UNITED STATES

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

_________________________

Date of Report: ~~February~~May 32, 2022

Commission file number 1- 33198

_________________________

ALTERA INFRASTRUCTURE L.P.

(Exact name of Registrant as specified in its charter)

_________________________

Altera House, Unit 3, Prospect Park, Arnhall Business Park, Westhill, Aberdeenshire, AB32 6FJ, United Kingdom

(Address of principal executive office)

_________________________


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

Item 1 — Information Contained in this Form 6-K Report

Attached as Exhibit 1 is a copy of an announcement of Altera Infrastructure L.P. dated ~~February~~May 32, 2022.

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 duly authorized.

	ALTERA INFRASTRUCTURE L.P.
	By:	ALTERA INFRASTRUCTURE GP L.L.C., its general partner
Date: February 3, 2022	By:		/s/ Mark Mitchell
Date: May 2, 2022	By:		/s/ Mark Mitchell
			Mark MitchellCompany Secretary

Press Release ¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯

Altera Infrastructure Reports ~~Fourth~~First Quarter ~~and~~2022 ~~Annual 2021~~ Results

Aberdeen, United Kingdom, ~~February~~May 32, 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 ~~December~~March 31, ~~2021~~2022.

•Revenues of ~~315~~$323.7 million and net ~~loss~~income of $8752.9 million, or $(0.~~23)~~11 per common unit, in the ~~fourth~~first quarter of ~~2021~~2022.

•Adjusted EBITDA(1) of $~~165~~169.87 million in the ~~fourth~~first quarter of ~~2021~~2022.

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

Three Months Ended

December 31,

September 30,

December 31,

March 31,

December 31,

March 31,

2021

2020

2022

2021

In thousands of U.S. Dollars, unaudited

IFRS FINANCIAL RESULTS

Revenues

~~315~~323,~~734~~655

~~295~~315,~~837~~734

~~278~~272,~~657~~754

Net Income (loss)

~~(87~~52,~~879)~~908

(2587,~~984~~879)

~~(73~~5,~~029)~~901

Limited partners' interest in net income (loss) per common unit - basic

(0.~~23)~~11

(0.0823)

(0.~~20)~~00

NON-IFRS FINANCIAL MEASURE:

Adjusted EBITDA (1)

~~165~~169,~~801~~681

~~156~~165,~~295~~801

~~142~~120,~~193~~270

(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.

The Partnership generated a net ~~loss~~income of $8853 million for the three months ended ~~December~~ March 31, ~~2021~~2022, compared to a net ~~loss~~income of $736 million for the three months ended ~~December~~March 31, ~~2020~~2021. ~~Net~~The ~~loss~~increase ~~for~~of ~~the~~$47 million ~~quarter~~was ~~reflects~~primarily due to oil price tariff revenue in the ~~impact~~FPSO ofsegment ~~$152~~and ~~million~~higher ofday ~~vessel~~rates ~~impairments~~and utilization in the Towage segment.

Adjusted EBITDA ~~increased~~was to $~~166~~170 million for the three months ended ~~December~~ March 31, ~~2021~~2022, compared to $~~142~~120 million for the same period ~~last~~prior year. The increase of $50 million was ~~mainly~~primarily ~~driven~~due byto oil price tariff revenue in the FPSO segment and higher ~~utilization~~day inrates ~~the~~and ~~Towage segment, partially offset by lower~~ utilization in the ~~Shuttle~~Towage ~~Tanker~~ segment ~~and FPSO assets in lay-up~~.

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 ~~December~~ March 31, ~~2021~~2022 to the same period of the prior year.

