UNITED STATES SECURITIES AND EXCHANGE COMMISSION

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

_________________________

FORM 6-K

~~_________________________~~Report of Foreign Private Issuer Pursuant to Rule 13a-16 or 15d-16 of the Securities Exchange Act of 1934

~~Report~~Date of ~~Foreign~~report: ~~Private~~August 12, ~~Issuer~~ 2022

~~Pursuant~~Commission tofile ~~Rule~~number ~~13a~~1-~~16 or 15d-16~~ 33198

of the Securities Exchange Act of 1934

_________________________

Date of Report: August 4, 2022

Commission file number 1- 33198

_________________________

ALTERA INFRASTRUCTURE L.P.

(Exact name of Registrant as specified in its ~~charter~~Charter)

~~_________________________~~Altera House, Unit 3, Prospect Park, Arnhall Business Park, Westhill, Aberdeenshire, AB32 6FJ, United Kingdom (Address of principal executive office)

~~Altera~~Indicate ~~House,~~by ~~Unit~~check 3,mark ~~Prospect~~whether ~~Park,~~the ~~Arnhall~~registrant ~~Business~~files ~~Park,~~or ~~Westhill,~~will ~~Aberdeenshire,~~file ~~AB32~~annual reports ~~6FJ,~~under ~~United~~cover ~~Kingdom~~of Form 20-F or Form 40-F.

~~(Address~~Form 20-F ~~of principal executive office)~~ x Form 40-F ¨

~~_________________________~~Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(1).

Indicate by check mark whether the registrant files or will file annual reports under cover Form 20-F or Form 40-F. Form 20-F ý Form 40- F ¨ Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(1). Yes ¨ No ~~ý Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(7). Yes ¨ No ý~~ x

~~Item~~Indicate 1by —check ~~Information~~mark ~~Contained~~if inthe ~~this~~registrant ~~Form~~is submitting the Form 6-K in ~~Report~~paper as permitted by Regulation S-T Rule 101(b)(7).

~~Attached~~Yes ~~as Exhibit 1 is a copy of an announcement of Altera Infrastructure L.P. dated August 4, 2022.~~¨ No x

The Restructuring Support Agreement

On August 12, 2022, Altera Infrastructure L.P. (“Altera” or the “Company”) and certain of its direct and indirect subsidiaries (collectively, the “Company Parties”) agreed to key commercial terms for a comprehensive financial restructuring of the Company and entered into a restructuring support agreement (the “Restructuring Support Agreement”) with: (i) certain of the secured bank lenders (the “Consenting Lenders”) of the various Company Parties; and (ii) Brookfield Business Partners L.P. and certain of its affiliates (collectively, “Brookfield”) constituting creditors and equityholders of multiple Company Parties, including with respect to: (a) that certain credit agreement, dated January 14, 2022 (the “IntermediateCo RCF”), among Altera Infrastructure Holdings L.L.C. (“IntermediateCo”), as borrower, certain lenders from time to time party thereto, and U.S. Bank National Association, as administrative agent; (b) 100% of the outstanding aggregate principal amount of the 11.50% Senior Secured PIK Notes due 2026 (the “PIK Notes”); (c) 98.7% of the outstanding common equity of Altera; and (d) that certain superpriority senior secured debtor-in-possession credit agreement (the “DIP Facility”), by and among IntermediateCo, as borrower, the Company, as a guarantor, certain lenders party thereto from time to time (collectively, the “DIP Lenders”), U.S. Bank Trust Company, National Association, as administrative agent, and U.S. Bank Trust Company, National Association, as collateral agent. The Consenting Lenders, Brookfield and other such parties to the Restructuring Support Agreement collectively comprise the “Consenting Parties.”

Under the Restructuring Support Agreement, the Consenting Parties have agreed, subject to certain terms and conditions, to support a financial restructuring (the “Restructuring”) of the existing debt of, existing equity interests in, and certain other obligations of the Company Parties, which will be based on the restructuring term sheet attached to and incorporated into the Restructuring Support Agreement (the “Restructuring Term Sheet” and, the transactions described in, and in accordance with the Restructuring Support Agreement and the Restructuring Term Sheet, the “Restructuring Transactions”). The Restructuring Transactions will include, among other things, the following:

•

the Company Parties effecting the Restructuring pursuant to a plan of reorganization (the “Plan”) under proceedings (the “Chapter 11 Cases”) pursuant to chapter 11 of title 11 of the United States Code (the “Bankruptcy Code”);

•

the Company Parties entering into the DIP Facility in an aggregate amount of $70 million;

•

the Company Parties entering into amended and restated bank facilities (the “New Bank Facilities”), subject to certain common rights, obligations and other terms that will apply to the Company Parties and the applicable Consenting Lenders and set forth in an additional term sheet attached to the Restructuring Term Sheet;

•

the Company Parties entering into a new money term loan facility in the amount of $183 million (the “New Money Knarr Facility”) upon the Company’s emergence from Chapter 11, subject to certain terms set forth in an additional term sheet pertaining to the New Money Knarr Facility and attached to the Restructuring Term Sheet;

•

the cancellation of the existing equity interests of the Company, including the outstanding 7.25% Series A Cumulative Redeemable Preferred Units, the 8.50% Series B Cumulative Redeemable Preferred Units and the 8.875% Series E Fixed-to-Floating Rate Cumulative Redeemable Perpetual Preferred Units, the Class A common units and the Class B common units, and the issuance of a new class of common equity interests (the “New Common Equity”) in reorganized Altera and reorganized Altera Infrastructure GP L.L.C.;

•

the issuance of five-year warrants (the “New Warrants”) exercisable for 7.6% of the New Common Equity (subject to dilution on account of a post-emergence management incentive plan (the “Management Incentive Plan”); and

•

the option to conduct a new money rights offering (the “Rights Offering”) pursuant to which the Company may issue New Common Equity for cash and use the proceeds to repay amounts under the DIP Facility and the IntermediateCo RCF, with any excess proceeds to be used in a manner acceptable to the Company Parties, Brookfield and certain Consenting Lenders.

