Beginning on Slide 3 of the presentation, I will briefly review from recent financial highlights for Teekay Corporation and our three daughter companies. For the first quarter of 2011 or second quarter, excuse me, Teekay Corporation generated a consolidated $149 million of cash flow from vessel operations or CFVO, an increase of approximately 9% from first quarter.
We reported a consolidated adjusted net loss of $36.3 million or $0.51 per share in Q2 on a consolidated basis. TK’s diversified business model continues to be an important source of differentiation and fixed-rate cash flows, especially in the current weak spot tanker market which is primarily responsible for our loss this quarter. We continued to experience a high level of business development activity in our offshore business, which paid off in June with the signing of important contracts in both our FPSO and Shuttle Tanker business.
I’ll talk further about these in a moment. Together these projects are expected to add approximately $2.7 billion to our existing $12 billion portfolio of foreign fixed-rate revenues and will increase our future fixed-rate CFVO. In July we paid our usual second quarter dividend of $.31.625 per share or $1.27 annualized, which is supported by the growing amount of fixed-rate cash flows, generated by our direct owned assets and the stable dividend cash flows we receive from our general partner and limited partner investment in our two master limited partnerships.
We also continued to return capital to shareholders under our existing $200 million share repurchase authorization. Since our last earnings conference call on May 12, we have repurchased 1.9 million shares for a total cost of $62 million, which brings the total number of shares repurchased since the current program began in November 2010 to 4.4 million shares at a total cost of $144 million.Our three daughter companies continued to be the source of a growing portion of Teekay Parent’s cash flow. In July Teekay LNG Partners declared a second quarter distribution of $0.63 per unit in line with the first quarter. And last month Teekay LNG also took delivery of the first of two multi-gas carriers which commenced 15-year time-charter to IM Skaugen and will provide incremental distributable cash flows starting in the third quarter. Teekay LNG has a healthy near term growth pipeline.
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