Global investment firm Carlyle has agreed to acquire Altera Infrastructure’s entire FPSO business, bolstering its footprint in offshore energy infrastructure. The deal, subject to customary closing conditions and regulatory approvals, includes ownership of multiple FPSOs and an FSO, as well as a 50% stake in the Altera&Ocyan joint venture.
The portfolio features key units such as the Petrojarl Kong FPSO, the FSO Yamoussoukro in Ivory Coast-which is Africa’s first net-zero upstream project-and the Piranema FPSO. The assets are backed by long-term contracts with major oil and gas companies, including Petrobras and Eni.
Carlyle will channel the investment through its Carlyle International Energy Partners II (CIEP II) fund. Bob Maguire, co-head of CIEP, said the acquisition presents a rare chance to buy an established FPSO business with strong cashflows and exposure to world-class operators.
Bendik Dahle, managing director on the CIEP team, added that Carlyle intends to expand the business globally, leveraging partnerships, M&A opportunities, and support for operators’ decarbonization efforts.
Altera leadership welcomed the partnership. Chris Brett, president of Altera Production, and Arne Hygen Trnkvist, executive vice president of projects, said Carlyle’s sector expertise and global network will help optimise asset performance, deliver operational efficiencies, and scale the business.
Altera Infrastructure, owned by Brookfield Asset Management’s private equity arm, manages a $3bn portfolio of offshore infrastructure assets in the North Sea, Brazil, and West Africa. Its fleet consists mainly of FPSOs and FSOs on medium-term contracts, with additional units managed through joint ventures.
