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Acquisitions (Tables)

12 Months Ended

Dec. 31, 2012

Summarized Balance Sheet of Variable Interest Entity (VIE)

The following table summarizes the balance sheet of the Voyageur Spirit as at December 31, 2012:

		$
ASSETS
Cash and cash equivalents			9,756
Other current assets			11,380
Vessels and equipment			455,819
Deferred tax assets			1,955
Total assets			478,910
LIABILITIES AND EQUITY
Accounts payable			18,359
Accrued liabilities			3,687
Long-term debt(note 8)			230,359
Derivative liabilities			4,509
Other long-term liabilities			13,344
Total liabilities			270,258
Total equity			208,652
Total liabilities and total equity			478,910

Summary of Preliminary and Final Fair Values of Assets Acquired and Liabilities Assumed, Including VIE

The following table summarizes the preliminary and final purchase price allocation, which included the Voyageur Spirit VIE, by the Company at November 30, 2011:

		Preliminary $				Revisions $				Final $
ASSETS
Cash and cash equivalents			50,230				—				50,230
Other current assets			29,209				—				29,209
Vessels and equipment			869,952				22,400				892,352
Deferred income taxes			3,307				—				3,307
Investment in Sevan Marine			49,200				(12,100	)			37,100
Other assets—long-term			659				—				659
Total assets acquired			1,002,557				10,300				1,012,857
Current liabilities			41,376				—				41,376
In-process revenue contracts			158,968				—				158,968
Long-term debt (note 8)			220,497				—				220,497
Other long-term liabilities			6,036				—				6,036
Non-controlling interest			144,600				—				144,600
Total liabilities assumed			571,477				—				571,477
Net assets acquired			431,080				—				441,380
Bargain purchase gain			(58,235	)			(10,300	)			(68,535	)
Cash consideration			372,845				—				372,845

Comparative Summarized Consolidated Pro Forma Financial Information

The following table shows comparative summarized consolidated pro forma financial information for the Company for the years ended December 31, 2011 and 2010, giving effect to the Company’s acquisition of the Sevan FPSO units as if it had taken place on January 1, 2010:

		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			(372,132	)			(176,456	)
Loss per common share
- Basic			(5.03	)			(3.79	)
- Diluted			(5.03	)			(3.79	)

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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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