In accordance with the Restructuring Support Agreement, the Consenting Parties agreed, among other things, to: (i) support the Restructuring Transactions, as contemplated by, and within the timeframes outlined in, the Restructuring Support Agreement and the definitive documents governing the Restructuring; (ii) not take any action, directly or indirectly, that is reasonably likely to interfere with acceptance, implementation, or consummation of the Restructuring, including the furtherance of alternative restructuring proposals; (iii) vote their respective claims and interests to accept the Plan as described in the Restructuring Support Agreement; and (iv) not transfer their claims and interests except with respect to limited and customary exceptions, including requiring any transferee to either already be bound or become bound by the terms of the Restructuring Support Agreement.

In accordance with the Restructuring Support Agreement, the Company Parties agreed, among other things, to: (i) support and take all steps reasonably necessary and desirable to consummate the Restructuring Transactions in accordance with the Restructuring Support Agreement; (ii) use reasonable efforts to obtain any and all required regulatory and/or third-party approvals for the Restructuring Transactions; (iii) act in good faith and use reasonable efforts to negotiate, execute and deliver definitive documentation to effectuate and consummate the Restructuring Transactions as contemplated by the Restructuring Support Agreement; (iv) use commercially reasonable efforts to operate their business in the ordinary course of business, taking into account the Restructuring Transactions; (v) use reasonable efforts to seek additional support for the Restructuring Transactions from other material stakeholders of the Company; and (vi) not, directly or indirectly, object to, delay, impede, or take any other action to interfere with acceptance, implementation, or consummation of the Restructuring Transactions.

The Restructuring Support Agreement also provides for certain conditions to the obligations of the parties as well as for termination rights upon the occurrence of certain events, including: (i) with respect to the Consenting Parties, upon the occurrence of certain customary events, including the failure of the Company Parties to support the Restructuring or acceptance of an alternative restructuring proposal; (ii) with respect to Brookfield, upon the termination of the Restructuring Support Agreement by a certain percentage of Consenting Lenders; and (iii) with respect to each Consenting Lender, as to itself only, upon the failure of the Company Parties to meet certain milestones toward consummation of the Restructuring, including the Restructuring Transactions. In particular, the Restructuring Support Agreement provides that, unless waived or extended by certain Consenting Parties to the Restructuring Support Agreement, the Company Parties, as debtors in the Chapter 11 Cases, will have consummated the Plan on the earlier of the maturity date of the DIP or within 150 days following the filing of the petitions to commence the Chapter 11 Cases (the “Petition Date”).

The foregoing description is not complete and is qualified in its entirety by reference to the full text of the Restructuring Support Agreement, a copy of which is filed herewith as Exhibit 10.1 and is incorporated herein by reference. All capitalized terms used but not defined under this heading “Restructuring Support Agreement” shall have the meanings given to them in the Restructuring Support Agreement.

Chapter 11 Filing

Pursuant to the Restructuring Support Agreement, on the Petition Date, the Company Parties filed the Chapter 11 Cases under the Bankruptcy Code in the U.S. Bankruptcy Court for the Southern District of Texas (the “Bankruptcy Court”).

The Company Parties continue to operate their businesses and manage their properties as “debtors-in-possession” under the jurisdiction of the Bankruptcy Court and in accordance with the applicable provisions of the Bankruptcy Code and orders of the Bankruptcy Court. To ensure the Company Parties’ ability to continue operating in the ordinary course of business and minimize the effect of the Restructuring on the Company Parties’ customers and employees, the Company Parties filed with the Bankruptcy Court motions seeking a variety of “first-day” relief, including authority to pay employee wages and benefits, and pay vendors and suppliers for goods and services provided both before and after the filing date.

DIP Facility

On August 13, 2022, IntermediateCo entered into the DIP Facility, pursuant to which, and subject to satisfaction of certain customary conditions, including the approval of the Bankruptcy Court, the DIP Lenders have agreed to provide IntermediateCo with a senior secured superpriority debtor-in-possession term loan credit facility in a principal amount of new money equal to $50,000,000 (before giving effect to the attendant commitment fee) plus the roll-up of $20,000,000 in loans under the IntermediateCo RCF. The proceeds of the DIP Facility will primarily be used to fund the Company Parties’ working capital needs as debtors in the Chapter 11 Cases and to pay certain enumerated professional fees and expenses pursuant to the Chapter 11 Cases.

Defaults Resulting from Commencement of Chapter 11 Cases

The commencement of the Chapter 11 Cases constitutes an event of default under certain of the Company Parties’ debt instruments, including the following (the “Debt Instruments”):

•

The $850,000,000 senior secured credit facility originally dated February 24, 2014 between, among others, Knarr L.L.C. as borrower and Crédit Agricole Corporate and Investment Bank as facility agent;

•

the $230,000,000 senior secured credit facility originally dated November 24, 2015 between, among others, Gina Krog Offshore Pte Ltd. as borrower and ING Bank N.V., Singapore Branch as facility agent;

•

the $26,500,000 senior secured credit facility originally dated August 28, 2019 between, among others, Clipper L.L.C. as borrower and DNB Bank ASA, New York Branch as agent;

•

the $75,000,000 senior secured credit facility originally dated February 25, 2021 between, among others, Petrojarl I L.L.C. as borrower and DNB Bank ASA, New York Branch, as facility agent;

•

the $112,500,000 senior secured credit facility originally dated September 15, 2017 between, among others, Arendal Spirit L.L.C. as borrower and Citibank Europe plc, UK Branch as agent;

