Altera Infrastructure has today announced the completion of the acquisition of its FPSO (Floating Production Storage and Offloading) business by global investment firm Carlyle (NASDAQ: CG), marking the beginning of a new chapter as an independent company dedicated exclusively to floating production solutions for the offshore energy industry.
With the transaction now complete, the company begins operations with a strong balance sheet, a clear long-term growth strategy, and a high-quality portfolio of operating assets. Altera's global footprint spans major offshore oil and gas regions including the North Sea, Brazil, and West Africa, with a core fleet of Floating Production, Storage, and Offloading (FPSO) and Floating Storage and Offloading (FSO) units supporting world-class operators.
Chris Brett has assumed the role of Chief Executive Officer and will lead the company through its next phase of growth, supported by a newly established Executive Leadership Team that brings deep expertise across commercial, project execution, operational and corporate functions focused on delivering long-term value for customers, employees and shareholders.
The Executive Leadership Team comprises:
Chris Brett – Chief Executive Officer
Arne Hygen Tørnkvist – Executive Vice President & Deputy CEO
Stephen Cox – Chief Financial Officer
Runar Nyberg – Chief Operating Officer
Martin King – General Counsel
Solveig Hellebust – Senior Vice President, People & Culture
Chris Brett, Chief Executive Officer, said: “We begin this journey with exceptional people, long-standing customer relationships and one of the strongest floating production portfolios in our industry. Backed by Carlyle's long-term investment, we are well positioned to continue growing our business and creating value for our customers. Today is much more than a change of ownership. It marks the beginning of a new chapter for our company.
“Our ambition is straightforward: to be the partner of choice for developing and operating floating production solutions. Everything we do will be built on safe operations, strong execution, trusted partnerships and a relentless focus on our customers.
"I would like to thank every member of the Altera team whose commitment and professionalism have brought us to this milestone. I'm excited about what we will accomplish together in the years ahead."
As part of the transaction, the FPSO business has acquired the Altera Infrastructure brand and naming rights and will continue to trade and operate under the Altera brand.
Looking ahead, Altera is well positioned for its next phase of growth. Supported by Carlyle's long-term investment and deep sector expertise, the company intends to pursue both organic growth and strategic acquisitions while continuing to deliver innovative floating production solutions to customers around the world.