Altera Infrastructure
JP Morgan High Yield Conference – September, 2020
1
This release contains forward-looking statements (as defined in Section 21E of the Securities Exchange Act of 1934,
as amended) which reflect management’s current views with respect to certain future events and performance,
including, among others, the timing of the commencement of charter contracts. The following factors are among those
that could cause actual results to differ materially from the forward-looking statements, which involve risks and
uncertainties, and that should be considered in evaluating any such statement: delays in the commencement of charter
contracts; unanticipated market volatility (such as volatility resulting from the recent COVID-19 outbreak); and other
factors discussed in the Partnership’s filings from time to time with the SEC, including its Report on Form 20-F for the
fiscal year ended December 31, 2019. The Partnership expressly disclaims any obligation or undertaking to release
publicly any updates or revisions to any forward-looking statements contained herein to reflect any change in the
Partnership’s expectations with respect thereto or any change in events, conditions or circumstances on which any
such statement is based.
Forward Looking Statement
2
Altera Infrastructure’s key credit highlights
3
Provider of Critical Infrastructure Services for Offshore Production1
Leading Market Positions With Barriers to Entry3
Contracted Cash Flow Profile with History of Stability4
Blue-Chip, High Credit Quality Customer Base5
World Class Operations2
Strong Sponsor and Broad Access to Capital6
Altera Infrastructure in a brief
(1) As of June 30, 2020. Based on existing contracts; but excluding extension options and oil-tarif f revenue.4
3%
48%
49%
FSO Shuttle Tanker FPSO
$4.4bn(1)Forward Revenue
~2,000Employees
53
Vessels
Blue-Chip Customers
Portfolio Focused on Midstream Assets
1) Including new builds and chartered-in vessels
2) Petrojarl Varg currently in lay-up5
Stable
Contracted
30(1) vessels
Stable
Contracted(2)
7 owned plus 3 managed
Stable
Contracted
5 vessels
Shuttle Tankers
• Unique value proposition
• Critical infrastructure to deliver North Sea, East
Coast Canada and Brazilian oil production
Pipelines
FPSOs
• Strong performer on cost,
capabilities and HSEQ
• High switching cost creates
effective barrier to entry
Gathering & Processing
FSOs
Terminals / Storage TanksSimilar to
Midstream Category
Business
Characteristics
▲ Multi-field exposure
▲ Fee-based contracts
▲ Limited replacement risk (no
other alternative)
▲ Fee-based contracts (with
fixed day rates regardless of production)
▼ Single-field exposure
(however, can be redeployed)
▲ No direct exposure to
commodity markets
▲ No seasonality
• Less capex intensive
storage option than land-based terminals
• Long life extension option of shuttle tanker fleet
Additional Attributes
ALP / Towage
Less Stable
Primarily Spot Market
10 vessels
▲ Required service for
moving large floating objects (FPSOs, rigs etc.)
▼ Short-term contracts
• Largest player in niche
market
• Highest spec fleet in the
industry
n/a
Strong and stable financial performance despite oil price fluctuations
6 Source: Macrotrends and Altera
• Steady cash flows through cycles as Altera’s business are linked to E&P’s long-term projects
• Downside protection due to the delivery of critical infrastructure and long-term contracts
• Close to 50% growth in EBITDA through the 5 years period after the market downturn in 2014
Adjusted EBITDA vs Brent Crude
0
20
40
60
80
100
120
140
160
-
100
200
300
400
500
600
700
800
2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 LTM Q2-20
Bre
nt
price (
$/b
bl)
US
D m
illio
ns
Adj EBITDA Petrobras Settlement Brent
Brookfield is a Strong and Committed Sponsor
7
Board composition:
4 Brookfield and
4 independents
Altera Infrastructure
GP LLC
Voting Control 100%
Altera Infrastructure
LP
Shuttle TankersGreen Bond Issuer
FPSO / FSO Other Assets
98.7%
Brookfield has
invested and committed $1.375B
of debt and equity
• On January 22, 2020, the acquisition by merger of Teekay
