Altera Infrastructure Reports First Quarter 2021 Results

By Globe Newswire9 days ago

ABERDEEN, United Kingdom, May 05, 2021 (GLOBE NEWSWIRE) -- Altera Infrastructure GP LLC (), the general partner of Altera Infrastructure L.P. (or), today reported the Partnership's results for the quarter ended March 31, 2021.

  • Revenues of $272.8 million and net income of $5.9 million, or $0.00 per common unit, in the first quarter of 2021
  • Adjusted EBITDA(1) of $120.3 million in the first quarter of 2021

The following table presents the Partnership's Consolidated Financial Summary:

AD

The Partnership generated net income of $6 million for the three months ended March 31, 2021, compared to a net loss of $259 million for the three months ended March 31, 2020. The results for the recent quarter benefited mainly from the absence of a $172 million impairment loss and a decrease of $105 million in loss on derivatives, compared to the same quarter in the prior year. This was partially offset by lower revenues from the FPSOand the FSO and an absence of FPSO revenues as a result of the unit being in lay-up.

Adjusted EBITDA was $120 million in the first quarter of 2021, compared to $164 million in the same quarter of the prior year. The decrease of $44 million mainly reflects lower economic uptime on the FPSO, an absence of FPSO revenues, lower day rates on the FSO and an absence of revenues from two vessels in the FSO segment that were sold.

Operating Results

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