Altera Infrastructure announces the Adoption of International Financial Reporting Standards (IFRS)

PEMBROKE, Bermuda, Oct. 27, 2020 (GLOBE NEWSWIRE) -- Altera Infrastructure L.P. (Altera Infrastructure or the Partnership) today announced that the Partnership is adopting International Financial Reporting Standards (IFRS) and reporting its third quarter 2020 results under IFRS. Certain unaudited financial information, including the Partnership’s Opening Statement of Financial Position as at January 1, 2019, as well as Restated Consolidated Financial Statements for the three and nine months ended September 30, 2019, will be included under IFRS in the Partnership’s Report on Form 6-K for the quarterly period ended September 30, 2020. As previously announced, Altera Infrastructure plan to release their financial results for the Third Quarter of 2020 before market opening on Tuesday, November 3, 2020.

IFRS is strictly an accounting change and therefore does not affect the Partnership’s strategy or operations. It does, however, mean that certain elements of the Partnership’s financial information will be determined differently from those that were previously reported under United States Generally Accepted Accounting Principles.

About Altera Infrastructure

Altera Infrastructure is a leading 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 the East Coast of Canada.

Altera Infrastructure has consolidated assets of approximately $4.5 billion, comprised of 52 offshore assets, including floating production, storage and offloading (FPSO) units, shuttle tankers (including three new builds), floating storage and offtake (FSO) units, long-distance towing and offshore installation vessels and a unit for maintenance and safety (UMS). The majority of Altera Infrastructure’s fleet is employed on medium-term, stable contracts. Affiliates of global asset manager Brookfield Business Partners L.P. (NYSE: BBU) (TSX: BBU.UN) own 100 percent of Altera Infrastructure’s general partner.

Altera Infrastructure’s preferred units trade on the New York Stock Exchange under the symbols “ALIN PRA”, “ALIN PRB” and “ALIN PRE”, respectively.