PE firm Brookfield completes investment into Teekay Offshore

Private equity firm Brookfield Business Partners has bought into Teekay Offshore Partners.

“With this comprehensive transaction now completed, Teekay looks forward to working with Brookfield as co-sponsors of Teekay Offshore to support the partnership’s continued growth,” commented Kenneth Hvid, Teekay’s president and CEO. “This transaction has significantly strengthened Teekay Offshore’s capital structure and together with management and the board of directors, we are now in a position to focus on developing the next phase of the partnership’s strategy.”

“With our existing in-progress growth projects now fully financed and nearing completion, our top priority is to deliver these projects into operation, which are expected to contribute approximately an incremental $200m of run-rate annual cash flow from vessel operations,” commented Ingvild Sæther, president and CEO of Teekay Offshore Group.

Brookfield has won four boardmember positions at Teekay Offshore as part of the deal.

Sam Chambers

Starting out with the Informa Group in 2000 in Hong Kong, Sam Chambers became editor of Maritime Asia magazine as well as East Asia Editor for the world’s oldest newspaper, Lloyd’s List. In 2005 he pursued a freelance career and wrote for a variety of titles including taking on the role of Asia Editor at Seatrade magazine and China correspondent for Supply Chain Asia. His work has also appeared in The Economist, The New York Times, The Sunday Times and The International Herald Tribune.
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