Carlyle to acquire Altera Infrastructure Group’s FPSO business
Carlyle has agreed to acquire a diversified floating production, storage and offloading (FPSO) business from Altera Infrastructure Group.
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Global investment firm Carlyle has agreed to acquire a diversified floating production, storage and offloading (FPSO) business from Altera Infrastructure Group, an offshore energy infrastructure company owned by Brookfield Asset Management’s private equity business.
Altera Infrastructure is a 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 and West Africa.
The acquired business includes ownership of multiple FPSOs and one FSO (floating storage and offloading), which are underpinned by long-term contracts with major oil and gas companies. The portfolio includes the Petrojarl Kong FPSO and FSO Yamoussoukro, deployed in the Côte d'Ivoire with Eni, which represents the first net zero emission upstream project (Scope 1 and 2) in Africa, the Piranema FPSO, as well as 50% of the Altera&Ocyan joint-venture asset Pioneiro de Libra FPSO, deployed in Brazil with Petrobras.
Equity for the transaction will come from Carlyle International Energy Partners II (CIEP II), a private equity fund that focuses on energy opportunities globally.
Bob Maguire, co-head of CIEP, said: “This is a rare opportunity to acquire an established and high-quality FPSO business with a strong management team, operating track record and long-term cashflows. This portfolio benefits from long-term contracts, strong FPSO market fundamentals, and exposure to world-class operators which position it well for success.”
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