| Teekay Offshore Partners L.P. is an international provider of marine transportation and storage services to the offshore oil industry. The Company was formed by Teekay Corporation, a provider of marine services to the global oil and natural gas industries, to further develop its operations in the offshore market. As of December 31, 2007, Teekay, which owns and controls Teekay Offshore Partners' general partner, owned a 57.75% limited partner interest in the Company. Teekay Offshore Partners owns a 26.0% interest in Teekay Offshore Operating L.P. (OPCO), which owns and operates a fleet of shuttle tankers, in addition to floating storage and offtake (FSO) units and double-hull conventional oil tankers. The Company controls OPCO through its ownership of its general partner, and Teekay owns the remaining 74.0% interest in OPCO. |
