Carlyle buying Altera’s FPSO business

September 2, 2025, by Dragana Nikše

UK-based Altera Infrastructure is selling its entire floating production storage and offloading (FPSO) business to global investment firm Carlyle.

Subject to customary closing conditions and regulatory approvals, the investment firm will acquire Altera’s full FPSO portfolio, the floating storage and offloading (FSO) unit Yamoussoukro, and 50% ownership in the joint venture (JV) Altera&Ocyan.

“This change of ownership will continue to strengthen our FPSO business and allow us to continue to build on our successful track record in redeployments. This is an important partnership in optimizing long-term performance and executing growth initiatives,” stated Altera.

Established in 2011, the Altera&Ocyan JV operates several assets. One of its proprietary units, FPSO Cidade de Itajaí, was sold to Karoon Energy earlier this year. After engaging in talks with the JV to purchase the FPSO in early 2025, Karoon acquired the asset at the end of April.

Bob Maguire, Co-Head of Carlyle International Energy Partners, said: “This is a rare opportunity to acquire an established and high-quality FPSO business with a strong management team, operating track record and long-term cashflows. Altera’s portfolio benefits from long-term contracts, strong FPSO market fundamentals, and exposure to world-class operators which position it well for success.”

Altera Infrastructure’s fleet includes seven FPSOs and two FSOs, working in Brazil, Dubai, Côte d’Ivoire, and the Gulf of Thailand. FPSO Petrojarl Kong and FSO Yamoussoukro are working at Eni’s Baleine Phase 2 project off the coast of Côte d’Ivoire under a 15-year contract signed with Eni in 2023.

Following a year-long conversion work, the naming ceremony for the vessel duo was held in January 2024. At the end of the year, Eni brought online Phase 2 of the project, which is expected to enable production to reach 60,000 barrels of oil per day and 70 million cubic feet of associated gas.