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Altera Infrastructure L.P. 8.87 (ALIN-PE)

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52 Week Range13.76 - 23.59
Volume7,387
Avg. Volume12,715
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  • Altera Infrastructure Reports First Quarter 2021 Results
    GlobeNewswire

    Altera Infrastructure Reports First Quarter 2021 Results

    ABERDEEN, United Kingdom, May 05, 2021 (GLOBE NEWSWIRE) -- Altera Infrastructure GP LLC (Altera GP), the general partner of Altera Infrastructure L.P. (Altera or the Partnership), today reported the Partnership’s results for the quarter ended March 31, 2021. Revenues of $272.8 million and net income of $5.9 million, or $0.00 per common unit, in the first quarter of 2021Adjusted EBITDA(1) of $120.3 million in the first quarter of 2021 The following table presents the Partnership's Consolidated Financial Summary: Three Months Ended March 31, December 31, March 31, 2021 2020 2020 In thousands of U.S. Dollars, unaudited$ $ $IFRS FINANCIAL RESULTS Revenues272,754 278,657 312,401 Net Income (loss)5,901 (73,029) (258.932)Limited partners' interest in net income (loss) per common unit - basic0.00 (0.20) (0.63) NON-IFRS FINANCIAL MEASURE: Adjusted EBITDA (1)120,270 142,193 163,548 (1)Please refer to "Non-IFRS Measures" for the definition of this term and reconciliation of this non-IFRS measure as used in this release to the most directly comparable measure under IFRS. The Partnership generated net income of $6 million for the three months ended March 31, 2021, compared to a net loss of $259 million for the three months ended March 31, 2020. The results for the recent quarter benefited mainly from the absence of a $172 million impairment loss and a decrease of $105 million in loss on derivatives, compared to the same quarter in the prior year. This was partially offset by lower revenues from the Petrojarl FPSO, and the Randgrid FSO and an absence of Voyageur FPSO revenues as a result of the unit being in lay-up. Adjusted EBITDA was $120 million in the first quarter of 2021, compared to $164 million in the same quarter of the prior year. The decrease of $44 million mainly reflects lower economic uptime on the Petrojarl l FPSO, an absence of Voyageur FPSO revenues, lower day rates on the Rangrid FSO and an absence of revenues from two vessels in the FSO segment that were sold. Operating ResultsThe commentary below compares certain results of the Partnership's operating segments on the basis of the non-IFRS measure of Adjusted EBITDA for the three months ended March 31, 2021 to the same period of the prior year. The following table presents the Partnership's Adjusted EBITDA by segment: Three Months Ended March 31, December 31, March 31, 2021 2020 2020In thousands of U.S. Dollars, unaudited$ $ $FPSO52,768 72,355 79,593 Shuttle Tanker67,194 71,823 64,867 FSO7,405 (458) 23,892 UMS(1,695) (1,771) (2,606)Towage(2,350) (744) (2,003)Corporate/Eliminations(3,052) 988 (195)Partnership Adjusted EBITDA120,270 142,193 163,548 The Partnership's Shuttle Tanker segment generated Adjusted EBITDA of $67 million for the three months ended March 31, 2021, compared to $65 million for the three months ended March 31 2020. The Partnership's FPSO segment generated Adjusted EBITDA of $53 million for the three months ended March 31, 2021, compared to $80 million for the three months ended March 31, 2020. The decrease of $27 million is mainly due to lower economic uptime on the Petrojarl I FPSO and the impact of the Voyageur FPSO ceasing operations under its contract in mid-2020. The Partnership's FSO segment generated Adjusted EBITDA of $7 million for the three months ended March 31, 2021, compared to $24 million in the same period in 2020. The decrease of $17 million is mainly due to a reduction in the Randgrid FSO contract rate and the absence of contribution from the Dampier Spirit FSO and Apollo Spirit FSO, as their contracts ended in the third quarter of 2020. The Partnership's UMS segment generated Adjusted EBITDA loss of $2 million in the most recent quarter, in line with same period in 2020. The Partnership's Towage segment generated Adjusted EBITDA loss of $2 million in the most recent quarter, which includes revenues from freeing up a container vessel in the Suez canal. Adjusted EBITDA is in line with same period in 2020. Liquidity UpdateAs at March 31, 2021 the Partnership had total liquidity of $222 million, including $25 million of undrawn lines under a revolving credit facility, representing a decrease of $14 million from the prior quarter. Strategic updates Delivery of Shuttle Tanker NewbuildingsIn January 2021, the Partnership took delivery of the fifth LNG-fueled DP2 shuttle tanker newbuilding, the Altera Wave. The vessel has commenced operations and is trading as part of the Partnership's CoA fleet in the North Sea. The sixth LNG fueled vessel, the Altera Wind, was delivered in March 2021 and has arrived in Norway for testing, while the seventh vessel is expected to be delivered early in 2022 and to operate off the East Coast of Canada.FinancingsDuring the three months ended March 31, 2021, the Partnership entered into two additional unsecured revolving credit facilities with