A new $640m partnership with Brookfield Business Partners sent shares in Teekay Offshore Partners and Teekay Corp racing upwards in early New York trading on Thursday.

Brookfield has injected over $600m into Teekay Offshore as part of a major recapitalization of the MLP, which also frees up $110m for Teekay Corp.

The arrival of the new investor has seen the refinancing of bond debt and loans and sparked a suezmax shuttle tanker order at Samsung Heavy Industries.