Offshore by Brookfield was completed
• As a result of the merger, Brookfield owns 98.7% of the outstanding unlisted common units and unaffiliated
unitholders, who elected to receive equity consideration in respect of their common units, hold 1.3%
• Effective March 24, 2020, Teekay Offshore Partners L.P. changed its name to Altera Infrastructure L.P. and the group of entities comprising the Partnership’s affiliates and
subsidiaries was rebranded as Altera Infrastructure
100% 100% 100%
Recent Privatization and Rebranding
Simplif ied structure diagram reflects current ownership. Source: Brookfield
Brookfield Asset Management Overview
8
120 years’ experience as a leading global investor, operator and manager of real assets
$515B+ASSETS UNDER MANAGEMENT
~150,000OPERATING EMPLOYEES
30+COUNTRIES
Extensive experience owning and operating
businesses in the energy supply chain
• 16,500 km of natural gas transmission pipelines primarily in the US
• 600 billion cubic feet of natural gas storage in the US and Canada
• Canada’s leading low-cost coalbed methane producer with 1.3 trillion cubic feet equivalent of proved and
probable reserves
• 19 natural gas processing plants in Canada
• District energy systems delivering heating and cooling to customers from centralized systems (US, Canada,
Australia)
• Road fuels distribution and marketing in UK, Canada and Brazil
• Global investments in ports and rail (US, Europe, Australia)
• Rated A- and Baa1 by S&P and Moody’s respectively
Significant banking, equity and debt capital
markets relationships within Brookfield and
through investee companies
Note: Operating employees and assets as at March 31, 2020. Source: Brookfield
http://www.google.ca/url?sa=i&rct=j&q=&esrc=s&frm=1&source=images&cd=&cad=rja&uact=8&ved=0ahUKEwjrqb3UofDJAhXDNj4KHYnMDJYQjRwIBw&url=http://ir.kindermorgan.com/press-release/all/natural-gas-pipeline-company-america-and-cheniere-agree-natural-gas-transportation&psig=AFQjCNFisPn36hSig-oYaw1m3yXzUiLReA&ust=1450900999055792
Key Financials
9
Adjusted EBITDA(1) (in $ million)
Net Debt to Adj. EBITDA(1) Equity Ratio (%)
Revenues(1) by Segment (in $ million)
$457
$616$571
$522
$692 $672$621
$0
$200
$400
$600
$800
201920152014 20182016 LTM Q2-202017
$200
$0
$400
$800
$600
$1 000
$1 200
$1 400
2014 20172015 2016 2018 2019 LTM Q2-20
Shuttle Tanker OtherFSO TowageFPSO
5.0x 5.3x 5.3x6.0x
4.0x4.8x
5.6x
0x
1x
2x
3x
4x
5x
6x
7x
20192014 20182015 2016 LTM Q2-202017
20%17%
20%
26% 27%
22%
0%
5%
10%
15%
20%
25%
30%
2014 201920162015 2017 2018 Q2-20
16%(2)
1) Adjusted EBITDA and NIBD on a fully consolidated basis. 2018 revenues and adjusted EBITDA exclude impact of Petrobras settlement of $91m
2) Drop in equity ratio primarily due to impairment charges and unrealized fair value loss on derivative instruments
Source: Altera Infrastructure
Operational excellence creates value for Altera
10 Source: Altera Infrastructure
FPSO Segment
Utilization
Adjusted EBITDA (US$ millions)
Technical Uptime
Adjusted EBITDA (US$ millions)
TowageFSO SegmentShuttle Segment
Technical Uptime
Adjusted EBITDA (US$ millions)
Economic Uptime
Adjusted EBITDA (US$ millions)
99% 99% 99% 99% 99% 99% 99% 97%
Q3-18 Q4-18 Q1-19 Q2-19 Q3-19 Q4-19 Q1-20 Q2-20
99%96%
99% 100% 100% 99% 98%
91%
Q3-18 Q4-18 Q1-19 Q2-19 Q3-19 Q4-19 Q1-20 Q2-20
97% 98% 99% 98% 99% 100% 100% 100%
Q3-18 Q4-18 Q1-19 Q2-19 Q3-19 Q4-19 Q1-20 Q2-20
66%58%
96%
67%
53%
69%
34%25%
Q3-18 Q4-18 Q1-19 Q2-19 Q3-19 Q4-19 Q1-20 Q2-20
92
109
94
72 7382
76 74
Q3-18 Q4-18 Q1-19 Q2-19 Q3-19 Q4-19 Q1-20 Q2-20
65
6967 68 66 66
6467
Q3-18 Q4-18 Q1-19 Q2-19 Q3-19 Q4-19 Q1-20 Q2-20
21
26
23 23 24 23 24
12
Q3-18 Q4-18 Q1-19 Q2-19 Q3-19 Q4-19 Q1-20 Q2-20
(2)(1)
4
0
(1)
2
-4
-6
Q3-18 Q4-18 Q1-19 Q2-19 Q3-19 Q4-19 Q1-20 Q2-20
11FPSO – Petrojarl Knarr
FPSOs Employed Across the Production Life Cycle
12 Refer to Altera Infrastructure 20-F for contract details
Itajai(Firm period to 2022)
Piranema Spirit(April 2021)
Libra(Firm period to 2029)
Petrojarl Knarr(Firm period to 2022)
Run-Rate production
Online & producing most
significant flow at field
