The document is a Q3 2020 earnings presentation for Altera Infrastructure. It provides the following key information: - Adjusted EBITDA was $140 million for Q3 2020. Two new E-shuttle tankers were delivered on schedule. - A settlement was reached regarding the Petrojarl I FPSO and the court ruled in favor of unpaid amounts for the Voyageur FPSO. - Contract extensions and new contracts were signed for shuttle tankers and towage vessels. The presentation provides details on operations and recent highlights across its business segments.

1. Q3-20 Earnings
Presentation
November 3, 2020

2. Forward Looking Statement
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 timing of vessel deliveries, the commencement of charter contracts and the employment
of newbuilding vessels; and the Partnership's proposed actions to any disruptions from covid-19. 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;
unanticipated market volatility (such as volatility resulting from the recent COVID-19 outbreak); 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 31 December 2019. 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.

3. 3%
48%
49%
FSO Shuttle Tanker FPSO
$4.2bn(1)
Forward Revenue
(1) As of 30 September 2020. Based on existing contracts; but excluding extension options and oil-tariff revenue.
~2,000
Employees
52
Vessels
Blue-Chip Customers
Altera Infrastructure

4. Recent Highlights
Q3-20 Results
Adjusted EBITDA of
$140 million in Q3-20
E-Shuttle Newbuilds
Tide Spirit delivered in
July 2020 and
commenced operations
in the North Sea in
October 2020
Current Spirit delivered
in August 2020 and is
expected to commence
operations in the North
Sea in November 2020
Eni CoA Contract
In September, a 5-year
CoA contract was signed
for several Eni fields in
the North Sea, with the
potential of up to an
additional 1.2 vessel
equivalents
Liza Unity FPSO Tow
In August, SBM awarded
ALP the tow of the Liza
Unity FPSO expected to
take place mid-2021 and
require up to four vessels

5. • We continue to focus on the safety of operations and have implemented a number of proactive
measures to protect the health and safety of vessel crews, as well as onshore employees
• No material business interruptions or financial impact in Q3 2020 from the COVID-19 pandemic
• Our towage business recovered to normal operations in Q3, following low activity from general travel
restrictions in Q1 and Q2
• A majority of our revenues are secured under medium-term contracts that should not be materially
affected by a short-term volatility in oil prices
• We continue to closely monitor counterparty risk associated with our vessels under contract and a
potential prolonged lower oil price environment to mitigate potential impact on the business
COVID-19 Response Update

6. Q3-20 Results
Adjusted EBITDA of $140 million in Q3-20
FPSO Segment
Adjusted EBITDA decreased by $17 million to $58 million in Q3-20
mainly as Voyageur FPSO completed operations under the
Premier Oil contract in June 2020 and due to lower uptime on the
Petrojarl I FPSO
Shuttle Tanker Segment
Adjusted EBITDA decreased by $10 million to $61 million in Q3-20
mainly due to lower North Sea volumes reflecting seasonal
maintenance in the summer months, lower conventional spot rates
and Navion Anglia completing its storage contract early-
September
FSO Segment
Adjusted EBITDA increased by $5 million to $21 million in Q3-20,
primarily due to non-recurring items in Q2-20, related to the
Dampier Spirit FSO contract ending in September 2020, earlier
than expected
Towage Segment
Adjusted EBITDA increased by $7 million to $1 million in Q3-20
due to higher fleet utilization from increased market activity

7. FPSO Segment
Petrojarl I Dispute Settlement
Economic Uptime Adjusted EBITDA (US$ millions)
In September, the Partnership reached a
settlement agreement with Damen Ship
Repair Rotterdam B.V related to the
refurbishment of Petrojarl I FPSO. The
agreement resolves all aspects of the
arbitration dispute commenced in 2017
with no further payments due from either
party for the respective claims made
During the quarter we were engaged in a
concept studies with Equinor for the
possible redeployment of the Petrojarl
Knarr FPSO on the UK Rosebank field
Work also continued on the competitive
pre-FEED study with Santos for an FPSO
for the Australian Dorado field
Pre-FEED ActivityOperations
Economic uptime decreased to 92% in Q3-
20 from 97% in Q2-20 due to lower uptime
on Petrojarl I as certain oil wells were shut in
while a new water treatment plant was being
installed and commissioned, as well as
unplanned maintenance and repairs
In July 2020, a dispute over amounts
owed to us under the Voyageur FPSO
contract, has been concluded with a court
ruling in our favor. This ruling entitles us
to the full claim of $12 million and
contractual interest. The customer has
applied to appeal the court ruling
Voyageur Dispute Court Ruling

8. Shuttle Tanker Segment
E-Shuttle NewbuildsContracts Update
Technical Uptime Adjusted EBITDA (US$ millions)
In September, a 5-year CoA contract was
signed for several Eni fields in the North Sea,
with the potential of up to an additional
1.2 vessel equivalents
In September, a two-year extension was
signed with Aker BP and Partners on the Skarv
CoA contract, equivalent to 0.3 of a vessel
In August, Premier oil exercised a one-year
option on the Solan CoA contract, equivalent
to 0.25 of a vessel
Tide Spirit was delivered in July 2020 and
is expected to commence operations in
October 2020
Current Spirit was delivered in August
2020 and is expected to commence
operations in November 2020
The remaining two E-Shuttle newbuilds are
expected to be delivered between
December 2020 and January 2021
Capex
Total capex for the six E-Shuttles and the
fourth East Coast Canada shuttle tanker is
approximately $920 million, excluding
capitalized interest, of which $734 million is
funded with secured financing
Remaining capex on 30 September 2020
is approximately $265 million, of which
$243 million will be drawn on committed,
secured financing
Operations
Technical uptime increased to 98% in Q3-
20 from 91% in Q2-20

