Teekay Corp has struck up a new partnership with Brookfield Business Partners that rewrites the balance sheet of MLP Teekay Offshore Partners.

The deal brings a $640m injection of capital for the daughter company, a new dominant shareholder, debts repaid or extended and the Teekay Offshore shuttle tanker business separated into a new unit. 

A potential four-ship shuttle tanker newbuilding order has also been revealed.