Teekay Offshore Partners L.P. changes its name to Altera Infrastructure L.P. as part of global group rebranding initiative

Hamilton, BERMUDA

PEMBROKE, Bermuda, March 24, 2020 (GLOBE NEWSWIRE) -- Teekay Offshore Partners L.P. (the “Partnership”) today announced that its name has changed to Altera Infrastructure L.P. effective 24 March 2020. The Partnership announced that the group of entities comprising of the Partnership’s affiliates and subsidiaries (formerly referred to as Teekay Offshore) (the “Group”) is rebranding to Altera Infrastructure. As previously announced in advance, also effective March 24, 2020, the Partnership’s preferred units, which previously traded on the New York Stock Exchange (“NYSE”) under the ticker symbols “TOO PR A”, “TOO PR B” and “TOO PR E”, respectively, now trade on NYSE under the new ticker symbols “ALIN PR A”, “ALIN PR B” and “ALIN PR E”.

With the new brand, the Group also presents a new vision and visual identity.

In support of our new vision to lead the industry to a sustainable future, we are establishing a global energy infrastructure services business that will create long term value for its stakeholders. Upholding our uncompromised commitment to operational excellence and safety, we will be relentless in our pursuit of opportunities that lead to strong results and lower emissions and we stand firm to these principles through the current period of market volatility. There will be a transition in our part of the industry, and we are committed to be at the forefront,” says Ingvild Saether, President & Chief Executive Officer, Altera Infrastructure Group Ltd.

OSE Ticker code changes

At the same time, Teekay Shuttle Tankers L.L.C., a subsidiary of the Partnership, announced that, in addition to changing its name to Altera Shuttle Tankers L.L.C. effective March 24, 2020, its two bonds which currently trade on the Oslo Stock Exchange (“OSE”) under the ticker symbols “TST01” and “TST02 G” will, effective March 25, 2020, trade on OSE under the new ticker symbols “AST01” and “AST02 G” respectively.

Forward Looking Statements

This press release includes statements that may constitute forward-looking statements made pursuant to the safe harbor provision of the Private Securities Litigation Reform Act of 1995, including statements related to the Partnership’s strategies and plans for creating stakeholder value. Such statements are subject to risks and uncertainties that could cause actual results to differ materially from those projected. Important factors that could cause actual results to differ materially from the Partnership’s expectations and may adversely affect the Partnership’s business and results of operations may include unanticipated market volatility (such as volatility resulting from the recent COVID-19 outbreak), as well as those risk factors disclosed in Item 3 of the Partnership’s Annual Report on Form 20-F for the year ended December 31, 2019, filed with the U.S. Securities and Exchange Commission (the “SEC”) on February 28, 2020, as updated and supplemented by subsequent filings with the SEC. The forward-looking statements speak only as of the date made, and, other than as may be required by law, the Partnership undertakes no obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.

About Altera Infrastructure

Altera Infrastructure is a leading global energy infrastructure services provider 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 L.P.’s preferred equity units trade on the New York Stock Exchange under the symbols “ALIN PR A”, “ALIN PR B” and “ALIN PR E”, respectively.

For Investor Relations enquires contact:
Jan Rune Steinsland,
Chief Financial Officer

Tel:        +47 97 05 25 33
E-mail:  janrune.steinsland@alterainfra.com
For Media enquires contact:
Axel Wiedenmann,
Director Communications

Tel:        +47 95 16 30 22
E-mail:  media@alterainfra.com