Altera Infrastructure

What Altera Infrastructure does

Altera Infrastructure is a private offshore energy infrastructure operator providing Floating Production, Storage and Offloading (FPSO) and Floating Storage and Offloading (FSO) services to international and national oil and gas companies. The company operates a fleet of six FPSOs and one FSO plus a 50% interest in three additional units managed through the Altera&Ocyan joint venture, with consolidated assets of approximately $3 billion. It is the fourth largest leased FPSO operator globally and the largest independent FPSO operator in the North Sea, with a 45-year heritage in the floating sector tracing back to Teekay's offshore business, from which it was spun off in 2017. The fleet is deployed across the UK North Sea (Rosebank), Brazil (Libra, Papa Terra, Angra dos Reis), and West Africa (Baleine, Côte d'Ivoire), with major customers including Eni and other upstream operators.

The company's underlying technology centers on ship-shaped and cylindrical FPSO designs equipped with dynamic positioning (DP) and offshore loading (OL) systems that enable continuous hydrocarbon offloading in deepwater and harsh weather environments. Proprietary engineering capabilities include next-generation FPSO technologies supporting deepwater extraction and rapid asset redeployment — exemplified by the 24-month Petrojarl Kong redevelopment schedule at the Baleine field. Altera also offers full duty holder services covering safety case management, production operations, and commercial aspects of offshore production.

Altera generates revenue through long-term time charter contracts with oil and gas operators, structured around day rates and availability bonuses under multi-year agreements. Revenue streams are therefore subscription-recurring in nature. The company pursues growth via competitive tenders for major offshore development projects and leverages long-standing operator relationships. Ownership rests with Brookfield Asset Management's private equity business following a ~2020 acquisition, a January 2023 restructuring that transferred equity control to noteholders, and a September 2025 announced sale of the entire FPSO business to Carlyle Group — pending regulatory approval — which will materially reshape the company's revenue base and strategic direction. The company maintains approximately 750 employees across offices in Aberdeen (UK HQ), Trondheim, Stavanger, Manila, Rio de Janeiro, and Abidjan.

Name

Altera Infrastructure

Legal name

Altera Infrastructure Holdings L.L.C.

Website

https://alterainfra.com/

Company type

Private

Founded year

2006

Operating status

Operating

Headcount range

1,001–5,000 employees

Short description

Altera Infrastructure is a private offshore energy infrastructure operator providing FPSO and FSO charter services to oil and gas operators. The company operates a fleet of six FPSOs and one FSO globally, anchored by major customers including Eni at the Baleine field.

Ownership category

akta.pro rank

Product category

Offshore Energy Infrastructure Services

NAICS

Support Activities for Water Transportation (4883)

SIC

Oil & Gas Field Services, Nec (1389)

akta.pro primary industry

Offshore E&P (Shallow/Deepwater, Subsea Production Systems) (EUALAAAI)

akta.pro secondary industry

Offshore Marine & Aviation Support (PSVs, AHTS, Crew Boats, Helicopters) (EUALABAJ)

Keywords

• Offshore oil production
• Floating production storage
• FPSO charter services
• Offshore energy infrastructure
• Deepwater production assets

Headquarters

HQ city

Hamilton

HQ country

Bermuda

Offices6 records

Markets served

GTM type

B2B

Offering type

Services

Cost components

Personnel, Operations, Infrastructure, Supply Chain, Technology or R&D

Revenue model

1. FPSO Charter Contracts: Long-term time charter contracts for Floating Production, Storage and Offloading units. The majority of Altera's fleet is employed on medium-term, stable contracts with oil and gas operators. Revenue is generated through day rates and availability bonuses under these service agreements.
2. FSO Charter Contracts: Floating Storage and Offloading unit charters providing storage and offloading services to offshore installations, typically under long-term contractual arrangements.

Pricing tiers

Go-to-market motion1 record

Distribution channels1 record

Marketing channels4 records

Core offering

Altera Infrastructure provides floating production, storage and offloading (FPSO and FSO) infrastructure on long-term charter contracts to offshore oil and gas operators. The company operates a fleet of six FPSOs and one FSO, delivering full duty holder services covering production operations, safety case management, storage, offloading, and life extension across deepwater fields in the North Sea, Brazil, and West Africa.

