towage UMS (1) Total Revenues 270,989 170,449 28,651 16,307 16,587 3,686 506,669 Voyage expenses (38,505 ) — (221 ) (1,215 ) (3,292 ) — (43,233 ) Vessel operating expenses (65,437 ) (64,790 ) (13,280 ) (2,888 ) (4,448 ) (1,126 ) (151,969 ) Time-charter hire expense (17,083 ) — — — (662 ) — (17,745 ) Depreciation and amortization (55,162 ) (39,939 ) (5,895 ) (3,349 ) (2,722 ) (401 ) (107,468 ) General and administrative (2) (15,187 ) (9,813 ) (1,030 ) (759 ) (1,147 ) (1,146 ) (29,082 ) (Write down) and gain on sale of vessel (13,853 ) — — — — (500 ) (14,353 ) Restructuring charge (135 ) — — — — — (135 ) Income from vessel operations 65,627 55,907 8,225 8,096 4,316 513 142,684 Six months ended June 30, 2014 Shuttle FPSO (5) FSO Conventional Towage Total Revenues 290,222 167,121 25,962 17,228 103 500,636 Voyage expenses (56,619 ) — (172 ) (2,913 ) (6 ) (59,710 ) Vessel operating expenses (80,121 ) (79,863 ) (13,405 ) (2,925 ) — (176,314 ) Time-charter hire expense (16,387 ) — — — — (16,387 ) Depreciation and amortization (54,659 ) (36,089 ) (2,991 ) (3,223 ) — (96,962 ) General and administrative (2)(4) (13,142 ) (13,747 ) (1,886 ) (845 ) (3,283 ) (32,903 ) Restructuring recovery (3) 262 — — — — 262 Income (loss) from vessel operations 69,556 37,422 7,508 7,322 (3,186 ) 118,622 (1) The Partnership acquired 100% of the outstanding shares of Logitel during the third quarter of 2014 (see notes 3a and 12b). (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) 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. (4) Includes a $1.6 million business development fee to Teekay Corporation in connection with the acquisition of ALP Maritime Services B.V. (or ALP (5) Income from vessel operations for the six months ended June 30, 2014 excludes $3.1 million of the Voyageur Spirit Voyageur Spirit A reconciliation of total segment assets to total assets presented in the accompanying consolidated balance sheets is as follows: June 30, 2015 December 31, 2014 $ $ Shuttle tanker segment 1,827,194 1,936,809 FPSO segment 1,259,634 1,267,076 FSO segment 267,157 133,925 Conventional tanker segment 138,235 150,109 Towage segment 260,047 61,795 UMS segment 287,930 62,017 Unallocated: Cash and cash equivalents and restricted cash 316,464 298,898 Other assets 10,185 34,635 Consolidated total assets 4,366,846 3,945,264 |
Long-Term Debt
Long-Term Debt | 6 Months Ended |
Jun. 30, 2015 | |
Debt Disclosure [Abstract] | |
Long-Term Debt | 5. Long-Term Debt June 30, 2015 December 31, 2014 $ $ U.S. Dollar-denominated Revolving Credit Facilities due through 2019 560,504 544,969 Norwegian Kroner Bonds due through 2019 369,277 389,157 U.S. Dollar-denominated Term Loans due through 2018 137,378 158,547 U.S. Dollar-denominated Term Loans due through 2025 1,076,820 850,433 U.S. Dollar Non-Public Bond due through 2024 217,983 192,917 U.S. Dollar Bonds due through 2019 300,000 300,000 Total 2,661,962 2,436,023 Less current portion 466,952 258,014 Long-term portion 2,195,010 2,178,009 As at June 30, 2015, the Partnership had six long-term revolving credit facilities, which, as at such date, provided for total borrowings of up to $560.5 million, which were fully drawn as of June 30, 2015. The total amount available under the revolving credit facilities reduces by $70.5 million (remainder of 2015), $203.7 million (2016), $102.8 million (2017), $136.2 million (2018) and $47.3 million (2019). Four of the revolving credit facilities are guaranteed by the Partnership and certain of its subsidiaries for all outstanding amounts and contain covenants that require the Partnership to maintain 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 20 of the Partnership’s vessels, together with other related security. In January 2014, the Partnership issued Norwegian Kroner (or NOK In January 2013, the Partnership issued NOK 1,300 million in senior unsecured bonds in the Norwegian bond market. The bonds were issued in two tranches maturing in January 2016 (NOK 500 million) and January 2018 (NOK 800 million). As at June 30, 2015, the carrying amount of the bonds was $165.5 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 US Dollars, with interest payments fixed at a rate of 4.94% on the tranche maturing in 2016 and 6.07% 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 7). In January 2012, the Partnership issued NOK 600 million in senior unsecured bonds that mature in January 2017 in the Norwegian bond market. As at June 30, 2015, the carrying amount of the bonds was $76.4 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 U.S. dollars, 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 7). As at June 30, 2015, three of the Partnership’s 50%-owned subsidiaries each had an outstanding term loan, which totaled $137.4 million. The term loans reduce over time with quarterly and semi-annual payments and have varying maturities through 2018. These term loans are collateralized by first-priority mortgages on the three shuttle tankers to which the loans relate, together with other related security. As at June 30, 2015, the Partnership had guaranteed $33.9 million of these term loans, which represents its 50% share of the outstanding term loans of two of these 50%-owned subsidiaries. The other owner and Teekay Corporation have guaranteed $68.7 million and $34.8 million, respectively. As at June 30, 2015, the Partnership had term loans outstanding for the shuttle tankers the Amundsen Spirit Nansen Spirit Peary Spirit Scott Spirit, Samba Spirit Lambada Spirit, Suksan Salamander Piranema Spirit Voyageur Spirit ALP Guard ALP Winger ALP Centre ALP Ippon ALP Ace Arendal Spirit Amundsen Spirit Nansen Spirit In February 2015, the Partnership issued $30.0 million in senior bonds that mature in June 2024 in a U.S. private placement. As of June 30, 2015, the carrying amount of the bonds was $28.9 million. The interest payments on the bonds are fixed at a rate of 4.27%. The bonds are collateralized by first-priority mortgage on the Dampier Spirit In August 2014, the Partnership assumed Logitel’s obligations under a bond agreement from Sevan Marine ASA (or Sevan In September 2013 and November 2013, the Partnership issued a total of $174.2 million of ten-year senior unsecured bonds that mature in December 2023 and that were issued in a U.S. private placement to finance the Bossa Nova Spirit Sertanejo Spirit In May 2014, the Partnership issued $300.0 million in five-year senior unsecured bonds that mature in July 2019 in the U.S. bond market. As of June 30, 2015, 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%. Interest payments on the revolving credit facilities and the term loans are based on LIBOR plus margins. At June 30, 2015 and December 31, 2014, 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, 2015 was 3.3% (December 31, 2014 - 3.5%). This rate does not include the effect of the Partnership’s interest rate swaps (see note 7). The aggregate annual long-term debt principal repayments required to be made subsequent to June 30, 2015 are $164.0 million (remainder of 2015), $441.3 million (2016), $457.0 million (2017), $476.1 million (2018), $602.0 million (2019), and $521.6 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, 2015, this loan arrangement had an outstanding balance of $86.6 million, of which $51.6 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 two revolving credit facilities and two term loans that require the Partnership to maintain vessel values to drawn principal balance ratios of a minimum range of 105% to 125%. As at June 30, 2015, these ratios ranged from 133% to 204%. The vessel values used in these ratios are appraised values provided by third parties where available, or are prepared by the Partnership based on second-hand sale and purchase market data. Changes in the conventional or shuttle tanker, towing or UMS markets could negatively affect these ratios. As at June 30, 2015, the Partnership and Teekay Corporation were in compliance with all covenants related to the credit facilities and long-term debt. |
Related Party Transactions and
Related Party Transactions and Balances | 6 Months Ended |
Jun. 30, 2015 | |
Related Party Transactions [Abstract] | |
Related Party Transactions and Balances | 6. Related Party Transactions and Balances a) During the three and six months ended June 30, 2015, four conventional tankers, two shuttle tankers and three FSO units of the Partnership were employed on long-term time-charter-out or bareboat contracts with subsidiaries of Teekay Corporation. b) Teekay Corporation and its wholly-owned subsidiaries provide substantially all of the Partnership’s commercial, technical, crew training, strategic, business development and administrative service needs. In addition, the Partnership reimburses the general partner for expenses incurred by the general partner that are necessary or appropriate for the conduct of the Partnership’s business. Such related party transactions were as follows for the periods indicated: Three Months Ended June 30, Six Months Ended June 30, 2015 $ 2014 $ 2015 $ 2014 $ Revenues (1) 17,490 16,427 34,819 33,757 Vessel operating expenses (2) (10,412 ) (10,182 ) (19,850 ) (19,830 ) General and administrative (3)(4) (8,235 ) (10,252 ) (16,062 ) (18,540 ) Interest expense (5) (112 ) (112 ) (223 ) (223 ) (1) Includes revenue from time-charter-out or bareboat contracts with subsidiaries or affiliates of Teekay Corporation, including management fees from ship management services provided by the Partnership to a subsidiary of Teekay Corporation. (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 business development fee paid to Teekay Corporation in connection with the acquisition of ALP during the three and six months ended June 30, 2014. (5) Includes a guarantee fee related to the final bullet payment of the Piranema Spirit c) At June 30, 2015, due from affiliates totaled $37.9 million (December 31, 2014 - $44.2 million) and due to affiliates totaled $143.7 million (December 31, 2014 - $108.9 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. d) In May 2013, the Partnership entered into a ten-year charter contract, plus extension options, with Salamander Energy plc (or Salamander Navion Clipper e) In May 2013, the Partnership entered into an agreement with Statoil ASA (or Statoil Randgrid f) On May 2, 2013, the Partnership acquired from Teekay Corporation its 100% interest in Voyageur LLC, which owns the Voyageur Spirit E.ON 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. Until receipt of final acceptance, 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 indemnified the Partnership a total of $34.9 million for production shortfalls and unreimbursed repair costs. During 2014, Teekay Corporation indemnified the Partnership for a further $3.5 million for production shortfalls and unrecovered repair costs to address the compressor issues, and paid another $2.7 million in late-2014 relating to a final settlement of pre-acquisition capital expenditures for the Voyageur Spirit 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 original purchase price of $540.0 million has effectively been reduced to $503.1 million ($273.1 million net of assumed debt of $230.0 million) to reflect total indemnification payments from Teekay Corporation of $41.1 million, partially offset by the excess value of $4.3 million relating to the 1.4 million common units the Partnership issued as part of the purchase price to Teekay Corporation on the date of closing of the transaction in May 2013 compared to the value of the common units at the date Teekay Corporation offered to sell the FPSO 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 $71.4 million. g) On June 10, 2013, the Partnership acquired Teekay Corporation’s 50% interest in OOG-TKP FPSO GmbH & Co KG, a joint venture with Odebrecht Oil & Gas S.A (or Odebrecht Itajai Itajai The purchase price was based on an estimate of the fully built-up cost of the Itajai Itajai h) The long-term bareboat contracts relating to 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 in January 2014 and March 2014, respectively. The excess of the contractual rates over the market rates at the time of the novations were $0.3 million and $0.6 million, respectively, for the three and six months ended June 30, 2015, and $0.3 million and $0.4 million, respectively, for the three and six months ended June 30, 2014, and are accounted for as an equity contributions from Teekay Corporation. i) In December 2014, the Partnership entered into an agreement with a consortium led by Queiroz Galvão Exploração e Produção SA (or QGEP Petrojarl I Petrojarl I Petrojarl I Petrojarl I |
Derivative Instruments and Hedg
Derivative Instruments and Hedging Activities | 6 Months Ended |
Jun. 30, 2015 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Derivative Instruments and Hedging Activities | 7. Derivative Instruments and Hedging Activities The Partnership uses derivatives to manage certain risks in accordance with its overall risk management policies. Foreign Exchange Risk The Partnership economically hedges portions of its forecasted expenditures denominated in foreign currencies with foreign currency forward contracts. The Partnership has not designated, for accounting purposes, any of the foreign currency forward contracts held during the six months ended June 30, 2015 as cash flow hedges. As at June 30, 2015, 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 2015 2016 2017 (thousands) Non-hedge Rate (1) (in thousands of U.S. Dollars) Norwegian Kroner 608,500 (9,610 ) 7.01 35,217 46,632 4,905 Euro 23,137 (593 ) 0.88 24,011 2,413 — Singapore Dollar 22,442 53 1.35 — 16,537 — (10,150 ) (1) Average forward rate represents the contracted amount of foreign currency one U.S. Dollar will buy. In connection with its issuance of NOK bonds, the Partnership has entered into cross currency swaps pursuant to which it receives the principal amount in 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 NOK bonds due from 2016 through 2019. In addition, the cross currency swaps due from 2016 through 2019 economically hedge the interest rate exposure on the NOK bonds due from 2016 through 2019. The Partnership has not designated, for accounting purposes, these cross currency swaps as cash flow hedges of its NOK bonds due from 2016 through 2019. As at June 30, 2015, the Partnership was committed to the following cross currency swaps: Fair Value / Remaining Term (years) Notional Principal Floating Rate Receivable Fixed Rate Payable Carrying NOK USD Reference Margin Asset (Liability) (thousands) (thousands) $ 600,000 101,351 NIBOR 5.75 % 7.49 % (28,252 ) 1.6 500,000 89,710 NIBOR 4.00 % 4.94 % (26,776 ) 0.6 800,000 143,536 NIBOR 4.75 % 6.07 % (44,925 ) 2.6 1,000,000 162,200 NIBOR 4.25 % 6.42 % (40,604 ) 3.6 (140,557 ) 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, 2015, the Partnership was committed to the following interest rate swap agreements: Interest Notional $ Fair Value / Weighted- Fixed (1) U.S. Dollar-denominated interest rate swaps (2) LIBOR 600,000 (142,385 ) 10.3 4.8 U.S. Dollar-denominated interest rate swaps (3) LIBOR 879,709 (42,431 ) 5.9 2.5 U.S. Dollar-denominated interest rate swaps (4) LIBOR 180,000 (9,436 ) 0.1 3.4 1,659,709 (194,252 ) (1) Excludes the margin the