Calendar An icon of a desk calendar. Cancel An icon of a circle with a diagonal line across. Caret An icon of a block arrow pointing to the right. Email An icon of a paper envelope. Facebook An icon of the Facebook "f" mark. Google An icon of the Google "G" mark. Linked In An icon of the Linked In "in" mark. Logout An icon representing logout. Profile An icon that resembles human head and shoulders. Telephone An icon of a traditional telephone receiver. Tick An icon of a tick mark. Is Public An icon of a human eye and eyelashes. Is Not Public An icon of a human eye and eyelashes with a diagonal line through it. Pause Icon A two-lined pause icon for stopping interactions. Quote Mark A opening quote mark. Quote Mark A closing quote mark. Arrow An icon of an arrow. Folder An icon of a paper folder. Breaking An icon of an exclamation mark on a circular background. Camera An icon of a digital camera. Caret An icon of a caret arrow. Clock An icon of a clock face. Close An icon of the an X shape. Close Icon An icon used to represent where to interact to collapse or dismiss a component Comment An icon of a speech bubble. Comments An icon of a speech bubble, denoting user comments. Ellipsis An icon of 3 horizontal dots. Envelope An icon of a paper envelope. Facebook An icon of a facebook f logo. Camera An icon of a digital camera. Home An icon of a house. Instagram An icon of the Instagram logo. LinkedIn An icon of the LinkedIn logo. Magnifying Glass An icon of a magnifying glass. Search Icon A magnifying glass icon that is used to represent the function of searching. Menu An icon of 3 horizontal lines. Hamburger Menu Icon An icon used to represent a collapsed menu. Next An icon of an arrow pointing to the right. Notice An explanation mark centred inside a circle. Previous An icon of an arrow pointing to the left. Rating An icon of a star. Tag An icon of a tag. Twitter An icon of the Twitter logo. Video Camera An icon of a video camera shape. Speech Bubble Icon A icon displaying a speech bubble WhatsApp An icon of the WhatsApp logo. Information An icon of an information logo. Plus A mathematical 'plus' symbol. Duration An icon indicating Time. Success Tick An icon of a green tick. Success Tick Timeout An icon of a greyed out success tick. Loading Spinner An icon of a loading spinner.

Altera narrows loss to $127m in 2021

Rosebank Equinor
Equinor's Rosebank, which will use the Knarr FPSO.

Aberdeenshire-headquartered offshore services group Altera Infrastructure reported a pre-tax loss of $127 million for 2021, as vessel impairments continue to drag on performance.

The company recorded a pre-tax loss of $126.8m (£93.5m) for full-year 2021, narrowing that of the previous year which saw $340m (£251m) lost in the wake of write-downs across a number of its vessels.

Full-year revenue also saw a marginal decline, from $1.18 billion (£870m) in 2020 to $1.15bn (£850m) last year.

Formerly the offshore unit of Teekay, the business was spun off and rebranded as Altera Infrastructure in 2020. It operates a fleet of 45 oil and gas vessels including floating production, storage and offloading (FPSO) units, shuttle tankers, and towing and installation vessels.

2020 also saw the company relocate its headquarters to Westhill, Aberdeenshire, where around 60 of its 2,000 global employees are based. At the time it said the move was aimed at “reducing complexity” and bringing management of the business closer to its operations.

Q4 2021 revenue stood at $315.7m (£232.9m), with a net loss for the quarter of $87.9m (£64.8m), owing to the impact of $152m (£112m) of vessel impairments, Altera said.

Adjusted EBITDA grew to $166m (£122m) for the final three months of 2021, compared with $142m (£105m) for the same period the prior year.

Altera said the increase was mainly driven by oil price tariff revenue in its FPSO business and higher utilization in the towage segment, partially offset by lower utilisation in the shuttle tanker segment and other FPSO assets in lay-up.

EBITDA in its shuttle tanker business fell by $13m (£9.5m), on the back of lower utilisation and the termination of its Foinaven contract with bp in May 2021.

Meanwhile, the group said its newbuild vessel, the Altera Thule, is expected to be delivered in March 2022 and will operate off the East Coast of Canada.

It also noted recent contract awards, including a one-year firm contract extension to May 2024 and a further 1-year option for the Petrojarl I FPSO, signed with Enauta.

It added that the Knarr FPSO is expected to cease production on the Knarr field in the North Sea around May, 1 2022 at which point field decommissioning activities will begin.

Last year Altera said it was “fully engaged” in a concept study with Equinor which could see the FPSO redeployed at the operator’s 300-million-barrel Rosebank field.

Arne Gurtner, UK and Ireland boss at the Norwegian energy giant, said an update on the field would be provided this year.

Referencing its liquidity, Altera added that December 2021 saw subsidiary Altera Shuttle Tankers issue a new $180m bond due in 2025. Proceeds were used to repay bonds due in 2022.

Recommended for you

More from Energy Voice

Latest Posts