Altera relocating 'principal office' to Aberdeenshire from Bermuda - News for the Oil and Gas Sector - Energy Voice

Floating production vessel contractor Altera Infrastructure is relocating its “principal office” from Bermuda to its premises in Westhill, near Aberdeen.

The company said it would close its office in Bermuda and relocate the headquarters of a number of subsidiaries to the UK and others to Norway.

It said the move would “reduce the complexity of its group structure” and promote better strategic management.

Altera, formerly part of Teekay, intends to complete the relocation to the UK in December 2020.

The firm said: “We consider both the UK and Norway as highly suitable jurisdictions given the group’s history of substantial operations in the North Sea, the nexus to European sources of investment and funding and the ease of doing business in well-established corporate and legal environments.”

Altera included the information in its third quarter results, which showed net losses of $6 million, compared to losses of $24m for the corresponding period a year ago.

Losses narrowed thanks to a $22 million increase in unrealised fair value on derivative instruments and $6 million lower depreciation due to vessels impaired and sold in prior quarters.

Altera was also helped by a $5 million decrease in net interest expense, partly offset by a decrease in revenues of $13 million mainly in the shuttle tanker segment.

Adjusted Ebitda was $140 million in the third quarter of 2020, compared to $162 million in the same quarter of the prior year.

The decrease was mainly due to the Voyageur FPSO completing operations at Premier Oil’s Huntington field in June 2020, lower uptime on the Petrojarl I FPSO and lower activity in the shuttle tanker segment.

Highlights for the third quarter included Premier Oil exercising the first of three options to extend the contract of affreightment on the UK Solan field by 12 months.

Dana Petroleum agreed to extend the firm period of the current contract of affreightment on the Triton field by six months from September 2020.

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