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

	Three Months Ended
	December 31,	September 30,	December 31,
	March 31,	December 31,	March 31,
	2021	2021	2020
	2022	2021	2021
In thousands of U.S. Dollars, unaudited	$	$	$
FPSO	9499,~~191~~533	8394,~~237~~191	7252,~~352~~768
Shuttle Tanker	5963,~~033~~590	5359,~~835~~033	7167,~~822~~194
FSO	1110,~~516~~659	1211,~~254~~516	~~(456)~~7,405
UMS	(21,~~004~~760)	(2,~~100~~004)	(1,~~772~~695)
Towage	78,~~208~~990	67,~~655~~208	(~~743~~2,350)
Corporate/Eliminations	(4,143)	2,414	990
New Ventures	(129)	—	—
Partnership Adjusted EBITDA	165,801	156,295	142,193
Corporate/Eliminations	(11,202)	(4,143)	(3,052)
Partnership Adjusted EBITDA	169,681	165,801	120,270

~~Fourth~~(1)These ~~Quarter~~operating ~~2021~~segments ~~Compared~~are ~~with~~regularly ~~Fourth~~reviewed ~~Quarter~~by ~~2020~~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.

~~The~~First Quarter 2022 Compared with First Quarter 2021The Partnership's FPSO segment generated Adjusted EBITDA of $94100 million for the three months ended ~~December~~ March 31, ~~2021~~2022, compared to $72 53 million for the three months ended ~~December~~ March 31, ~~2020~~2021. The increase of $22 47 million iswas ~~mainly~~primarily ~~driven~~due byto oil price tariff revenue related to ~~the~~Petrojarl Knarr FPSO and Petrojarl I FPSO units.

The Partnership's Shuttle Tanker segment generated Adjusted EBITDA of $5964 million for the three months ended ~~December~~ March 31, ~~2021~~2022, compared to $7267 million for the three months ended ~~December~~ March 31, ~~2020~~2021. The decrease of $13 3 million iswas ~~mainly~~primarily ~~driven~~due byto ~~lower~~the ~~utilization~~absence in the first quarter of 2022 of compensation received from the client on the redelivery of the Navion Gothenburg shuttle tanker and the termination of the Foinaven ~~CoA~~ contract inof ~~May 2021~~affreightment.

The Partnership's FSO segment generated Adjusted EBITDA of $1211 million for the three months ended ~~December~~ March 31, ~~2021~~2022, compared to $~~nil~~7 million for the three months ended ~~December~~ March 31, ~~2020~~2021. The increase of $12 4 million iswas ~~mainly~~primarily ~~driven~~due byto the absence ofin ~~decommissioning~~the ~~and~~first ~~operating~~quarter ~~costs~~of ~~for~~2022 ~~certain~~of ~~vessels~~decommissioning ~~which~~costs ~~left~~on the ~~fleet~~Dampier inSpirit ~~the same quarter prior year~~FSO.

The Partnership's UMS segment generated an Adjusted EBITDA loss of $(2) million for the three months ended ~~December~~ March 31, ~~2021~~2022, which was in line with the same quarter of the prior year.

The Partnership's Towage segment generated Adjusted EBITDA of $79 million for the three months ended ~~December~~ March 31, ~~2021~~2022, compared to an Adjusted EBITDA loss of $~~(1)~~2 million for the three months ended ~~December~~ March 31, ~~2020~~2021. The increase of $8 11 million iswas ~~mainly~~primarily ~~driven~~due byto higher day rates and utilization ~~in the current quarter~~.

Altera Infrastructure L.P. 2

Strategic ~~updates~~ Updates

~~Shuttle~~Liquidity ~~Tanker~~UpdateAs ~~newbuildings~~at March 31, 2022, the Partnership had total liquidity of $171 million, compared to $191 million as at December 31, 2021, representing a decrease of $20 million.

~~The Partnership's newbuild, the Altera Thule, is expected to be delivered in March 2022 and will operate off the East Coast of Canada.~~Financings

~~Contract~~In ~~updates~~January 2022, a wholly owned subsidiary of the Partnership, Altera Infrastructure Holdings L.L.C., entered into a revolving credit facility provided by Brookfield Business Partners L.P. and its affiliates (or Brookfield). The borrowings available under the revolving credit facility are $32 million and mature in June 2022.

