Teekay Q3 net loss decreases

Teekay Corporation, a marine transportation company, has reported net loss attributable to stockholders of $20.26 million, or $0.29 loss per share, for the third quarter ended September 30, 2012, compared to net loss attributable to stockholders of $291.16 million, or $4.2 loss per share, for the same quarter ended September 30, 2011.

Revenues for the third quarter ended September 30, 2012 were $463.54 million, compared to $468.11 million for the same quarter ended September 30, 2011.

Net loss attributable to stockholders for the nine months ended September 30, 2012 was $66.47 million, or $0.96 loss per share, compared to net loss attributable to stockholders of $417.27 million, or $5.9 loss per share, for the same period ended September 30, 2011.

Revenues for the nine months ended September 30, 2012 were $1.44 billion, compared to $1.44 billion for the same period ended September 30, 2011.

Peter Evensen, Teekay Corporation's CEO, said: "During the third quarter, we continued to make progress on executing on our multiple projects, most notably the completion of upgrades to the Voyageur Spirit FPSO. The Voyageur Spirit arrived at the Huntington Field in early October, and the sale of this FPSO unit to Teekay Offshore is expected to be completed shortly after production start-up which is expected to occur in mid-December 2012."