Bermudian-based Teekay Corporation has reported net income attributable to shareholders of Teekay of $5.3 million in the second quarter.

That compares with a profit of $888,000 in the first quarter of the year and a loss of $1.8 million in the second quarter of 2021.

Total adjusted EBITDA was $50.6 million in the second quarter.

The results include the company’s publicly listed consolidated subsidiary, Teekay Tankers Ltd, and all remaining subsidiaries and equity-accounted investments.

The company entered into an agreement to sell the Sevan Hummingbird FPSO (floating production storage offloading) unit, which was completed on July 1.

The company’s cash position, net of outstanding convertible debt, was approximately $295 million as of August 1.

Teekay Tankers secured strong third quarter-to-date spot tanker rates of $29,600 per day for its Suezmax fleet, $35,600 per day for its Aframax fleet, and $35,400 per day for its LR2 fleet, which are three to five times higher compared to the third quarter of 2021.

“Our consolidated financial results for the second quarter of 2022 were higher than the previous quarter, primarily due to higher spot tanker rates and lower general and administrative expenses, partially offset by the sale of all of our interests in Seapeak LLC in mid-January 2022,” said Kenneth Hvid, Teekay’s president and CEO.

“The proceeds from the sale of the Sevan Hummingbird FPSO combined with a contractual lump sum from our customer on the Petrojarl Foinaven FPSO, which is expected to be received in the third quarter of 2022, are anticipated to largely cover the remaining decommissioning costs relating to these two units and we expect to substantially complete the wind-down of our FPSO segment by the end of the year.”

He added: “Following our recent $10 million investment in Teekay Tankers at an average price of $11.03 per share, we now own 10.57 million common shares of Teekay Tankers, increasing our economic ownership to 31.2 per cent.

“With a net cash position of nearly $300 million, we believe our strong balance sheet, which provides financial flexibility and optionality, is particularly valuable during times of extreme volatility and global economic uncertainty, and we will continue pursuing future investments patiently and selectively where we can leverage our operating franchise and the proven capabilities of the Teekay platform to create long-term shareholder value.”