Brookfield Business Partners LP and its affiliates, which provide for total borrowings of up to $100 million and mature in February 2022. Forward Looking Statements This release contains forward-looking statements (as defined in Section 21E of the Securities Exchange Act of 1934, as amended) which reflect management’s current views with respect to certain future events and performance, including, among others: the Partnership’s review of potential strategic initiatives, including any related asset sales, joint ventures, capital raises or other transactions; and the timing of vessel deliveries, the commencement of charter contracts and the employment of newbuilding vessels. The following factors are among those that could cause actual results to differ materially from the forward-looking statements, which involve risks and uncertainties, and that should be considered in evaluating any such statement: alternatives and conditions to implement any strategic initiatives; delays in vessel deliveries or the commencement of charter contracts or changes in expected employment of newbuilding vessels; and other factors discussed in the Partnership’s filings from time to time with the SEC, including its Report on Form 20-F for the fiscal year ended December 31, 2020. The Partnership expressly disclaims any obligation or undertaking to release publicly any updates or revisions to any forward-looking statements contained herein to reflect any change in the Partnership’s expectations with respect thereto or any change in events, conditions or circumstances on which any such statement is based.About Altera Infrastructure L.P.Altera Infrastructure L.P. is a leading global energy infrastructure services partnership primarily focused on the ownership and operation of critical infrastructure assets in the offshore oil regions of the North Sea, Brazil and the East Coast of Canada. Altera has consolidated assets of approximately $4.4 billion, comprised of 51 vessels, including floating production, storage and offloading (FPSO) units, shuttle tankers (including one newbuilding), floating storage and offtake (FSO) units, long-distance towing and offshore installation vessels and a unit for maintenance and safety (UMS). The majority of Altera’s fleet is employed on medium-term, stable contracts. Altera's preferred units trade on the New York Stock Exchange under the symbols "ALIN PR A", "ALIN PR B" and "ALIN PR E", respectively. For Investor Relations enquiries contact: Jan Rune Steinsland, Chief Financial OfficerEmail: investor.relations@alterainfra.com Tel: +47 97 05 25 33Website: www.alterainfra.com ALTERA INFRASTRUCTURE L.P. AND SUBSIDIARIESUNAUDITED INTERIM CONDENSED CONSOLIDATED STATEMENTS OF INCOME (LOSS) (in thousands of U.S. Dollars) Three Months Ended March 31, December 31, March 31, 2021 2020 2020 $ $ $Revenues 272,754 278,657 312,401 Direct operating costs (161,841) (143,896) (153,819)General and administrative expenses (12,668) (24,217) (14,802)Depreciation and amortization (77,249) (81,128) (78,534)Interest expense (47,684) (50,511) (48,269)Interest income 28 1,870 667 Equity-accounted income (loss) 19,384 19,658 (4,055)Impairment expense, net — (83,615) (172,002)Gain (loss) on dispositions, net — 5,380 (562)Realized and unrealized gain (loss) on derivative instruments 13,860 7,190 (90,923)Foreign currency exchange gain (loss) 325 (514) (3,440)Other income (expenses), net (26) (844) (1,229)Income (loss) before income tax (expense) recovery 6,883 (71,970) (254,567)Income tax (expense) recovery Current (982) (1,303) (2,136)Deferred — 244 (2,229)Net income (loss) 5,901 (73,029) (258,932)Attributable to: Limited partners - common units (302) (80,120) (258,141)General partner (2) (615) (1,907)Limited partners - preferred units 7,880 7,989 8,038 Non-controlling interests in subsidiaries (1,675) (283) (6,922) 5,901 (73,029) (258,932)Basic and diluted earnings (loss) per limited partner common unit 0.00 (0.20) (0.63) ALTERA INFRASTRUCTURE L.P. AND SUBSIDIARIESUNAUDITED INTERIM CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) (in thousands of U.S. Dollars) Three Months Ended March 31, December 31, March 31, 2021 2020 2020 $ $ $Net income (loss) 5,901 (73,029) (258,932)Other comprehensive income (loss) Items that will not be reclassified subsequently to net income (loss): Pension adjustments, net of taxes — 1,438 — Items that may be reclassified subsequently to net income (loss): To interest expense: Realized gain on qualifying cash flow hedging instruments (190) (189) (208)To equity income: Realized gain on qualifying cash flow hedging instruments (196) (201) (255)Total other comprehensive income (loss) (386) 1,048 (463)Comprehensive income (loss) 5,515 (71,981) (259,395)Attributable to: Limited partners - common units (685) (79,080) (258,601)General partner (5) (607) (1,910)Limited partners - preferred units 7,880 7,989 8,038 Non-controlling interests in subsidiaries (1,675) (283) (6,922) 5,515 (71,981) (259,395) ALTERA INFRASTRUCTURE L.P. AND SUBSIDIARIESUNAUDITED INTERIM CONDENSED CONSOLIDATED STATEMENTS OF FINANCIAL POSITION(in thousands of U.S. Dollars) As at As at March 31, December 31, 2021 2020 $ $ASSETS Current assets Cash and cash equivalents 197,078 