Teekay Offshore is now officially Altera Infrastructure, and Teekay Shuttle Tankers has become Altera Shuttle Tankers.
The offshore company formally rebranded Tuesday, after its takeover by Brookfield Business Partners was completed in January.
"Upholding our uncompromised commitment to operational excellence and safety, we will be relentless in our pursuit of opportunities that lead to strong results and lower emissions and we stand firm to these principles through the current period of market volatility," chief executive Ingvlid Saether said.
"There will be a transition in our part of the industry, and we are committed to be at the forefront."
The outstanding Teekay Offshore preferred units now trade on the New York Stock Exchange under the ticker symbols ALIN PR A, ALIN PR B and ALIN PR E.
Teekay Shuttle Tankers Oslo-traded bonds will not trade under the symbols AST01 and AST02 G.
Toronto-based Brookfield first took a position in Teekay Offshore in July 2017, then bought out Teekay Corp in May 2019 for $100m, bringing its stake to 77.1% of the company. It then offered to buy out the remaining shareholders, steadily improving its offer until it owned all shares.
The takeover is the subject of a class action shareholder lawsuit, led by J Deal Partnership.
The investors argued the conflicts committee that evaluated the deal was not truly independent.
They argued that one member, who was on the committee for six days, had Brookfield connections. They further alleged the committee failed to put up a real fight against Brookfield, like adopting a poison pill provision.
They also argued that Brookfield was talking out of both sides of its mouth, offering Teekay Offshore shareholders a cut-rate offer for its shares, while boasting to potential investors about Teekay Shuttle Tankers' growth potential while marketing a green bond.
In court papers filed earlier this month, Brookfield moved to dismiss the lawsuit, arguing the shareholders lacked jurisdiction by filing the lawsuit in New York and that the conflicts committee was truly independent, as all evaluation happened after the member was removed.