Partnership pays on its variable-rate debt, which as at June 30, 2015, ranged between 0.30% and 3.25% (2) Notional amount remains constant over the term of the swap. (3) Principal amount reduces quarterly or semi-annually. (4) The interest rate swap is being used to economically hedge expected interest payments on new debt that is planned to be outstanding from 2016 to 2028. The interest rate swap is subject to mandatory early termination in July 2015 whereby the swap will be settled based on its fair value at that time. Subsequent to June 30, 2015, $90.0 million of this interest rate swap was terminated in July 2015 and the remaining $90.0 million was rolled over until August 21, 2015. As at June 30, 2015, 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, 2015, these interest rate swaps and cross currency swaps had an aggregate fair value liability amount of $304.0 million. As at June 30, 2015, the Partnership had $31.6 million on deposit with the relevant counterparties as security for swap liabilities under certain master agreements. The deposit is presented in restricted cash and restricted cash - long-term on the consolidated balance sheets. Tabular disclosure The following table presents the location and fair value amounts of the assets (liabilities) of the Partnership’s derivative instruments, segregated by type of contract, on the Partnership’s balance sheets. Derivative Accrued Current Derivative As at June 30, 2015 Foreign currency contracts 430 — (9,067 ) (1,513 ) Cross currency swaps — (1,483 ) (33,648 ) (105,426 ) Interest rate swaps 4,810 (5,920 ) (63,873 ) (129,269 ) 5,240 (7,403 ) (106,588 ) (236,208 ) As at December 31, 2014 Foreign currency contracts — — (8,490 ) (2,778 ) Cross currency swaps — (1,105 ) (6,496 ) (112,902 ) Interest rate swaps 4,660 (8,742 ) (70,332 ) (142,074 ) 4,660 (9,847 ) (85,318 ) (257,754 ) Realized and unrealized gains (losses) of interest rate swaps and foreign currency forward contracts that are not designated for accounting purposes as cash flow hedges are recognized in earnings and reported in realized and unrealized gains (losses) on derivative instruments in the consolidated statements of income (loss). The effect of the losses on these derivatives on the consolidated statements of income (loss) is as follows: Three Months Ended June 30, Six Months Ended June 30, 2015 $ 2014 $ 2015 $ 2014 $ Realized (losses) gains relating to: Interest rate swaps (11,775 ) (13,997 ) (24,073 ) (28,060 ) Foreign currency forward contracts (2,571 ) 196 (5,824 ) (302 ) (14,346 ) (13,801 ) (29,897 ) (28,362 ) Unrealized gains (losses) relating to: Interest rate swaps 50,415 (22,985 ) 19,414 (47,093 ) Foreign currency forward contracts 6,213 (1,358 ) 1,117 679 56,628 (24,343 ) 20,531 (46,414 ) Total realized and unrealized gains (losses) on derivative instruments 42,282 (38,144 ) (9,366 ) (74,776 ) Realized and unrealized gains (losses) of the cross currency swaps are recognized in earnings and reported in foreign currency exchange gain (loss) in the consolidated statements of income (loss). The effect of the gain (loss) on cross currency swaps on the consolidated statements of income (loss) is as follows: Three Months Ended June 30, Six Months Ended June 30, 2015 $ 2014 $ 2015 $ 2014 $ Realized losses (1,953 ) (38 ) (4,333 ) (22 ) Unrealized gains (losses) 12,525 (14,267 ) (19,676 ) (6,692 ) Total realized and unrealized gains (losses) on currency swaps 10,572 (14,305 ) (24,009 ) (6,714 ) 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, 2015 | |
Income Tax Disclosure [Abstract] | |
Income Tax | 8. Income Tax The components of the provision for income tax are as follows: Three Months Ended June 30, Six Months Ended June 30, 2015 $ 2014 $ 2015 $ 2014 $ Current (271 ) (415 ) (627 ) (1,668 ) Deferred (82 ) 233 (571 ) 223 Income tax expense (353 ) (182 ) (1,198 ) (1,445 ) |
Commitments and Contingencies
Commitments and Contingencies | 6 Months Ended |
Jun. 30, 2015 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | 9. Commitments and Contingencies a) During 2010, an unrelated party contributed a 1995-built shuttle tanker, the Randgrid b) In May 2013, the Partnership entered into an agreement with Statoil, on behalf of the field license partners, to provide an FSO unit for the Gina Krog oil and gas field located in the North Sea. The contract will be serviced by a new FSO unit that will be converted from the Randgrid c) In March 2014, the Partnership acquired 100% of the shares of ALP, a Netherlands-based provider of long-distance ocean towing 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 offshore installation vessel newbuildings. These vessels will be equipped with dynamic positioning capability and are scheduled for delivery in 2016. The Partnership has agreed to acquire these newbuildings for a total cost of approximately $258 million. As at June 30, 2015, payments made towards these commitments totaled $71.9 million and the remaining payments required to be made under these newbuilding contracts are $50.8 million (remainder of 2015) and $135.6 million (2016). The Partnership intends to finance the newbuilding installments primarily from long-term debt financing of $177 million secured for these vessels in July 2015, and to a lesser extent, through existing liquidity and proceeds from equity issuances. In October 2014, the Partnership, through its wholly-owned subsidiary ALP, agreed to acquire six on-the-water, long-distance towing and offshore installation vessels for approximately $222 million. The vessels were built between 2006 and 2010 and are all equipped with dynamic positioning capabilities. The Partnership took delivery of five vessels during the six months ended June 30, 2015 for a total price of $183.5 million, of which $126.4 million was debt financed and $57.1 million was financed through existing liquidity. The seller is currently in dispute with the previous management company of these vessels. To avoid disruption to the charters of these vessels, the seller has agreed to place $42.1 million of the purchase price, as security, in escrow accounts to cover any potential liability that the seller may incur resulting from settling this dispute. This has no impact on the Partnership. As at June 30, 2015, the Partnership recorded a restricted cash balance and a corresponding liability of $42.1 million relating to these five vessels. As at June 30, 2015, payments made towards these commitments totaled $183.5 million and the amount of the remaining payments required to be made is $38.5 million (remainder of 2015) for the one additional vessel. In July 2015, the Partnership took delivery of the remaining vessel. d) In August 2014, the Partnership acquired 100% of the outstanding shares of Logitel, a Norway-based company focused on high-end UMS. Concurrently with this transaction, the Partnership acquired three UMS newbuildings ordered from COSCO (Nantong) Shipyard ( COSCO Arendal Spirit Arendal Spirit e) In October 2014, the Partnership sold a 1995-built shuttle tanker, the Navion Norvegia, Petrobras f) In December 2014, the Partnership acquired the Petrojarl I Petrojarl I Petrojarl I Petrojarl I Petrojarl I g) In June 2015, the Partnership entered into 15-year contracts, plus extension options, with a group of oil companies to provide shuttle tanker services for oil production on the east coast of Canada. These contracts are initially being serviced by three third party-owned shuttle tankers currently operating on the east coast of Canada, which are chartered-in to the Partnership, of which one vessel is expected to be replaced by one of the Partnership’s existing shuttle tankers, the Navion Hispania, |
Total Capital and Net Income Pe
Total Capital and Net Income Per Common Unit | 6 Months Ended |
Jun. 30, 2015 | |
Equity [Abstract] | |
Total Capital and Net Income Per Common Unit | 10. Total Capital and Net Income Per Common Unit At June 30, 2015, a total of 74.2% of the Partnership’s common units outstanding were held by the public. The remaining common units, as well as the 2% general partner interest, were held by a subsidiary of Teekay Corporation. All of the Partnership’s outstanding Series A Preferred Units (defined below), Series B Preferred Units (which were issued in April 2015) and Series C Preferred Units (which were issued in July 2015) are held by the public. Net Income Per Common Unit Limited partners’ interest in net income per common unit – basic is determined by dividing net income, after deducting the amount of net income attributable to the non-controlling interests, the general partner’s interest and the distributions on the Series A Preferred Units, the Series B Preferred Units and the Series C Preferred Units, by the weighted-average number of common units outstanding during the period. The distributions payable and paid on the preferred units for the three and six months ended June 30, 2015 were $4.8 million and $7.5 million, respectively, and $2.7 million and $5.4 million, respectively, for the three and six months ended June 30, 2014. 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, anticipated capital requirements and any accumulated distributions on, or redemptions of, the Series A Preferred Units, Series B Preferred Units and Series C Preferred Units. Unlike available cash, net income is affected by non-cash items such as depreciation and amortization, unrealized gains and losses on derivative instruments and unrealized foreign currency translation gains and losses. During the three months ended June 30, 2015 and 2014, cash distributions exceeded $0.4025 per common unit and, consequently, the assumed distributions of net income resulted in the use of the increasing percentages to calculate the general partner’s interest in net income for the purposes of the net income per common unit calculation. For more information on the increasing percentages to calculate the general partner’s interest in net income, please refer to the Partnership’s Annual Report on Form 20-F for the year ended December 31, 2014. Pursuant to the partnership agreement, allocations to partners are made on a quarterly basis. Preferred Units Pursuant to the partnership agreement, distributions on the 7.25% Series A Cumulative Redeemable Preferred Units (the Series A Preferred Units In April 2015, the Partnership issued 5.0 million 8.50% Series B Cumulative Redeemable Preferred Units (the Series B Preferred Units See note 15b for information regarding the Partnership’s Series C Convertible Preferred Units. |
Unit Based Compensation
Unit Based Compensation | 6 Months Ended |
Jun. 30, 2015 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |
Unit Based Compensation | 11. Unit Based Compensation During the six months ended June 30, 2015, a total of 14,603 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 2015. The Partnership grants restricted unit-based compensation awards as incentive-based compensation to certain employees of Teekay Corporation’s subsidiaries that provide services to the Partnership. During March 2015 and 2014, the Partnership granted restricted unit-based compensation awards with respect to 101,543 and 67,569 units, respectively, with aggregate grant date fair values of $2.1 million for each period, based on the Partnership’s closing unit price on the grant dates. Each restricted unit is equal in value to one of the Partnership’s common units plus reinvested distributions from the grant date to the vesting date. Each award represents the specified number of the Partnership’s common units plus reinvested distributions from the grant date to the vesting date. The awards vest equally over three years from the grant date. Any portion of an award that is not vested on the date of a recipient’s termination of service is cancelled, unless their termination arises as a result of the recipient’s retirement and, in this case, the award will continue to vest in accordance with the vesting schedule. Upon vesting, the awards are paid to each grantee in the form of common units or cash. During the six months ended June 30, 2015, restricted unit-based awards with respect to a total of 48,488 common units with a fair value of $1.5 million, based on the Partnership’s closing unit price on the grant date, vested and the amount paid to the grantees was made by issuing 12,612 common units and by paying $0.5 million in cash. During the six months ended June 30, 2014, restricted unit-based awards with respect to a total of 20,988 common units with a fair value of $0.6 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. The Partnership recorded unit-based compensation expense of $0.2 million and $0.5 million, during the three months ended June 30, 2015 and 2014, respectively, and $1.3 million and $1.9 million, during the six months ended June 30, 2015 and 2014, respectively, in general and administrative expenses in the Partnership’s consolidated statements of income (loss). As of June 30, 2015 and December 31, 2014, liabilities relating to cash settled restricted unit-based compensation awards of $1.0 million, were recorded in accrued liabilities on the Partnership’s consolidated balance sheets. As at June 30, 2015, the Partnership had $1.5 million of non-vested awards not yet recognized, which the Partnership expects to recognize over a weighted average period of 1.3 years. |
Acquisitions
Acquisitions | 6 Months Ended |
Jun. 30, 2015 | |
Business Combinations [Abstract] | |
