"The funds will be used for fresh investments and will consolidate OOG as an integrated services company for the oil industry," the joint statement said.
Temasek Holdings' investment will also help Odebrecht expand its footprint in Brazil and globally "especially in Angola and Latin America," the statement said, adding that Temasek now holds a minority stake in the company. The precise size was not specified.
Odebrecht president Miguel Garin said having Temasek as an investor was in line with his company's growth strategy.
Matheus Villares, managing director of Temasek in Brazil, said there were growth opportunities in the industry because of the discovery and surveying of large deepwater oil and gas reserves, including off the Brazilian coast.
One of the world's largest sovereign wealth funds, the collective value of Temasek's global investments reached a record high of S$186 billion (RM$444 billion) in March this year.
Most of Temasek's investments are in Singapore, Asia and other emerging economies. It has stakes in Singapore Airlines, Singapore Telecom and Standard Chartered Bank.
However, Temasek also has an investment in Chilean airline LAN. This year it has also invested in mining companies Platmin Limited of South Africa, Inmet Mining of Canada and Chesapeake Energy of the United States, according to the company's website.