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.
Teekay Corporation's CEO Discusses Q2 2011 Results - Earnings Call Transcript
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