Acquisitions | 12. Acquisitions a) 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 offshore installation 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 9c). 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, which are scheduled for delivery 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% 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. These contingent compensation costs were $0.2 million and $0.2 million, for the three months ended June 30, 2015 and 2014, respectively, and $0.3 million and $0.2 million, for the six months ended June 30, 2015 and 2014, respectively, and were recorded in general and administrative expenses in the Partnership’s consolidated statements of income (loss). The Partnership also incurred a $1.0 million fee to a third party associated with the acquisition of ALP in the first quarter of 2014 and a $1.6 million business development fee to Teekay Corporation in the second quarter of 2014 for assistance with the acquisition, which were recognized in general and administrative expenses during 2014. The acquisition of ALP was accounted for using the purchase method of accounting, based upon finalized estimates of fair value. The following table summarizes the finalized estimates of fair values of the ALP assets acquired and liabilities assumed by the Partnership on the acquisition date. 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 the employees’ experience, skills and abilities. Operating results of ALP are reflected in the Partnership’s financial statements commencing March 14, 2014, the effective date of the acquisition. From the date of acquisition to June 30, 2014, the Partnership recognized $0.2 million of revenue and $1.7 million of net loss resulting from this acquisition. The following table shows summarized consolidated pro forma financial information for the Partnership for the six months ended June 30, 2014, solely giving effect to the Partnership’s acquisition of ALP as if it had taken place on January 1, 2013: Pro Forma Revenues 500,771 Net income 5,061 Limited partners’ interest in net income per common unit: - Basic (0.13 ) - Diluted (0.13 ) b) Acquisition of Logitel Offshore Holding AS On August 11, 2014, the Partnership acquired 100% of the outstanding shares of Logitel. The purchase price for the shares of Logitel consisted of $4.0 million in cash paid at 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 are not met, primarily relating to the construction of the three UMS ordered from COSCO in China (see note 3a). The Partnership committed to acquire three UMS ordered from COSCO for a total cost of approximately $580 million, including estimated site supervision costs and license fees to be paid to Sevan to allow for use of its cylindrical hull design in these UMS (see note 9d), and $30.0 million from the Partnership’s assumption of Logitel’s obligations under a bond agreement from Sevan. Prior to the acquisition, Logitel secured a three-year fixed-rate charter contract, plus extension options, with Petrobras in Brazil for the first UMS, the Arendal Spirit The Partnership has assumed Logitel’s obligations under a bond agreement from Sevan as part of this acquisition. The bond is non-interest bearing and is repayable in amounts of $10.0 million within six months of delivery of each of the three UMS ordered from COSCO, for a total of $30.0 million. If Logitel orders additional UMS with the Sevan cylindrical design, Logitel will be required to pay Sevan up to $11.9 million for each of the next three UMS ordered. If the fourth of six options with COSCO is not exercised by its option expiry date on November 30, 2016, Sevan has a one-time option to receive the remaining two options with COSCO. The acquisition of Logitel was accounted for using the purchase method of accounting, based upon finalized estimates of fair value. The following table summarizes the preliminary and finalized valuations of the Logitel assets and liabilities on the acquisition date. The estimates of fair values of the Logitel assets acquired and liabilities assumed by the Partnership were finalized during the second quarter of 2015. (in thousands of U.S. dollars) Preliminary Adjustments Final Valuation ASSETS Cash and cash equivalents 8,089 — 8,089 Prepaid expenses 640 — 640 Advances on newbuilding contracts 46,809 (2,239 ) 44,570 Intangible assets — 1,000 1,000 Total assets acquired 55,538 (1,239 ) 54,299 LIABILITIES Accrued liabilities 4,098 — 4,098 Long-term debt 26,270 1,330 27,600 Total liabilities assumed 30,368 1,330 31,698 Net assets acquired 25,170 (2,569 ) 22,601 Cash consideration 4,000 — 4,000 Contingent consideration 21,170 (2,569 ) 18,601 Operating results of Logitel are reflected in the Partnership’s financial statements commencing August 11, 2014, the effective date of acquisition. The following table shows summarized consolidated pro forma financial information for the Partnership for the six months ended June 30, 2014, solely giving effect to the Partnership’s acquisition of Logitel as if it had taken place on January 1, 2013: Pro Forma $ Revenues 500,636 Net income 4,460 Limited partners’ interest in net income per common unit: - Basic (0.14 ) - Diluted (0.14 ) |
(Write-down) and Gain on Sale o
(Write-down) and Gain on Sale of Vessels and Vessel Held for Sale | 6 Months Ended |
Jun. 30, 2015 | |
Discontinued Operations and Disposal Groups [Abstract] | |
(Write-down) and Gain on Sale of Vessels and Vessel Held for Sale | 13. (Write-down) and Gain on Sale of Vessels and Vessel Held for Sale During the six months ended June 30, 2015, the carrying value of one of the Partnership’s 1992-built shuttle tankers was written down to its estimated fair value, using an appraised value. The write down was a result of the expected sale of the vessel. The Partnership’s consolidated statement of income (loss) for the six months ended June 30, 2015, includes a $1.7 million write-down related to this vessel. The write-down is included in the Partnership’s shuttle tanker segment. As at June 30, 2015, the Partnership has classified this vessel as held for sale on its consolidated balance sheet. During the six months ended June 30, 2015, the carrying value of one of the Partnership’s 1999-built shuttle tankers was written down to its estimated fair value, using an appraised value. The write down was a result of a recent change in the operating plan of the vessel. The Partnership’s consolidated statement of income (loss) for the six months ended June 30, 2015, includes a $13.8 million write-down related to this vessel. The write-down is included in the Partnership’s shuttle tanker segment. During the six months ended June 30, 2015, the Partnership sold a 1997-built shuttle tanker, the Navion Svenita |
Investment in Equity Accounted
Investment in Equity Accounted Joint Ventures and Advances to Joint Venture | 6 Months Ended |
Jun. 30, 2015 | |
Equity Method Investments and Joint Ventures [Abstract] | |
Investment in Equity Accounted Joint Ventures and Advances to Joint Venture | 14. Investment in Equity Accounted Joint Ventures and Advances to Joint Venture In October 2014, the Partnership sold a 1995-built shuttle tanker, the Navion Norvegia Libra Joint Venture In June 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 |
Subsequent Events
Subsequent Events | 6 Months Ended |
Jun. 30, 2015 | |
Subsequent Events [Abstract] | |
Subsequent Events | 15. Subsequent Events a) In July 2015, the Partnership completed the acquisition of the Petrojarl Knarr Petrojarl Knarr Petrojarl Knarr b) In July 2015, the Partnership issued $250 million of Series C Convertible Preferred Units ( the Series C Preferred Units Petrojarl Knarr |
Basis of Presentation (Policies
Basis of Presentation (Policies) | 6 Months Ended |
Jun. 30, 2015 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Basis of Presentation | Basis of Presentation The unaudited interim consolidated financial statements have been prepared in accordance with United States generally accepted accounting principles (or GAAP Partnership The preparation of consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the amounts reported in the financial statements and accompanying notes. Actual results could differ from those estimates. Certain information and footnote disclosures required by GAAP for complete annual financial statements have been omitted and, therefore, these interim financial statements should be read in conjunction with the Partnership’s audited consolidated financial statements for the year ended December 31, 2014, which are included in the Partnership’s Annual Report on Form 20-F, filed with the U.S. Securities and Exchange Commission (or SEC General Partner The Partnership presents non-controlling ownership interests in subsidiaries in the consolidated financial statements within the equity section, but separate from the Partners’ equity. However, the holder of the non-controlling interest of one of the Partnership’s subsidiaries holds a put option which, if exercised, would obligate the Partnership to purchase the non-controlling interest (see note 9a). As a result, the non-controlling interest that is subject to this redemption feature is not included on the Partnership’s consolidated balance sheet as part of the total equity and is presented as redeemable non-controlling interest above the equity section but below the liabilities section on the Partnership’s consolidated balance sheet. |
Accounting Pronouncements | Accounting Pronouncements In April 2014, the Financial Accounting Standards Board (or FASB Reporting Discontinued Operations and Disclosures of Disposals of Components of an Entity ASU 2014-08 In May 2014, the FASB issued Accounting Standards Update 2014-09, Revenue from Contracts with Customers ASU 2014-09 In February 2015, the FASB issued Accounting Standards Update 2015-02, Amendments to the Consolidation Analysis ASU 2015-02 In April 2015, the FASB issued Accounting Standards Update 2015-03, Simplifying the Presentation of Debt Issuance Costs ASU 2015-03 |
Financial Instruments (Tables)
Financial Instruments (Tables) | 6 Months Ended |
Jun. 30, 2015 | |
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, 2015 December 31, 2014 Fair Value Hierarchy Carrying Fair Value Carrying Fair Value Recurring: Cash and cash equivalents and restricted cash Level 1 316,464 316,464 298,898 298,898 Logitel contingent consideration (see below) Level 3 (15,292 ) (15,292 ) (21,448 ) (21,448 ) Derivative instruments (note 7) Interest rate swap agreements Level 2 (194,252 ) (194,252 ) (216,488 ) (216,488 ) Cross currency swap agreements Level 2 (140,557 ) (140,557 ) (120,503 ) (120,503 ) Foreign currency forward contracts Level 2 (10,150 ) (10,150 ) (11,268 ) (11,268 ) Other: Long-term debt - public (note 5) Level 1 (669,277 ) (637,129 ) (689,157 ) (656,899 ) Long-term debt - non-public (note 5) Level 2 (1,992,685 ) (1,974,978 ) (1,746,866 ) (1,743,378 ) |
Changes in Fair Value for Partnership's Contingent Consideration Liability Measured Recurring Basis Using Significant Unobservable Inputs (Level 3) | Changes in the estimated fair value of the Partnership’s contingent consideration liability relating to the acquisition of Logitel, which is measured at fair value on a recurring basis using significant unobservable inputs (Level 3), during the three and six months ended June 30, 2015 and 2014 are as follows: Three months ended Six months ended June 30, June 30, 2015 2014 2015 2014 Asset (Liability) Asset (Liability) $ $ $ $ Balance at beginning of period (21,562 ) — (21,448 ) — Settlement of liability 3,540 — 3,540 — Adjustment to liability (note 12b) 2,569 — 2,569 — Unrealized gain included in Other income - net 161 — 47 — Balance at end of period (15,292 ) — (15,292 ) — |
Summary of Partnership's Financing Receivables | The following table contains a summary of the Partnership’s financing receivables by type of borrower and the method by which the Partnership monitors the credit quality of its financing receivables on a quarterly basis: Credit Quality Grade June 30, December 31, $ $ Direct financing leases Payment activity Performing 20,100 22,458 |
Segment Reporting (Tables)
Segment Reporting (Tables) | 6 Months Ended |
Jun. 30, 2015 | |
Segment Reporting [Abstract] | |
Segment Results as Presented in Consolidated Financial Statements | The following table includes results for the Partnership’s shuttle tanker segment; floating production, storage and off-loading (or FPSO FSO Three months ended June 30, 2015 Shuttle FPSO FSO Conventional Towage UMS (1) Total Revenues 132,899 86,246 14,165 8,245 10,517 3,686 255,758 Voyage expenses (18,976 ) — (89 ) (647 ) (1,004 ) — (20,716 ) Vessel operating expenses (31,120 ) (33,557 ) (6,921 ) (1,514 ) (3,697 ) (1,126 ) (77,935 ) Time-charter hire expense (10,762 ) — — — — — (10,762 ) Depreciation and amortization (26,795 ) (19,844 ) (2,975 ) (1,675 ) (2,174 ) (401 ) (53,864 ) General and administrative (2) (6,788 ) (5,011 ) (420 ) (507 ) (837 ) (639 ) (14,202 ) Write down of vessel — — — — — (500 ) (500 ) Restructuring charge (135 ) — — — — — (135 ) Income from vessel operations 38,323 27,834 3,760 3,902 2,805 1,020 77,644 Three months ended June 30, 2014 Shuttle FPSO FSO Conventional Towage Total Revenues 137,042 83,984 11,673 8,600 103 241,402 Voyage expenses (24,913 ) — (149 ) (1,188 ) (6 ) (26,256 ) Vessel operating expenses (39,715 ) (39,472 ) (7,532 ) (1,465 ) — (88,184 ) Time-charter hire expense (4,975 ) — — — — (4,975 ) Depreciation and amortization (27,378 ) (18,186 ) (1,298 ) (1,612 ) — (48,474 ) General and administrative (2) (6,532 ) (7,989 ) (1,027 ) (312 ) (2,194 ) (18,054 ) Restructuring recovery (3) 821 — — — — 821 Income (loss) from vessel operations 34,350 18,337 1,667 4,023 (2,097 ) 56,280 Six months ended June 30, 2015 Shuttle FPSO FSO Conventional Towage UMS (1) Total Revenues 270,989 170,449 28,651 16,307 16,587 3,686 506,669 Voyage expenses (38,505 ) — (221 ) (1,215 ) (3,292 ) — (43,233 ) Vessel operating expenses (65,437 ) (64,790 ) (13,280 ) (2,888 ) (4,448 ) (1,126 ) (151,969 ) Time-charter hire expense (17,083 ) — — — (662 ) — (17,745 ) Depreciation and amortization (55,162 ) (39,939 ) (5,895 ) (3,349 ) (2,722 ) (401 ) (107,468 ) General and administrative (2) (15,187 ) (9,813 ) (1,030 ) (759 ) (1,147 ) (1,146 ) (29,082 ) (Write down) and gain on sale of vessel (13,853 ) — — — — (500 ) (14,353 ) Restructuring charge (135 ) — — — — — (135 ) Income from vessel operations 65,627 55,907 8,225 8,096 4,316 513 142,684 Six months ended June 30, 2014 Shuttle FPSO (5) FSO Conventional Towage Total Revenues 290,222 167,121 25,962 17,228 103 500,636 Voyage expenses (56,619 ) — (172 ) (2,913 ) (6 ) (59,710 ) Vessel operating expenses (80,121 ) (79,863 ) (13,405 ) (2,925 ) — (176,314 ) Time-charter hire expense (16,387 ) — — — — (16,387 ) Depreciation and amortization (54,659 ) (36,089 ) (2,991 ) (3,223 ) — (96,962 ) General and administrative (2)(4) (13,142 ) (13,747 ) (1,886 ) (845 ) (3,283 ) (32,903 ) Restructuring recovery (3) 262 — — — — 262 Income (loss) from vessel operations 69,556 37,422 7,508 7,322 (3,186 ) 118,622 (1) The Partnership acquired 100% of the outstanding shares of Logitel during the third quarter of 2014 (see notes 3a and 12b). (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) 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. (4) Includes a $1.6 million business development fee to Teekay Corporation in connection with the acquisition of ALP Maritime Services B.V. (or ALP (5) Income from vessel operations for the six months ended June 30, 2014 excludes $3.1 million of the Voyageur Spirit Voyageur Spirit |
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, 2015 December 31, 2014 $ $ Shuttle tanker segment 1,827,194 1,936,809 FPSO segment 1,259,634 1,267,076 FSO segment 267,157 133,925 Conventional tanker segment 138,235 150,109 Towage segment 260,047 61,795 UMS segment 287,930 62,017 Unallocated: Cash and cash equivalents and restricted cash 316,464 298,898 Other assets 10,185 34,635 Consolidated total assets 4,366,846 3,945,264 |
Long-Term Debt (Tables)
Long-Term Debt (Tables) | 6 Months Ended |
Jun. 30, 2015 | |
Debt Disclosure [Abstract] | |
Long-Term Debt | June 30, 2015 December 31, 2014 $ $ U.S. Dollar-denominated Revolving Credit Facilities due through 2019 560,504 544,969 Norwegian Kroner Bonds due through 2019 369,277 389,157 U.S. Dollar-denominated Term Loans due through 2018 137,378 158,547 U.S. Dollar-denominated Term Loans due through 2025 1,076,820 850,433 U.S. Dollar Non-Public Bond due through 2024 217,983 192,917 U.S. Dollar Bonds due through 2019 300,000 300,000 Total 2,661,962 2,436,023 Less current portion 466,952 258,014 Long-term portion 2,195,010 2,178,009 |
Related Party Transactions an27
Related Party Transactions and Balances (Tables) | 6 Months Ended |
Jun. 30, 2015 | |