235,734 Financial assets 48,621 103,514 Accounts and other receivable, net 217,392 222,629 Vessels and equipment classified as held for sale 7,500 7,500 Inventory 21,586 16,308 Due from related parties 2,723 9,980 Other assets 34,571 37,326 Total current assets 529,471 632,991 Non-current assets Financial assets 45,753 36,372 Vessels and equipment 3,213,592 3,029,415 Advances on newbuilding contracts 26,094 127,335 Equity-accounted investments 243,698 241,731 Deferred tax assets 5,144 5,153 Other assets 169,887 185,521 Goodwill 127,113 127,113 Total non-current assets 3,831,281 3,752,640 Total assets 4,360,752 4,385,631 LIABILITIES Current liabilities Accounts payable and other 333,400 302,414 Other financial liabilities 40,307 198,985 Borrowings 349,890 362,079 Due to related parties 73,226 7 Total current liabilities 796,823 863,485 Non-current liabilities Accounts payable and other 114,068 128,671 Other financial liabilities 207,425 144,350 Borrowings 2,799,400 2,808,898 Due to related parties 199,648 194,628 Deferred tax liabilities 700 700 Total non-current liabilities 3,321,241 3,277,247 Total liabilities 4,118,064 4,140,732 EQUITY Limited partners - Class A common units (2,509) (2,505)Limited partners - Class B common units (156,267) (157,897)Limited partners - preferred units 376,488 376,512 General partner 6,826 6,828 Accumulated other comprehensive income 3,685 4,071 Non-controlling interests in subsidiaries 14,465 17,890 Total equity 242,688 244,899 Total liabilities and equity 4,360,752 4,385,631 ALTERA INFRASTRUCTURE L.P. AND SUBSIDIARIESUNAUDITED INTERIM CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS(in thousands of U.S. Dollars) Three months EndedMarch 31, 2021 2020 $ $Operating Activities Net income (loss) 5,901 (258,932)Adjusted for the following items: Depreciation and amortization 77,249 78,534 Equity-accounted (income) loss, net of distributions received (990) 19,550 Impairment expense, net — 172,002 (Gain) loss on dispositions, net — 562 Unrealized (gain) loss on derivative instruments (162,257) 83,849 Deferred income tax expense (recovery) — 2,229 Provisions and other items (193) (940)Other non-cash items 12,086 6,246 Changes in non-cash working capital, net 39,239 (17,964)Net operating cash flow (28,965) 85,136 Financing Activities Proceeds from borrowings 75,000 72,015 Repayments of borrowings and settlement of related derivative instruments (99,367) (74,217)Financing costs related to borrowings (750) (201)Proceeds from borrowings related to sale and leaseback of vessels 71,400 11,900 Repayments of borrowings related to sale and leaseback of vessels (2,881) — Financing costs related to borrowings from sale and leaseback of vessels — (65)Proceeds from borrowings from related parties 75,000 30,000 Lease liability repayments (3,392) (5,753)Distributions to limited partners and preferred unitholders (7,880) (8,038)Distributions to others who have interests in subsidiaries (1,750) (4,750)Repurchase of preferred units (24) — Net financing cash flow 105,356 20,891 Investing Activities Additions Vessels and equipment (156,317) (201,707)Equity-accounted investments (1,172) (465)Dispositions: Vessels and equipment — 15,060 Restricted cash 42,202 83,815 Acquisition of company (net of cash acquired of $6.4 million) — 6,430 Net investing cash flow (115,287) (96,867)Cash and cash equivalents Change during the period (38,896) 9,160 Impact of foreign exchange on cash 240 (4,822)Balance, beginning of the period 235,734 199,388 Balance, end of the period 197,078 203,726 Non-IFRS MeasuresTo supplement the unaudited interim condensed consolidated financial statements, the Partnership uses Adjusted EBITDA, which is a non-IFRS financial measure, as a measure of the Partnership's performance. Adjusted EBITDA is calculated as net income (loss) before interest expense, interest income, income tax expense, and depreciation and amortization and is adjusted to exclude certain items whose timing or amount cannot be reasonably estimated in advance or that are not considered representative of core operating performance. Such adjustments include impairment expenses, gain (loss) on dispositions, net, unrealized gain (loss) on derivative instruments, foreign currency exchange gain (loss) and certain other income or expenses. Adjusted EBITDA also excludes: realized gain or loss on interest rate swaps, as the Partnership in assessing its performance, views these gains or losses as an element of interest expense; realized gain or loss on derivative instruments resulting from amendments or terminations of the underlying instruments; realized gain or loss on foreign currency forward contracts; and equity-accounted income (loss). Adjusted EBITDA also includes the Partnership's proportionate share of Adjusted EBITDA from its equity-accounted investments and excludes the non-controlling interests' proportionate share of Adjusted EBITDA. The Partnership does not have control over the operations of, nor does it have any legal claim to the revenues and expenses of its equity-accounted investments. Consequently, the cash flow generated by the Partnership's equity-accounted investments may not be available for use by the Partnership in the period that such cash flows