InContract ~~January 2022, a 1-year firm contract extension to May 2024 and a further 1-year option for the Petrojarl I FPSO was signed with Enauta.~~Updates

~~The~~In ~~Knarr~~February ~~FPSO~~2022, isthe ~~expected~~Partnership tosigned ~~cease~~an ~~production~~agreement onwith ~~the~~Energean ~~Knarr~~Israel ~~field~~Ltd. into deploy the ~~North~~Arendal ~~Sea~~Spirit ~~around~~UMS ~~May,~~on 1a ~~2022~~100-day ~~and~~firm ~~commence~~contract ~~decommissioning~~with ~~activities~~extension options.

~~Vessel~~In ~~sales~~February 2022, the Partnership signed a front-end engineering design (or FEED) agreement with Equinor for redeployment of the Petrojarl Knarr FPSO unit on the Rosebank field west of Shetland, United Kingdom.

In ~~November~~January ~~2021~~2022, the ~~Navion~~Partnership ~~Stavanger~~agreed ~~shuttle~~with ~~tanker~~Enauta ~~was~~to ~~delivered~~extend the Petrojarl I FPSO contract by one year, from May 2023 to ~~its~~May ~~buyer~~2024, with an option for ~~responsible~~Enauta ~~recycling~~to extend for an additional year through May 2025.

~~Liquidity~~The ~~UpdateAs~~Knarr atFPSO ~~December~~will ~~31,~~cease ~~2021~~production on the ~~Partnership~~Knarr ~~had~~field ~~total~~in ~~liquidity~~the ofNorth ~~$191~~Sea ~~million,~~on ~~compared~~May to1, ~~$195~~2022, ~~million~~after inwhich ~~the~~decommissioning ~~prior~~activities ~~quarter,~~related ~~representing~~to athe ~~decrease~~unit ofwill ~~$4 million~~commence.

~~In December 2021, the Partnership's subsidiary, Altera~~ Shuttle ~~Tankers,~~Tanker ~~issued a new $180 million bond due in 2025. The proceeds were used to repay bonds due in 2022.~~Newbuildings

In ~~relation~~March to2022, the ~~above~~Partnership's ~~bond~~final ~~issue~~newbuilding in a series of seven, shuttle tanker Altera Thule, was delivered to the ~~$70~~Partnership ~~million~~from ~~Shuttle~~the ~~revolving~~yard. ~~credit~~The ~~facility~~Partnership ~~was~~plans ~~cancelled~~to ~~and~~operate ~~replaced~~this byvessel aoff ~~new~~the ~~$70~~East Coast of Canada. The Partnership has drawn down the final $63 million ~~PIK~~of ~~loan~~the bypreviously ~~Brookfield~~secured ~~Business~~$105 million ~~Partners~~of ~~L.P.~~borrowings ~~(or~~relating ~~Brookfield)~~to this shuttle tanker newbuilding.

~~Forward~~Vessel ~~Looking~~SalesIn ~~Statements~~February 2022, the Partnership entered into an agreement to sell the Petrojarl Varg FPSO unit to an energy company for re-use as a production facility as part of a new field development opportunity. In April 2022, the Partnership completed the sale of the unit for $22 million.

~~This~~Changes ~~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~~Board future events and performance, including, among others: the Partnership’s strategic initiatives intended to improve its debt maturity profile and enhance its liquidity and financial flexibility; and the timing of ~~vessel~~Directors ~~deliveries, the commencement of charter contracts~~ and the employment of newbuilding vessels. 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: delays in vessel deliveries or the commencement of charter contracts or changes in expected employment of newbuilding vessels; the potential ineffectiveness of measures taken to improve the Partnership’s maturity profile and enhance its liquidity; 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.Committees

~~About~~In ~~Altera~~March ~~Infrastructure~~2022, LCarol Flaton joined the Partnership's board of directors; Ms.P Flaton was also appointed as a member of the Conflicts Committee. Ms. Flaton has over 30 years of experience in banking and finance with a focus on transformation and restructuring. Since 2019, Ms. Flaton has provided financial advisory services and served as independent director for both public and private companies. Ms. Flaton has an M.B.A. from IMD (International Institute of Management Development, Lausanne, Switzerland) and a B.S. from the University of Delaware.

