Altera Infrastructure GP L.L.C. announces changes to its Board and Committees and confirms the Relocation of its Principal Office to the United Kingdom

ABERDEEN, United Kingdom, Dec. 02, 2020 (GLOBE NEWSWIRE) — Altera Infrastructure GP L.L.C. (ALIN GP), the general partner of Altera Infrastructure L.P. (Altera Infrastructure or the Partnership), announced the following changes to its Board of Directors (the Board) all with immediate effect:
Ingvild Sæther, President and CEO of Altera Infrastructure Group Ltd., and Benedicte Bakke Agerup have been appointed to the Board, increasing the size of the Board to ten directors.Ms Bakke Agerup will join the Audit and Conflicts committees.A new Executive Oversight Committee has been formed. This committee is chaired by Denis Turcotte with Bill Utt and Ingvild Sæther as members.
“On behalf of the Board and leadership team, I want to welcome Ingvild and Benedicte to the Board. We look forward to leveraging their extensive industry experience as we continue to bring the Partnership’s strategic vision to life”, commented Bill Utt, Chairman of the Board.Benedicte Bakke Agerup brings more than 30 years of experience from the finance and maritime industry. From 2010-2017 Ms. Agerup served as Chief Financial Officer of Wilhelmsen ASA, a global provider of maritime and logistics services. Ms. Agerup has previously served as deputy chair of the Norwegian Hull Club as well as on the board of a number of other listed and unlisted companies within the finance and maritime sector and been a member of a variety of audit and risk committees. She currently sits on the boards of Treasure ASA, Vow ASA and Scanship AS. Ms. Agerup holds a Degree in Economics and Business Administration from the Norwegian School of Economics and studied an Advanced Management Program at Harvard Business School.Ingvild Sæther was appointed President and CEO of Altera Infrastructure Group Ltd., a company that provides services to Altera Infrastructure L.P. and its subsidiaries, in February 2017. Ms. Sæther joined Teekay Corporation in 2002, as a result of Teekay’s acquisition of Navion AS from Statoil ASA. Ms. Sæther held management positions in Teekay’s conventional tanker business until 2007, when she assumed the commercial responsibility for Teekay’s shuttle tanker activities in the North Sea, and in 2011, Ms. Sæther assumed the position of President, Teekay Offshore Logistics. Ms. Sæther has over 25 years of experience in the shipping and offshore sector and has been engaged in a number of boards and associations related to the industry.As previously announced in the press release on November 3, (Third Quarter Results 2020), the principal office and place of business of the Partnership and Altera Infrastructure GP L.L.C. is relocating from its current location in Bermuda to the UK, and more specifically to the Partnership’s current office in Aberdeen, residing at Altera House, Unit 3, Prospect Park, Arnhall Business Park, Westhill, Aberdeenshire, AB32 6FJ, UK, telephone number +44 (0)1224 568200. The effective date of this move was confirmed as December 2, 2020.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 L.P.’s preferred units trade on the New York Stock Exchange under the symbols “ALIN PR A”, “ALIN PR B” and “ALIN PR E”, respectively. For Investor Relations enquiries, please contact:
Jan Rune Steinsland, Chief Financial Officer
Tel: +47 97052533
E-mail: investor.relations@alterainfra.com
Website: www.alterainfra.comFor Media enquiries, please contact:
Steffen Rogne, Corporate Communications
Tel: +47 91639727
E-mail: media@alterainfra.com
Website: www.alterainfra.com