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Acquisition of FPSO Units and Investment in Sevan Marine ASA (Tables)

12 Months Ended

Dec. 31, 2011

Acquisition of FPSO Units and Investment in Sevan Marine ASA [Abstract]

Summarized balance sheet of variable interest entity (VIE)

ASSETS
Cash and cash equivalents			30,963
Other current assets			7,195
Vessels and equipment			322,092
Loan to equity accounted investees			50,000
Deferred tax assets			1,955
Total assets			362,205
LIABILITIES AND EQUITY
Accounts payable			11,860
Accrued liabilities			3,063
Long-term debt (note 8)			220,497
Derivative liabilities			4,969
Other long-term liabilities			1,523
Total liabilities			241,912
Total equity			120,293
Total liabilities and total equity			362,205

Preliminary fair values of the assets acquired and liabilities assumed, including VIE

		As at November 30,
		2011
		$
ASSETS
Cash and cash equivalents			50,230
Other current assets			29,209
Vessels and equipment			869,952
Deferred income taxes			3,307
Investment in Sevan Marine			49,200
Other assets—long-term			659
Total assets acquired			1,002,557
LIABILITIES
Current liabilities			41,376
In-process revenue contracts			158,968
Long-term debt (note 8)			220,497
Other long-term liabilities			6,036
Non-controlling interest			144,600
Total liabilities assumed			571,477
Net assets acquired			431,080
Bargain purchase gain			(58,235	)
Cash consideration			372,845

Comparative summarized consolidated pro forma financial information

		Pro Forma Year Ended December 31, 2011 (unaudited) $				Pro Forma Year Ended December 31, 2010 (unaudited) $
Revenues			2,109,929				2,284,336
Net loss			(382,432	)			(176,456	)
Loss per common share
—Basic			(5.18	)			(3.79	)
—Diluted			(5.18	)			(3.79	)

X

- Definition

Tabular disclosure of pro forma results of operations for a material business acquisition or series of individually immaterial business acquisitions that are material in the aggregate.

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Tabular disclosure of all of the fair values of the purchase price and assets and liabilities acquired in a business combination.

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Tabular disclosure of the significant judgments and assumptions made in determining whether a variable interest (as defined) held by the entity requires the variable interest entity (VIE) (as defined) to be consolidated and (or) disclose information about its involvement with the VIE, individually or in aggregate (as applicable); the nature of restrictions, if any, on the consolidated VIE's assets and on the settlement of its liabilities reported by an entity in its statement of financial position, including the carrying amounts of such assets and liabilities; the nature of, and changes in, the risks associated with involvement in the VIE; how involvement with the VIE affects the entity's financial position, financial performance, and cash flows; the lack of recourse if creditors (or beneficial interest holders) of the consolidated VIE have no recourse to the general credit of the primary beneficiary (if applicable); the terms of arrangements, giving consideration to both explicit arrangements and implicit variable interests, if any, that could require the entity to provide financial support to the VIE, including events or circumstances that could expose the entity to a loss; the methodology used by the entity for determining whether or not it is the primary beneficiary of the variable interest entity; the significant factors considered and judgments made in determining that the power to direct the activities of a VIE that most significantly impact the VIE's economic performance are shared (as defined); the carrying amounts and classification of assets and liabilities of the VIE included in the statement of financial position; the entity's maximum exposure to loss, if any, as a result of its involvement with the VIE, including how the maximum exposure is determined and significant sources of the entity's exposure to the VIE; a comparison of the carrying amounts of the assets and liabilities and the entity's maximum exposure to loss; information about any liquidity arrangements, guarantees, and (or) other commitments by third parties that may affect the fair value or risk of the entity's variable interest in the VIE; whether or not the entity has provided financial support or other support (explicitly or implicitly) to the VIE that it was not previously contractually required to provide or whether the entity intends to provide that support, including the type and amount of the support and the primary reasons for providing the support; and supplemental information the entity determines necessary to provide.

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