Benzinga | Aug 5, 2021 09:11AM EDT

Teekay Corp Q2 Revenues Decline 32% Hit By Drydocking Schedule

* Teekay Corporation (NYSE:TK) reported a second-quarter revenue decline of 32.6% year-over-year to $325.48 million.

* Total adjusted EBITDA declined by 45.6% Y/Y to $171.93 million.

* Loss from vessel operation was at $(27.12) million, compared to income of $148.5 million a year ago.

* Teekay generated operating cash flow year-to-date of $18.68 million, compared to $775.69 million a year ago.

* Teekay Lng Partners, L.P. (NYSE:TGP) Voyage revenues were $148.77 million, and Teekay Tankers Ltd. (NYSE:TNK) revenues were $123.42 million (-50% Y/Y).

* Teekay's Q2 results were negatively impacted by weaker earnings from Teekay Tankers due to lower average spot tanker rates, the expiration of certain fixed-rate time charter contracts, and a lower contribution from the Banff FPSO unit, which ceased production on the Banff field in June 2020.

* Teekay had consolidated total liquidity of approximately $0.8 billion, consisting of $258.4 million of cash and cash equivalents and $548.7 million of undrawn capacity from its credit facilities.

* Teekay LNG's LNG fleet is 98% fixed for the remainder of 2021 and 89% fixed for 2022.

* Teekay Gas Group expects Q3 results to be impacted by a heavy drydock schedule; however, it expects a bounce-back in Q4 due to a substantially reduced number of drydock days across the fleet.

* Price action: TK shares closed at $2.83, TGP closed at $13.66 and TNK at $11.75 on Wednesday.