•

the $45,272,000 senior secured credit facility originally dated July 17, 2015 between, among others, ALP Keeper B.V. as borrower and Citibank Japan Ltd. as facility agent;

•

the $48,224,000 senior secured credit facility originally dated July 17, 2015 between, among others, ALP Striker B.V. as borrower and Citibank Japan Ltd. as facility agent;

•

the $45,384,000 senior secured credit facility originally dated July 17, 2015 between, among others, ALP Sweeper B.V. as borrower and Citibank Japan Ltd. as facility agent;

•

the $45,904,000 senior secured credit facility originally dated July 17, 2015 between, among others, ALP Defender B.V. as borrower and Citibank Japan Ltd. as facility agent;

•

the $150,000,000 senior secured credit facility originally dated February 6, 2015, between, among others, ALP Forward B.V., ALP Ace B.V., ALP Centre B.V., ALP Guard B.V., ALP Winger B.V., and ALP Ippon B.V. as borrowers and Credit Suisse AG as agent;

•

the indenture governing the Senior Notes, dated July 2, 2018, by and among Altera, Altera Infrastructure Finance Corp., as co-issuers, and The Bank of New York Mellon, as trustee;

•

the PIK Notes; and

•

the IntermediateCo RCF.

The Debt Instruments provide that as a result of the Chapter 11 Cases, the principal and interest due thereunder shall be immediately due and payable. The Company Parties believe that any efforts to enforce the financial obligations under the Debt Instruments are stayed as a result of the filing of the Chapter 11 Cases in the Bankruptcy Court.

Amendment to Limited Partnership Agreement

On August 12, 2022, and prior to the commencement of the Chapter 11 Cases, the Company amended (the “Amendment”) its Limited Partnership Agreement (the “LPA”). Pursuant to the LPA Amendment, the Company and Altera Infrastructure GP L.L.C., the Company’s general partner (the “General Partner”), agreed that the occurrence of any one or more of the events of withdrawal (including filing a case under Chapter 11 of the Bankruptcy Code), as set forth in Section 35(1)(d) and Section 35(1)(e) of the Marshall Islands Limited Partnership Act, shall not cause the General Partner to cease being the general partner of the partnership.

The descriptions in this Form 6-K of the LPA Amendment do not purport to be complete and are qualified in their entirety by reference to the full text of the LPA Amendment attached as Exhibit 3.1 hereto.

Press Release

A copy of the press release dated August 15, 2022 issued by the Company announcing the filing of Chapter 11 Cases is attached hereto as Exhibit 99.1 and is incorporated herein by reference.

Additional information regarding the Restructuring is available at https://alterainfra.com/. Court filings and information about the claims process are available at https://cases.stretto.com/Altera, by calling the Company’s claims agent, (855) 300-3407, toll-free at (949) 266-0151 or sending an email to AlteraInquiries@stretto.com.

Cleansing Materials

From time to time since August 4, 2022, the Company has been engaged in discussions with certain holders of, or investment managers for funds holding the Senior Notes with respect to potential deleveraging or restructuring transactions, including the Restructuring Transactions. The Company entered into confidentiality agreements (the “NDAs”) with such parties (the “NDA Parties”) in connection therewith.

Pursuant to the terms of the NDAs, the Company agreed to publicly disclose certain confidential information regarding the Company provided to the NDA Parties pursuant to the NDAs (the “Cleansing Materials”) upon the occurrence of certain events. The parties exchanged several communications but an agreement was not reached by August 12. On August 12, Altera’s last offer was for 6% of the equity in reorganized Altera, subject to agreement on governance and other terms. The NDA Parties countered with an offer for 25% of the equity in reorganized Altera, subject to agreement on minority protections and other customary terms. The parties are continuing negotiation discussions. Attached as Exhibit 99.2 hereto are forms of the latest bona fide term sheets exchanged by the parties.

The Cleansing Materials contain discussion materials related to the general economic conditions on the financial condition and results of operations of the Company Parties, including certain financial projections. The Cleansing Materials are based solely on information available to the Company Parties as of the date of the Cleansing Materials and, therefore, the projections included therein may differ from actual results and such differences may be material. Any financial projections or forecasts included in the Cleansing Materials were not prepared with a view toward public disclosure or compliance with the published guidelines of the U.S. Securities and Exchange Commission. The projections do not purport to present the financial condition of the Company Parties in accordance with International Financial Reporting Standards as issued by the International Accounting Standards Board or any other accounting standards. The Company Parties’ independent accountants have not examined, compiled or otherwise applied procedures to the projections and, accordingly, do not express an opinion or any other form of assurance with respect to the projections. The inclusion of the projections herein should not be regarded as an indication that the Company Parties or their representatives consider the projections to be a reliable prediction of future events, and the projections should not be relied upon as such.

The descriptions in this Form 6-K of the Cleansing Materials do not purport to be complete and are qualified in their entirety by reference to the complete presentation of the Cleansing Materials attached as Exhibit 99.2 hereto.