are generated. Adjusted EBITDA is intended to provide additional information and should not be considered as the sole measure of the Partnership's performance or as a substitute for net income (loss) or other measures of performance prepared in accordance with IFRS. In addition, this measure does not have a standardized meaning and may not be comparable to similar measures presented by other companies. These non-IFRS measures are used by the Partnership's management, and the Partnership believes that these supplementary metrics assist investors and other users of its financial reports in comparing its financial and operating performance across reporting periods and with other companies. Non-IFRS Financial Measures The following table includes reconciliations of Adjusted EBITDA to net income (loss) for the periods presented in the Partnership's Consolidated Financial Summary. Three Months Ended(in thousands of U.S. Dollars, unaudited)March 31, December 31, March 31, 2021 2020 2020 $ $ $Adjusted EBITDA120,270 142,193 163,548 Depreciation and amortization(77,249) (81,128) (78,534)Interest expense(47,684) (50,511) (48,269)Interest income28 1,870 667 Expenses and gains (losses) relating to equity-accounted investments(4,869) (11,485) (28,908)Impairment expense, net— (83,615) (172,002)Gain (loss) on dispositions, net— 5,380 (562)Realized and unrealized gain (loss) on derivative instruments13,860 6,061 (89,620)Foreign currency exchange gain (loss)325 (514) (3,440)Other income (expenses), net(26) (844) (1,229)Adjusted EBITDA attributable to non-controlling interests2,228 623 3,782 Income (loss) before income tax (expense) recovery6,883 (71,970) (254,567)Income tax (expense) recovery: Current(982) (1,303) (2,136)Deferred— 244 (2,229)Net loss5,901 (73,029) (258,932) Adjusted EBITDA from equity-accounted investments, which is a non-IFRS financial measure and should not be considered as an alternative to equity accounted income (loss) or any other measure of financial performance presented in accordance with IFRS, represents our proportionate share of Adjusted EBITDA (as defined above) from equity-accounted investments. This measure does not have a standardized meaning, and may not be comparable to similar measures presented by other companies. Adjusted EBITDA from equity-accounted investments is summarized in the table below: Three Months Ended(in thousands of U.S. Dollars, unaudited)March 31, December 31, March 31, 2021 2020 2020 $ $ $Equity-accounted income (loss)19,384 19,658 (4,055)Less: Depreciation and amortization(7,565) (7,713) (7,838)Interest expense, net(2,068) (5,102) (3,834)Income tax (expense) recovery Current(47) (139) (132)EBITDA29,064 32,612 7,749 Less: Realized and unrealized gain (loss) on derivative instruments5,527 1,395 (15,078)Foreign currency exchange gain (loss)(716) 74 (2,036)Adjusted EBITDA from equity-accounted investments24,253 31,143 24,863

  • Altera Infrastructure Declares Distributions on Series A, B and E Preferred Units
    GlobeNewswire

    Altera Infrastructure Declares Distributions on Series A, B and E Preferred Units

    ABERDEEN, United Kingdom, April 29, 2021 (GLOBE NEWSWIRE) -- Altera Infrastructure GP LLC, the general partner of Altera Infrastructure L.P. (Altera Infrastructure or the Partnership), has declared the following distributions: UnitsDistribution PeriodAmount (Per Unit)Record DatePayment DateSeries A Preferred UnitsFebruary 15, 2021 to May 14, 2021$0.4531May 10, 2021May 17, 2021Series B Preferred UnitsFebruary 15, 2021 to May 14, 2021$0.5313May 10, 2021May 17, 2021Series E Preferred UnitsFebruary 15, 2021 to May 14, 2021$0.5547May 10, 2021May 17, 2021 Altera Infrastructure’s cash distributions are reported on Form 1099 for United States tax purposes. About Altera Infrastructure Altera Infrastructure is a leading global energy infrastructure services partnership primarily focused on the ownership and operation of critical infrastructure assets in offshore oil regions of the North Sea, Brazil and the East Coast of Canada. Altera Infrastructure has consolidated assets of approximately $4.5 billion, comprised of 50 offshore assets, including floating production, storage and offloading (FPSO) units, shuttle tankers (including one new build), floating storage and offtake (FSO) units, long-distance towing and offshore installation vessels and a unit for maintenance and safety (UMS). The majority of Altera Infrastructure’s fleet is employed on medium-term, stable contracts. Affiliates of global asset manager Brookfield Business Partners L.P. (NYSE: BBU) (TSX: BBU.UN) own 100 percent of Altera Infrastructure’s general partner. Altera Infrastructure’s preferred units trade on the New York Stock Exchange under the symbols “ALIN PR A”, “ALIN PR B” and “ALIN PR E”, respectively. For Investor Relations enquires contact: Jan Rune Steinsland, Chief Financial Officer Tel:+47 97 05 25 33E-mail:investor.relations@alterainfra.com

  • Altera Infrastructure Reports Fourth Quarter and Annual 2020 Results
    GlobeNewswire

    Altera Infrastructure Reports Fourth Quarter and Annual 2020 Results

