On September 30, Teekay Corporation (TK:NYSE) declared that it entered into an agreement where it will purchase a stake in recapitalized Sevan Marine ASA (SEVAN:OSLO) and buy three floating production storage and offloading (FPSO) units from the Norway-based company.

The specifics of the agreement have been negotiated and approved by the boards of directors of both Sevan and Teekay. Under the agreed-upon terms, Sevan will sell Teekay three FPSO vessels named Voyageur, Hummingbird and Piranema along with their charters. Voyeageur will be upgraded before it is sold to Teekay. Sevan will issue Teekay a new equity which represents an ownership stake in a recapitalized Sevan. Teekay will establish a partnership with Sevan whereby it will purchase future FPSO projects built.

"Our investment reflects our confidence in Sevan’s strong offshore project development expertise while providing Teekay with an enhanced pipeline of future on-the-water FPSO growth opportunities," Peter Evensen, Teekay’s President and Chief Executive Officer, said in a statement.

Teekay Corporation's stock opened at C$23.04 on September 30 and hit a 52-week high/low C$37.98 and C$21.37, respectively.