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Altera Infrastructure Reports Fourth Quarter and Annual 2020 Results
Altera Infrastructure L.P.February 4, 2021 GMT
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 2020
Adjusted EBITDA(1) of $142.2 million in the fourth quarter of 2020
The following table presents the Partnership’s Consolidated Financial Summary:
Write-downs double losses for Altera Infrastructure
Write-downs on the value of its vessels saw Aberdeen-headquartered FPSO firm Altera Infrastructure more than double its pre-tax losses in 2020.
Updated: 04/02/2021, 12:48 pm
The Altera-owned Voyageur Spirit arriving at the drydock in Kishorn.
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Write-downs on the value of its vessels saw Aberdeen-headquartered FPSO firm Altera Infrastructure more than double its pre-tax losses in 2020.
The company, until last year part of shipping group Teekay, posted a pre-tax deficit of $340.4million (£249.5m) for 2020, compared to $151.2million (£110.9m) losses in 2019.
3 February 2021 16:19 GMT Updated 3 February 2021 16:37 GMT in London
Yet more safety problems have been discovered on the Altera Infrastructure-operated Petrojarl Foinaven floating production, storage and offloading vessel, this time in relation the integrity of the hull including cracks measuring almost a third of a metre.
The Health & Safety Executive (HSE) said inspections of the vessel at work on BP s Foinaven field since 1997 in November and December found Altera had “failed to demonstrate that the installation is not operated in such a way as may prejudice its hull integrity”.
HSE has now issued three improvement notices, giving Altera until April to comply.