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, 2015 $ 2014 $ 2015 $ 2014 $ Revenues (1) 17,490 16,427 34,819 33,757 Vessel operating expenses (2) (10,412 ) (10,182 ) (19,850 ) (19,830 ) General and administrative (3)(4) (8,235 ) (10,252 ) (16,062 ) (18,540 ) Interest expense (5) (112 ) (112 ) (223 ) (223 ) (1) Includes revenue from time-charter-out or bareboat contracts with subsidiaries or affiliates of Teekay Corporation, including management fees from ship management services provided by the Partnership to a subsidiary of Teekay Corporation. (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 business development fee paid to Teekay Corporation in connection with the acquisition of ALP during the three and six months ended June 30, 2014. (5) Includes a guarantee fee related to the final bullet payment of the Piranema Spirit |
Derivative Instruments and He28
Derivative Instruments and Hedging Activities (Tables) | 6 Months Ended |
Jun. 30, 2015 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Foreign Currency Forward Contracts | As at June 30, 2015, 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 2015 2016 2017 (thousands) Non-hedge Rate (1) (in thousands of U.S. Dollars) Norwegian Kroner 608,500 (9,610 ) 7.01 35,217 46,632 4,905 Euro 23,137 (593 ) 0.88 24,011 2,413 — Singapore Dollar 22,442 53 1.35 — 16,537 — (10,150 ) (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, 2015, the Partnership was committed to the following cross currency swaps: Fair Value / Remaining Term (years) Notional Principal Floating Rate Receivable Fixed Rate Payable Carrying NOK USD Reference Margin Asset (Liability) (thousands) (thousands) $ 600,000 101,351 NIBOR 5.75 % 7.49 % (28,252 ) 1.6 500,000 89,710 NIBOR 4.00 % 4.94 % (26,776 ) 0.6 800,000 143,536 NIBOR 4.75 % 6.07 % (44,925 ) 2.6 1,000,000 162,200 NIBOR 4.25 % 6.42 % (40,604 ) 3.6 (140,557 ) |
Interest Rate Swap Agreements | As at June 30, 2015, the Partnership was committed to the following interest rate swap agreements: Interest Notional $ Fair Value / Weighted- Fixed (1) U.S. Dollar-denominated interest rate swaps (2) LIBOR 600,000 (142,385 ) 10.3 4.8 U.S. Dollar-denominated interest rate swaps (3) LIBOR 879,709 (42,431 ) 5.9 2.5 U.S. Dollar-denominated interest rate swaps (4) LIBOR 180,000 (9,436 ) 0.1 3.4 1,659,709 (194,252 ) (1) Excludes the margin the Partnership pays on its variable-rate debt, which as at June 30, 2015, ranged between 0.30% and 3.25% (2) Notional amount remains constant over the term of the swap. (3) Principal amount reduces quarterly or semi-annually. (4) The interest rate swap is being used to economically hedge expected interest payments on new debt that is planned to be outstanding from 2016 to 2028. The interest rate swap is subject to mandatory early termination in July 2015 whereby the swap will be settled based on its fair value at that time. Subsequent to June 30, 2015, $90.0 million of this interest rate swap was terminated in July 2015 and the remaining $90.0 million was rolled over until August 21, 2015. |
Location and Fair Value Amounts of Assets (Liabilities) of Partnership's Derivative Instruments | The following table presents the location and fair value amounts of the assets (liabilities) of the Partnership’s derivative instruments, segregated by type of contract, on the Partnership’s balance sheets. Derivative Accrued Current Derivative As at June 30, 2015 Foreign currency contracts 430 — (9,067 ) (1,513 ) Cross currency swaps — (1,483 ) (33,648 ) (105,426 ) Interest rate swaps 4,810 (5,920 ) (63,873 ) (129,269 ) 5,240 (7,403 ) (106,588 ) (236,208 ) As at December 31, 2014 Foreign currency contracts — — (8,490 ) (2,778 ) Cross currency swaps — (1,105 ) (6,496 ) (112,902 ) Interest rate swaps 4,660 (8,742 ) (70,332 ) (142,074 ) 4,660 (9,847 ) (85,318 ) (257,754 ) |
Effect of Losses on Derivatives | The effect of the losses on these derivatives on the consolidated statements of income (loss) is as follows: Three Months Ended June 30, Six Months Ended June 30, 2015 $ 2014 $ 2015 $ 2014 $ Realized (losses) gains relating to: Interest rate swaps (11,775 ) (13,997 ) (24,073 ) (28,060 ) Foreign currency forward contracts (2,571 ) 196 (5,824 ) (302 ) (14,346 ) (13,801 ) (29,897 ) (28,362 ) Unrealized gains (losses) relating to: Interest rate swaps 50,415 (22,985 ) 19,414 (47,093 ) Foreign currency forward contracts 6,213 (1,358 ) 1,117 679 56,628 (24,343 ) 20,531 (46,414 ) Total realized and unrealized gains (losses) on derivative instruments 42,282 (38,144 ) (9,366 ) (74,776 ) |
Effect of Gain (Loss) on Cross Currency Swaps on Consolidated Statements of Income (Loss) | The effect of the gain (loss) on cross currency swaps on the consolidated statements of income (loss) is as follows: Three Months Ended June 30, Six Months Ended June 30, 2015 $ 2014 $ 2015 $ 2014 $ Realized losses (1,953 ) (38 ) (4,333 ) (22 ) Unrealized gains (losses) 12,525 (14,267 ) (19,676 ) (6,692 ) Total realized and unrealized gains (losses) on currency swaps 10,572 (14,305 ) (24,009 ) (6,714 ) |
Income Tax (Tables)
Income Tax (Tables) | 6 Months Ended |
Jun. 30, 2015 | |
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, 2015 $ 2014 $ 2015 $ 2014 $ Current (271 ) (415 ) (627 ) (1,668 ) Deferred (82 ) 233 (571 ) 223 Income tax expense (353 ) (182 ) (1,198 ) (1,445 ) |
Acquisitions (Tables)
Acquisitions (Tables) | 6 Months Ended |
Jun. 30, 2015 | |
ALP Maritime Services B.V. [Member] | |
Fair Values of Assets Acquired and Liabilities Assumed by Partnership | The following table summarizes the finalized estimates of fair values of the ALP assets acquired and liabilities assumed by the Partnership on the acquisition date. 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 summarized consolidated pro forma financial information for the Partnership for the six months ended June 30, 2014, solely giving effect to the Partnership’s acquisition of ALP as if it had taken place on January 1, 2013: Pro Forma Revenues 500,771 Net income 5,061 Limited partners’ interest in net income per common unit: - Basic (0.13 ) - Diluted (0.13 ) |
Logitel Offshore Holding [Member] | |
Fair Values of Assets Acquired and Liabilities Assumed by Partnership | The following table summarizes the preliminary and finalized valuations of the Logitel assets and liabilities on the acquisition date. The estimates of fair values of the Logitel assets acquired and liabilities assumed by the Partnership were finalized during the second quarter of 2015. (in thousands of U.S. dollars) Preliminary Adjustments Final Valuation ASSETS Cash and cash equivalents 8,089 — 8,089 Prepaid expenses 640 — 640 Advances on newbuilding contracts 46,809 (2,239 ) 44,570 Intangible assets — 1,000 1,000 Total assets acquired 55,538 (1,239 ) 54,299 LIABILITIES Accrued liabilities 4,098 — 4,098 Long-term debt 26,270 1,330 27,600 Total liabilities assumed 30,368 1,330 31,698 Net assets acquired 25,170 (2,569 ) 22,601 Cash consideration 4,000 — 4,000 Contingent consideration 21,170 (2,569 ) 18,601 |
Consolidated Pro Forma Financial Information | The following table shows summarized consolidated pro forma financial information for the Partnership for the six months ended June 30, 2014, solely giving effect to the Partnership’s acquisition of Logitel as if it had taken place on January 1, 2013: Pro Forma $ Revenues 500,636 Net income 4,460 Limited partners’ interest in net income per common unit: - Basic (0.14 ) - Diluted (0.14 ) |
Financial Instruments - Estimat
Financial Instruments - Estimated Fair Value of Financial Instruments Measured at Fair Value on Recurring Basis (Detail) - USD ($) $ in Thousands | Jun. 30, 2015 | Dec. 31, 2014 |
Recurring: | ||
Cash and cash equivalents and restricted cash | $ 316,464 | $ 298,898 |
Other: | ||
Long-term debt | (2,661,962) | (2,436,023) |
Interest Rate Swaps [Member] | ||
Derivative instruments | ||
Fair Value/Carrying Amount of Assets (Liability) | (194,252) | |
Cross currency swaps agreements [Member] | ||
Derivative instruments | ||
Fair Value/Carrying Amount of Assets (Liability) | (140,557) | |
Foreign currency forward contracts [Member] | ||
Derivative instruments | ||
Fair Value/Carrying Amount of Assets (Liability) | (10,150) | |
Logitel Offshore Holding [Member] | ||
Recurring: | ||
Contingent consideration | (15,292) | |
Carrying Amount [Member] | Level 1 [Member] | Recurring [Member] | ||
Recurring: | ||
Cash and cash equivalents and restricted cash | 316,464 | 298,898 |
Carrying Amount [Member] | Level 1 [Member] | Public [Member] | ||
Other: | ||
Long-term debt | (669,277) | (689,157) |
Carrying Amount [Member] | Level 3 [Member] | Recurring [Member] | Logitel Offshore Holding [Member] | ||
Recurring: | ||
Contingent consideration | (15,292) | (21,448) |
Carrying Amount [Member] | Level 2 [Member] | Recurring [Member] | Interest Rate Swaps [Member] | ||
Derivative instruments | ||
Fair Value/Carrying Amount of Assets (Liability) | (194,252) | (216,488) |
Carrying Amount [Member] | Level 2 [Member] | Recurring [Member] | Cross currency swaps agreements [Member] | ||
Derivative instruments | ||
Fair Value/Carrying Amount of Assets (Liability) | (140,557) | (120,503) |
Carrying Amount [Member] | Level 2 [Member] | Recurring [Member] | Foreign currency forward contracts [Member] | ||
Derivative instruments | ||
Fair Value/Carrying Amount of Assets (Liability) | (10,150) | (11,268) |
Carrying Amount [Member] | Level 2 [Member] | Non-Public [Member] | ||
Other: | ||
Long-term debt | (1,992,685) | (1,746,866) |
Fair Value [Member] | Level 1 [Member] | Recurring [Member] | ||
Recurring: | ||
Cash and cash equivalents and restricted cash | 316,464 | 298,898 |
Fair Value [Member] | Level 1 [Member] | Public [Member] | ||
Other: | ||
Long-term debt | (637,129) | (656,899) |
Fair Value [Member] | Level 3 [Member] | Recurring [Member] | Logitel Offshore Holding [Member] | ||
Recurring: | ||
Contingent consideration | (15,292) | (21,448) |
Fair Value [Member] | Level 2 [Member] | Recurring [Member] | Interest Rate Swaps [Member] | ||
Derivative instruments | ||
Fair Value/Carrying Amount of Assets (Liability) | (194,252) | (216,488) |
Fair Value [Member] | Level 2 [Member] | Recurring [Member] | Cross currency swaps agreements [Member] | ||
Derivative instruments | ||
Fair Value/Carrying Amount of Assets (Liability) | (140,557) | (120,503) |
Fair Value [Member] | Level 2 [Member] | Recurring [Member] | Foreign currency forward contracts [Member] | ||
Derivative instruments | ||
Fair Value/Carrying Amount of Assets (Liability) | (10,150) | (11,268) |
Fair Value [Member] | Level 2 [Member] | Non-Public [Member] | ||
Other: | ||
Long-term debt | $ (1,974,978) | $ (1,743,378) |
Financial Instruments - Additio
Financial Instruments - Additional Information (Detail) - Logitel Offshore Holding [Member] - USD ($) $ in Thousands | Aug. 11, 2014 | Aug. 31, 2014 | Jun. 30, 2015 |
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items] | |||
Percentage of noncontrolling interest acquired | 100.00% | 100.00% | |
Portion of purchase price paid in cash | $ 4,000 | $ 4,000 | |
Potential additional cash amount for purchase price | $ 27,600 | $ 27,600 | |
Business Combination, Contingent Consideration Arrangements, Description | If there are no yard cost overruns and no charterer late delivery penalties; the two unchartered UMS under construction are chartered above specified rates; and no material defects from construction are identified within one year after the delivery of each UMS. To the extent such events occur, the potential additional amount of $27.6 million will be reduced in accordance with the terms of the purchase agreement. | ||
Estimated fair value of contingent consideration liability | $ 15,292 | ||
Weighted average cost of capital, discount rate | 11.50% |
Financial Instruments - Changes
Financial Instruments - Changes in Fair Value for Partnership's Contingent Consideration Liability Measured Recurring Basis Using Significant Unobservable Inputs (Level 3) (Detail) - Jun. 30, 2015 - Contingent Consideration [Member] - Logitel Offshore Holding [Member] - USD ($) $ in Thousands | Total | Total |
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||
Balance at beginning of period | $ (21,562) | $ (21,448) |
Settlement of liability | 3,540 | 3,540 |
Adjustment to liability | 2,569 | 2,569 |
Unrealized gain included in Other income - net | 161 | 47 |
Balance at end of period | $ (15,292) | $ (15,292) |
Financial Instruments - Summary
Financial Instruments - Summary of Partnership's Financing Receivables (Detail) - USD ($) $ in Thousands | Jun. 30, 2015 | Dec. 31, 2014 |
Payment activity [Member] | Performing [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Direct financing leases | $ 20,100 | $ 22,458 |
Segment Reporting - Segment Res
Segment Reporting - Segment Results as Presented in Consolidated Financial Statements (Detail) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2015 | Jun. 30, 2014 | Jun. 30, 2015 | Jun. 30, 2014 | |
Segment Reporting Information [Line Items] | ||||
Revenues | $ 255,758 | $ 241,402 | $ 506,669 | $ 500,636 |
Voyage expenses | (20,716) | (26,256) | (43,233) | (59,710) |
Vessel operating expenses | (77,935) | (88,184) | (151,969) | (176,314) |
Time-charter hire expense | (10,762) | (4,975) | (17,745) | (16,387) |
Depreciation and amortization | (53,864) | (48,474) | (107,468) | (96,962) |
General and administrative | (14,202) | (18,054) | (29,082) | (32,903) |
(Write down) and gain on sale of vessel | (500) | (14,353) | ||
Restructuring recovery (charge) | (135) | 821 | (135) | 262 |
Income (loss) from vessel operations | 77,644 | 56,280 | 142,684 | 118,622 |
Shuttle Tanker [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Revenues | 132,899 | 137,042 | 270,989 | 290,222 |
Voyage expenses | (18,976) | (24,913) | (38,505) | (56,619) |
Vessel operating expenses | (31,120) | (39,715) | (65,437) | (80,121) |
Time-charter hire expense | (10,762) | (4,975) | (17,083) | (16,387) |
Depreciation and amortization | (26,795) | (27,378) | (55,162) | (54,659) |
General and administrative | (6,788) | (6,532) | (15,187) | (13,142) |
(Write down) and gain on sale of vessel | (13,853) | |||
Restructuring recovery (charge) | (135) | 821 | (135) | 262 |
Income (loss) from vessel operations | 38,323 | 34,350 | 65,627 | 69,556 |
FPSO Segment [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Revenues | 86,246 | 83,984 | 170,449 | 167,121 |
Vessel operating expenses | (33,557) | (39,472) | (64,790) | (79,863) |
Depreciation and amortization | (19,844) | (18,186) | (39,939) | (36,089) |
General and administrative | (5,011) | (7,989) | (9,813) | (13,747) |
Income (loss) from vessel operations | 27,834 | 18,337 | 55,907 | 37,422 |
FSO Segment [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Revenues | 14,165 | 11,673 | 28,651 | 25,962 |
Voyage expenses | (89) | (149) | (221) | (172) |
Vessel operating expenses | (6,921) | (7,532) | (13,280) | (13,405) |
Depreciation and amortization | (2,975) | (1,298) | (5,895) | (2,991) |
General and administrative | (420) | (1,027) | (1,030) | (1,886) |
Income (loss) from vessel operations | 3,760 | 1,667 | 8,225 | 7,508 |
Conventional Tanker [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Revenues | 8,245 | 8,600 | 16,307 | 17,228 |
Voyage expenses | (647) | (1,188) | (1,215) | (2,913) |
Vessel operating expenses | (1,514) | (1,465) | (2,888) | (2,925) |
Depreciation and amortization | (1,675) | (1,612) | (3,349) | (3,223) |
General and administrative | (507) | (312) | (759) | (845) |