Cautionary Statement Concerning Forward-Looking Statements

This report on Form 6-K contains “forward-looking statements” related to future events. Forward-looking statements contain words such as “expect,” “anticipate,” “could,” “should,” “intend,” “plan,” “believe,” “seek,” “see,” “may,” “will,” “would,” or “target.” Forward-looking statements are based on management’s current expectations, beliefs, assumptions and estimates and may include, for example, statements regarding the Restructuring and the Restructuring Transactions contemplated thereby, the Chapter 11 Cases, the DIP Facility, the issuance of the New Common Equity or the New Warrants, the commencement of or effectuation of the Rights Offering or the Management Incentive Plan, the ability of the Company Parties to complete the Restructuring and the Restructuring Transactions contemplated thereby, its ability to continue operating in the ordinary course in during the Chapter 11 Cases. These statements are subject to significant risks, uncertainties, and assumptions that are difficult to predict and could cause actual results to differ materially and adversely from those expressed or implied in the forward-looking statements, including risks and uncertainties regarding the Company’s ability to successfully complete a Restructuring pursuant to the Chapter 11 Cases, including, among other things: consummation of the Restructuring, including the Restructuring Transactions contemplated thereby; potential adverse effects of the Chapter 11 Cases on the Company Parties’ liquidity and results of operations; the Company Parties’ ability to obtain timely approval by the Bankruptcy Court with respect to the motions filed in the Chapter 11 Cases; objections to the Company Parties’ recapitalization process, DIP Facility, or other pleadings filed that could protract the Chapter 11 Cases; employee attrition and the Company Parties’ ability to retain senior management and other key personnel due to the distractions and uncertainties associated with the Restructuring; the Company Parties’ ability to comply with the restrictions imposed by the terms and conditions of the DIP Facility and other financing arrangements; the Company Parties’ ability to maintain relationships with suppliers, customers, employees and other third parties and regulatory authorities as a result of the Chapter 11 Cases; the effects of the Chapter 11 Cases on the Company Parties and on the interests of various constituents, including the Company Parties’ equityholders; the Bankruptcy Court’s rulings in the Chapter 11 Cases, including the approvals of the terms and conditions of the Restructuring and the Restructuring Transactions contemplated thereby, including the DIP Facility, and the outcome of the Chapter 11 Cases generally; the length of time that the Company Parties will operate under Chapter 11 protection and the continued availability of operating capital during the pendency of the Chapter 11 Cases; risks associated with third party motions in the Chapter 11 Cases, which may interfere with the Company Parties’ ability to consummate the Restructuring or an alternative restructuring; increased administrative and legal costs related to the Chapter 11 process; and other litigation and inherent risks involved in a bankruptcy process. Forward-looking statements are also subject to the risk factors and cautionary language described from time to time in the reports the Company files with the U.S. Securities and Exchange Commission, including those in the Company’s most recent Annual Report on Form 20-F. These risks and uncertainties may cause actual future results to be materially different than those expressed in such forward-looking statements. Altera has no obligation to update or revise these forward-looking statements and does not undertake to do so.

Item 9.01

Financial Statements and Exhibits.

(d)

Exhibits.

Exhibit No.		Description
3.1		Amendment to Limited Partnership Agreement of the Company, dated August 12, 2022.
10.1*		Restructuring Support Agreement, dated as of August 12, 2022, by and among the Company Parties and the Consenting Parties.
99.1		Press release, dated as of August 15, 2022.
99.2		Cleansing Materials.

* Information in this exhibit (indicated by asterisks) is confidential and has been omitted pursuant to Item 601(b)(10) of Regulation S-K. The Registrant hereby agrees to furnish an unredacted copy of the exhibit and its materiality analyses to the Commission upon request.

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, ~~thereunto~~hereunto duly authorized.

	ALTERA INFRASTRUCTURE L.P.
	By:	ALTERA INFRASTRUCTURE GP L.L.C., its general partner
Date: August 4, 2022	By:		/s/ Mark Mitchell
			Mark MitchellCompany Secretary

Date: August 15, 2022

~~Press~~ALTERA ~~Release~~COMMUNICATIONS ~~¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯~~CORPORATION By: /s/ Mark Mitchell Name: Mark Mitchell Title: Company Secretary

Altera Infrastructure Reports Second Quarter 2022 Results

Aberdeen, United Kingdom, August 4, 2022 - Altera Infrastructure GP LLC (Altera GP), the general partner of Altera Infrastructure L.P. (Altera or the Partnership), today reported the Partnership’s results for the quarter ended June 30, 2022.

•Revenues of $296.2 million and net loss of $40.0 million, or $(0.11) per common unit, in the second quarter of 2022.

•Adjusted EBITDA(1) of $129.1 million in the second quarter of 2022.

The following table presents the Partnership's Consolidated Financial Summary:

	Three Months Ended
	June 30,	March 31,	June 30,
		2022
	2022	Restated(2)	2021
In thousands of U.S. Dollars, unaudited	$	$	$
IFRS FINANCIAL RESULTS
Revenues	296,234	323,655	266,935
Net Income (loss)	(39,989)	52,908	(28,488)
Limited partners' interest in net income (loss) per common unit - basic	(0.11)	0.11	(0.08)
NON-IFRS FINANCIAL MEASURE:
Adjusted EBITDA (1)	129,146	179,528	109,595

(1)Please refer to "Non-IFRS Measures" for the definition of this term and reconciliation of this non-IFRS measure as used in this release to the most directly comparable measure under IFRS.

(2)See the unaudited interim condensed consolidated statements of income (loss) below for additional information.

The Partnership generated net loss of $40 million for the three months ended June 30, 2022, compared to net loss of $28 million for the three months ended June 30, 2021. The decrease of $12 million was primarily due to vessel impairments in the current period, absence of contribution from the Knarr FPSO going off contract May 1, 2022 and higher interest expenses in the second quarter of 2022, partially offset by higher Petrojarl I oil price tariff revenue, higher shuttle tanker utilization and lower depreciation expenses following impairments in the fourth quarter, compared to the same period during the prior year.

Adjusted EBITDA was $129 million for the three months ended June 30, 2022, compared to $110 million for the same period during the prior year. The increase of $19 million was primarily driven by higher Petrojarl I oil price tariff revenue and higher shuttle tanker utilization, partially offset by the absence of contribution from the Knarr FPSO going off contract May 1, 2022.

