Investment Firm Carlyle Buys Altera Infrastructure Group\u2019s FPSO Business
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\nGlobal investment firm Carlyle is jumping into the offshore energy sector reporting it has agreed to acquire the FPSO (Floating Production, Storage and Offloading) business from Altera Infrastructure Group, a leading offshore energy infrastructure company owned by Brookfield Asset Management\u2019s private equity business. The investment group with $465 billion of assets under management has decided to enter the business due to the strong opportunities.<\/p>\n
Altera currently has a fleet of six FPSOs deployed in Brazil, Dubai, and Cote d\u2019Ivoire. It also has two FSOs operating off Cote d\u2019Ivoire and in the Gulf of Thailand.<\/p>\n
\u201cThis 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,\u201d said Bob Maguire, Co-Head of Carlyle International Energy Partners (CIEP). \u201cThis portfolio benefits from long-term contracts, strong FPSO market fundamentals, and exposure to world-class operators which position it well for success.\u201d\u00a0<\/p>\n
It is part of continuing efforts that have been reshaping the business of UK-based Altera Infrastructure. It reorganized through the US bankruptcy proceeding in late 2022. At the end of last year, it sold its\u00a0
\ninterests in Altera Shuttle Tankers, a fleet of 18 shuttle tankers in Brazil, Canada, and the North Sea, to Maistros Shiptrade, a company affiliated with the Angelicoussis Group.<\/p>\n
The business being acquired by Carlyle includes ownership of the FPSOs and the FSO (Floating Storage and Offloading), which are underpinned by long-term contracts with major oil and gas companies. The portfolio includes the Petrojarl Kong FPSO and FSO Yamoussoukro, deployed in the Ivory Coast with Eni, which represents the first net-zero emission upstream project in Africa, the Piranema FPSO, as well as 50 percent of the Altera&Ocyan joint-venture asset Pioneiro de Libra FPSO, deployed in Brazil with Petrobras. Additionally, the business has a strong pipeline of future growth and redeployment opportunities.<\/p>\n
Carlyle says it will support the Altera FPSO business through its sector-specific investment team. It promises available follow-on equity capital for accretive growth and M&A, building on the company\u2019s track record in redeployments.\u00a0
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