Teekay Corp. -10%, Teekay Offshore -9% after earnings

|By:, SA News Editor

Teekay Corp. (TK -9.9%) and Teekay Offshore Partners (TOO -8.8%) are sharply lower after reporting Q1 earnings results and the cancellation of a contract with Petrobras (PBR -14.6%).

TK reports a Q1 loss of $0.41/share on 15% lower revenues Y/Y of $543.5M, and TOO comes in with Q1 earnings of $0.10/share on 10% lower revenues of $276M.

TOO says it is disputing the grounds for PBR's termination of the Arendal Spirit UMS charter contract and is reviewing its legal options.

However, Teekay Tankers (TNK +1.8%) is higher after missing Q1 earnings estimates but posting better than expected revenue of $125M.