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Altera Infrastructure and Wintershall Dea have received a license from the Norwegian Ministry of Petroleum and Energy to develop the Havstjerne CO2 storage in the North Sea, capable of storing 7 million tonnes of CO2 annually. This initiative supports Carbon Capture and Storage (CCS) as a key strategy in combating climate change. Altera is enhancing its CCS capabilities through the Stella Maris project, focusing on a complete value chain from CO2 collection to safe storage. The company is also engaged in discussions with CO2 emitters across Europe, positioning itself as a leader in sustainable energy solutions.
Altera Infrastructure has successfully emerged from Chapter 11 bankruptcy, significantly restructuring over $1 billion in debt. The process aimed to improve liquidity and align cash flows with debt obligations. They raised $94 million through an equity rights offering to repay credit facilities and enhance liquidity. Altera also secured a bareboat charter with Equinor for the Petrojarl Knarr FPSO, expected to generate substantial cash flows as it supports the Rosebank field project. This restructuring positions Altera for sustainable growth in the offshore energy sector.
Altera Infrastructure has initiated a Chapter 11 restructuring process to enhance its balance sheet and improve liquidity. Supported by Brookfield and a majority of its lenders, the company aims to address over $1 billion in debt and secure $50 million in debtor-in-possession financing. Altera will continue normal operations during the process, which includes a plan to restructure its bank loans and maintain commitments to employees and suppliers. The restructuring is expected to stabilize liquidity and position Altera for future growth.
Altera Infrastructure GP LLC reported a net loss of $40 million for Q2 2022, a decline from a $28 million loss in Q2 2021. Revenues fell to $296.2 million, down from $323.7 million in the previous quarter. Adjusted EBITDA grew to $129.1 million, bolstered by higher oil price tariff revenue and shuttle tanker utilization. However, the absence of contributions from the Knarr FPSO and increased interests costs impacted overall performance. Liquidity decreased to $186 million, and the Partnership engaged with lenders to realign debt, deferring some payments until August 2022.
Altera Infrastructure L.P. plans to release its financial results for the Second Quarter of 2022 on August 4, 2022, after market close. The company, focused on energy infrastructure services, operates critical offshore assets in regions including the North Sea and Brazil. Altera boasts approximately $3.8 billion in consolidated assets, including 44 offshore assets like FPSO units and shuttle tankers. The majority of its fleet is secured through medium-term, stable contracts. Altera's preferred units trade under the symbols ALIN PRA, ALIN PRB, and ALIN PRE.
Altera Infrastructure GP LLC reported Q1 2022 results, showing revenues of $323.7 million and net income of $52.9 million or $0.11 per common unit. This marks an increase compared to $6 million net income in Q1 2021, primarily driven by higher oil price tariff revenues and day rates in the FPSO and Towage segments. Adjusted EBITDA rose to $169.7 million, up from $120.3 million year-on-year. The partnership holds total liquidity of $171 million as of March 31, 2022, down from $191 million at year-end 2021.
Altera Infrastructure L.P. (NYSE: ALIN PRA, ALIN PRB, ALIN PRE) will release its financial results for Q1 2022 on May 2, 2022, after market close. The company, based in Aberdeen, UK, specializes in global energy infrastructure services, focusing on offshore oil assets in regions including the North Sea and Brazil. With consolidated assets of approximately $3.9 billion, Altera operates 45 offshore assets, primarily under medium-term contracts. The general partner is wholly owned by Brookfield Business Partners L.P.
Altera Infrastructure GP reported its fourth quarter 2021 results, revealing revenues of $315.7 million but a net loss of $87.9 million or $(0.23) per common unit. Adjusted EBITDA increased to $165.8 million, driven by higher oil price tariff revenue and improved utilization in the Towage segment. The Partnership faced $152 million in vessel impairments contributing to the net loss. Liquidity at year-end was $191 million, slightly down from the previous quarter. Contract extensions and a newbuild delivery in 2022 were also announced.
Altera Infrastructure plans to announce its Fourth Quarter 2021 financial results on February 3, 2022, before the market opens. The company, based in Aberdeen, operates significant energy infrastructure assets in offshore oil sectors, particularly in the North Sea, Brazil, and the East Coast of Canada. With assets valued at approximately $3.9 billion, Altera operates a substantial fleet, including FPSO units and shuttle tankers, mostly secured by medium-term contracts. The company is wholly owned by affiliates of Brookfield Business Partners.
Altera Infrastructure GP LLC reported its third-quarter 2021 results, revealing revenues of $295.8 million but a net loss of $26.0 million or $(0.08) per common unit. Adjusted EBITDA rose to $156.3 million, driven by improved oil price tariff revenue and lower operating costs in the FPSO segment. The Partnership completed a debt exchange with Brookfield, affecting $699.3 million of indebtedness, and suspended distributions on preferred units to enhance liquidity. Total liquidity decreased to $195 million.