Altera Infrastructure L.P. 1

Operating Results

The commentary below compares certain results of the Partnership's operating segments on the basis of the non-IFRS measure of Adjusted EBITDA for the three months ended June 30, 2022 to the same period of the prior year.

The following table presents the Partnership's Adjusted EBITDA by segment (1):

	Three Months Ended
	June 30,	March 31,	June 30,
		2022
	2022	Restated(2)	2021
In thousands of U.S. Dollars, unaudited	$	$	$
FPSO	53,424	99,533	45,364
Shuttle Tanker	69,494	63,590	57,662
FSO	10,565	10,659	9,587
UMS	(3,940)	(1,760)	(1,627)
Towage	3,649	8,990	(1,357)
New Ventures	(678)	(129)	—
Corporate/Eliminations	(3,368)	(1,355)	(34)
Partnership's Adjusted EBITDA	129,146	179,528	109,595

(1)These operating segments are regularly reviewed by the Partnership's chief operating decision maker (CODM) for the purpose of allocating resources to the segment and to assess its performance. The key measure used by the CODM in assessing performance and in making resource allocation decisions is Adjusted EBITDA, which is defined in this release under the heading “Non-IFRS Measures." Adjusted EBITDA is also used by external users of the Partnership's consolidated financial statements, such as investors and the Partnership’s controlling unitholder.

(2)See the unaudited interim condensed consolidated statements of income (loss) below for additional information.

Second Quarter 2022 Compared with Second Quarter 2021The Partnership's FPSO segment generated Adjusted EBITDA of $53 million for the three months ended June 30, 2022, compared to $45 million for the three months ended June 30, 2021. The increase of $8 million was primarily due to Petrojarl I higher uptime and oil price tariff revenues, partially offset by an absence of contribution from the Knarr FPSO going off contract May 1, 2022.

The Partnership's Shuttle Tanker segment generated Adjusted EBITDA of $69 million for the three months ended June 30, 2022, compared to $58 million for the three months ended June 30, 2021. The increase of $11 million was primarily due to higher shuttle tanker utilization.

The Partnership's FSO segment generated Adjusted EBITDA of $11 million for the three months ended June 30, 2022, compared to $10 million for the three months ended June 30, 2021.

The Partnership's UMS segment generated an Adjusted EBITDA loss of $4 million for the three months ended June 30, 2022, compared to $2 million for the three months ended June 30, 2021. The $2 million increased loss was primarily due to mobilization costs for the Arendal Spirit UMS for its current contract as compared to being in lay-up in the prior year.

The Partnership's Towage segment generated Adjusted EBITDA of $4 million for the three months ended June 30, 2022, compared to an Adjusted EBITDA loss of $1 million for the three months ended June 30, 2021. The improvement of $5 million was primarily due to higher average day rates and utilization.

Altera Infrastructure L.P. 2

Strategic Updates

Liquidity UpdateAs at June 30, 2022, the Partnership had total liquidity of $186 million, compared to $241 million as at June 30, 2021, representing a decrease of $55 million.(1)

Financings

The Partnership has engaged with certain of its asset level secured lenders within its FPSO, FSO, Towage, and UMS segments to better align the terms of such debt with expected cash-flows from the applicable segment and with Brookfield Business Partners L.P. and its affiliates (or Brookfield) as secured lender to address its secured debt. The Partnership also anticipates engaging with its unsecured corporate level lenders to address its unsecured debt. As part of these efforts, the Partnership entered into extension agreements with certain of its lenders on June 16, 2022 to defer certain required payments until August 12, 2022. Furthermore, in July 2022, the Partnership opted not to make the interest payment due on July 15, 2022 for its 8.50% senior unsecured bonds with a principal amount outstanding of $276 million that mature in July 2023, and has elected to enter into a 30-day grace period for this interest payment.

Contract Updates

In July 2022, Energean Isreal Ltd. exercised an option to continue to deploy the Arendal Spirit UMS for 32 additional days.

In June 2022, Equinor ASA exercised a one-year extension option for the Randgrid FSO. The extended firm contract is effective until October 2023.

In May 2022, the Knarr FPSO ceased production on the Knarr field in the North Sea, after which decommissioning activities related to the field commenced.

Shuttle Tanker Newbuildings

In May 2022, the Partnership's final newbuilding in a series of seven, the shuttle tanker Altera Thule, commenced operations off the East Coast of Canada.

Vessel Sales

In July 2022, the Partnership sold the ALP Ace and ALP Ippon towage vessels for continued use in a non-competing industry for a total of $14 million.

In July 2022, the Partnership entered into an agreement to sell its 50% owned vessel, the Navion Gothenburg shuttle tanker for continued use for approximately $25 million (100%). Delivery is expected in August 2022.

In July 2022, the Partnership entered into an agreement to sell the Petronordic shuttle tanker for recycling for approximately $7 million. Delivery is expected in September 2022.

In May 2022, the Partnership completed the sale of the Petrojarl Varg FPSO unit for $22 million to an energy company for re-use as a production facility as part of a new field development opportunity.

In May 2022, the Partnership entered into an agreement to sell the Falcon Spirit FSO for recycling for $10 million; the vessel is expected to be delivered to the buyer in the third quarter of 2022.

(1)Total liquidity is defined as Cash and cash equivalents (excluding Cash deposits with third-party restrictions).

