Bermuda-based Teekay Corporation has agreed to buy $65 million of common units in a private placement from Teekay Offshore Partners LP.

Teekay Offshore Partners LP announced yesterday it plans to offer seven million common units in a public offering, and expects to grant the underwriters a 30-day option to purchase an additional 1.05 million units to cover any over-allotments.

Teekay Offshore expects to use the net proceeds from offerings to purchase an additional 25 percent interest in Teekay Offshore Operating LP (OPCO) from Teekay for $205 million.