Deployment to field
Operational start-up
Movement to port
Tender process initiated
Output reduction
Petrojarl I(Firm period to 2023)
New Projects Voyageur Spirit
Petrojarl Varg
Large number of FPSOs expected to be contracted going forward
13 Source: Rystad Energy
3
0
8
6
14
2
1 5
17
9
13
0
5
10
15
20
2015 2016 2017 2018 2019 2020e 2021e 2022e 2023e 2024e
FP
SO
Contr
acts
Aw
ard
ed
Awarded To be awarded
14Aurora Spirit – First E-shuttle delivered
Altera Shuttle Tankers is the Market Leader within its Key Markets
15 Source: Clarksons and Altera
100%
Fleet Size by Owner (# of vessels)Market Share by Region (including order book)
Global fleet North Sea
BrazilCanada
• Largest operator in the North Sea and the only operator in Canada
• Presence less dominant in the more commoditized Brazilian market
Altera Other
2927
12
53 2 2
4
3
4
1
0
5
10
15
20
25
30
35
Knutsen Altera AET VikenMol Tsakos Transpetro Elka
# o
f ve
ssels
On Order
Trading fleet
31%
69%
47%53%
13%
87%
The Market is Fundamentally Different From Commodity Shipping
16 Source: Clarksons and Altera
• A significantly less volatile business environment than in commodity shipping
• Adjusted EBITDA per vessel has increased over the past years on the back of higher rates and reduced opex
$6.7$7.2
$6.8$6.3
$5.5
$6.3 $6.2
$7.2$7.5
$8.0
$8.7 $8.9$9.0
$10.0 $10.1$10.4
$0
$2
$4
$6
$8
$10
$12$90 000
$30 000
$40 000
$0
$10 000
$20 000
$50 000
$70 000
$60 000
$80 000
2009 201520102005 2006 2007 2008 2011 2012 2013 2014 2016 2017 2018 2019 LTM Q2-20
AST’s Adj. EBITDA per owned vessel (rhs) VLCC (3-year TC) Cape (3-year TC)
0
2
4
6
8
10
12
14
16
On water On order
12% of the existing fleet has exceed 20 years this year
17 Source: Clarksons and Altera
Existing Fleet & Order Book (Vessels by Year Built and Expected Year of Delivery) Global Fleet Given Recycling at 20 Years
~12% of the commercial fleet has exceeded 20
years, and will thus likely be recycled given oil
companies’ requirement of vessels being below 20
years
This compares to the order book comprising 17%
of the existing fleet, of which all vessels are
ordered against long-term charter contracts to
replace outdated tonnage
Fleet size is relatively stable when including the
order book and excluding vessels above 20 years
(from 2020). Additional newbuildings are required
to meet production growth
~12% of the existing fleet has exceeded 20 years
Order book equals to ~17% of the existing fleet
69 71 7175 71 69
12 8 6
0
10
20
30
40
50
60
70
80
90
2020 2021 2022 2023 2024 2025
# o
f shutt
le t
ankers
On water On order
Shuttle tanker market facing strong demand growth
18 Source: Clarksons and Altera
0
1,000
2,000
3,000
4,000
5,000
6,000
kbbl/d
Production exported by shuttle tankers
North Sea Canada Brazil
Steady increasing volumes from Brazil contribute to the 34% growth in volumes from 2020 to 2030
• The largest growth in terms of barrels is in Brazil
• North Sea volumes are expected to grow 50% over the next 10 years
• Altera have an unique operating model well suited to take advantage of the increased volumes going forward
34%
Source: DNV GL
19
The E-Shuttles are a game changer for reduced emissions and fuel efficiency in the maritime industry
Source: IMO, DNV GL, Bloomberg, Altera. 1 https://www.regjeringen.no/no/dokumenter/handlingsplan-for-gronn-skipsfart/id2660877/20
• The new backbone to our fleet – the E-Shuttle vessel – is a true
testament to our willingness and desire to push the shipping
industry towards decarbonization
• The E-Shuttle will likely achieve the IMO GHG aim of 50%
reduction by 2020, well ahead of the 2050 goal
• More than $30 million invested per ship in initiatives to reduce
emissions:
• VOC recovery plants, LNG as primary fuel, recovered
VOC as a secondary fuel
• Battery hybrid technology and Gas Electric power
distribution
• The E-Shuttles classifies as “low emission vessels” according to
the Norwegian Government’s “Plan of action for green shipping”
• Our ambitious investments and sustainability agenda have the
potential of accelerating necessary transition in the wider
shipping industry
CO2 Eq.
