Aberdeen-based Altera Infrastructure has brought in financial advisors to examine how it can grow following bigger losses in the fourth quarter.
The strategic review will include potential shuttle tanker or floating production unit sales to "optimise" its portfolio.
Other proposals include seeking joint venture partners or capital raises.
The partnership, whose units trade in New York, said its net loss in the three months to 31 December was $73m, against a deficit of $9m in 2019.
Revenue at the Brookfield investment fund-owned company, the former Teekay Offshore, was $278.6m, down from $321m.
Results were impacted by reduced revenue contribution from certain floating production storage and offloading (FPSO) and floating storage and offloading (FSO) vessels.
Lower rate for FSO
The company logged less operational time for the Petrojarl I FPSO and a lower contractual day rate on the Randgrid FSO.
There was also a hit from lower fair value changes on financial instruments and foreign exchange, as well as reduced utilisation for its anchor-handling tugs.
These impacts were partially offset by lower impairments and a gain from selling an unnamed ship.
The 2019 figures included a $58m boost from a warrants settlement.
The 2020 annual loss totals $346m, compared to a loss of $159m the year before.
Altera also said it has completed a $106m upsizing of an existing loan for shuttle tankers currently operating off the east coast of Canada.
The cash partly funds a new shuttle tanker currently under construction at Samsung Heavy Industries, resulting in the termination of an earlier $100m bridge loan.
Shuttle tankers generated adjusted Ebitda of $70m in the final three months, in line with the same period of 2019.
Total liquidity stood at $236m at year end.
Altera has consolidated assets of $4.4bn, comprised of 51 vessels.