~~Altera~~Forward ~~Infrastructure~~Looking ~~L.P.~~Statements isThis arelease ~~leading~~contains ~~global~~forward-looking ~~energy~~statements ~~infrastructure~~(as ~~services~~defined ~~partnership~~in ~~primarily~~Section ~~focused~~21E onof the ~~ownership~~Securities ~~and~~Exchange ~~operation~~Act of ~~critical~~1934, ~~infrastructure~~as ~~assets~~amended) inwhich ~~the~~reflect ~~offshore~~management’s ~~oil~~current ~~regions~~views ofwith ~~the~~respect ~~North~~to ~~Sea,~~certain ~~Brazil~~future events and ~~the~~performance, ~~East~~including, ~~Coast~~among others: the commencement of ~~Canada.~~charter ~~Altera~~contracts ~~has~~and ~~consolidated~~the ~~assets~~employment of ~~approximately~~newbuilding $3vessels.9 ~~billion,~~The ~~comprised~~following offactors 45are ~~vessels,~~among ~~including~~those ~~floating~~that ~~production,~~could ~~storage~~cause ~~and~~actual ~~offloading~~results ~~(FPSO)~~to ~~units,~~differ ~~shuttle~~materially ~~tankers~~from ~~(including~~the ~~one~~forward-looking ~~newbuilding)~~statements, ~~floating~~which ~~storage~~involve risks and ~~offtake~~uncertainties, ~~(FSO)~~and ~~units,~~that ~~long-distance~~should ~~towing~~be ~~and~~considered ~~offshore~~in ~~installation~~evaluating any such statement: delays in the commencement of charter contracts or changes in expected employment of newbuilding vessels; and aother ~~unit~~factors discussed in the Partnership’s filings from time to time with the SEC, including its Report on Form 20-F for ~~maintenance~~the ~~and~~fiscal ~~safety~~year ~~(UMS)~~ended December 31, 2021. The ~~majority~~Partnership ofexpressly ~~Altera~~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 ~~fleet~~expectations iswith ~~employed~~respect onthereto ~~medium-term~~or any change in events, ~~stable~~conditions ~~contracts~~or circumstances on which any such statement is based.

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.

Altera Infrastructure L.P. 3

~~For~~About ~~Investor~~Altera ~~Relations~~Infrastructure ~~enquiries~~L.P.Altera ~~contact:~~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 $3.9 billion, comprised of 45 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

~~Year Ended~~

December 31,

March 31,

December 31,

March 31,

2021

2020

2021

2020

2022

2021

Revenues

~~315~~323,~~734~~655

315,734

~~278~~272,~~657~~754

~~1,151,260~~

~~1,182,110~~

Direct operating costs

(~~167~~159,~~976~~206)

(167,976)

(~~143~~161,~~896~~841)

~~(654,580)~~

~~(627,792)~~

General and administrative expenses

(1216,~~988~~550)

(12,988)

(2412,~~217~~668)

~~(40,770)~~

~~(44,360)~~

Depreciation and amortization

(7371,~~735~~882)

(73,735)

(8177,~~128~~249)

~~(313,120)~~

~~(316,317)~~

Interest expense

(5556,~~056~~208)

(55,056)

(5047,~~511~~684)

~~(206,176)~~

~~(192,723)~~

Interest income

3258

~~1,870~~28

~~2,770~~

Equity-accounted income (loss)

~~(15~~22,~~536)~~262

(15,536)

19,~~658~~384

~~25,062~~

~~35,921~~

Impairment expense, net

~~(116,420)~~—

(116,420)

~~(83,615)~~—

~~(116,420)~~

~~(268,612)~~

Gain (loss) on dispositions, net

~~(2)~~—

(2)

