Altera Infrastructure GP L.L.C. Announces a Change to its Board of Directors

PEMBROKE, Bermuda, June 18, 2020 (GLOBE NEWSWIRE) — Altera Infrastructure GP L.L.C. (ALIN GP), the general partner of Altera Infrastructure L.P. (Altera Infrastructure or the Partnership), announced the following change to its Board of Directors (the Board), which was first indicated on January 23, 2020:

Kenneth Hvid, Board member and President & Chief Executive Officer of Teekay Corporation, has retired from the Board, effective June 17, 2020.

“On behalf of the Board and leadership team, I want to thank Kenneth for his dedicated service, and his many contributions, during his tenure on the Board. Kenneth’s support has been invaluable during the transition to Brookfield’s ownership of the Partnership. We will miss his wise counsel, going forward,” commented Bill Utt, Chairman of the Board.

About Altera Infrastructure

Altera Infrastructure is a leading global energy infrastructure services partnership 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’s preferred units trade on the New York Stock Exchange under the symbols “ALIN PRA”, “ALIN PRB” and “ALIN PRE”, respectively.