Product overview

Altera Infrastructure is a leading global energy infrastructure services group providing critical offshore infrastructure assets to the energy industry. The company operates a fleet of six production units (FPSOs) and one FSO (Floating Storage and Offloading) unit, making it the largest and most experienced independent FPSO operator in the North Sea and the fourth largest leased FPSO operator globally. The core product portfolio centers on FPSO solutions—specializing in designing, providing, and operating ship-shaped and cylindrical FPSOs to extract challenging hydrocarbons in deep waters and harsh weather conditions. Services include bespoke duty holder services covering production, cost and field life efficiencies, with ownership and control of safety cases, people, operation and commercial aspects. FSO units complement the offering with advanced onboard technology including dynamic positioning (DP) and offshore loading (OL) systems for safe and reliable offloading in both deep water and harsh weather environments.

Differentiator

Problem solved

Functional benefit

Products and services

• FPSO Petrojarl Kong Charter Services Long-term FPSO charter and operating services for the Petrojarl Kong unit supporting deepwater offshore oil and gas production at the Baleine field in Côte d'Ivoire, including duty holder operations, production, storage, and offloading.
• FPSO Petrojarl Rosebank Charter Services

Quantifiable outcome

• 24-month rapid schedule for Petrojarl Kong FPSO redevelopment
• +2 more outcomes

Named customers2 records

Segments1 record

Ideal customer profiles1 record

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature3 records

Partnerships

Two partnerships are on record, tiered core and minor.

• Altera&Ocyan Joint VenturecoreStrategic or Co-development Partner50% owned joint venture managing additional offshore units. Carlyle's acquisition includes this 50% ownership stake in the Altera&Ocyan JV.
• Ship Recycling Facilities (SRFs) in India, Turkey, and NorwayminorOthersAltera has close working relationships with top-tier SRFs in India, Turkey, and Norway for vessel recycling when alternate employment is not feasible. The company maintains a strict audit and inspection regime for approval of facilities and follows up the entire recycling process.

Scale indicators7 records

Recent moves8 records

Expansion highlights4 records

Direct peers

• SBM Offshore: One of the world's largest leased FPSO operators, providing design, construction, installation, and operation of FPSOs for offshore oil and gas. Directly competes with Altera on FPSO charter tenders globally.
• BW Offshore: Pure-play independent FPSO contractor operating a global fleet under long-term charter contracts with oil and gas operators. Directly comparable to Altera on business model, customer base (IOCs/NOCs), and asset class.
• Bluewater Energy Services: Independent provider of FPSO and FSO solutions, with comparable leasing and operations model serving offshore oil and gas operators. A smaller but direct competitor in the leased FPSO market.
• Yinson Production: Independent FPSO provider with operations in West Africa, Brazil and Southeast Asia. Comparable business model of long-term FPSO charters with NOCs and IOCs, with growing West Africa presence overlapping Altera's Baleine exposure.
• MODEC: Japanese FPSO contractor with a global fleet serving offshore oil and gas fields. Closely comparable to Altera in offering long-term EPCI and charter of floating production systems.

Broad incumbents

• Saipem: Large integrated energy services and engineering contractor with an FPSO and offshore EPCI portfolio. Comparable on FPSO engineering and offshore project execution but operates across a much broader service portfolio.
• Aker Solutions: Norwegian provider of offshore production systems and subsea engineering for the offshore oil and gas industry. Comparable through its involvement in floating production systems, though larger and more diversified than Altera.
• Petrofac: Global energy services company providing offshore engineering, operations and maintenance to oil and gas operators. Comparable on offshore production support but with a broader services portfolio.
• Wood Group: Global engineering and consulting company with offshore operations and production support services to oil and gas operators. Comparable customer base and offshore operations exposure, though a much broader industrial portfolio.
• DOF Group: Norwegian offshore service provider with subsea, marine, and offshore vessel operations serving offshore oil and gas. Comparable in geographic footprint and offshore operations support, though more focused on subsea and marine services than FPSOs.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat5 records

Key risks6 records

Key highlights7 records

Customer concentration

Revenue estimate

Valuation estimate

Number of profiles

Profiles6 records

Subsidiaries2 records

Funding overview

Funding rounds1 record

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Altera Infrastructure