emissionNOX emission SOX emission Particulates
Fuel
consumption
-47% -88% -99% -93% -47%
Traditional Shuttle Tanker TOO E-Shuttle
Massive environmental impact in terms of CO2 emission
*Tailpipe emission reduction compared to the Explorer Class vessels - (108 000 ton CO2eqv(GWP100)). Source: Altera and Opplysningsrådet for Veitrafikken (OFV) in Norw ay21
1 E-Shuttle 15,000 Teslas
=
Access to Diversified Funding Sources
Strong Banking Group Backing Altera Infrastructure
1) Outstanding draw n debt as of June 30, 2020
Source: AST
$ millions(1)
Altera Infrastructure Sources of Capital
22
1,075
513640
759
241
24
125
Unsecured Bonds Revolving Credit Term LoansECA Loans US PP Bonds SLBBrookfield RCF
$3.4Bn
Altera Infrastructure Debt Maturity Schedule¹
23 1) Outstanding draw n debt as of June 30, 2020Source: AST
• Includes both scheduledamortizations and debtballoons
• Revolving Credit Facilitiesand debt related to newbuildsshown as fully drawn
• FPSO JV debt is excluded, inline with the Balance Sheetrepresentation
• Including upsizing andextension of the BrookfieldRCF from $125 to 200 millionwith extended maturity toOctober 2024
$156
$386
$661
$1,191
$673
$134
$0
$200
$400
$600
$800
$1,000
$1,200
$1,400
Remaining 2020 2021 2022 2023 2024 2025
MIL
LIO
NS
Brookfield RCF Scheduled Amortization Secured Debt Balloons Unsecured Debt
Capital structure
24
Capital Structue & Free Cash Flow
Shuttle
Jun 30th, 2020 Tankers FPSO FSO/UMS Towage Parent Total Coupon Maturity Leverage
Unrestricted Cash 241 241
Revolvers 396 80 476 various various
Term Loans 208 390 108 214 920 various various
Term Loans (ECA's) 359 381 26 765 various various
Shuttle Tankers Bond 250 250 7.125% 8/15/22
Green Bond 125 125 L+650 10/18/24
Private Placement Bonds 103 113 12 228 various various
SLB 60 60 L+285 10 yrs
Bridge ($100mm) - L+250 Aug '22
Total Secured Debt 1,501 963 146 214 241 $2,824 4.6x
Senior Notes 700 700 8.500% 7/15/23
Revolvers 125 125
Total Debt $3,649 6.0x
Total Net Debt 3,408 5.6x
Preferred - A 150 7.250% Perp
Preferred - B 125 8.500% Perp
Preferred - E 120 8.875% Perp
EV through Pref 3,803 6.2x
Sponsor Equity 780
Enterprise Value 4,583 7.5x
LTM Adjusted EBITDA $258 $305 $69 ($10) ($10) $612
JV EBITDA
Maintenance Capex (9)
Cash Interest (193)
Cash Taxes (2)
Preferred Distributions (32)
Free Cash Flow $376
Numbers as of June 30, 2020
Source: AST
25
Appendix
End Q2 2020 Shuttle Charter Summary
26
Time-charter
CoA
Bareboat
Spot
Please also refer to Form 20-F for the f iscal year ended December 31, 2019.