    ABERDEEN, United Kingdom, Feb. 04, 2021 (GLOBE NEWSWIRE) -- Altera Infrastructure GP LLC (Altera GP), the general partner of Altera Infrastructure L.P. (Altera or the Partnership), today reported the Partnership’s results for the quarter ended December 31, 2020. Revenues of $278.7 million and a net loss of $73.0 million, or $0.20 per common unit, in the fourth quarter of 2020Adjusted EBITDA(1) of $142.2 million in the fourth quarter of 2020 The following table presents the Partnership's Consolidated Financial Summary: Three Months Ended December 31,September 30,December 31, 202020202019In thousands of U.S. Dollars, unaudited$$$IFRS FINANCIAL RESULTS Revenues278,657 286,590 312,142 Net loss(73,029)(5,955)(9.098)Limited partners' interest in net loss per common unit - basic(0.20)(0.03)(0.04) NON-IFRS FINANCIAL MEASURE: Adjusted EBITDA (1)142,193 140,109 169,014 (1)Please refer to "Non-IFRS Measures" for the definition of this term and reconciliation of this non-IFRS measure as used in this release to the most directly comparable measure under IFRS. The Partnership generated a net loss of $73 million for the three months ended December 31, 2020, compared to a net loss of $9 million for the three months ended December 31, 2019. Results were impacted by reduced revenue contribution from certain FPSO and FSO vessels, the impact of lower fair value changes on financial instruments and foreign exchange, reduced utilization in the Towage segment and higher newbuild startup costs. These impacts were partially offset by lower impairment charges, a favorable contract dispute resolution and a gain on sale of vessel. Prior year results included the benefit of a $58 million warrants settlement. Adjusted EBITDA was $142 million in the fourth quarter of 2020, compared to $169 million in the same quarter of the prior year. The decrease of $27 million is mainly reflecting lower economic uptime on the Petrojarl I FPSO, lower contractual day rate on Randgrid FSO as well as lower utilization in the Towage segment, partially offset by a favorable contract dispute resolution. Operating ResultsThe commentary below compares certain results of the Partnership's operating segments on the basis of the non-IFRS measure of Adjusted EBITDA for the three months ended December 31, 2020 to the prior quarter and the same period of the prior year. The following table presents the Partnership's Adjusted EBITDA by segment Three Months Ended December 31,September 30,December 31, 202020202019In thousands of U.S. Dollars, unaudited$$$FPSO73,614 58,244 79,200 Shuttle Tanker70,422 61,166 69,694 FSO(457)20,667 22,415 UMS(1,771)(1,827)(2,310)Towage(744)1,184 1,518 Conventional— — (8)Corporate/Eliminations1,129 675 (1,495)Partnership Adjusted EBITDA142,193 140,109 169,014 The Partnership's FPSO segment generated adjusted EBITDA of $74 million, compared with $79 million in the same period in 2019. The decrease of $5 million is mainly due to lower economic uptime on the Petrojarl I FPSO and Voyageur FPSO being off contract from mid-2020, partially offset by a favorable contract dispute resolution. The Partnership's Shuttle Tanker segment generated adjusted EBITDA of $70 million, and is in line with the same period in 2019. The Partnership's FSO segment generated adjusted EBITDA loss of $nil million, compared to $22 million in the same period in 2019. The decrease of $22 million is mainly due to a reduction in the Randgrid FSO contractual rate and absence of both the Dampier Spirit FSO and Apollo Spirit FSO as their contracts ended in the third quarter of 2020. The Partnership's UMS segment generated adjusted EBITDA loss of $2 million and is in line with the same period in 2019. The Partnership's Towage segment generated adjusted EBITDA loss of $1 million, compared with $2 million in the same period in 2019. Liquidity Update As at December 31, the Partnership had total liquidity of $236 million, a decrease of $1 million compared with the prior quarter. Strategic updates Extension of the Cidade de Itajai FPSO contract In November 2020 the Altera & Ocyan Joint Venture agreed with Karoon Petroleum, the new license holder, following the assignment of the Bauna license from Petrobras, the exercise of a 4-year option extension of the charter and operating agreement of Cidade de Itajai FPSO until 2026. Delivery of Shuttle Tanker NewbuildingsIn January 2021, the Partnership took delivery of the fifth LNG-fueled DP2 shuttle tanker newbuilding, the Altera Wave. The vessel is currently in transit to the North Sea. The sixth LNG fueled vessel, the Altera Wind, is expected to be delivered in February 2021 and the East Coast of Canada newbuilding is expected to be delivered early-2022. Securities Repurchase Program In September 2020, the Partnership announced a program to repurchase the Partnership’s outstanding 8.50% Senior Notes due 2023 and Series A, B and E Preferred Units through open market purchases, privately negotiated transactions and/or pursuant to Rule 10b5-1 plans, in compliance with applicable securities laws and other legal requirements. During the period from October 2020 to January 2021, the Partnership repurchased Senior Notes with a face value of $13 million and preferred equities across the three series with total face value of $8 million. The repurchase program was completed in January. FinancingsIn October 2020, the