Altera Infrastructure GP L.L.C. Announces a Change to its Board of Directors

Rhea-AI Summary

Altera Infrastructure GP L.L.C. (ALIN GP) has announced the retirement of Kenneth Hvid, Board member and CEO of Teekay Corporation, from its Board of Directors, effective June 17, 2020. Hvid's contributions were acknowledged, particularly during the transition to Brookfield's ownership. Altera Infrastructure is focused on energy infrastructure services with assets worth approximately $5.2 billion, including 56 offshore assets. The majority of its fleet operates on medium-term contracts, providing stability. Altera's preferred units trade under symbols ALIN PRA, ALIN PRB, and ALIN PRE.

Positive

• Kenneth Hvid's contributions during the transition to Brookfield's ownership are acknowledged, indicating strong leadership during a critical time.

Negative

• The retirement of Kenneth Hvid may raise concerns regarding continuity and experience on the Board.

PEMBROKE, Bermuda, June 18, 2020 (GLOBE NEWSWIRE) -- Altera Infrastructure GP L.L.C. (ALIN GP), the general partner of Altera Infrastructure L.P. (Altera Infrastructure or the Partnership), announced the following change to its Board of Directors (the Board), which was first indicated on January 23, 2020:

• Kenneth Hvid, Board member and President & Chief Executive Officer of Teekay Corporation, has retired from the Board, effective June 17, 2020.

“On behalf of the Board and leadership team, I want to thank Kenneth for his dedicated service, and his many contributions, during his tenure on the Board. Kenneth’s support has been invaluable during the transition to Brookfield’s ownership of the Partnership. We will miss his wise counsel, going forward,” commented Bill Utt, Chairman of the Board.

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 $5.2 billion, comprised of 56 offshore assets, including floating production, storage and offloading (FPSO) units, shuttle tankers (including five new builds), 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 PRA”, “ALIN PRB” and “ALIN PRE”, respectively.

100%; border-collapse:collapse !important;">

30%; width:30%; min-width:30%;">	70%; width:70%; min-width:70%;">
30%; width:30%; min-width:30%;">For Investor Relations enquires contact: Jan Rune Steinsland, Chief Financial Officer Tel:  +47 97 05 25 33 E-mail:  investor.relations@alterainfra.com	70%; width:70%; min-width:70%;">For Media enquires contact: Axel Wiedenmann, Director Communications Tel:  +47 95 16 30 22 E-mail:  media@alterainfra.com

FAQ

What is the significance of Kenneth Hvid's retirement from Altera Infrastructure's Board?

Kenneth Hvid's retirement may impact the continuity of leadership, as his contributions were critical during the transition to Brookfield's ownership.

When did Kenneth Hvid retire from Altera Infrastructure's Board?

Kenneth Hvid retired from the Board effective June 17, 2020.

What are the key assets of Altera Infrastructure?

Altera Infrastructure has approximately $5.2 billion in assets, including 56 offshore assets like FPSO units and shuttle tankers.

What is the focus of Altera Infrastructure as a partnership?

Altera Infrastructure focuses on energy infrastructure services, primarily in offshore oil regions of the North Sea, Brazil, and the East Coast of Canada.