Bermuda-based shipping company Teekay Corporation reported a net loss of USD 151.7 million for 2017, compared to the previous year’s loss of USD 123.2 million.
During the year, the company’s revenues dropped to USD 1.88 billion from USD 2.32 billion reported in 2016.
For the quarter ended December 31, 2017, Teekay’s net loss reached USD 13.7 million, against a net loss of USD 2.6 million reported in the same period a year earlier. Revenues for the period stood at USD 326.7 million, down from USD 552.2 million seen in the fourth quarter of 2016.
“With the U.S. capital markets opening the year strongly, coupled with the positive sentiment in the broader energy markets, we made what we believe to be a prudent move to further strengthen Teekay Parent’s balance sheet,” Kenneth Hvid, Teekay’s President and Chief Executive Officer , said.
In January 2018, the company completed a convertible bond offering and concurrent equity offering, raising total gross proceeds of USD 222.5 million.
“Over the past couple of years, we have taken steps to strengthen the financial foundation of each of our companies and we are now starting to move from an execution phase, to one where we are now primarily focused on operating and growing our cash flows,” Hvid added.
Teekay has taken delivery of 12 vessels over the past 12 months with more to come through 2020. In addition, the company said it continues to see signs of an energy market recovery in its LNG, offshore and crude oil tanker businesses.
“With stronger balance sheets, market-leading positions and strong operational platforms, we believe that each of our businesses is well-positioned to benefit from an energy market recovery,” Hvid concluded.