~~5,380~~—

~~10,502~~

~~3,411~~

Realized and unrealized gain (loss) on derivative instruments

310,~~788~~231

3,788

713,~~190~~860

~~15,732~~

~~(96,499)~~

Foreign currency exchange gain (loss)

~~(177)~~1,024

(177)

~~(514)~~325

~~(825)~~

~~(7,861)~~

Gain (loss) on modification of financial liabilities, net

~~(10,694)~~—

(10,694)

—

~~(45,920)~~

—

Other income (expenses), net

~~50,864~~(987)

50,864

(~~844~~26)

~~48,323~~

~~(10,472)~~

Income (loss) before income tax (expense) benefit

~~(82~~52,~~166)~~397

(82,166)

~~(71~~6,~~970)~~883

~~(126,841)~~

~~(340,424)~~

Income tax (expense) benefit

Current

~~(707)~~511

(707)

(~~1,303~~982)

~~(4,603)~~

~~(6,543)~~

Deferred

~~(5,006)~~—

(5,006)

~~244~~—

~~(5,006)~~

~~804~~

Net income (loss)

~~(87~~52,~~879)~~908

(87,879)

~~(73~~5,~~029)~~901

~~(136,450)~~

~~(346,163)~~

Attributable to:

Limited partners - common units

~~(93~~45,~~667)~~410

(93,667)

(~~80,120~~302)

~~(160,218)~~

~~(368,341)~~

General partner

~~(716)~~347

(716)

(~~615~~2)

~~(1,225)~~

~~(2,771)~~

Limited partners - preferred units

7,880

7,~~989~~880

~~31,520~~

~~32,103~~

Non-controlling interests in subsidiaries

(~~1,376~~729)

(1,376)

(~~283~~1,675)

~~(6,527)~~

~~(7,154)~~

(87,879)

(73,029)

(136,450)

(346,163)

52,908

(87,879)

5,901

Basic and diluted earnings (loss) per limited partner common unit

(0.~~23)~~11

(0.23)

(0.~~20)~~00

~~(0.39)~~

~~(0.90)~~

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

~~Year Ended~~

December 31,

March 31,

December 31,

March 31,

2021

2020

2021

2020

2022

2021

Net income (loss)

~~(87~~52,~~879)~~908

(87,879)

~~(73~~5,~~029)~~901

~~(136,450)~~

~~(346,163)~~

Other comprehensive income (loss)

Items that will not be reclassified subsequently to net income (loss):

Pension adjustments, net of taxes

~~233~~—

233

~~1,438~~—

~~233~~

~~1,438~~

Items that may be reclassified subsequently to net income (loss):

To interest expense:

Realized gain on qualifying cash flow hedging instruments

(~~182~~179)

(182)

(~~189~~190)

~~(750)~~

~~(811)~~

To equity-accounted income (loss):

Realized gain on qualifying cash flow hedging instruments

(159)

(~~201~~196)

~~(743)~~

~~(966)~~

Total other comprehensive income (loss)

(~~108~~338)

(108)

~~1,048~~(386)

~~(1,260)~~

~~(339)~~

Comprehensive income (loss)

~~(87~~52,~~987)~~570

(87,987)

~~(71~~5,~~981)~~515

~~(137,710)~~

~~(346,502)~~

Attributable to:

Limited partners - common units

~~(93~~45,~~774)~~075

(93,774)

(~~79,080~~685)

~~(161,468)~~

~~(368,677)~~

General partner

~~(717)~~344

(717)

(~~607~~5)

~~(1,235)~~

~~(2,774)~~

Limited partners - preferred units

7,880

7,~~989~~880

~~31,520~~

~~32,103~~

Non-controlling interests in subsidiaries

(~~1,376~~729)

(1,376)

(~~283~~1,675)

~~(6,527)~~

~~(7,154)~~

(87,987)

(71,981)

(137,710)

(346,502)

52,570

(87,987)