Altera Infrastructure L.P. 3

Forward Looking Statements This release contains forward-looking statements (as defined in Section 21E of the Securities Exchange Act of 1934, as amended) which reflect management’s current views with respect to certain future events and performance, including, among others: the completion of anticipated vessel sales; the expected delivery dates of vessels subject to sales agreements; and the Partnership's engagement with its lenders relating to rescheduling outstanding debt obligations. The following factors are among those that could cause actual results to differ materially from the forward-looking statements, which involve risks and uncertainties, and that should be considered in evaluating any such statement: the length and outcome of the Partnership's ongoing engagement with its lenders relating to its outstanding debt obligations; the duration and scope of the COVID-19 pandemic and the severity of COVID variants; the duration and effects of Russia's invasion of Ukraine; and other factors discussed in the Partnership’s filings from time to time with the SEC, including its Report on Form 20-F for the fiscal year ended December 31, 2021. The Partnership expressly disclaims any obligation or undertaking to release publicly any updates or revisions to any forward-looking statements contained herein to reflect any change in the Partnership’s expectations with respect thereto or any change in events, conditions or circumstances on which any such statement is based.

About Altera Infrastructure L.P.Altera Infrastructure L.P. is a leading global energy infrastructure services partnership primarily focused on the ownership and operation of critical infrastructure assets in the offshore oil regions of the North Sea, Brazil and the East Coast of Canada. Altera has consolidated assets of approximately $3.8 billion comprised of 44 vessels, including floating production, storage and offloading (FPSO) units, shuttle tankers, 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’s fleet is employed on medium-term, stable contracts.

Altera'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 inquiries contact:

Jan Rune Steinsland, Chief Financial Officer

Email: investor.relations@alterainfra.com

Tel: +47 97 05 25 33

Website: www.alterainfra.com

Altera Infrastructure L.P. 4

ALTERA INFRASTRUCTURE L.P. AND SUBSIDIARIES

UNAUDITED INTERIM CONDENSED CONSOLIDATED STATEMENTS OF INCOME (LOSS)

(in thousands of U.S. Dollars)

	Three Months Ended			Six Months Ended
	June 30,	March 31,	June 30,	June 30,	June 30,
		2022
	2022	Restated(1)	2021	2022	2021
	$	$	$	$	$
Revenues	296,234	323,655	266,935	619,889	539,689
Direct operating costs	(171,082)	(159,206)	(169,937)	(330,288)	(331,778)
General and administrative expenses	(12,135)	(6,703)	(8,951)	(18,838)	(21,619)
Depreciation and amortization	(70,150)	(71,882)	(81,560)	(142,032)	(158,809)
Interest expense	(59,490)	(56,208)	(49,475)	(115,698)	(97,159)
Interest income	355	58	21	413	49
Equity-accounted income (loss)	9,826	22,262	10,229	32,088	29,613
Impairment expense, net	(38,040)	—	—	(38,040)	—
Gain (loss) on dispositions, net	15,700	—	9,107	15,700	9,107
Realized and unrealized gain (loss) on derivative instruments	(3,108)	10,231	(1,513)	7,123	12,347
Foreign currency exchange gain (loss)	630	1,024	(302)	1,654	23
Other income (expenses), net	(8,795)	(10,834)	(1,831)	(19,629)	(1,857)
Income (loss) before income tax (expense) benefit	(40,055)	52,397	(27,277)	12,342	(20,394)
Income tax (expense) benefit
Current	66	511	(1,211)	577	(2,193)
Net income (loss)	(39,989)	52,908	(28,488)	12,919	(22,587)
Attributable to:
Limited partners - common units	(46,277)	45,410	(33,967)	(867)	(34,269)
General partner	(354)	347	(260)	(7)	(262)
Limited partners - preferred units	7,880	7,880	7,880	15,760	15,760
Non-controlling interests in subsidiaries	(1,238)	(729)	(2,141)	(1,967)	(3,816)
	(39,989)	52,908	(28,488)	12,919	(22,587)
Basic and diluted earnings (loss) per limited partner common unit	(0.11)	0.11	(0.08)	0.00	(0.08)

(1)The Partnership has restated its March 31, 2022 unaudited interim condensed consolidated statement of income (loss) to retrospectively show costs within Other income (expense), net that are not indicative of ongoing operations. The impact of the change as at March 31, 2022 is a reclassification of $9.8 million of General and administrative expenses to Other income (expenses), net. For additional information, please refer to Part I, Item 1. – Financial Statements: Note 2c iii) – Significant Accounting Policies in the Partnership's Report on Form 6-K for the period ended June 30, 2022.

Altera Infrastructure L.P. 5

ALTERA INFRASTRUCTURE L.P. AND SUBSIDIARIES

UNAUDITED INTERIM CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS)

(in thousands of U.S. Dollars)

	Three Months Ended			Six Months Ended
	June 30,	March 31,	June 30,	June 30,	June 30,
	2022	2022	2021	2022	2021
	$	$	$	$	$
Net income (loss)	(39,989)	52,908	(28,488)	12,919	(22,587)
Other comprehensive income (loss)
Items that will not be reclassified subsequently to net income (loss):
To interest expense:
Realized gain on qualifying cash flow hedging instruments	(182)	(179)	(196)	(361)	(386)
To equity-accounted income (loss):
Realized gain on qualifying cash flow hedging instruments	(158)	(159)	(211)	(317)	(407)
Total other comprehensive income (loss)	(340)	(338)	(407)	(678)	(793)
Comprehensive income (loss)	(40,329)	52,570	(28,895)	12,241	(23,380)
Attributable to:
Limited partners - common units	(46,614)	45,075	(34,371)	(1,540)	(35,056)
General partner	(357)	344	(263)	(12)	(268)
Limited partners - preferred units	7,880	7,880	7,880	15,760	15,760
Non-controlling interests in subsidiaries	(1,238)	(729)	(2,141)	(1,967)	(3,816)
	(40,329)	52,570	(28,895)	12,241	(23,380)

Altera Infrastructure L.P. 6

ALTERA INFRASTRUCTURE L.P. AND SUBSIDIARIES

UNAUDITED INTERIM CONDENSED CONSOLIDATED STATEMENTS OF FINANCIAL POSITION

(in thousands of U.S. Dollars)

