Aberdeen-based Altera Infrastructure has tapped its owner for new finance while providing no update on a potential reorganisation of its business.

The shuttle tanker and floating production storage and offloading (FPSO) vessel company, whose shares trade in New York, revealed funding of up to $100m from investment fund Brookfield in its first-quarter results.

Two new unsecured revolving credit facilities mature in February 2022.

The company had liquidity of $222m at 31 March, including $25m undrawn from another revolver.

But there was no word on the progress of a strategic review launched earlier this year.

Altera has previously said it had brought in financial advisors to examine how it could grow. The shipowner is considering selling shuttle tankers or FPSOs to "optimise" its portfolio.

Other proposals include seeking joint venture partners or capital raises.

Norwegian media reported that DNB Markets and Citi Investment Bank were in the process of finding partners for subsidiary Altera Shuttle Tankers.

Back in the black

Meanwhile, Altera reported net profit in the first quarter was $5.9m, against a loss of $259m in 2020, when the company was hit by a $172m impairment and a $105m loss on derivatives.

Revenue dropped to $273m from $312m over the same period.

Altera said there was lower revenue from its Petrojarl FPSO and the Randgrid floating storage and offloading unit, as well as another FPSO in lay-up.

Adjusted Ebitda was $120m in the first quarter, compared to $164m in the same quarter of the prior year.

The fleet is comprised of 51 vessels, and also includes long-distance towing and offshore installation vessels, and a unit for maintenance and safety (UMS).