Carlyle to buy Altera Infrastructure’s FPSO Business

Altera Infrastructure has entered into an agreement to sell its entire floating production, storage and offloading (FPSO) business to global investment firm Carlyle.

The acquired business includes Altera’s full FPSO portfolio, the floating storage and offloading (FSO) unit Yamoussoukro and the 50% ownership in the joint venture Altera&Ocyan.

The portfolio includes the Petrojarl Kong FPSO and FSO Yamoussoukro, deployed in the Ivory Coast with Eni, and the Piranema FPSO, as well as 50% of the Altera&Ocyan joint venture asset Pioneiro de Libra FPSO, deployed in Brazil with Petrobras.

Carlyle’s investment will support the Altera Infrastructure FPSO business and continue to build on a track record in redeployments. 

The transaction, whose value was not disclosed, is subject to customary closing conditions and regulatory approvals. 

“This is a rare opportunity to acquire an established and high-quality FPSO business with a strong management team, operating track record and long-term cashflows.

“Altera’s portfolio benefits from long-term contracts, strong FPSO market fundamentals, and exposure to world-class operators which position it well for success,” said Bob Maguire, Co-Head of Carlyle International Energy Partners.

“Partnering with Carlyle marks an important step forward in our journey. Carlyle’s deep sector expertise and global network in the energy space, combined with its scale and resources, will allow us to further optimize the long-term performance of our assets, identify efficiencies across the portfolio and execute on growth initiatives to scale the business.

“We are excited to partner with Carlyle and look forward to delivering for our clients in a rapidly evolving energy landscape,” added Chris Brett, President Altera Production, and Arne Hygen Tørnkvist, Executive Vice President Projects in a joint statement.