Teekay Offshore offers marine services and solutions focusing mainly on production and logistics to the offshore oil industry.
The firm is a publicly traded affiliate of Teekay Corporation, which provides marine energy transportation, storage and production services.
Founded in 1973, Teekay Offshore has offshore oil regions in the North Sea, Brazil and the Eastern Canadian coast.
With consolidated assets of around $5.6bn, the company has a fleet of 62 offshore vessels.
The firm’s six different types of offshore vessels will provide a range of offshore services, including oil production, storage, transport, long distance towing and anchor handling, as well as maintenance and safety.
Its vessels include floating production storage and offloading (FPSO), floating storage and offloading (FSO), shuttle tanker, towing vessel and unit for maintenance and safety.
Teekay Offshore is claimed to operate one of the world’s largest conventional tanker fleets, comprising of suezmax, aframax and long range two (LR2) vessels.
Under the deal, Brookfield will invest $610m in exchange of newly-issued common units of Teekay Offshore and will purchase a $200m loan from Teekay Corporation for Teekay Offshore at discount to par.
Brookfield will also buy a stake of 49% in Teekay Offshore GP (TOO GP), the general partner of Teekay Offshore. Teekay on the other hand will retain its stake of 51% in TOO GP.
