OIL and gas marine transportation specialist Teekay Corporation has agreed to sell its remaining interests in Teekay Offshore Partnerships to Brookfield Business Partners.
The entire deal is set to result in proceeds of US$100m in cash, with completion expected in mid-May.
Teekay president and chief executive Kenneth Hvid said the divestment was part of a strategy to simplify and focus on the core gas and tanker businesses.
“The proceeds from this transaction allow us to further strengthen Teekay Corporation’s balance sheet and credit profile, while significantly enhancing our near-term financial flexibility and range of options to address our near-term bond maturity,” Mr Hvid said.
Teekay provides international crude oil and gas marine transport primarily through its directly-owned fleet and its controlling ownership interests in Teekay LNG Partners, the world’s third largest independent owner and operator of LNG carriers, and in Teekay Tankers, one of the world’s largest owners and operators of mid-sized crude tankers. Teekay’s common stock is listed on the New York Stock Exchange.