	As at	As at	As at
	June 30,	March 31,	December 31,
		2022	2021
	2022	Restated(1)	Restated(1)
	$	$	$
ASSETS
Current assets
Cash and cash equivalents	185,561	171,305	190,942
Cash deposits with third-party restrictions	98,205	78,912	58,566
Financial assets	9,520	6,933	5,856
Accounts and other receivable, net	127,305	147,049	127,453
Vessels and equipment classified as held for sale	52,530	5,800	5,800
Inventory	42,472	31,775	26,601
Due from related parties	773	830	978
Other assets	30,504	30,706	43,668
Total current assets	546,870	473,310	459,864
Non-current assets
Financial assets	1,049	969	718
Vessels and equipment	2,786,196	2,928,453	2,869,395
Advances on newbuilding contracts	—	—	51,918
Equity-accounted investments	246,628	243,904	237,469
Other assets	122,137	128,082	138,247
Goodwill	127,113	127,113	127,113
Total non-current assets	3,283,123	3,428,521	3,424,860
Total assets	3,829,993	3,901,831	3,884,724
LIABILITIES
Current liabilities
Accounts payable and other	194,793	190,249	249,297
Other financial liabilities	16,136	14,029	34,679
Borrowings	900,574	572,842	407,274
Due to related parties	10,424	32,485	—
Total current liabilities	1,121,927	809,605	691,250
Non-current liabilities
Accounts payable and other	45,323	47,501	49,253
Other financial liabilities	182,596	185,363	188,658
Borrowings	1,519,966	1,882,204	2,056,753
Due to related parties	843,562	820,210	797,432
Deferred tax liabilities	700	700	700
Total non-current liabilities	2,592,147	2,935,978	3,092,796
Total liabilities	3,714,074	3,745,583	3,784,046
EQUITY
Limited partners - Class A common units	(4,550)	(3,963)	(4,539)
Limited partners - Class B common units	(315,009)	(269,319)	(314,153)
Limited partners - preferred units	408,008	400,128	392,248
General partner	5,596	5,950	5,603
Accumulated other comprehensive income	2,133	2,473	2,811
Non-controlling interests in subsidiaries	19,741	20,979	18,708
Total equity	115,919	156,248	100,678
Total liabilities and equity	3,829,993	3,901,831	3,884,724

(1)The Partnership has restated its March 31, 2022 and December 31, 2021 unaudited interim condensed consolidated statement of financial position to retrospectively show the change in accounting policy adopted during the three months ended June 30, 2022. The impact of the change as at March 31, 2022 and December 31, 2021 is a reclassification of $33.9 million and $13.5 million, respectively, of restricted cash from Financial assets (current) to Cash deposits with third-party restrictions and $45.0 million and $45.0 million, respectively, of restricted cash from Financial assets (non-current) to Cash deposits with third-party restrictions. For additional information, please refer to Part I, Item 1. – Financial Statements: Note 2c ii) – Significant Accounting Policies in the Partnership's Report on Form 6-K for the period ended June 30, 2022.

ALTERA INFRASTRUCTURE L.P. AND SUBSIDIARIES

UNAUDITED INTERIM CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

(in thousands of U.S. Dollars)

	Three Months EndedMarch 31,		Six Months EndedJune 30,
	2022	2021		2021
	Restated(2)	Restated(2)	2022	Restated(2)
	$	$	$	$
Operating Activities
Net income (loss)	52,908	5,901	12,919	(22,587)
Adjusted for the following items:
Depreciation and amortization	71,882	77,249	142,032	158,809
Equity-accounted (income) loss, net of distributions received of $24.9 million (2021 - $24.0 million)	(5,441)	(990)	(7,171)	(5,639)
Impairment expense, net	—	—	38,040	—
(Gain) loss on dispositions, net	—	—	(15,700)	(9,107)
Unrealized (gain) loss on derivative instruments	(25,373)	(162,257)	(21,375)	(163,207)
Provisions and other items	(645)	(193)	(3,786)	188
Other non-cash items	15,821	12,086	34,173	22,985
Changes in non-cash working capital, net	(50,324)	39,239	(20,923)	79,464
Net operating cash flow	58,828	(28,965)	158,209	60,906
Financing Activities
Proceeds from borrowings	63,195	75,000	63,195	75,000
Repayments of borrowings	(75,140)	(99,367)	(112,595)	(195,767)
Financing costs related to borrowings	—	(750)	—	(884)
Proceeds from borrowings related to sale and leaseback of vessels	—	71,400	—	71,400
Repayments of borrowings related to sale and leaseback of vessels	(2,818)	(2,881)	(5,636)	(5,700)
Financing costs related to borrowings from sale and leaseback of vessels	—	—	—	(584)
Proceeds from borrowings from related parties	32,000	75,000	32,000	130,000
Prepayment of borrowings from related parties	—	—	(22,000)	(30,000)
Lease liability repayments	(3,341)	(3,392)	(9,108)	(6,961)
Capital contribution by non-controlling interests	3,000	—	3,000	—
Distributions to limited partners and preferred unitholders	—	(7,880)	—	(15,760)
Distributions to non-controlling interests	—	(1,750)	—	(1,750)
Repurchase of preferred units	—	(24)	—	(24)
Net financing cash flow	16,896	105,356	(51,144)	18,970
Investing Activities
Additions
Vessels and equipment	(75,387)	(156,317)	(87,046)	(168,979)
Equity-accounted investments	(1,153)	(1,172)	(2,305)	(2,336)
Dispositions
Vessels and equipment	—	—	21,500	28,835
Changes in restricted cash	697	71,826	(3,813)	77,445
Net investing cash flow	(75,843)	(85,663)	(71,664)	(65,035)
Total Cash and cash equivalents (1)
Change during the period	(119)	(9,272)	35,401	14,841
Impact of foreign exchange on cash	828	240	(1,143)	369
Balance, beginning of the period	249,508	284,486	249,508	284,486
Balance, end of the period	250,217	275,454	283,766	299,696

(1) Total Cash and cash equivalents includes Cash and cash equivalents and Cash deposits with third-party restrictions.

