Teekay Offshore has forged an agreement with Citigroup to gradually sell up to $100m in shares.
The tanker, offshore vessel and floating unit owner plans to use the potential proceeds for "general corporate purposes", which could include paying down debt, according to a filing with the US Securities & Exchange Commission.
New York-listed Teekay Offshore, a spinoff of Peter Evensen-led Teekay Corp, says it may sell the shares "from time to time" in market transactions, block deals or other types of sales.
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