A huge negative derivatives swing hammered Teekay Offshore’s bottom line last year despite operating performance improving.
The owner, listed on the NYSE under the ticker ‘TOO’, actually made more in the final quarter than over the whole of 2010 as it clawed back much of the loss on financial instruments.
Peter Evensen-led Teekay saw its full-year net profit shrink from $135.63m to $78.86m