(2) The Partnership has restated its three months ended March 31, 2022 and March 31, 2021 and its six months ended June 30, 2021 unaudited interim condensed consolidated statements of cash flows to retrospectively show the change in accounting policy adopted during the three months ended June 30, 2022. For additional information, please refer to Part I, Item 1. – Financial Statements: Note 2c ii) – Significant Accounting Policies in the Partnership's Report on Form 6-K for the period ended June 30, 2022.

Non-IFRS MeasuresTo supplement the unaudited interim condensed consolidated financial statements, the Partnership uses Adjusted EBITDA, which is a non-IFRS financial measure, as a measure of the Partnership's performance. Adjusted EBITDA represents net income (loss) before interest expense, interest income, income tax (expense) benefit, and depreciation and amortization and is adjusted to exclude certain items whose timing or amount cannot be reasonably estimated in advance or that are not considered representative of core operating performance. Such adjustments include impairment expenses, gain (loss) on dispositions, net, unrealized gain (loss) on derivative instruments, foreign currency exchange gain (loss) and certain other income or expenses. Adjusted EBITDA also excludes: realized gain or loss on interest rate swaps (as the Partnership in assessing its performance, views these gains or losses as an element of interest expense); realized gain or loss on derivative instruments resulting from amendments or terminations of the underlying instruments; realized gain or loss on foreign currency forward contracts; equity-accounted income (loss) and other income (expense), net. Adjusted EBITDA also includes the Partnership's proportionate share of Adjusted EBITDA from its equity-accounted investments and excludes the non-controlling interests' proportionate share of Adjusted EBITDA. The Partnership does not have control over the operations of, nor does it have any legal claim to the revenues and expenses of its equity-accounted investments. Consequently, the cash flow generated by the Partnership's equity-accounted investments may not be available for use by the Partnership in the period that such cash flows are generated.

Adjusted EBITDA is intended to provide additional information and should not be considered as the sole measure of the Partnership's performance or as a substitute for net income (loss) or other measures of performance prepared in accordance with IFRS. In addition, this measure does not have a standardized meaning and may not be comparable to similar measures presented by other companies. This non-IFRS measure is used by the Partnership's management, and the Partnership believes that this supplementary metric assists investors and other users of its financial reports in comparing its financial and operating performance across reporting periods and with other companies.

Non-IFRS Financial Measures

The following table includes reconciliations of Adjusted EBITDA to net income (loss) for the periods presented in the Partnership's Consolidated Financial Summary.

	Three Months Ended			Six Months Ended
	June 30,	March 31,	June 30,	June 30,	June 30,
		2022
	2022	Restated(1)	2021	2022	2021
(in thousands of U.S. Dollars, unaudited)	$	$	$	$	$
Adjusted EBITDA	129,146	179,528	109,595	308,674	229,865
Depreciation and amortization	(70,150)	(71,882)	(81,560)	(142,032)	(158,809)
Interest expense	(59,490)	(56,208)	(49,475)	(115,698)	(97,159)
Interest income	355	58	21	413	49
Expenses and gains (losses) relating to equity-accounted investments	(5,932)	526	(10,606)	(5,406)	(15,475)
Impairment expense, net	(38,040)	—	—	(38,040)	—
Gain (loss) on dispositions, net	15,700	—	9,107	15,700	9,107
Realized and unrealized gain (loss) on derivative instruments	(3,108)	10,231	(1,513)	7,123	12,347
Foreign currency exchange gain (loss)	630	1,024	(302)	1,654	23
Other income (expenses), net	(8,795)	(10,834)	(1,831)	(19,629)	(1,857)
Adjusted EBITDA attributable to non-controlling interests	(371)	(46)	(713)	(417)	1,515
Income (loss) before income tax (expense) benefit	(40,055)	52,397	(27,277)	12,342	(20,394)
Income tax (expense) benefit
Current	66	511	(1,211)	577	(2,193)
Net income (loss)	(39,989)	52,908	(28,488)	12,919	(22,587)

(1)See the unaudited interim condensed consolidated statements of income (loss) above for additional information.

Adjusted EBITDA from equity-accounted investments, which is a non-IFRS financial measure and should not be considered as an alternative to equity accounted income (loss) or any other measure of financial performance presented in accordance with IFRS, represents our proportionate share of Adjusted EBITDA (as defined above) from equity-accounted investments. This measure does not have a standardized meaning, and may not be comparable to similar measures presented by other companies. Adjusted EBITDA from equity-accounted investments is summarized in the table below:

	Three Months Ended		Six Months Ended
	June 30,	June 30,	June 30,	June 30,
	2022	2021	2022	2021
(in thousands of U.S. Dollars, unaudited)	$	$	$	$
Equity-accounted income (loss)	9,826	10,229	32,088	29,613
Less:
Depreciation and amortization	(6,823)	(7,551)	(13,951)	(15,116)
Interest expense, net	(1,481)	(1,932)	(2,594)	(4,000)
Income tax (expense) benefit
Current	—	21	(36)	(26)
	18,130	19,691	48,669	48,755
Less:
Realized and unrealized gain (loss) on derivative instruments	2,939	(2,005)	11,052	3,522
Foreign currency exchange gain (loss)	(567)	861	123	145
Adjusted EBITDA from equity-accounted investments	15,758	20,835	37,494	45,088

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