5,515

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~~
	December 31,	December 31,	January 1,
	March 31,	December 31,
	2021	2020Restated(1)	2020Restated(1)
	2022	2021
	$	$	$
ASSETS
Current assets
Cash and cash equivalents	~~190~~171,~~942~~305	~~235~~190,~~734~~942	~~199,388~~
Financial assets	1940,~~400~~796	~~103~~19,~~514~~400	~~107,992~~
Accounts and other receivable, net	~~127~~147,~~453~~049	~~222~~127,~~629~~453	~~204,825~~
Vessels and equipment classified as held for sale	5,800	75,~~500~~800	~~15,374~~
Inventory	2631,~~601~~775	1626,~~308~~601	~~18,581~~
Due from related parties	~~978~~830	~~9,980~~978	—
Other assets	4330,~~668~~706	3743,~~326~~668	~~16,844~~
Total current assets	~~414~~428,~~842~~261	~~632~~414,~~991~~842	~~563,004~~
Non-current assets
Financial assets	4546,~~740~~018	3645,~~372~~740	—
Accounts and other receivable, net	—	—	17,276
Vessels and equipment	2,928,453	2,869,395
Vessels and equipment	2,869,395	3,029,415	3,025,716
Advances on newbuilding contracts	—	51,918
Advances on newbuilding contracts	51,918	127,335	297,100
Equity-accounted investments	243,904	237,469
Equity-accounted investments	237,469	241,731	232,216
Other assets	128,082	138,247
Deferred tax assets	—	5,153	7,000
Goodwill	127,113	127,113
Other assets	138,247	185,521	218,813
Total non-current assets	3,473,570	3,469,882
Goodwill	127,113	127,113	127,113
Total assets	3,901,831	3,884,724
Total non-current assets	3,469,882	3,752,640	3,925,234
LIABILITIES
Total assets	3,884,724	4,385,631	4,488,238
Current liabilities
LIABILITIES
Accounts payable and other	190,249	249,297
Current liabilities
Other financial liabilities	14,029	34,679
Accounts payable and other	249,297	286,295	256,114
Borrowings	572,842	407,274
Other financial liabilities	34,679	198,985	21,697
Due to related parties	32,485	—
Borrowings	407,274	362,079	353,238
Total current liabilities	809,605	691,250
Due to related parties	—	16,126	37,810
Non-current liabilities
Total current liabilities	691,250	863,485	668,859
Accounts payable and other	47,501	49,253
Non-current liabilities
Other financial liabilities	185,363	188,658
Accounts payable and other	49,253	128,671	222,659
Borrowings	1,882,204	2,056,753
Other financial liabilities	188,658	144,350	164,511
Due to related parties	820,210	797,432
Borrowings	2,056,753	2,397,638	2,407,649
Deferred tax liabilities	700	700
Due to related parties	797,432	605,888	423,625
Total non-current liabilities	2,935,978	3,092,796
Deferred tax liabilities	700	700	3,133
Total liabilities	3,745,583	3,784,046
Total non-current liabilities	3,092,796	3,277,247	3,221,577
EQUITY
Total liabilities	3,784,046	4,140,732	3,890,436
Limited partners - Class A common units	(3,963)	(4,539)
EQUITY
Limited partners - Class B common units	(269,319)	(314,153)
Limited partners - common units	—	—	169,737
Limited partners - preferred units	400,128	392,248
Limited partners - Class A common units	(4,539)	(2,505)	—
General partner	5,950	5,603
Limited partners - Class B common units	(314,153)	(157,897)	—
Accumulated other comprehensive income	2,473	2,811
Limited partners - preferred units	392,248	376,512	384,274
Non-controlling interests in subsidiaries	20,979	18,708
General partner	5,603	6,828	9,587
Total equity	156,248	100,678
Accumulated other comprehensive income	2,811	4,071	4,410
Total liabilities and equity	3,901,831	3,884,724
Non-controlling interests in subsidiaries	18,708	17,890	29,794
Total equity	100,678	244,899	597,802
Total liabilities and equity	3,884,724	4,385,631	4,488,238

(1)The Partnership has restated its December 31, 2020 and January 1, 2020 consolidated statements of financial position to retrospectively show the change in accounting policy adopted during the year ended December 31, 2021. The impact of the accounting policy change as at December 31, 2020 and January 1, 2020 is a reclassification of the Partnerships $411.3 million and $423.6 million, respectively, outstanding senior unsecured bonds held by Brookfield from Borrowings (non-current) to Due to related parties (non-current) and $16.1 million and $16.5 million, respectively, in accrued interest on said bonds from Accounts payable and other (current) to Due to related parties (current).