Partnership completed a $106 million upsizing of the existing financing for the shuttle tankers currently operating off the East Coast of Canada. The upsizing is to partly fund a newbuilding shuttle tanker currently under construction and built for operation off the East Coast of Canada. The $100 million bridge loan for the same newbuild has consequently been terminated. Strategic ReviewAltera Infrastructure is exploring with the assistance of retained financial advisors, a number of potential strategic initiatives, which may lead to certain asset sales to optimize our portfolio, seeking joint venture partners for our business interests and/or capital raises or other similar transactions to support future growth. Conference Call The Partnership plans to host a conference call on Thursday, February 4, 2021 at 09:00 a.m. (ET) to discuss the results for the fourth quarter of 2020. All interested parties are invited to listen to the live conference call by choosing from the following options: By dialing (conference ID code: 8314616) Norway (Toll free) 800 14947Norway (Local) +47 23 50 02 96United Kingdom (Toll free) +44 (0)330 336 9411United States (Local) +1 929-477-0402Canada (Local) +1 888-204-4368 By accessing the webcast, which will be available on Altera's website at www.alterainfra.com (the archive will remain on the website for a period of one year). An accompanying Fourth Quarter 2020 Earnings Presentation will also be available at www.alterainfra.com in advance of the conference call start time. From 2021 Altera plans to host bi-annual Earnings presentations in relation to the second and the fourth Quarter Earnings releases. Forward Looking Statements This release contains forward-looking statements (as defined in Section 21E of the Securities Exchange Act of 1934, as amended) which reflect management’s current views with respect to certain future events and performance, including, among others: the Partnership’s review of potential strategic initiatives any related asset sales, joint ventures, capital raises or other transactions; the timing of vessel deliveries, the commencement of charter contracts and the employment of newbuilding vessels; and the Partnership's proposed actions to any disruptions from covid-19. The following factors are among those that could cause actual results to differ materially from the forward-looking statements, which involve risks and uncertainties, and that should be considered in evaluating any such statement: alternatives and conditions to implement any strategic initiatites; delays in vessel deliveries or the commencement of charter contracts or changes in expected employment of newbuilding vessels; unanticipated market volatility (such as volatility resulting from the recent COVID-19 outbreak); and other factors discussed in the Partnership’s filings from time to time with the SEC, including its Report on Form 20-F for the fiscal year ended December 31, 2020. The Partnership expressly disclaims any obligation or undertaking to release publicly any updates or revisions to any forward-looking statements contained herein to reflect any change in the Partnership’s expectations with respect thereto or any change in events, conditions or circumstances on which any such statement is based. About Altera Infrastructure L.P. Altera Infrastructure L.P. is a leading global energy infrastructure services partnership primarily focused on the ownership and operation of critical infrastructure assets in the offshore oil regions of the North Sea, Brazil and the East Coast of Canada. Altera has consolidated assets of approximately $4.4 billion, comprised of 51 vessels, including floating production, storage and offloading (FPSO) units, shuttle tankers (including two newbuildings), floating storage and offtake (FSO) units, long-distance towing and offshore installation vessels and a unit for maintenance and safety (UMS). The majority of Altera’s fleet is employed on medium-term, stable contracts. Altera's preferred units trade on the New York Stock Exchange under the symbols "ALIN PR A", "ALIN PR B" and "ALIN PR E", respectively. For Investor Relations enquiries contact: Jan Rune Steinsland, Chief Financial OfficerEmail: investor.relations@alterainfra.comTel: +47 97 05 25 33Website: www.alterainfra.com ALTERA INFRASTRUCTURE L.P. AND SUBSIDIARIESUNAUDITED INTERIM CONDENSED CONSOLIDATED STATEMENTS OF INCOME (LOSS) (in thousands of U.S. Dollars) Three Months Ended December 31, Year Ended December 31, 2020 2019 2020 2019 $ $ $ $Revenues278,657 312,142 1,182,110 1,252,938 Direct operating costs(143,896) (136,506) (627,792) (606,691)General and administrative expenses(24,217) (33,858) (44,360) (54,927)Depreciation and amortization(81,128) (84,501) (316,317) (358,474)Interest expense(50,511) (47,638) (192,723) (205,667)Interest income1,870 1,012 2,770 5,111 Equity-accounted income (loss)19,658 23,158 35,921 33,768 Impairment expense, net(83,615) (126,354) (268,612) (187,680)Gain (loss) on dispositions, net5,380 — 3,411 12,548 Realized and unrealized gain (loss) on derivative instruments7,190 72,402 (96,499) (34,682)Foreign currency exchange gain (loss)(514) 6,359 (7,861) 2,193 Other income (expenses), net(844) 750 (10,472) (9,677)Income (loss) before income tax (expense) recovery(71,970) (13,034) (340,424) (151,240)Income tax (expense) recovery Current(1,303) (427) (6,543) (4,666)Deferred244 4,363 804 (3,161)Net income (loss)(73,029) (9,098) (346,163) (159,067)Attributable to: Limited partners - common units(80,120) (17,291) (368,341) (181,424)General partner(615) (127) (2,771) (1,384)Limited partners - preferred units7,989 8,036 32,103 32,150 Non-controlling interests in subsidiaries(283) 284 (7,154) (8,409) (73,029) (9,098) (346,163) (159,067)Basic and diluted earnings (loss) per limited partner common unit(0.20) (0.04) (0.90) (0.44) ALTERA INFRASTRUCTURE L.P. AND SUBSIDIARIESUNAUDITED INTERIM CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) (in thousands of U.S. Dollars) Three Months Ended December 31, Year Ended December 31, 2020 2019 2020 2019 $ $ $ $Net income (loss)(73,029) (9,098) (346,163) (159,067)Other comprehensive income (loss) Items that will not be reclassified subsequently to net income (loss): Pension adjustments, net of taxes1,438 (1,662) 1,438 (1,662)Items that may be reclassified subsequently to net income (loss): To interest expense: Realized gain on qualifying cash flow hedging instruments(189) (200) (811) (689)To equity income: Realized gain on qualifying cash flow hedging instruments(201) (232) (966) (600)Total other comprehensive income (loss)1,048 (2,094) (339) (2,951)Comprehensive income (loss)(71,981) (11,192) (346,502) (162,018)Attributable to: Limited partners - common units(79,080) (19,370) (368,677) (184,353)General partner(607) (142) (2,774) (1,406)Limited partners - preferred units7,989 8,036 32,103 32,150 Non-controlling interests in subsidiaries(283) 284 (7,154) (8,409) (71,981) (11,192) (346,502) (162,018) ALTERA INFRASTRUCTURE L.P. AND SUBSIDIARIESUNAUDITED INTERIM CONDENSED CONSOLIDATED STATEMENTS OF FINANCIAL POSITION(in thousands of U.S. Dollars) As at As at As at December 31, December 31, January 1, 2020 2019 2019 $ $ $ASSETS Current assets Cash and cash equivalents235,734 199,388 225,040 Financial assets103,514 107,992 9,568 Accounts and other receivable, net222,629 204,825 143,710 Vessels and equipment classified as held for sale7,500 15,374 12,528 Inventory16,308 18,581 20,254 Due from related parties9,980 — 58,885 Other assets37,326 16,844 20,989 Total current assets 632,991 563,004 490,974 Non-current assets Financial assets36,372 — 2,075 Accounts and other receivable, net— 17,276 36,536 Vessels and equipment3,029,415 3,025,716 3,548,501 Advances on newbuilding contracts127,335 297,100 113,796 Equity-accounted investments241,731 232,216 208,819 Deferred tax assets5,153 7,000 9,168 Due from related parties— — 949 Other assets185,521 218,813 185,191 Goodwill127,113 127,113 127,113 Total non-current assets3,752,640 3,925,234 4,232,148 Total assets4,385,631 4,488,238 4,723,122 LIABILITIES Current liabilities Accounts payable and other302,414 272,618 213,480 Other financial liabilities198,985 21,697 23,290 Borrowing362,079 353,238 554,336 Due to related parties7 21,306 183,795 Total current liabilities863,485 668,859 974,901 Non-current liabilities Accounts payable and other128,671 222,659 264,732 Other financial liabilities144,350 164,511 144,867 Borrowings2,808,898 2,831,274 2,543,406 Due to related parties194,628 — — Deferred tax liabilities700 3,133 2,183 Total non-current liabilities3,277,247 3,221,577 2,955,188 Total liabilities4,140,732 3,890,436 3,930,089 EQUITY Limited partners - common units— 169,737 350,088 Limited partners - Class A common units(2,505) — — Limited partners - Class B common units(157,897) — — Limited partners - preferred units376,512 384,274 384,274 General partner6,828 9,587 10,971 Accumulated other comprehensive income4,071 4,410 7,361 Non-controlling interests in subsidiaries17,890 29,794 40,339 Total equity244,899 597,802 793,033 Total liabilities and equity4,385,631 4,488,238 4,723,122 ALTERA INFRASTRUCTURE L.P. AND SUBSIDIARIESUNAUDITED INTERIM CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS(in thousands of U.S. Dollars) Year Ended December 31, 2020 2019 $ $Operating Activities Net income (loss)(346,163) (159,067)Adjusted for the following items: Depreciation and amortization316,317 358,474 Equity-accounted (income) loss, net of distributions received(6,532) (16,113)Impairment expense, net268,612 187,680 (Gain) loss on dispositions, net(3,411) (12,548)Unrealized (gain) loss on derivative instruments36,045 443 Deferred income tax expense (recovery)(804) 3,161 Provisions and other items(3,503) (1,547)Other non-cash items53,267 (22,942)Changes in non-cash working capital, net(31,507) 13,341 Net operating cash flow282,321 350,882 Financing Activities Proceeds from borrowings312,149 492,517 Repayments of borrowings and settlement of related derivative instruments(329,073) (410,429)Financing costs related to borrowings(8,023) (20,752)Proceeds from borrowings related to sale and leaseback of vessels119,073 23,800 Repayments of borrowings related to sale and leaseback of vessels(1,190) — Financing costs related to borrowings from sale and leaseback of vessels(187) (2,256)Proceeds from borrowings from related parties205,000 95,000 Prepayment of borrowings from related parties— (200,000)Lease liability