9. FSO Segment
Dampier Spirit FSO
Technical Uptime Adjusted EBITDA (US$ millions)
Operations ceased in September 2020
and the vessel is in the process of being
exported from Australia for responsible
recycling in Turkey
Trion FSO Pre-FEED for BHP
Pre-FEED to develop a newbuild FSO for
BHP for the Trion oil field in the Gulf of
Mexico on-going. The FEED will be awarded
in 2021 and first oil is expected in 2025
Randgrid FSO Option
Equinor exercised the first of twelve one-
year options to extend the time-charter,
effective from October 2020

10. Towage Segment
Q3-20 Operations
Fleet utilization increased to 72% in
Q3-20 compared to 25% in Q2-20.
Market activity has generally picked up
as travel restrictions have eased and
projects have been restarted
Utilization Adjusted EBITDA (US$ millions)
SBM Liza Unity Contract
In August, a contract to tow the Liza Unity
FPSO to the Liza field in Guyana was
signed. This will require up to four
vessels and is expected to take place in
mid-2021
The contract adds to the five-vessel
contract for the Coral South LNG project
in Mozambique that was announced in
Q1-20

11. Financing and Corporate Update
ECC Facility Upsize
In July 2020, the Partnership completed
an amendment and a $106 million
upsizing of the financing to include the
4th ECC vessel under construction. In
October, the amendment was approved
also by the Junior Lenders
Brookfield RCF
The Partnership agreed to amend the
existing credit agreement for an
unsecured Revolving Credit Facility
provided by Brookfield by increasing the
available amount by $100 million to
$225 million, including $25 million of
accumulated interest, and extending the
maturity to 31 October 2024
Green Bond Tap Issue
Securities Repurchasing Program
In August Altera Shuttle Tankers
completed a $75 million tap issue in its
senior unsecured green bonds due
October 2024. The tap issue increased
the total outstanding amount to $200
million. Net proceeds from the tap issue
will be used in accordance with the
Green Bond Framework
The Partnership announced
repurchases of the Partnership’s
outstanding 8.50% Senior Notes due
2023 and Series A, B and E Preferred
Units through open market purchases,
privately negotiated transactions and/or
pursuant to Rule 10b5-1 plans
Relocation of Principal Office
In September 2020, the board of
directors approved a relocation of the
principal office of the Partnership and
the general partner to the UK. The
Bermuda office will be closed.
Furthermore, the headquarters of a
number of subsidiaries will also
move from Bermuda to the UK and
others to Norway. These moves are all
scheduled to be completed in
December 2020 and will reduce
complexity of our group structure and
bring management of the business
closer to its operations
Adoption of IFRS
Adopted IFRS effective 30 September
2020. Prior to the adoption of IFRS, the
financial statements were prepared in
accordance with USGAAP. The change
to IFRS has been made to align the
financial reporting with our majority
owner. The comparative financial
information back to January 1, 2019
has also been adjusted from amounts
previously reported in accordance with
USGAAP

12. End Q3 2020 Debt Maturity Schedule
Including both scheduled amortizations and balloon payments
Notes
• Revolving Credit Facilities and debt related to newbuilds shown as fully drawn (including the $106m upsize related to the 4th ECC)
• FPSO JV debt is excluded, in line with the Balance Sheet representation

13. 2020 Priorities
• Maintain safety standards and operational excellence
• Maintain efficient operations in the new business environment
• Continue to identify opportunities to reduce non-essential expenditures
• Optimize the offshore and onshore organizations, tax and cost structure
• Limit capital expenditures to the committed shuttle tanker newbuilding program and mandatory vessel dry-dockings
• Secure FPSO charter extensions and redeployments
• Continue to optimize capital structure

14. Appendix

15. Vessel
Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4
Peary Spirit
Samba Spirit
Lambada Spirit
Bossa Nova Spirit
Sertanejo Spirit
Beothuk Spirit
Norse Spirit
Dorset Spirit
Altera Thule
Nansen Spirit
Petroatlantic
Petronordic
Aurora Spirit
Rainbow Spirit
Navion Anglia
Navion Oceania
Navion Oslo
Tide Spirit
Current Spirit
Altera Wave
Altera Wind
Amundsen Spirit
Scott Spirit
Stena Natalita (50%JV)
Heather Knutsen (in-charter)
Ingrid Knutsen (in-charter)
Navion Gothenburg (50%JV)
Nordic Rio (50%JV)
Nordic Brasilia
Navion Bergen
Navion Stavanger
2020 2021 2022 2023 2024
End Q3 2020 Shuttle Charter Summary
Please also refer to Form 20-F for the fiscal year ended 31 December 2019.
Time-charter
CoA
Bareboat
Spot

16. Firm
Option
Available
End Q3 2020 FPSO & FSO Charter Summary
Please also refer to Form 20-F for the fiscal year ended 31 December 2019.
FPSO, location
Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4
Libra, BR
Itajai, BR
Knarr, NO
Petrojarl 1, BR
Piranema, BR
Voyageur, UK
Varg, NO
2020 2021 2022 2023 2024
FSO, location
Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4
Randgrid, NO
Suksan Salamander, TH
Falcon Spirit, QR
Apollo Spirit
Dampier Spirit
2020 2021 2022 2023 2024