Altera Infrastructure announces divestment of Altera Shuttle Tankers L.L.C.

/EIN News/ -- WESTHILL, United Kingdom, Nov. 06, 2024 (GLOBE NEWSWIRE) -- Altera Infrastructure Holdings L.L.C. (Altera), a wholly owned subsidiary of Altera Infrastructure L.P., has entered into an agreement to sell all its membership interests in Altera Shuttle Tankers L.L.C. (AST) to Maistros Shiptrade Limited, a company affiliated with the Angelicoussis Group.

Altera Shuttle Tankers L.L.C. is a leading shuttle tanker provider, owning and operating 18 shuttle tankers in Brazil, Canada and the North Sea.

The Angelicoussis Group is one of the world’s largest privately owned shipping groups, currently with 144 vessels on the water and 23 vessels (including three shuttle tankers) on order.

This transaction brings together Altera Infrastructure’s shuttle tanker business and the Angelicoussis Group, strengthening the business through a shared foundation of maritime expertise and industry heritage. With this alignment, the combined shuttle tanker operation is well positioned to strengthen its position as one of the largest global fleets in its segment, benefitting from the experience and operational strengths of both parties.

“I am pleased to announce that one of our affiliated companies has signed a deal to acquire Altera Shuttle Tankers,” said Maria Angelicoussis, CEO of the Angelicoussis Group. “AST’s long-standing relationships and highly sophisticated fleet of tankers, combined with a common culture of excellence and commitment to a sustainable future, mean that together, AST and our Group are firmly positioned to offer best-in-class services to clients across the expanding shuttle tanker market.”

Duncan Donaldson, Acting CEO of Altera Infrastructure commented: "This agreement marks the beginning of an exciting new chapter for our shuttle tanker business with a buyer that shares our core values, particularly in safety, sustainability, teamwork and innovation. We believe that under new ownership, this segment will continue to grow, supported by a strong strategic vision and deep industry expertise. While we move through this transition, our focus remains on delivering safe and reliable operations and ensuring a seamless handover."

Completion of the Transaction is conditional upon receipt of relevant regulatory approvals. Subject to receipt of such approvals, completion is expected to occur in H1 2025.

Jefferies acted as financial advisor, Rystad Energy as commercial advisor, Kirkland & Ellis and Schjødt as legal advisors and PwC as tax advisor to Altera.

About Altera Infrastructure

Altera Infrastructure is a leading global energy infrastructure services group primarily focused on the ownership and operation of critical infrastructure assets in offshore oil regions of the North Sea, Brazil, West Africa and the East Coast of Canada.

Altera Infrastructure has consolidated assets of approximately $5 billion, comprised of 30 offshore assets, including floating production, storage and offloading (FPSO) units, shuttle tankers, floating storage and offtake (FSO) units and a unit for maintenance and safety (UMS). The majority of Altera Infrastructure’s fleet is employed on medium-term, stable contracts.

For more information about Altera Infrastructure, please visit alterainfra.com

About the Angelicoussis Group

The Angelicoussis Group is a privately owned group of shipping companies dating back to 1947. Through Athens-based companies, Maran Tankers Management, Maran Gas Maritime and Maran Dry Management, the Group operates a modern, diversified fleet serving the oil, gas and dry cargo markets. Founded by Antonis I. Angelicoussis, the Group has more than 75 years of family legacy providing best-in-class shipping services, operational excellence and industry-leading safety performance. Today, with 8,500-plus employees, 144 vessels on the water and 23 vessels on order, the Angelicoussis Group is one of the world’s largest privately owned shipping groups. Maistros Shiptrade Limited is a company affiliated with the Angelicoussis Group. For more information, please visit angelicoussisgroup.com.

Media Contacts:

Altera Shuttle Tankers
Steffen Rogne
Manager Corporate Communications
media@alterainfra.com

Angelicoussis Group
Elisabeth Morris-Maragoula
Head of Public Affairs and Communications
emaragoula@angelicoussisgroup.com

Investor Contact Altera:
Terje Selle Rundberg
VP Financing and Treasury
investor.relations@alterainfra.com