Income (loss) from vessel operations | 3,902 | 4,023 | 8,096 | 7,322 |
Towage segment [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Revenues | 10,517 | 103 | 16,587 | 103 |
Voyage expenses | (1,004) | (6) | (3,292) | (6) |
Vessel operating expenses | (3,697) | (4,448) | ||
Time-charter hire expense | (662) | |||
Depreciation and amortization | (2,174) | (2,722) | ||
General and administrative | (837) | (2,194) | (1,147) | (3,283) |
Income (loss) from vessel operations | 2,805 | $ (2,097) | 4,316 | $ (3,186) |
UMS Segment [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Revenues | 3,686 | 3,686 | ||
Vessel operating expenses | (1,126) | (1,126) | ||
Depreciation and amortization | (401) | (401) | ||
General and administrative | (639) | (1,146) | ||
(Write down) and gain on sale of vessel | (500) | (500) | ||
Income (loss) from vessel operations | $ 1,020 | $ 513 |
Segment Reporting - Segment R36
Segment Reporting - Segment Results as Presented in Consolidated Financial Statements (Parenthetical) (Detail) $ in Thousands | Feb. 22, 2014USD ($) | Feb. 21, 2014USD ($) | Jun. 30, 2015USD ($) | Jun. 30, 2014USD ($) | Jun. 30, 2015USD ($) | Jun. 30, 2014USD ($)Vessel | Aug. 31, 2014 | Aug. 11, 2014 | May. 02, 2013 |
Segment Reporting Information [Line Items] | |||||||||
Restructuring recovery | $ 135 | $ (821) | $ 135 | $ (262) | |||||
Logitel Offshore Holding [Member] | |||||||||
Segment Reporting Information [Line Items] | |||||||||
Percentage of noncontrolling interest acquired | 100.00% | 100.00% | |||||||
Dropdown Predecessor [Member] | |||||||||
Segment Reporting Information [Line Items] | |||||||||
Percentage of noncontrolling interest acquired | 100.00% | ||||||||
Indemnification Agreement [Member] | Dropdown Predecessor [Member] | |||||||||
Segment Reporting Information [Line Items] | |||||||||
Unreimbursed vessel operating expenses | $ (400) | ||||||||
Shuttle Tanker [Member] | |||||||||
Segment Reporting Information [Line Items] | |||||||||
Restructuring recovery | $ 135 | (821) | $ 135 | (262) | |||||
Towage segment [Member] | ALP Maritime Services B.V. [Member] | |||||||||
Segment Reporting Information [Line Items] | |||||||||
Acquisition and business development fee | 1,600 | ||||||||
Production Shortfalls [Member] | Indemnification Agreement [Member] | Dropdown Predecessor [Member] | |||||||||
Segment Reporting Information [Line Items] | |||||||||
Indemnification of revenue loss | $ 3,100 | ||||||||
Reimbursements [Member] | Shuttle Tanker [Member] | |||||||||
Segment Reporting Information [Line Items] | |||||||||
Restructuring recovery | $ (800) | (800) | |||||||
Shuttle Tankers Reflagged [Member] | |||||||||
Segment Reporting Information [Line Items] | |||||||||
Restructuring charges | $ 600 | ||||||||
Number of vessels | Vessel | 1 |
Segment Reporting - Reconciliat
Segment Reporting - Reconciliation of Total Segment Assets to Total Assets Presented in Accompanying Consolidated Balance Sheets (Detail) - USD ($) $ in Thousands | Jun. 30, 2015 | Dec. 31, 2014 |
Segment Reporting Information [Line Items] | ||
Cash and cash equivalents and restricted cash | $ 316,464 | $ 298,898 |
Other assets | 10,185 | 34,635 |
Consolidated total assets | 4,366,846 | 3,945,264 |
Shuttle Tanker [Member] | ||
Segment Reporting Information [Line Items] | ||
Consolidated total assets | 1,827,194 | 1,936,809 |
FPSO Segment [Member] | ||
Segment Reporting Information [Line Items] | ||
Consolidated total assets | 1,259,634 | 1,267,076 |
FSO Segment [Member] | ||
Segment Reporting Information [Line Items] | ||
Consolidated total assets | 267,157 | 133,925 |
Conventional Tanker [Member] | ||
Segment Reporting Information [Line Items] | ||
Consolidated total assets | 138,235 | 150,109 |
Towage segment [Member] | ||
Segment Reporting Information [Line Items] | ||
Consolidated total assets | 260,047 | 61,795 |
UMS Segment [Member] | ||
Segment Reporting Information [Line Items] | ||
Consolidated total assets | $ 287,930 | $ 62,017 |
Long-Term Debt - Long-Term Debt
Long-Term Debt - Long-Term Debt (Detail) - USD ($) $ in Thousands | Jun. 30, 2015 | Dec. 31, 2014 |
Debt Instrument [Line Items] | ||
Long-term debt | $ 2,661,962 | $ 2,436,023 |
Less current portion | 466,952 | 258,014 |
Long-term portion | 2,195,010 | 2,178,009 |
Long-term debt | 2,661,962 | 2,436,023 |
U.S. Dollar-denominated Revolving Credit Facilities due through 2019 [Member] | ||
Debt Instrument [Line Items] | ||
Long-term debt | 560,504 | 544,969 |
Long-term debt | 560,504 | 544,969 |
Norwegian Kroner Bonds due through 2019 [Member] | ||
Debt Instrument [Line Items] | ||
Long-term debt | 369,277 | 389,157 |
Long-term debt | 369,277 | 389,157 |
U.S. Dollar-denominated Term Loans due through 2018 [Member] | ||
Debt Instrument [Line Items] | ||
Long-term debt | 137,378 | 158,547 |
Long-term debt | 137,378 | 158,547 |
U.S. Dollar denominated Term Loans due through 2025 [Member] | ||
Debt Instrument [Line Items] | ||
Long-term debt | 1,076,820 | 850,433 |
Long-term debt | 1,076,820 | 850,433 |
U.S. Dollar Non-Public Bond due through 2024 [Member] | ||
Debt Instrument [Line Items] | ||
Long-term debt | 217,983 | 192,917 |
Long-term debt | 217,983 | 192,917 |
U.S. Dollar Bonds due through 2019 [Member] | ||
Debt Instrument [Line Items] | ||
Long-term debt | 300,000 | 300,000 |
Long-term debt | $ 300,000 | $ 300,000 |
Long-Term Debt - Additional Inf
Long-Term Debt - Additional Information - Revolvers (Detail) - Jun. 30, 2015 | USD ($)CreditFacility |
Debt Instrument [Line Items] | |
Amount reduced under revolving credit facilities, remainder of 2015 | $ 164,000,000 |
Amount reduced under revolving credit facilities, 2016 | 441,300,000 |
Amount reduced under revolving credit facilities, 2017 | 457,000,000 |
Amount reduced under revolving credit facilities, 2018 | 476,100,000 |
Amount reduced under revolving credit facilities, 2019 | $ 602,000,000 |
Revolving Credit Facility [Member] | |
Debt Instrument [Line Items] | |
Number of long-term revolving credit facilities | CreditFacility | 6 |
Revolving credit facilities borrowing capacity | $ 560,500,000 |
Revolving credit facilities fully drawn | 560,500,000 |
Amount reduced under revolving credit facilities, remainder of 2015 | 70,500,000 |
Amount reduced under revolving credit facilities, 2016 | 203,700,000 |
Amount reduced under revolving credit facilities, 2017 | 102,800,000 |
Amount reduced under revolving credit facilities, 2018 | 136,200,000 |
Amount reduced under revolving credit facilities, 2019 | $ 47,300,000 |
Debt instrument collateral, description | The revolving credit facilities are collateralized by first-priority mortgages granted on 20 of the Partnership's vessels, together with other related security. |
Revolving Credit Facility [Member] | Guaranteed by Partnership and Subsidiaries [Member] | |
Debt Instrument [Line Items] | |
Number of long-term revolving credit facilities | CreditFacility | 4 |
Minimum liquidity required by revolving credit facility covenants descriptions | Four of the revolving credit facilities are guaranteed by the Partnership and certain of its subsidiaries for all outstanding amounts and contain covenants that require the Partnership to maintain the greater of a minimum liquidity (cash, cash equivalents and undrawn committed revolving credit lines with at least six months to maturity) of at least $75.0 million and 5.0% of the Partnership's total consolidated debt. |
Minimum level of free cash be maintained as per loan agreements | $ 75,000,000 |
Revolving Credit Facility [Member] | Guaranteed by Partnership and Subsidiaries [Member] | Minimum [Member] | |
Debt Instrument [Line Items] | |
Free liquidity and undrawn revolving credit line as percentage of debt | 5.00% |
Revolving Credit Facility [Member] | Guaranteed by Teekay Corporation [Member] | |
Debt Instrument [Line Items] | |
Number of long-term revolving credit facilities | CreditFacility | 2 |
Minimum liquidity required by revolving credit facility covenants descriptions | Two revolving credit facilities are guaranteed by Teekay Corporation and contain covenants that require Teekay Corporation to maintain the greater of a minimum liquidity (cash and cash equivalents) of at least $50.0 million and 5.0% of Teekay Corporation's total consolidated debt which has recourse to Teekay Corporation. |
Minimum level of free cash be maintained as per loan agreements | $ 50,000,000 |
Revolving Credit Facility [Member] | Guaranteed by Teekay Corporation [Member] | Minimum [Member] | |
Debt Instrument [Line Items] | |
Free liquidity and undrawn revolving credit line as percentage of debt | 5.00% |
Long-Term Debt - Additional I40
Long-Term Debt - Additional Information - NOK Bonds (Detail) NOK in Millions, $ in Millions | 6 Months Ended | ||||
Jun. 30, 2015NOK | Jun. 30, 2015USD ($) | Jan. 31, 2014NOK | Jan. 31, 2013NOK | Jan. 31, 2012NOK | |
Norwegian Kroner Bond Due In January Two Thousand Nineteen [Member] | |||||
Debt Instrument [Line Items] | |||||
Senior unsecured bonds issued | $ 127.3 | ||||
Norwegian Kroner Bond Due In January Two Thousand Nineteen [Member] | NIBOR Loan [Member] | |||||
Debt Instrument [Line Items] | |||||
Senior unsecured bonds issued | NOK | NOK 1,000 | ||||
Marginal rate added for interest paid | 4.25% | ||||
Reference rate for the variable rate of the debt instrument | NIBOR | ||||
Norwegian kroner bond [Member] | |||||
Debt Instrument [Line Items] | |||||
Senior unsecured bonds issued | 165.5 | NOK 1,300 | |||
Norwegian Kroner Bond due in 2016 [Member] | NIBOR Loan [Member] | |||||
Debt Instrument [Line Items] | |||||
Senior unsecured bonds issued | NOK | NOK 500 | ||||
Marginal rate added for interest paid | 4.00% | ||||
Reference rate for the variable rate of the debt instrument | NIBOR | ||||
Norwegian Kroner Bonds due through 2018 [Member] | NIBOR Loan [Member] | |||||
Debt Instrument [Line Items] | |||||
Senior unsecured bonds issued | NOK | NOK 800 | ||||
Marginal rate added for interest paid | 4.75% | ||||
Reference rate for the variable rate of the debt instrument | NIBOR | ||||
Norwegian Kroner Bond due in 2017 [Member] | |||||
Debt Instrument [Line Items] | |||||
Senior unsecured bonds issued | $ 76.4 | ||||
Norwegian Kroner Bond due in 2017 [Member] | NIBOR Loan [Member] | |||||
Debt Instrument [Line Items] | |||||
Senior unsecured bonds issued | NOK | NOK 600 | ||||
Marginal rate added for interest paid | 5.75% | ||||
Reference rate for the variable rate of the debt instrument | NIBOR | ||||
Interest Rate Swaps [Member] | Norwegian Kroner Bond Due In January Two Thousand Nineteen [Member] | |||||
Debt Instrument [Line Items] | |||||
Fixed interest rates based on interest rate swaps | 6.42% | 6.42% | |||
Debt instrument transfer of principal amount | $ 162.2 | ||||
Interest Rate Swaps [Member] | Norwegian Kroner Bond due in 2016 [Member] | |||||
Debt Instrument [Line Items] | |||||
Fixed interest rates based on interest rate swaps | 4.94% | 4.94% | |||
Debt instrument transfer of principal amount | $ 89.7 | ||||
Interest Rate Swaps [Member] | Norwegian Kroner Bonds due through 2018 [Member] | |||||
Debt Instrument [Line Items] | |||||
Fixed interest rates based on interest rate swaps | 6.07% | 6.07% | |||
Debt instrument transfer of principal amount | $ 143.5 | ||||
Interest Rate Swaps [Member] | Norwegian Kroner Bond due in 2017 [Member] | |||||
Debt Instrument [Line Items] | |||||
Fixed interest rates based on interest rate swaps | 7.49% | 7.49% | |||
Debt instrument transfer of principal amount | $ 101.4 |
Long-Term Debt - Additional I41
Long-Term Debt - Additional Information - USD Term Loans (Detail) | 6 Months Ended | ||
Jun. 30, 2015USD ($)Subsidiary | Feb. 28, 2015USD ($) | Dec. 31, 2014USD ($) | |
Debt Instrument [Line Items] | |||
Number of subsidiaries with outstanding term loans guaranteed | Subsidiary | 3 | ||
Partnership's interest owned in subsidiaries | 50.00% | ||
Carrying amount of debt | $ 2,661,962,000 | $ 2,436,023,000 | |
U.S. Dollar-denominated Term Loans due through 2018 [Member] | |||
Debt Instrument [Line Items] | |||
Carrying amount of debt | $ 137,378,000 | $ 158,547,000 | |
Debt instrument collateral, description | These term loans are collateralized by first-priority mortgages on the three shuttle tankers to which the loans relate, together with other related security. | ||
Frequency of paying U.S. Dollar-denominated Term Loans | Quarterly and semi-annual payments | ||
U.S. Dollar-denominated Term Loans due through 2018 [Member] | Guarantee of Indebtedness of Others [Member] | Teekay Corporation [Member] | |||
Debt Instrument [Line Items] | |||
Guaranteed term loans | $ 34,800,000 | ||
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 | $ 68,700,000 | ||
U.S. Dollar-denominated Term Loans due through 2018 [Member] | Guarantee of Indebtedness of Others [Member] | Partnership [Member] | |||
Debt Instrument [Line Items] | |||
Number of subsidiaries with outstanding term loans guaranteed | Subsidiary | 2 | ||
Guaranteed term loans | $ 33,900,000 | ||
Percent share of the outstanding term loans | 50.00% | ||
U.S. Dollar-denominated Term Loans due through 2025 [Member] | |||
Debt Instrument [Line Items] | |||
Carrying amount of debt | $ 1,100,000,000 | ||
Debt instrument collateral, description | These term loans have varying maturities through 2025 and are collateralized by first-priority mortgages on the vessels to which the loans relate, together with other related security. | ||
Frequency of paying U.S. Dollar-denominated Term Loans | Quarterly or semi-annual payments | ||
U.S. Dollar-denominated Term Loans due through 2025 [Member] | Guarantee of Indebtedness of Others [Member] | Teekay Corporation [Member] | |||
Debt Instrument [Line Items] | |||
Guaranteed term loans | $ 308,400,000 | ||
U.S. Dollar-denominated Term Loans due through 2025 [Member] | Guarantee of Indebtedness of Others [Member] | Partnership [Member] | |||
Debt Instrument [Line Items] | |||
Guaranteed term loans | 768,400,000 | ||
Term Loans Due 2022 [Member] | |||
Debt Instrument [Line Items] | |||
Final bullet payments | 29,000,000 | ||
U.S. Dollar-denominated Term Loans due through 2023 [Member] | |||
Debt Instrument [Line Items] | |||
Final bullet payments | 29,100,000 | ||
Senior bonds mature in June 2024 [Member] | |||
Debt Instrument [Line Items] | |||
Carrying amount of debt | $ 28,900,000 | ||
Debt instrument collateral, description | The bonds are collateralized by first-priority mortgage on the Dampier Spirit FSO unit to which the bonds relate, together with other related security. | ||
Fixed interest rate of bonds | 4.27% | ||
Senior bonds issued face amount | $ 30,000,000 |
Long-Term Debt - Additional I42
Long-Term Debt - Additional Information - Senior unsecured bonds (Detail) - USD ($) $ in Millions | 6 Months Ended | |||
Jun. 30, 2015 | May. 31, 2014 | Nov. 30, 2013 | Sep. 30, 2013 | |
US Dollar Bonds Due in 2019 [Member] | ||||
Debt Instrument [Line Items] | ||||
Senior unsecured bonds issued | $ 300 | |||
Fixed interest rate of bonds | 6.00% | |||
Ten Year Senior Unsecured Bonds [Member] | ||||
Debt Instrument [Line Items] | ||||
Senior unsecured bonds issued | $ 160.8 | $ 174.2 | $ 174.2 | |
Fixed interest rate of bonds | 4.96% | 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. | |||