Altera Infrastructure L.P. 7

ALTERA INFRASTRUCTURE L.P. AND SUBSIDIARIES

UNAUDITED INTERIM CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

(in thousands of U.S. Dollars)


	Three Months Ended March 31,
	2022	2021
	$	$

Operating Activities
Net income (loss)	52,908	5,901
Adjusted for the following items:
Depreciation and amortization	71,882	77,249
Equity-accounted (income) loss, net of distributions received of $16.8 million (2021 - $18.4 million)	(5,441)	(990)


Unrealized (gain) loss on derivative instruments	(25,373)	(162,257)

Provisions and other items	(645)	(193)
Other non-cash items	15,821	12,086
Changes in non-cash working capital, net	(50,324)	39,239
Net operating cash flow	58,828	(28,965)
Financing Activities
Proceeds from borrowings	63,195	75,000
Repayments of borrowings	(75,140)	(99,367)
Financing costs related to borrowings	—	(750)
Proceeds from borrowings related to sale and leaseback of vessels	—	71,400
Repayments of borrowings related to sale and leaseback of vessels	(2,818)	(2,881)

Proceeds from borrowings from related parties	32,000	75,000

Lease liability repayments	(3,341)	(3,392)
Capital contribution by non-controlling interests	3,000	—

Distributions to limited partners and preferred unitholders	—	(7,880)
Distributions to non-controlling interests	—	(1,750)

Repurchase of preferred units	—	(24)
Net financing cash flow	16,896	105,356
Investing Activities
Additions
Vessels and equipment	(75,387)	(156,317)
Equity-accounted investments	(1,153)	(1,172)


Changes in restricted cash	(19,649)	42,202

Net investing cash flow	(96,189)	(115,287)
Cash and cash equivalents
Change during the period	(20,465)	(38,896)
Impact of foreign exchange on cash	828	240
Balance, beginning of the period	190,942	235,734
Balance, end of the period	171,305	197,078

	Year EndedDecember 31,
	2021	2020
	$	$
Operating Activities
Net income (loss)	(136,450)	(346,163)
Adjusted for the following items:
Depreciation and amortization	313,120	316,317
Equity-accounted (income) loss, net of distributions received	8,368	(6,532)
Impairment expense, net	116,420	268,612
(Gain) loss on dispositions, net	(10,502)	(3,411)
Unrealized (gain) loss on derivative instruments	(173,195)	36,045
Deferred income tax expense (recovery)	5,006	(804)
Provisions and other items	(54,698)	(3,503)
Other non-cash items	59,937	34,629
Changes in non-cash working capital, net	87,289	(12,871)
Net operating cash flow	215,295	282,319
Financing Activities
Proceeds from borrowings	276,120	312,149
Repayments of borrowings and settlement of related derivative instruments	(579,180)	(329,073)
Financing costs related to borrowings	(7,720)	(8,023)
Proceeds from borrowings related to sale and leaseback of vessels	71,400	119,073
Repayments of borrowings related to sale and leaseback of vessels	(11,335)	(1,190)
Financing costs related to borrowings from sale and leaseback of vessels	(584)	(187)
Proceeds from borrowings from related parties	147,000	205,000
Prepayment of borrowings from related parties	(30,000)	—
Lease liability repayments	(14,506)	(20,332)
Capital provided by others who have interests in subsidiaries	17,950	—
Distributions to limited partners and preferred unitholders	(15,760)	(32,103)
Distributions to others who have interests in subsidiaries	(10,605)	(4,750)
Repurchase of preferred units	(24)	(6,200)
Net financing cash flow	(157,244)	234,364
Investing Activities
Additions:
Vessels and equipment	(211,448)	(479,981)
Equity-accounted investments	(4,847)	(3,948)
Dispositions:
Vessels and equipment	44,894	27,996
Restricted cash	68,575	(26,520)
Acquisition of company (net of cash acquired of $6.4 million)	—	6,430
Net investing cash flow	(102,826)	(476,023)
Cash and cash equivalents
Change during the year	(44,775)	40,660
Impact of foreign exchange on cash	(17)	(4,314)
Balance, beginning of the year	235,734	199,388
Balance, end of the year	190,942	235,734