VesselQ1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4
Peary Spirit
Samba Spirit
Lambada Spirit
Bossa Nova Spirit
Sertanejo Spirit
Beothuk Spirit
Norse Spirit
Dorset Spirit
Altera Thule
Nansen Spirit
Petroatlantic
Petronordic
Aurora Spirit
Rainbow Spirit
Navion Oceania
Tide Spirit
Current Spirit
Altera Wave
Altera Wind
Amundsen Spirit
Scott Spirit
Stena Natalita (50% JV)
Heather Knutsen (in-charter)
Ingrid Knutsen (in-charter)
Navion Oslo
Navion Anglia
Navion Gothenburg (50% JV)
Nordic Rio (50% JV)
Nordic Brasilia
Navion Stavanger
Navion Bergen
20252020 2021 2022 2023 2024
End Q2 2020 FPSO and FSO Charter Summary
27 Please also refer to Form 20-F for the f iscal year ended December 31, 2019.
OptionsFirm Available
FPSO, location
Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4
Libra, BR
Itajai, BR
Knarr, NO
Petrojarl 1, BR
Piranema, BR
Voyageur, UK
Varg, NO
2020 2021 2022 2023 2024 2025
FSO, location
Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4
Randgrid, NO
Suksan Salamander, TH
Dampier Spirit, AU
Falcon Spirit, QR
Apollo Spirit, UK
20252020 2021 2022 2023 2024
Shuttle Tanker Newbuilding Program
28 Please also refer to Form 20-F for the f iscal year ended December 31, 2019.
ECC vessel #4
• Steel cutting – Nov 20
• Keel laying – May 21
• Launching – Aug 21
• Est. delivery – Mar 22
Aurora Spirit
• Steel cutting
• Keel laying
• Launching
• Delivery
Rainbow Spirit
• Steel cutting
• Keel laying
• Launching
• Delivery
Q1 2020 Q3 2020 Q1 2021 Q1 2022
Tide Spirit
• Steel cutting
• Keel laying
• Launching
• Delivery
Current Spirit
• Steel cutting
• Keel laying
• Launching
• Delivery
Wave Spirit
• Steel cutting
• Keel laying
• Launching
• Est. delivery – Oct 20
Wind Spirit
• Steel cutting
• Keel laying
• Launching
• Est. delivery – Jan 21
…
The Shuttle Tanker Market in Brief
29
Shuttle Tankers
Conventional Crude Tanker
Ordering of New Ships With contract in place Mainly speculative
Global Fleet Size 77 + 13 on order ~5,600
Capacity of Global Fleet Size
10.1 million dwt(excludes newbuildings)
~140 million dwt
Number of owners 7 ~200
Cost of a new Vessel (Aframax)
$110 - $130 million (extra for VOC)
$40 - $60 million
1. Time Charters – 10 vessels (Shell, Equinor, East Coast Canada Consortium)
• Firm contract with specified day rate• Multi-year contracts, normally with extension options• Altera operates vessel and provide crews
Bareboat Charters – 1 vessel (Petrobras)
• Firm contract with specified day rate• Multi-year contracts
• Charterer (not Altera) provides crew and is responsible for opex and
maintenance
“CoA” – 12 vessels (multi-client)
• Unique, niche business model in the North Sea where Altera is the market leader
• Firm contract with specified day rate per customer for all liftings from a designated field
• Most contracts include day rate escalation clauses
• Nominations are voyage-specific (i.e. 4-10 days), typically with one-year forward visibility on volumes
• Significant value proposition to the customer, particularly when volumes do not justify a dedicated Time Charter
• Compensated for volume risk compared to TC contracts trough a higher day rate
• Fleet size and ability to service multiple customers act as a barrier to entry
1
2
3
Highly Specialized Assets Altera Shuttle Tankers’ Revenue Model(1)
Global Fleet Distribution(2)
1) Altera unit count does not include new buildings that replace retiring vessels and 3 units trading in the spot market
2) Global trading f leet
Sources: Clarksons and Altera
38%
51%
4%7%
North Sea
Brazil
Canada
Other
30