Frequency of paying U.S. Dollar-denominated Term Loans | Semi-annual repayments | |||
Logitel Offshore Holding [Member] | ||||
Debt Instrument [Line Items] | ||||
Senior unsecured bonds issued | $ 28.2 |
Long-Term Debt - Additional I43
Long-Term Debt - Additional Information - Other (Detail) $ in Millions | Jun. 30, 2015USD ($)CreditFacility | Dec. 31, 2014 |
Debt Instrument [Line Items] | ||
Weighted-average effective interest rate | 3.30% | 3.50% |
Aggregate principal repayments, remainder of 2015 | $ 164 | |
Aggregate principal repayments, 2016 | 441.3 | |
Aggregate principal repayments, 2017 | 457 | |
Aggregate principal repayments, 2018 | 476.1 | |
Aggregate principal repayments, 2019 | 602 | |
Aggregate principal repayments, thereafter | 521.6 | |
Revolving Credit Facility [Member] | ||
Debt Instrument [Line Items] | ||
Aggregate principal repayments, remainder of 2015 | 70.5 | |
Aggregate principal repayments, 2016 | 203.7 | |
Aggregate principal repayments, 2017 | 102.8 | |
Aggregate principal repayments, 2018 | 136.2 | |
Aggregate principal repayments, 2019 | $ 47.3 | |
Number of credit facilities | CreditFacility | 6 | |
Collateralized Debt Obligations [Member] | Revolving Credit Facility [Member] | ||
Debt Instrument [Line Items] | ||
Number of credit facilities | CreditFacility | 2 | |
Collateralized Debt Obligations [Member] | Term loans [Member] | ||
Debt Instrument [Line Items] | ||
Number of credit facilities | CreditFacility | 2 | |
Minimum [Member] | Interest Rate Swaps [Member] | ||
Debt Instrument [Line Items] | ||
Range of credit facility margin | 0.30% | 0.30% |
Minimum [Member] | Line of Credit One [Member] | Collateralized Debt Obligations [Member] | Revolving Credit Facility [Member] | ||
Debt Instrument [Line Items] | ||
Asset value to outstanding drawn principal balance ratio | 105.00% | |
Vessel values to drawn principal balance ratios | 133.00% | |
Minimum [Member] | Line of Credit One [Member] | Collateralized Debt Obligations [Member] | Term loans [Member] | ||
Debt Instrument [Line Items] | ||
Asset value to outstanding drawn principal balance ratio | 105.00% | |
Vessel values to drawn principal balance ratios | 133.00% | |
Minimum [Member] | Line of Credit Two [Member] | Collateralized Debt Obligations [Member] | Revolving Credit Facility [Member] | ||
Debt Instrument [Line Items] | ||
Asset value to outstanding drawn principal balance ratio | 105.00% | |
Vessel values to drawn principal balance ratios | 133.00% | |
Minimum [Member] | Line of Credit Two [Member] | Collateralized Debt Obligations [Member] | Term loans [Member] | ||
Debt Instrument [Line Items] | ||
Asset value to outstanding drawn principal balance ratio | 105.00% | |
Vessel values to drawn principal balance ratios | 133.00% | |
Maximum [Member] | Interest Rate Swaps [Member] | ||
Debt Instrument [Line Items] | ||
Range of credit facility margin | 3.25% | |
Range of credit facility margin | 3.25% | 3.25% |
Maximum [Member] | Line of Credit One [Member] | Collateralized Debt Obligations [Member] | Revolving Credit Facility [Member] | ||
Debt Instrument [Line Items] | ||
Asset value to outstanding drawn principal balance ratio | 125.00% | |
Vessel values to drawn principal balance ratios | 204.00% | |
Maximum [Member] | Line of Credit One [Member] | Collateralized Debt Obligations [Member] | Term loans [Member] | ||
Debt Instrument [Line Items] | ||
Asset value to outstanding drawn principal balance ratio | 125.00% | |
Vessel values to drawn principal balance ratios | 204.00% | |
Maximum [Member] | Line of Credit Two [Member] | Collateralized Debt Obligations [Member] | Revolving Credit Facility [Member] | ||
Debt Instrument [Line Items] | ||
Asset value to outstanding drawn principal balance ratio | 125.00% | |
Vessel values to drawn principal balance ratios | 204.00% | |
Maximum [Member] | Line of Credit Two [Member] | Collateralized Debt Obligations [Member] | Term loans [Member] | ||
Debt Instrument [Line Items] | ||
Asset value to outstanding drawn principal balance ratio | 125.00% | |
Vessel values to drawn principal balance ratios | 204.00% | |
Obligations [Member] | ||
Debt Instrument [Line Items] | ||
Outstanding loan amount | $ 86.6 | |
Partnership [Member] | Obligations [Member] | ||
Debt Instrument [Line Items] | ||
Outstanding loan amount | $ 51.6 |
Related Party Transactions an44
Related Party Transactions and Balances - Additional Information (Detail) $ in Thousands, shares in Millions | Jun. 10, 2013USD ($) | May. 02, 2013USD ($)ExtensionOptionsshares | Dec. 31, 2014USD ($) | Mar. 31, 2014Vessel | Jan. 31, 2014Vessel | May. 31, 2013USD ($)ExtensionOptions | Jun. 30, 2015USD ($)Vessel | Jun. 30, 2014USD ($) | Jun. 30, 2015USD ($)Vessel | Jun. 30, 2014USD ($) | Dec. 31, 2013USD ($) | Dec. 31, 2014USD ($) |
Related Party Transaction [Line Items] | ||||||||||||
Due from affiliates | $ 44,225 | $ 37,856 | $ 37,856 | $ 44,225 | ||||||||
Due to affiliates | 108,941 | 143,742 | 143,742 | 108,941 | ||||||||
Equity distribution | 115,460 | |||||||||||
Dropdown Predecessor [Member] | ||||||||||||
Related Party Transaction [Line Items] | ||||||||||||
Percentage of ownership in acquired entity after acquisition | 100.00% | |||||||||||
Additional term of contract | 1 year | |||||||||||
Entity acquired, purchase price | 503,100 | |||||||||||
Net assumed debt on purchase | $ 273,100 | 273,100 | ||||||||||
Liabilities assumed on business combination | $ 230,000 | |||||||||||
Excess purchase price over book value | 201,800 | |||||||||||
Carrying value in excess of fair value | 4,300 | |||||||||||
Common units issued | shares | 1.4 | |||||||||||
Dropdown Predecessor [Member] | Indemnification Agreement [Member] | ||||||||||||
Related Party Transaction [Line Items] | ||||||||||||
Indemnification amount | 41,100 | |||||||||||
Dropdown Predecessor [Member] | Maximum [Member] | ||||||||||||
Related Party Transaction [Line Items] | ||||||||||||
Operating lease arrangement period, lessor | 5 years | |||||||||||
Number of extension options | ExtensionOptions | 10 | |||||||||||
Dropdown Predecessor [Member] | Initial [Member] | ||||||||||||
Related Party Transaction [Line Items] | ||||||||||||
Entity acquired, purchase price | $ 540,000 | |||||||||||
Itajai FPSO Joint Venture [Member] | ||||||||||||
Related Party Transaction [Line Items] | ||||||||||||
Entity acquired, purchase price | $ 53,800 | |||||||||||
Resolution of contractual items, Aggregate reimbursement | 6,100 | |||||||||||
Return of aggregate reimbursements from resolution of contractual terms | $ (6,100) | |||||||||||
Navion Clipper [Member] | ||||||||||||
Related Party Transaction [Line Items] | ||||||||||||
Shipbuilding and supervision costs | 3,500 | |||||||||||
Operating lease arrangement period, lessor | 10 years | |||||||||||
Randgrid shuttle tanker [Member] | ||||||||||||
Related Party Transaction [Line Items] | ||||||||||||
Shipbuilding and supervision costs | $ 3,700 | |||||||||||
Operating lease arrangement period, lessor | 3 years | |||||||||||
Percentage of interest in joint venture | 67.00% | |||||||||||
Additional term of contract | 1 year | |||||||||||
Number of extension options | ExtensionOptions | 12 | |||||||||||
Estimated cost of project | $ 273,000 | |||||||||||
Petrojarl I FPSO [Member] | ||||||||||||
Related Party Transaction [Line Items] | ||||||||||||
Entity acquired, purchase price | 57,000 | |||||||||||
Estimated cost of project | $ 231,000 | |||||||||||
Interest rate, percentage | 6.50% | 6.50% | ||||||||||
Affiliated Entity [Member] | Shuttle Tanker [Member] | ||||||||||||
Related Party Transaction [Line Items] | ||||||||||||
Number of vessels | Vessel | 2 | 2 | ||||||||||
Affiliated Entity [Member] | Conventional Tanker [Member] | ||||||||||||
Related Party Transaction [Line Items] | ||||||||||||
Number of vessels | Vessel | 4 | 4 | ||||||||||
Affiliated Entity [Member] | FSO Segment [Member] | ||||||||||||
Related Party Transaction [Line Items] | ||||||||||||
Number of vessels | Vessel | 3 | 3 | ||||||||||
Teekay Corporation [Member] | Conventional Tanker [Member] | ||||||||||||
Related Party Transaction [Line Items] | ||||||||||||
Number of vessels | Vessel | 2 | 2 | ||||||||||
Percentage of interest in joint venture | 50.00% | 50.00% | ||||||||||
Equity distribution | $ 300 | $ 300 | $ 600 | $ 400 | ||||||||
Teekay Corporation [Member] | Dropdown Predecessor [Member] | ||||||||||||
Related Party Transaction [Line Items] | ||||||||||||
Equity distribution | $ 71,400 | |||||||||||
Teekay Corporation [Member] | Dropdown Predecessor [Member] | Indemnification Agreement [Member] | ||||||||||||
Related Party Transaction [Line Items] | ||||||||||||
Indemnification amount | $ 34,900 | |||||||||||
Teekay Corporation [Member] | Dropdown Predecessor [Member] | Production Shortfalls [Member] | Indemnification Agreement [Member] | ||||||||||||
Related Party Transaction [Line Items] | ||||||||||||
Indemnification amount | 3,500 | |||||||||||
Teekay Corporation [Member] | Dropdown Predecessor [Member] | Unrecovered Repair Cost [Member] | Indemnification Agreement [Member] | ||||||||||||
Related Party Transaction [Line Items] | ||||||||||||
Indemnification amount | 3,500 | |||||||||||
Teekay Corporation [Member] | Dropdown Predecessor [Member] | Preacquisition Capital Expenditures [Member] | Indemnification Agreement [Member] | ||||||||||||
Related Party Transaction [Line Items] | ||||||||||||
Indemnification amount | 2,700 | |||||||||||
Teekay Corporation [Member] | Itajai FPSO Joint Venture [Member] | ||||||||||||
Related Party Transaction [Line Items] | ||||||||||||
Percentage of interest in joint venture | 50.00% | |||||||||||
Teekay Corporation [Member] | Petrojarl I FPSO [Member] | ||||||||||||
Related Party Transaction [Line Items] | ||||||||||||
Equity distribution | $ 12,400 |
Related Party Transactions an45
Related Party Transactions and Balances - Revenues (Expenses) from Related Party Transactions (Detail) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2015 | Jun. 30, 2014 | Jun. 30, 2015 | Jun. 30, 2014 | |
Related Party Transactions [Abstract] | ||||
Revenues | $ 17,490 | $ 16,427 | $ 34,819 | $ 33,757 |
Vessel operating expenses | (10,412) | (10,182) | (19,850) | (19,830) |
General and administrative | (8,235) | (10,252) | (16,062) | (18,540) |
Interest expense | $ (112) | $ (112) | $ (223) | $ (223) |
Related Party Transactions an46
Related Party Transactions and Balances - Revenues (Expenses) from Related Party Transactions (Parenthetical) (Detail) - Jun. 30, 2014 - USD ($) $ in Millions | Total | Total |
ALP Maritime Services B.V. [Member] | ||
Related Party Transaction [Line Items] | ||
Business development fee | $ 1.6 | $ 1.6 |
Derivative Instruments and He47
Derivative Instruments and Hedging Activities - Foreign Currency Forward Contracts (Detail) - Jun. 30, 2015 $ in Thousands | NOK | USD ($) | EUR (€) | SGD |
Norwegian Kroner [Member] | ||||
Derivative [Line Items] | ||||
Contract Amount in Foreign Currency | NOK | NOK 608,500,000 | |||
Average Forward Rate | 7.01 | 7.01 | 7.01 | 7.01 |
Euro [Member] | ||||
Derivative [Line Items] | ||||
Contract Amount in Foreign Currency | € | € 23,137,000 | |||
Average Forward Rate | 0.88 | 0.88 | 0.88 | 0.88 |
Singapore Dollars [Member] | ||||
Derivative [Line Items] | ||||
Contract Amount in Foreign Currency | SGD | SGD 22,442,000 | |||
Average Forward Rate | 1.35 | 1.35 | 1.35 | 1.35 |
Foreign currency forward contracts [Member] | ||||
Derivative [Line Items] | ||||
Fair Value / Carrying Amount of Asset (Liability) Non-hedge | $ (10,150) | |||
Foreign currency forward contracts [Member] | Norwegian Kroner [Member] | ||||
Derivative [Line Items] | ||||
Fair Value / Carrying Amount of Asset (Liability) Non-hedge | (9,610) | |||
Expected Maturity Current Year | 35,217 | |||
Expected Maturity Next Fiscal Year | 46,632 | |||
Expected Maturity Fiscal Year Two | 4,905 | |||
Foreign currency forward contracts [Member] | Euro [Member] | ||||
Derivative [Line Items] | ||||
Fair Value / Carrying Amount of Asset (Liability) Non-hedge | (593) | |||
Expected Maturity Current Year | 24,011 | |||
Expected Maturity Next Fiscal Year | 2,413 | |||
Foreign currency forward contracts [Member] | Singapore Dollars [Member] | ||||
Derivative [Line Items] | ||||
Fair Value / Carrying Amount of Asset (Liability) Non-hedge | 53 | |||
Expected Maturity Next Fiscal Year | $ 16,537 |
Derivative Instruments and He48
Derivative Instruments and Hedging Activities - Summary of Cross Currency Swaps (Detail) - Jun. 30, 2015 - Cross currency swaps agreements [Member] | NOK | USD ($) |
Derivative [Line Items] | ||
Fair Value / Carrying Amount of Asset (Liability) | $ (140,557,000) | |
Maturing In January Two Thousand Seventeen [Member] | ||
Derivative [Line Items] | ||
Notional Amount | NOK 600,000,000 | $ 101,351,000 |
Floating Rate Receivable Reference Rate | NIBOR | |
Floating Rate Receivable Reference Margin | 5.75% | 5.75% |
Fixed Rate Payable | 7.49% | 7.49% |
Remaining Term (years) | 1 year 7 months 6 days | |
Maturing In January Two Thousand Sixteen [Member] | ||
Derivative [Line Items] | ||
Notional Amount | NOK 500,000,000 | $ 89,710,000 |
Floating Rate Receivable Reference Rate | NIBOR | |
Floating Rate Receivable Reference Margin | 4.00% | 4.00% |
Fixed Rate Payable | 4.94% | 4.94% |
Remaining Term (years) | 7 months 6 days | |
Maturing In January Two Thousand Eighteen [Member] | ||
Derivative [Line Items] | ||
Notional Amount | NOK 800,000,000 | $ 143,536,000 |
Floating Rate Receivable Reference Rate | NIBOR | |
Floating Rate Receivable Reference Margin | 4.75% | 4.75% |
Fixed Rate Payable | 6.07% | 6.07% |
Remaining Term (years) | 2 years 7 months 6 days | |
Maturing In January Two Thousand Nineteen [Member] | ||
Derivative [Line Items] | ||
Notional Amount | NOK 1,000,000,000 | $ 162,200,000 |
Floating Rate Receivable Reference Rate | NIBOR | |
Floating Rate Receivable Reference Margin | 4.25% | 4.25% |
Fixed Rate Payable | 6.42% | 6.42% |
Remaining Term (years) | 3 years 7 months 6 days | |
Maturing in 2017 [Member] | ||
Derivative [Line Items] | ||
Fair Value / Carrying Amount of Asset (Liability) | $ (28,252,000) | |
Maturing in 2016 [Member] | ||
Derivative [Line Items] | ||
Fair Value / Carrying Amount of Asset (Liability) | (26,776,000) | |
Maturing in 2018 [Member] | ||
Derivative [Line Items] | ||
Fair Value / Carrying Amount of Asset (Liability) | (44,925,000) | |
Maturing In Two Thousand Nineteen [Member] | ||
Derivative [Line Items] | ||
Fair Value / Carrying Amount of Asset (Liability) | $ (40,604,000) |
Derivative Instruments and He49
Derivative Instruments and Hedging Activities - Interest Rate Swap Agreements (Detail) - Jun. 30, 2015 - Interest Rate Swaps [Member] - USD ($) | Total |
Derivative [Line Items] | |
Notional Amount | $ 1,659,709,000 |
Fair Value / Carrying Amount of Assets (Liability) | $ (194,252,000) |
Swap Agreement One [Member] | |
Derivative [Line Items] | |
Interest Rate Index | LIBOR |
Notional Amount | $ 600,000,000 |
Fair Value / Carrying Amount of Assets (Liability) | $ (142,385,000) |
Weighted-Average Remaining Term (years) | 10 years 3 months 18 days |
Fixed Interest Rate | 4.80% |
Swap Agreement Two [Member] | |
Derivative [Line Items] | |
