Brookfield Business Partners has completed the acquisition of a 60% interest of Teekay Offshore Partners in a $750m deal.

Teekay Offshore Partners provides marine services and solutions with focus on production and logistics to the offshore oil industry.

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The acquisition was originally announced in July, when parent company Teekay also revealed plans to invest in its affiliate to retain a 14% ownership.

At the time of the announcement, Brookfield Business Partners CEO Cyrus Madon said: “Teekay Offshore has established itself as a global leader in the provision of marine services to the offshore oil production industry.

“Our investment represents an opportunity to acquire a high-quality, highly contracted business with presence in attractive markets, and we look forward to supporting Teekay Offshore with its continued growth.”

“Teekay Offshore owns a fleet of 62 offshore vessels with consolidated assets of around $5.6bn.”

Teekay Offshore provides services such as transportation, oil production, storage, and towing, as well as offshore installation, maintenance and safety services to the oil industry.

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Most of the company’s operations are located in the offshore oil regions of the North Sea, Brazil, and the east coast of Canada.

Teekay Offshore owns a fleet of 62 offshore vessels with consolidated assets of around $5.6bn.

The acquisition is expected to strengthen Brookfield Business Partners’ relationship with global exploration and production companies.

Furthermore, it will position the company as a strategic partner and co-sponsor of Teekay Offshore.