Kotug Australia and Teekay Shipping Australia have reshaped KT Maritime Services (KTM) from a 50-50 joint venture to a full subsidiary of the Kotug Group.
Kotug said the acquisition of Teekay's stake will be finalised on July 1.
Teekay will focus on its core Australian ship management, crewing and consultancy businesses.
KTM provides all towage operations for Shell's Prelude FLNG and towage assistance at ConocoPhillips' Bayu Undan FSO, for which it employs four infield support vessels (ISV) – all owned by the Kotug group.