Welcome to Teekay Corporation's Fourth Quarter and Fiscal 2020 Earnings Results Conference Call. During the call, all participants will be in a listen-only mode. Afterwards you will be invited to participate in a question-and-answer session. [Operator instructions] As a reminder, this call is being recorded. Now for opening remarks and introductions, I would like to turn the call over to the company. Please go ahead.

Before we begin, I'd like to direct all participants to our website at www.teekay.com, where you'll find a copy of the fourth quarter and annual 2020 earnings presentation. Kenneth and Vince will review this presentation during today's conference call. Please allow me to remind you that our discussion today contains forward-looking statements. Actual results may differ materially from results projected by those forward-looking statements. Additional information concerning factors that could cause actual results to materially differ from those in the forward-looking statements is contained in the fourth quarter and annual 2020 earnings release and earnings presentation available on our website. I'll now turn the call over to Vince Lok, Teekay Corporation's group CFO to begin.

Thanks, Ryan. Hello, everyone. Thank you for joining us today for Teekay Corporation's fourth quarter and annual 2020 earnings conference call. We hope that you and your families are all healthy and safe. Before I hand the call over to Kenneth I will briefly review our financial results for the fourth quarter and fiscal 2020 as well as how we have strengthened our financial foundations across the Teekay Group over the past several years, starting with our recent highlights on slide three of the presentation. In the fourth quarter of 2020 we reported our fifth consecutive quarterly adjusted profit with consolidated adjusted net income of $3 million or $0.03 per share, compared to adjusted net income of $15 million or $0.15 per share in the prior quarter. We also generated a total adjusted EBITDA of $201 million, compared to $227 million in the previous quarter. Compared to Q3, Q4 included strong adjusted results from Teekay Parent and Teekay LNG, while Teekay Tankers results reflected the recent weakness in the tanker market. Despite an unprecedented year marked by continuous volatility across the energy markets, our gas business reported its highest ever adjusted net income. And our tanker business reported its best year ever from a free cash flow perspective. For the full year 2020, we reported consolidated adjusted net income of $83 million or $0.82 per share, compared to the prior years adjusted net loss of $19 million or $0.19 per share. And we increased our total adjusted EBITDA to $1.1 billion, up nearly 15% over 2019. Compared to the prior year, our stronger results this year can be attributed to higher adjusted earnings in each of our main businesses. With this growth program completed in early 2020, Teekay LNG generated strong earnings this year supported by the stable cash flows…

Thanks, Vince. And good morning everyone. Turning to slide five we continue to make progress and winding down our FPSO segments. The point even FPSO continues to operate under its long term, bareboat charter contracts at a nominal day rate, since receiving an upfront $67 million cash payment in April 20. This eliminated all operational exposures to the previous loss making contract. We're pleased to report that we have successfully completed phase one of the vamp FPSO decommissioning project with net cost coming in below budget. During Q4 we recorded positive EBITDA of $2 million on the unit which came in approximately $7 million better than our forecasts of negative EBITDA of $5 million for the quarter as a result of lower costs and higher cost recoveries. Looking ahead for Q1, we expect to incur approximately $3 million to $5 million of costs as we prepare to reposition the unit from the UK, where it's currently in layup so recycling yard located in Denmark for recycling in the coming months, with total green recycling costs expected to be approximately $4 million to $5 million, which will be incurred later this year. As a reminder, the band has a unique contract structure where Teekay is also responsible for part of the remediation of the subsea infrastructure, which we refer to as phase two. We had already accrued these costs on our balance sheet in prior periods and as an Asset Retirement Obligation, or ARO as and as of December 31 our remaining ARO accrual was $33 million. Originally, we were planning to complete most of the phase two work during the summer of 2021. However, recently, we were able to secure an extension now to June 2023 to complete this work. Since we now have more time we're currently working closely…