Interest Rate Index | LIBOR |
Notional Amount | $ 879,709,000 |
Fair Value / Carrying Amount of Assets (Liability) | $ (42,431,000) |
Weighted-Average Remaining Term (years) | 5 years 10 months 24 days |
Fixed Interest Rate | 2.50% |
Swap Agreement Three [Member] | |
Derivative [Line Items] | |
Interest Rate Index | LIBOR |
Notional Amount | $ 180,000,000 |
Fair Value / Carrying Amount of Assets (Liability) | $ (9,436,000) |
Weighted-Average Remaining Term (years) | 1 month 6 days |
Fixed Interest Rate | 3.40% |
Derivative Instruments and He50
Derivative Instruments and Hedging Activities - Interest Rate Swap Agreements (Parenthetical) (Detail) - USD ($) | Aug. 21, 2015 | Jul. 31, 2015 | Jun. 30, 2015 | Dec. 31, 2014 |
Interest Rate Swaps [Member] | ||||
Derivative [Line Items] | ||||
Notional Amount | $ 1,659,709,000 | |||
Swap Agreement Three [Member] | Interest Rate Swaps [Member] | ||||
Derivative [Line Items] | ||||
Notional Amount | $ 180,000,000 | |||
Minimum [Member] | Interest Rate Swaps [Member] | ||||
Derivative [Line Items] | ||||
Range of credit facility margin | 0.30% | 0.30% | ||
Maximum [Member] | Interest Rate Swaps [Member] | ||||
Derivative [Line Items] | ||||
Range of credit facility margin | 3.25% | |||
Subsequent Event [Member] | Swap Agreement Three [Member] | Interest Rate Swaps [Member] | ||||
Derivative [Line Items] | ||||
Notional Amount | $ 90,000,000 | |||
Subsequent Event [Member] | Swap Agreement Three [Member] | Interest rate swap termination [Member] | ||||
Derivative [Line Items] | ||||
Notional Amount | $ 90,000,000 |
Derivative Instruments and He51
Derivative Instruments and Hedging Activities - Additional Information (Detail) - Interest rate swaps and cross currency swaps [Member] $ in Millions | Jun. 30, 2015USD ($) |
Derivative Instruments, Gain (Loss) [Line Items] | |
Aggregate fair value liability | $ 304 |
Restricted cash | $ 31.6 |
Derivative Instruments and He52
Derivative Instruments and Hedging Activities - Location and Fair Value Amounts of Assets (Liabilities) of Partnership's Derivative Instruments (Detail) - USD ($) $ in Thousands | Jun. 30, 2015 | Dec. 31, 2014 |
Derivatives, Fair Value [Line Items] | ||
Derivative Assets | $ 5,240 | $ 4,660 |
Accrued Liabilities | (120,438) | (68,013) |
Current Portion of Derivative Liabilities | (106,588) | (85,318) |
Derivative Liabilities | (236,208) | (257,754) |
Derivative Financial Instruments, Assets [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Derivative Assets | 5,240 | 4,660 |
Foreign currency contracts [Member] | Derivative Financial Instruments, Assets [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Derivative Assets | 430 | |
Interest Rate Swaps [Member] | Derivative Financial Instruments, Assets [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Derivative Assets | 4,810 | 4,660 |
Derivative Financial Instruments, Liabilities [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Accrued Liabilities | (7,403) | (9,847) |
Current Portion of Derivative Liabilities | (106,588) | (85,318) |
Derivative Liabilities | (236,208) | (257,754) |
Derivative Financial Instruments, Liabilities [Member] | Foreign currency contracts [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Current Portion of Derivative Liabilities | (9,067) | (8,490) |
Derivative Liabilities | (1,513) | (2,778) |
Derivative Financial Instruments, Liabilities [Member] | Interest Rate Swaps [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Accrued Liabilities | (5,920) | (8,742) |
Current Portion of Derivative Liabilities | (63,873) | (70,332) |
Derivative Liabilities | (129,269) | (142,074) |
Derivative Financial Instruments, Liabilities [Member] | Cross currency swap [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Accrued Liabilities | (1,483) | (1,105) |
Current Portion of Derivative Liabilities | (33,648) | (6,496) |
Derivative Liabilities | $ (105,426) | $ (112,902) |
Derivative Instruments and He53
Derivative Instruments and Hedging Activities - Effect of Losses on Derivatives (Detail) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2015 | Jun. 30, 2014 | Jun. 30, 2015 | Jun. 30, 2014 | |
Realized (losses) gains relating to: | ||||
Derivative instruments not designated as hedging instruments realized (loss) gain net | $ (14,346) | $ (13,801) | $ (29,897) | $ (28,362) |
Unrealized gains (losses) relating to: | ||||
Derivative instruments not designated as hedging instruments unrealized (loss) gain net | 56,628 | (24,343) | 20,531 | (46,414) |
Total realized and unrealized gains (losses) on derivative instruments | 42,282 | (38,144) | (9,366) | (74,776) |
Not Designated as Hedging Instrument [Member] | Interest Rate Swaps [Member] | ||||
Realized (losses) gains relating to: | ||||
Derivative instruments not designated as hedging instruments realized (loss) gain net | (11,775) | (13,997) | (24,073) | (28,060) |
Unrealized gains (losses) relating to: | ||||
Derivative instruments not designated as hedging instruments unrealized (loss) gain net | 50,415 | (22,985) | 19,414 | (47,093) |
Not Designated as Hedging Instrument [Member] | Foreign currency forward contracts [Member] | ||||
Realized (losses) gains relating to: | ||||
Derivative instruments not designated as hedging instruments realized (loss) gain net | (2,571) | 196 | (5,824) | (302) |
Unrealized gains (losses) relating to: | ||||
Derivative instruments not designated as hedging instruments unrealized (loss) gain net | $ 6,213 | $ (1,358) | $ 1,117 | $ 679 |
Derivative Instruments and He54
Derivative Instruments and Hedging Activities - Effect of Gain (Loss) on Cross Currency Swaps on Consolidated Statements of Income (Loss) (Detail) - Foreign Exchange and Other Derivative Financial Instruments [Member] - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2015 | Jun. 30, 2014 | Jun. 30, 2015 | Jun. 30, 2014 | |
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Total realized and unrealized gains (losses) on currency swaps | $ 10,572 | $ (14,305) | $ (24,009) | $ (6,714) |
Cross currency swaps agreements [Member] | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Realized losses | (1,953) | (38) | (4,333) | (22) |
Unrealized gains (losses) | $ 12,525 | $ (14,267) | $ (19,676) | $ (6,692) |
Income Taxes - Components of Pr
Income Taxes - Components of Provision for Income Taxes (Detail) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2015 | Jun. 30, 2014 | Jun. 30, 2015 | Jun. 30, 2014 | |
Income Tax Disclosure [Abstract] | ||||
Current | $ (271) | $ (415) | $ (627) | $ (1,668) |
Deferred | (82) | 233 | (571) | 223 |
Income tax expense | $ (353) | $ (182) | $ (1,198) | $ (1,445) |
Commitments and Contingencies -
Commitments and Contingencies - Additional Information - Randgrid (Detail) | Jun. 30, 2015 |
Randgrid shuttle tanker [Member] | |
Loss Contingencies [Line Items] | |
Percentage of ownership by non-controlling owners | 33.00% |
Commitments and Contingencies57
Commitments and Contingencies - Additional Information - Statoil (Detail) $ in Thousands | 1 Months Ended | 6 Months Ended | |
May. 31, 2013USD ($)ExtensionOptions | Jun. 30, 2015USD ($) | Dec. 31, 2014USD ($) | |
Loss Contingencies [Line Items] | |||
Payments made towards commitments | $ 34,503 | $ 30,211 | |
Randgrid shuttle tanker [Member] | |||
Loss Contingencies [Line Items] | |||
Percentage of currently owned interest | 67.00% | ||
Expected cost of project | $ 273,000 | ||
Operating lease arrangement period, lessor | 3 years | ||
Additional term of contract | 1 year | ||
Number of extension options | ExtensionOptions | 12 | ||
Payments made towards commitments | $ 84,600 | ||
Payments due in the remainder of 2015 | 76,400 | ||
Payments due in the year 2016 | 110,400 | ||
Payments due in the year 2017 | $ 1,400 |
Commitments and Contingencies58
Commitments and Contingencies - Additional Information - ALP (Detail) $ in Thousands | Mar. 14, 2014USD ($)Vessel | Jul. 31, 2015USD ($)Vessel | Oct. 31, 2014USD ($)Vessel | Mar. 31, 2014USD ($)Vessel | Jun. 30, 2015USD ($)Vessel | Dec. 31, 2014USD ($) | Jun. 30, 2014USD ($) |
Loss Contingencies [Line Items] | |||||||
Payments made towards commitments | $ 34,503 | $ 30,211 | |||||
Escrow liabilities | 120,438 | $ 68,013 | |||||
ALP Maritime Services B.V. [Member] | |||||||
Loss Contingencies [Line Items] | |||||||
Percentage of shares acquired | 100.00% | 100.00% | |||||
Number of vessels | Vessel | 6 | ||||||
Expected cost of newbuildings | $ 258,000 | $ 258,000 | |||||
Payments made towards commitments | $ 71,900 | ||||||
Payments due in the remainder of 2015 | 38,500 | 50,800 | |||||
Payments due in the year 2016 | $ 135,600 | ||||||
Business acquisition, purchase price | $ 222,000 | ||||||
Cash payment on acquisition of vessels | 183,500 | ||||||
Escrow liabilities | 42,100 | ||||||
Restricted cash | 42,100 | ||||||
ALP Maritime Services B.V. [Member] | Debt Financing [Member] | |||||||
Loss Contingencies [Line Items] | |||||||
Cash payment on acquisition of vessels | 126,400 | ||||||
ALP Maritime Services B.V. [Member] | Liquidity [Member] | |||||||
Loss Contingencies [Line Items] | |||||||
Cash payment on acquisition of vessels | $ 57,100 | ||||||
ALP Maritime Services B.V. [Member] | Delivered [Member] | |||||||
Loss Contingencies [Line Items] | |||||||
Number of vessels | Vessel | 5 | ||||||
ALP Maritime Services B.V. [Member] | Newbuildings [Member] | |||||||
Loss Contingencies [Line Items] | |||||||
Number of vessels | Vessel | 4 | 4 | |||||
ALP Maritime Services B.V. [Member] | Subsequent Event [Member] | Delivered [Member] | |||||||
Loss Contingencies [Line Items] | |||||||
Number of vessels | Vessel | 1 | ||||||
ALP Maritime Services B.V. [Member] | Subsequent Event [Member] | Newbuildings [Member] | |||||||
Loss Contingencies [Line Items] | |||||||
Secured long-term debt financing | $ 177,000 |
Commitments and Contingencies59
Commitments and Contingencies - Additional Information - Logitel (Detail) $ in Thousands | Aug. 11, 2014USD ($)MaintenanceAndSafety | Aug. 31, 2014USD ($)MaintenanceAndSafety | Jun. 30, 2015USD ($) | Jun. 30, 2015USD ($)MaintenanceAndSafety | Dec. 31, 2014USD ($) |
Loss Contingencies [Line Items] | |||||
Payments made towards commitments | $ 34,503 | $ 34,503 | $ 30,211 | ||
Logitel Offshore Holding [Member] | |||||
Loss Contingencies [Line Items] | |||||
Percentage of noncontrolling interest acquired | 100.00% | 100.00% | |||
Number of units for maintenance safety | MaintenanceAndSafety | 3 | 3 | |||
Expected cost of newbuildings | $ 580,000 | $ 550,000 | |||
Payments made towards commitments | 170,200 | 170,200 | |||
Purchase obligation due (remainder of 2015) | 5,700 | 5,700 | |||
Purchase obligation due in 2016 | 188,100 | 188,100 | |||
Purchase obligation due in 2017 | 173,800 | 173,800 | |||
Purchase obligation due in 2018 | $ 11,800 | $ 11,800 | |||
Logitel Offshore Holding [Member] | UMS Segment [Member] | |||||
Loss Contingencies [Line Items] | |||||
Delivery option exercised period | 120 days | ||||
Logitel Offshore Holding [Member] | Newbuildings [Member] | |||||
Loss Contingencies [Line Items] | |||||
Number of units for maintenance safety | MaintenanceAndSafety | 2 | ||||
Logitel Offshore Holding [Member] | Delivery in February 2015 [Member] | |||||
Loss Contingencies [Line Items] | |||||
Number of units for maintenance safety | MaintenanceAndSafety | 1 | ||||
Logitel Offshore Holding [Member] | Delivery in Third Quarter of 2016 and Second Quarter of 2017 [Member] | |||||
Loss Contingencies [Line Items] | |||||
Number of units for maintenance safety | MaintenanceAndSafety | 2 | ||||
Logitel Offshore Holding [Member] | Maximum [Member] | Newbuildings [Member] | UMS Segment [Member] | |||||
Loss Contingencies [Line Items] | |||||
Delivery option exercised period | 1 year |
Commitments and Contingencies60
Commitments and Contingencies - Additional Information - Odebrecht (Detail) - USD ($) $ in Thousands | 1 Months Ended | 6 Months Ended | ||
Oct. 31, 2014 | Jun. 30, 2015 | Jul. 31, 2015 | Dec. 31, 2014 | |
Loss Contingencies [Line Items] | ||||
Payments made towards commitments | $ 34,503 | $ 30,211 | ||
Odebrecht Oil And Gas Sa [Member] | ||||
Loss Contingencies [Line Items] | ||||
Percentage of interest in joint venture arrangement | 50.00% | |||
Operating lease arrangement period, lessor | 12 years | |||
Expected cost of project | $ 1,000,000 | |||
Payments made towards commitments | $ 129,700 | |||
Purchase obligation due (remainder of 2015) | 356,200 | |||
Purchase obligation due in 2016 | 497,800 | |||
Purchase obligation due in 2017 | 25,500 | |||
Short-term loan secured by joint venture | $ 248,000 | |||
Subsequent Event [Member] | Odebrecht Oil And Gas Sa [Member] | ||||
Loss Contingencies [Line Items] | ||||
Secured short-term loan refinanced with long-term debt facility | $ 804,000 |
Commitments and Contingencies61
Commitments and Contingencies - Additional Information - Petrojarl I (Detail) - USD ($) $ in Thousands | 1 Months Ended | 6 Months Ended |
Dec. 31, 2014 | Jun. 30, 2015 | |
Loss Contingencies [Line Items] | ||
Payments made towards commitments | $ 30,211 | $ 34,503 |
Petrojarl I FPSO [Member] | ||
Loss Contingencies [Line Items] | ||
Business acquisition, purchase price | 57,000 | |
Estimated cost of project | $ 231,000 | |
Operating lease arrangement period, lessor | 5 years | |
Payments made towards commitments | $ 30,300 | |
Purchase obligation due (remainder of 2015) | 116,300 | |
Purchase obligation due in 2016 | 27,500 | |
Secured long-term loan | $ 180,000 |
Commitments and Contingencies62
Commitments and Contingencies - Additional Information - Shuttle Tankers (Detail) $ in Thousands | 6 Months Ended | |
Jun. 30, 2015USD ($)Vessel | Dec. 31, 2014USD ($) | |
Loss Contingencies [Line Items] | ||
Payments made towards commitments | $ 34,503 | $ 30,211 |
Shuttle Tanker [Member] | ||
Loss Contingencies [Line Items] | ||
Operating lease arrangement period, lessor | 15 years | |
Number of vessels | Vessel | 3 | |
Estimated cost of project | $ 368,000 | |
Payments made towards commitments | 33,200 | |
Purchase obligation due (remainder of 2015) | 3,200 | |
Purchase obligation due in 2016 | 55,200 | |
Purchase obligation due in 2017 | 207,500 | |
Purchase obligation due in 2018 | $ 68,600 | |
Shuttle Tanker [Member] | Order or Production Backlog [Member] | ||
Loss Contingencies [Line Items] | ||
Number of vessels | Vessel | 1 | |
Shuttle Tanker [Member] | Delivery in Third Quarter of 2015 [Member] | ||
Loss Contingencies [Line Items] | ||
Number of vessels | Vessel | 1 | |
Shuttle Tanker [Member] | Delivery in Fourth Quarter of 2017 Through First Half of 2018 [Member] | Newbuildings [Member] | ||
Loss Contingencies [Line Items] | ||
Number of vessels | Vessel | 3 |
Total Capital and Net Income 63
Total Capital and Net Income Per Common Unit - Additional Information (Detail) - USD ($) $ / shares in Units, $ in Thousands, shares in Millions | 1 Months Ended | 3 Months Ended | 6 Months Ended | ||
Apr. 30, 2015 | Jun. 30, 2015 | Jun. 30, 2014 | Jun. 30, 2015 | Jun. 30, 2014 | |
Limited Partners' Capital Account [Line Items] | |||||
Percentage of limited partner units outstanding held by public | 74.20% | 74.20% | |||
General partner's interest | 2.00% | ||||
Distributions payable and paid on the preferred units | $ 4,791 | $ 2,719 | $ 7,510 | $ 5,438 | |