repayments(20,332) (14,695)Capital provided by others who have interests in subsidiaries— 1,500 Distributions to limited partners and preferred unitholders(32,103) (32,150)Distributions to others who have interests in subsidiaries(4,750) (3,636)Repurchase of preferred units(6,200) — Net financing cash flow234,364 (71,101)Investing Activities Additions Vessels and equipment(479,981) (231,658)Equity-accounted investments(3,948) (7,886)Dispositions Vessels and equipment27,996 33,341 Restricted cash(26,522) (98,329)Acquisition of company (net of cash acquired of $6.4 million)6,430 — Net investing cash flow(476,025) (304,532)Cash and cash equivalents Change during the year40,660 (24,751)Impact of foreign exchange on cash(4,314) (901)Balance, beginning of the year199,388 225,040 Balance, end of the year235,734 199,388 Non-IFRS Measures To supplement the unaudited interim condensed consolidated financial statements, we use Adjusted EBITDA, which is a non-IFRS financial measure, as a measure of our performance. Adjusted EBITDA is calculated as net income (loss) before interest expense, interest income, income tax expense, and depreciation and amortization and is adjusted to exclude certain items whose timing or amount cannot be reasonably estimated in advance or that are not considered representative of core operating performance. Such adjustments include impairment expenses, gain (loss) on dispositions, net, unrealized gain (loss) on derivative instruments, foreign currency exchange gain (loss) and certain other income or expenses. Adjusted EBITDA also excludes: realized gain or loss on interest rate swaps, as we, in assessing our performance, view these gains or losses as an element of interest expense; realized gain or loss on derivative instruments resulting from amendments or terminations of the underlying instruments; and equity-accounted income (loss). Adjusted EBITDA also includes our proportionate share of Adjusted EBITDA from our equity-accounted investments and excludes the non-controlling interests' proportionate share of Adjusted EBITDA. We do not have control over the operations of, nor do we have any legal claim to the revenues and expenses of our equity-accounted investments. Consequently, the cash flow generated by our equity-accounted investments may not be available for use by us in the period that such cash flows are generated. Adjusted EBITDA is intended to provide additional information and should not be considered as the sole measure of our performance or as a substitute for net income (loss) or other measures of performance prepared in accordance with IFRS. In addition, this measure does not have a standardized meaning and may not be comparable to similar measures presented by other companies. These non-IFRS measures are used by our management, and we believe that these supplementary metrics assist investors and other users of our financial reports in comparing our financial and operating performance across reporting periods and with other companies. Non-IFRS Financial Measures The following table includes reconciliations of Adjusted EBITDA to net income (loss) for the periods presented in the Partnership's Consolidated Financial Summary. Three Months Ended(in thousands of U.S. Dollars, unaudited)December 31, September 30, December 31, 2020 2020 2019 $ $ $Adjusted EBITDA142,193 140,109 169,014 Depreciation and amortization(81,128) (79,049) (84,501)Interest expense(50,511) (48,036) (47,638)Interest income1,870 190 1,012 Expenses and gains (losses) relating to equity-accounted investments(11,485) (10,442) (8,013)Impairment expense, net(83,615) (4,720) (126,354)Gain (loss) on dispositions, net5,380 (19) — Realized and unrealized gain (loss) on derivative instruments6,061 1,752 73,897 Foreign currency exchange gain (loss)(514) (2,958) 6,359 Other income (expenses), net(844) (4,262) 750 Adjusted EBITDA attributable to non-controlling interests623 2,028 2,440 Income (loss) before income tax (expense) recovery(71,970) (5,407) (13,034)Income tax (expense) recovery: Current(1,303) (1,639) (427)Deferred244 1,091 4,363 Net loss(73,029) (5,955) (9,098) Adjusted EBITDA from equity-accounted investments, which is a non-IFRS financial measure and should not be considered as an alternative to equity accounted income (loss) or any other measure of financial performance presented in accordance with IFRS, represents our proportionate share of Adjusted EBITDA (as defined above) from equity-accounted investments. This measure does not have a standardized meaning, and may not be comparable to similar measures presented by other companies. Adjusted EBITDA from equity-accounted investments is summarized in the table below: Three Months Ended(in thousands of U.S. Dollars, unaudited)December 31, September 30, December 31, 2020 2020 2019 $ $ $Equity-accounted income (loss)19,658 11,890 23,158 Less: Depreciation and amortization(7,713) (8,084) (7,856)Interest expense, net(5,102) (2,273) (3,364)Income tax (expense) recovery Current(139) (43) (149)EBITDA32,612 22,290 34,527 Less: Realized and unrealized gain (loss) on derivative instruments1,395 (298) 3,153 Foreign currency exchange gain (loss)74 340 203 Adjusted EBITDA from equity-accounted investments31,143 22,332 31,171