Altera Infrastructure L.P. 8

Non-IFRS Measures

To 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; and equity-accounted income (loss). 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

December 31,

September 30,

December 31,

March 31,

December 31,

March 31,

2021

2020

2022

2021

(in thousands of U.S. Dollars, unaudited)

Adjusted EBITDA

~~165~~169,~~801~~681

~~156~~165,~~295~~801

~~142~~120,~~193~~270

Depreciation and amortization

(7371,~~735~~882)

(8073,~~576~~735)

(8177,~~128~~249)

Interest expense

(5556,~~056~~208)

(5355,~~961~~056)

(5047,~~511~~684)

Interest income

3258

1032

~~1,870~~28

Expenses and gains (losses) relating to equity-accounted investments

~~(45,708)~~526

(945,~~635~~708)

(114,~~485~~869)

Impairment expense, net

~~(116,420)~~—

—(116,420)

~~(83,615)~~—

Gain (loss) on dispositions, net

~~(2)~~—

~~1,397~~(2)

~~5,380~~—

Realized and unrealized gain (loss) on derivative instruments

310,~~788~~231

~~(403)~~3,788

613,~~061~~860

Foreign currency exchange gain (loss)

~~(177)~~1,024

(~~671~~177)

~~(514)~~325

Gain (loss) on modification of financial liabilities, net

~~(10,694)~~—

—(10,694)

—

Other income (expenses), net

~~50,864~~(987)

~~(35~~50,~~910)~~864

(~~844~~26)

Adjusted EBITDA attributable to non-controlling interests

(~~859~~46)

(~~827~~859)

~~623~~2,228

Income (loss) before income tax (expense) benefit

~~(82~~52,~~166)~~397

(2482,~~281~~166)

~~(71~~6,~~970)~~883

Income tax (expense) benefit:

Current

~~(707)~~511

(~~1,703~~707)

(~~1,303~~982)

Deferred

~~(5,006)~~—

—(5,006)

~~244~~—

Net loss

(87,879)

(25,984)

(73,029)

Net income (loss)

52,908

(87,879)

5,901

Altera Infrastructure L.P. 9

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

December 31,

September 30,

December 31,

March 31,

December 31,

March 31,

2021

2020

2022

2021

(in thousands of U.S. Dollars, unaudited)

Equity-accounted income (loss)

~~(15~~22,~~536)~~262

10(15,~~985~~536)

19,~~658~~384

Less:

Depreciation and amortization

(87,~~937~~128)

(78,~~551~~937)

(7,~~713~~565)

Interest expense, net

(1,~~719~~113)

(1,~~986~~719)

(52,~~102~~068)

Income tax (expense) benefit

Income tax (expense) benefit:

Current

(~~480~~36)

22(480)

(~~139~~47)

EBITDA

(430,~~400)~~539

20(4,~~500~~400)

3229,~~612~~064

Less:

Impairment expense, net

~~(36,096)~~—

—(36,096)

—

Realized and unrealized gain (loss) on derivative instruments

18,~~752~~113

~~387~~1,752

15,~~395~~527

Foreign currency exchange gain (loss)

~~(228)~~690

(~~507~~228)

74(716)

Adjusted EBITDA from equity-accounted investments

3021,~~172~~736

2030,~~620~~172

3124,~~143~~253

Altera Infrastructure L.P. 10

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