Exceeded cash distributions per unit | $ 0.4025 | $ 0.4025 | |||
Net proceeds from public offering | $ 120,813 | ||||
Redemption of Preferred Units | $ 25 | $ 25 | |||
Series B Preferred Stock [Member] | |||||
Limited Partners' Capital Account [Line Items] | |||||
Public offering made by Partnership | 5 | ||||
Preferred units dividend rate | 8.50% | ||||
Net proceeds from public offering | $ 120,813 |
Unit Based Compensation - Addit
Unit Based Compensation - Additional Information (Detail) - USD ($) $ in Thousands | 1 Months Ended | 3 Months Ended | 6 Months Ended | ||||
Mar. 31, 2015 | Mar. 31, 2014 | Jun. 30, 2015 | Jun. 30, 2014 | Jun. 30, 2015 | Jun. 30, 2014 | Dec. 31, 2014 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||
Cash settled restricted unit-based compensation awards | $ 120,438 | $ 120,438 | $ 68,013 | ||||
Non-management directors [Member] | |||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||
Common units, granted | 14,603 | ||||||
Common units aggregate value, granted | $ 300 | ||||||
Restricted Unit-based Compensation Awards [Member] | |||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||
Common units aggregate value, granted | $ 2,100 | $ 2,100 | |||||
Common units, granted | 101,543 | 67,569 | |||||
Share-based Compensation Arrangement by Share-based Payment Award, Description | Each award represents the specified number of the Partnership's common units plus reinvested distributions from the grant date to the vesting date. | ||||||
Vesting period from grant date | 3 years | ||||||
Common units, vested | 48,488 | 20,988 | |||||
Common units, value | $ 1,500 | $ 600 | |||||
Common units issued to grantees | 12,612 | 6,584 | |||||
Amount paid to grantees in cash | $ 500 | $ 300 | |||||
Unit based compensation expense | 200 | $ 500 | 1,300 | $ 1,900 | |||
Cash settled restricted unit-based compensation awards | 1,000 | 1,000 | $ 1,000 | ||||
Non-vested awards not yet recognized | $ 1,500 | $ 1,500 | |||||
Expected weighted average period of non-vested awards not yet recognized | 1 year 3 months 18 days |
Acquisitions - Acquisition of A
Acquisitions - Acquisition of ALP Maritime Services B.V. - Additional Information (Detail) $ in Thousands | Mar. 14, 2014USD ($)ShareholderVessel | Oct. 31, 2014Vessel | Mar. 31, 2014USD ($)Vessel | Jun. 30, 2015USD ($) | Jun. 30, 2014USD ($) | Mar. 31, 2014USD ($) | Jun. 30, 2014USD ($) | Jun. 30, 2015USD ($) | Jun. 30, 2014USD ($) |
Business Acquisition [Line Items] | |||||||||
General and administrative | $ 14,202 | $ 18,054 | $ 29,082 | $ 32,903 | |||||
Revenues | 255,758 | 241,402 | 506,669 | 500,636 | |||||
Net income (loss) | $ 94,636 | 5,222 | |||||||
ALP Maritime Services B.V. [Member] | |||||||||
Business Acquisition [Line Items] | |||||||||
Percentage of noncontrolling interest acquired | 100.00% | 100.00% | 100.00% | ||||||
Expected cost of new buildings | $ 258,000 | $ 258,000 | |||||||
Purchase price paid in cash | $ 2,616 | ||||||||
Number of vessels | Vessel | 6 | ||||||||
Business Combination, Contingent Consideration Arrangements, Description | The Partnership has the option to pay up to 50% 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 | $ 200 | 200 | $ 300 | 200 | |||||
Acquisition and business development fee | $ 1,600 | $ 1,600 | |||||||
Revenues | $ 200 | ||||||||
Net income (loss) | $ (1,700) | ||||||||
ALP Maritime Services B.V. [Member] | Newbuildings [Member] | |||||||||
Business Acquisition [Line Items] | |||||||||
Number of vessels | Vessel | 4 | 4 | |||||||
ALP Maritime Services B.V. [Member] | Shareholders of ALP [Member] | |||||||||
Business Acquisition [Line Items] | |||||||||
Number of shareholders | Shareholder | 3 | ||||||||
ALP Maritime Services B.V. [Member] | Shareholders of ALP [Member] | Delivered [Member] | |||||||||
Business Acquisition [Line Items] | |||||||||
Contingent consideration payable | $ 2,400 | ||||||||
ALP Maritime Services B.V. [Member] | Shareholders of ALP [Member] | Contingent Consideration On Operating Results [Member] | |||||||||
Business Acquisition [Line Items] | |||||||||
Contingent consideration payable | $ 2,600 | ||||||||
ALP Maritime Services B.V. [Member] | Affiliated Entity [Member] | |||||||||
Business Acquisition [Line Items] | |||||||||
Acquisition and business development fee | $ 1,000 |
Acquisitions - Fair Values of A
Acquisitions - Fair Values of Assets Acquired and Liabilities Assumed by Partnership (Detail) - USD ($) $ in Thousands | Aug. 11, 2014 | Mar. 14, 2014 | Aug. 31, 2014 | Jun. 30, 2015 | Dec. 31, 2014 |
ASSETS | |||||
Goodwill (towage segment) | $ 129,145 | $ 129,145 | |||
LIABILITIES | |||||
Other long-term liabilities | $ 69,450 | $ 75,805 | |||
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) | 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 | ||||
Cash consideration | $ 2,616 | ||||
Logitel Offshore Holding [Member] | |||||
ASSETS | |||||
Cash and cash equivalents | $ 8,089 | ||||
Prepaid expenses | 640 | ||||
Advances on newbuilding contracts | 44,570 | ||||
Intangible assets | 1,000 | ||||
Total assets acquired | 54,299 | ||||
LIABILITIES | |||||
Accrued liabilities | 4,098 | ||||
Long-term debt | 27,600 | ||||
Total liabilities assumed | 31,698 | ||||
Net assets acquired | 22,601 | ||||
Cash consideration | 4,000 | $ 4,000 | |||
Contingent consideration | 18,601 | ||||
Logitel Offshore Holding [Member] | Preliminary Valuation [Member] | |||||
ASSETS | |||||
Cash and cash equivalents | 8,089 | ||||
Prepaid expenses | 640 | ||||
Advances on newbuilding contracts | 46,809 | ||||
Total assets acquired | 55,538 | ||||
LIABILITIES | |||||
Accrued liabilities | 4,098 | ||||
Long-term debt | 26,270 | ||||
Total liabilities assumed | 30,368 | ||||
Net assets acquired | 25,170 | ||||
Cash consideration | 4,000 | ||||
Contingent consideration | 21,170 | ||||
Logitel Offshore Holding [Member] | Adjustments [Member] | |||||
ASSETS | |||||
Advances on newbuilding contracts | (2,239) | ||||
Intangible assets | 1,000 | ||||
Total assets acquired | (1,239) | ||||
LIABILITIES | |||||
Long-term debt | 1,330 | ||||
Total liabilities assumed | 1,330 | ||||
Net assets acquired | (2,569) | ||||
Contingent consideration | $ (2,569) |
Acquisitions - Consolidated Pro
Acquisitions - Consolidated Pro Forma Financial Information (Detail) - 6 months ended Jun. 30, 2014 - USD ($) $ / shares in Units, $ in Thousands | Total |
ALP Maritime Services B.V. [Member] | |
Business Acquisition [Line Items] | |
Revenues | $ 500,771 |
Net income | $ 5,061 |
Limited partners' interest in net income per common unit: - Basic | $ (0.13) |
Limited partners' interest in net income per common unit: - Diluted | $ (0.13) |
Logitel Offshore Holding [Member] | |
Business Acquisition [Line Items] | |
Revenues | $ 500,636 |
Net income | $ 4,460 |
Limited partners' interest in net income per common unit: - Basic | $ (0.14) |
Limited partners' interest in net income per common unit: - Diluted | $ (0.14) |
Acquisitions - Acquisition of L
Acquisitions - Acquisition of Logitel Offshore Holding AS - Additional Information (Detail) - Logitel Offshore Holding [Member] $ in Thousands | Aug. 11, 2014USD ($)MaintenanceAndSafety | Aug. 31, 2014USD ($)MaintenanceAndSafety | Jun. 30, 2015 | Jun. 30, 2015 |
Business Acquisition [Line Items] | ||||
Percentage of noncontrolling interest acquired | 100.00% | 100.00% | ||
Portion of purchase price paid in cash | $ 4,000 | $ 4,000 | ||
Potential additional cash amount | $ 27,600 | $ 27,600 | ||
Number of units for maintenance safety | MaintenanceAndSafety | 3 | 3 | ||
Expected cost of project | $ 580,000 | $ 550,000 | ||
Partnership interest on unpaid balance | 5.00% | 5.00% | ||
Debt conversion, description | If the fourth of six options with COSCO is not exercised by its option expiry date on November 30, 2016, Sevan has a one-time option to receive the remaining two options with COSCO. | |||
UMS Segment [Member] | ||||
Business Acquisition [Line Items] | ||||
Delivery option exercised period | 120 days | |||
Order or Production Backlog [Member] | ||||
Business Acquisition [Line Items] | ||||
Number of units for maintenance safety | MaintenanceAndSafety | 6 | |||
Repayment of non-interest bearing amount on bond | $ 30,000 | |||
Debt, repayment terms | Within six months of delivery of each of the three UMS ordered from COSCO, for a total of $30.0 million. | |||
Newbuildings [Member] | ||||
Business Acquisition [Line Items] | ||||
Number of units for maintenance safety | MaintenanceAndSafety | 2 | |||
Newbuildings [Member] | Maximum [Member] | UMS Segment [Member] | ||||
Business Acquisition [Line Items] | ||||
Delivery option exercised period | 1 year | |||
Newbuildings [Member] | Order or Production Backlog [Member] | ||||
Business Acquisition [Line Items] | ||||
Repayment of non-interest bearing amount on bond | $ 10,000 | |||
Newbuildings [Member] | Additional Order Or Production Backlog [Member] | Maximum [Member] | ||||
Business Acquisition [Line Items] | ||||
Repayment of non-interest bearing amount on bond | $ 11,900 | |||
Scheduled For Delivery [Member] | ||||
Business Acquisition [Line Items] | ||||
Operating lease arrangement period, lessor | 3 years | |||
Scheduled For Delivery [Member] | Order or Production Backlog [Member] | ||||
Business Acquisition [Line Items] | ||||
Number of units for maintenance safety | MaintenanceAndSafety | 1 |
(Write-down) and Gain on Sale69
(Write-down) and Gain on Sale of Vessels and Vessel Held for Sale - Additional Information (Detail) - Jun. 30, 2015 $ in Thousands | USD ($) | USD ($)Vessel |
Property, Plant and Equipment [Line Items] | ||
Write down and gain (loss) on sale of vessels | $ (500) | $ (14,353) |
Proceeds from sale of vessels | 8,918 | |
Shuttle Tanker [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Write down and gain (loss) on sale of vessels | $ (13,853) | |
1992-built shuttle tankers [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Write down and gain (loss) on sale of vessels, description | During the six months ended June 30, 2015, the carrying value of one of the Partnership's 1992-built shuttle tankers was written down to its estimated fair value, using an appraised value. The write down was a result of the expected sale of the vessel. | |
Write down and gain (loss) on sale of vessels | $ (1,700) | |
1992-built shuttle tankers [Member] | Shuttle Tanker [Member] | Impaired Asset [Member] | Cost Approach Valuation Technique [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Number of vessels | Vessel | 1 | |
1999-built shuttle tankers [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Write down and gain (loss) on sale of vessels, description | During the six months ended June 30, 2015, the carrying value of one of the Partnership’s 1999-built shuttle tankers was written down to its estimated fair value, using an appraised value. The write down was a result of a recent change in the operating plan of the vessel. | |
Write down and gain (loss) on sale of vessels | $ (13,800) | |
1999-built shuttle tankers [Member] | Shuttle Tanker [Member] | Impaired Asset [Member] | Cost Approach Valuation Technique [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Number of vessels | Vessel | 1 | |
1997-built shuttle tankers [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Write down and gain (loss) on sale of vessels | $ 1,600 | |
Proceeds from sale of vessels | $ 8,600 |
Investment in Equity Accounte70
Investment in Equity Accounted Joint Ventures and Advances to Joint Venture - Additional Information (Detail) - USD ($) $ in Millions | 1 Months Ended | ||
Oct. 31, 2014 | Dec. 31, 2014 | Jun. 30, 2013 | |
Libra JV [Member] | |||
Schedule of Equity Method Investments [Line Items] | |||
Loan facility | $ 248 | ||
Loan facility, maturity date | Oct. 31, 2015 | ||
Percentage guaranteed, loan facility | 50.00% | ||
Advances to joint venture | $ 5.2 | ||
Libra JV [Member] | Minimum [Member] | |||
Schedule of Equity Method Investments [Line Items] | |||
Marginal rate added for interest paid | 2.00% | ||
Libra JV [Member] | Maximum [Member] | |||
Schedule of Equity Method Investments [Line Items] | |||
Marginal rate added for interest paid | 2.65% | ||
Odebrecht Oil And Gas Sa [Member] | |||
Schedule of Equity Method Investments [Line Items] | |||
Percentage of interest in joint venture | 50.00% | ||
Odebrecht Oil And Gas Sa [Member] | FPSO Units [Member] | Teekay Corporation [Member] | |||
Schedule of Equity Method Investments [Line Items] | |||
Percentage of interest in joint venture | 50.00% |
Subsequent Events - Additional
Subsequent Events - Additional Information (Detail) $ / shares in Units, $ in Millions | 1 Months Ended | 6 Months Ended |
Jul. 31, 2015USD ($)Vessel$ / shares | Jun. 30, 2015 | |
Petrojarl Knarr Fpso [Member] | ||
Subsequent Event [Line Items] | ||
Operating lease arrangement period, lessor | 6 years | |
Subsequent Event [Member] | Shuttle Tanker [Member] | ||
Subsequent Event [Line Items] | ||
Number of vessels | Vessel | 3 | |
Subsequent Event [Member] | Petrojarl Knarr Fpso [Member] | ||
Subsequent Event [Line Items] | ||
Acquisition financing | $ 745 | |
Subsequent Event [Member] | Petrojarl Knarr Fpso [Member] | Long-term Debt [Member] | ||
Subsequent Event [Line Items] | ||
Debt facility, tranches description | Five-tranches with varying maturity dates from 2020 through 2026 | |
Final bullet payments | $ 40 | |
Frequency of payments | Semi-annual payments | |
Debt instrument collateral, description | Collateralized by a first-priority mortgage over the Petrojarl Knarr FPSO unit and is guaranteed by the Partnership. | |
Subsequent Event [Member] | Petrojarl Knarr Fpso [Member] | Convertible promissory note [Member] | ||
Subsequent Event [Line Items] | ||
Outstanding principal balance of convertible debt | $ 300 | |
Debt instrument conversion price | $ / shares | $ 20.83 | |
Debt conversion, description | Conversion of $300 million of the outstanding principal balance on the note into the Partnership's common units at a price of $20.83 per common unit. | |
Subsequent Event [Member] | Series C Preferred Units [Member] | ||
Subsequent Event [Line Items] | ||
Preferred units dividend rate | 8.60% | |
Preferred stock conversion basis | Series C Preferred Units are convertible into the Partnership's common units on a one-for-one basis at any time after 18 months at a price of $23.95 per unit. The Series C Preferred Units are also redeemable upon certain events. | |
Subsequent Event [Member] | Series C Preferred Units [Member] | Private Placement [Member] | ||
Subsequent Event [Line Items] | ||
Net proceeds from private placement | $ 250 | |
Units issued, price per share | $ / shares | $ 23.95 | |
Subsequent Event [Member] | Common Stock Class Undefined [Member] | ||
Subsequent Event [Line Items] | ||
Conversion price, per share | $ / shares | $ 23.95 | |
Subsequent Event [Member] | Teekay Corporation [Member] | Petrojarl Knarr Fpso [Member] | ||
Subsequent Event [Line Items] | ||
Expected cost of project | $ 1,260 | |
Subsequent Event [Member] | Teekay Corporation [Member] | Petrojarl Knarr Fpso [Member] | Convertible promissory note [Member] | ||
Subsequent Event [Line Items] | ||
Acquisition financing | 492 | |
Repayment of debt | $ 92 |