Presentation used in the Q1-20 Earnings Conference Call

1. Q1-20 Earnings
Presentation
May 6, 2020

2. 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 the commencement of charter contracts. 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 the commencement of charter
contracts; 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 December 31, 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.
Forward Looking Statement

3. 4%
48%
48%
FSO Shuttle Tanker FPSO
$4.6bn(1)
Forward Revenue
(1) As of March 31, 2020. Based on existing contracts; but excluding extension options and oil-tariff revenue.
~2,000
Employees
55
Vessels
Blue-Chip Customers
Altera Infrastructure

4. Recent Highlights
Q1-20 Results
Adjusted EBITDA of
$154 million in Q1-20,
decreased by $13 million
from Q4-19
E-Shuttle Newbuildings
Aurora Spirit delivered in
January 2020 and
commenced operations
in the North Sea in April
2020
Rainbow Spirit delivered
in February 2020 and is
expected to commence
operations in the North
Sea in May 2020
Knarr Contract Extension
In March 2020, a one-
year contract amendment
was signed to extend the
lease and operation of the
Knarr FPSO until
minimum March 2022
Privatization Process
In January 2020,
Brookfield completed its
acquisition by merger of
the outstanding publicly
held and listed common
units of Altera
Infrastructure

5. • No material business interruptions or financial impact in Q1 2020 from the COVID-19 pandemic
• We continue to focus on the safety of operations and have introduced a number of proactive
measures to protect the health and safety of vessel crews, as well as for onshore employees
• 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
work to mitigate any potential impact on the business
COVID-19

6. Q1-20 Results
Adjusted EBITDA of $154 million in Q1-20,
decreased by $13 million from Q4-19
FPSO Segment
Adjusted EBITDA decreased by $6 million to $76 million in
Q1-20 mainly due to the recognition of the Libra FPSO
annual maintenance bonus in Q4-19
Shuttle Tanker Segment
Adjusted EBITDA decreased by $3 million to $62 million in
Q1-20 mainly due to costs related to the mobilization of the
two E-shuttle newbuildings that were delivered in Q1-20
FSO Segment
Adjusted EBITDA increased by $2 million to $24 million
in Q1-20 mainly due to timing of repairs and maintenance
Towage Segment
Adjusted EBITDA decreased by $5 million to $-4 million in
Q1-20 mainly due to lower fleet utilization

7. FPSO Segment
Knarr Contract Extension
Economic Uptime Adjusted EBITDA (US$ millions)
Foinaven Operation Contract
In March 2020, a one-year contract
extension was signed with Shell and the
Knarr license partners to extend the lease
and operation of the Knarr FPSO until
minimum March 2022
The terms include a reduction of the firm
day rate from March 2021 in exchange for
tariff incentive revenues based on oil
production revenue and oil price, as well as
the elimination of the contract termination
fee and the purchase option for the FPSO
The Voyageur Spirit FPSO contract with
Premier Oil at the Huntington UK field
ended in April 2020 and the FPSO is in the
process of being decommissioned
The FPSO is expected to be redelivered
and subsequently laid up from June 2020,
while marketed for re-deployment
83
92
109
94
72 73
82
76
Q2-18 Q3-18 Q4-18 Q1-19 Q2-19 Q3-19 Q4-19 Q1-20
99% 99% 99% 99% 99% 99% 99% 99%
Q2-18 Q3-18 Q4-18 Q1-19 Q2-19 Q3-19 Q4-19 Q1-20
Voyageur Decommissioning
In March 2020, seven-year operation and
duty holder agreements were signed with
BP to continue to provide operational
services for the Foinaven FPSO

8. Shuttle Tanker Segment
E-Shuttle NewbuildingsContracts Update
Technical Uptime Adjusted EBITDA (US$ millions)
In April, an 18-month extension was signed
with Transpetro, a subsidiary of Petrobras,
to extend the Navion Stavanger bare boat
contract until October 2021
In April, a four-month time-charter contract
was signed with Suncor for Navion Anglia,
which commenced in May 2020
Aurora Spirit delivered in January 2020
and commenced operation in April 2020
Rainbow Spirit delivered in February 2020
and is expected to commence operations
in May 2020
The remaining four E-Shuttle newbuildings
are expected to be delivered between July
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 $728 million
is funded with secured financing
Remaining capex per end March 2020 is
approximately $468 million, of which $422
million will be drawn on committed,
secured financing
* Q4-18 figures excludes impact of Petrobras settlement
99% 99%
96%
99% 100% 100% 99% 98%
Q2-18 Q3-18 Q4-18 Q1-19 Q2-19 Q3-19 Q4-19 Q1-20
56
65
69 67 68
65 65
62
Q2-18 Q3-18 Q4-18 Q1-19 Q2-19 Q3-19 Q4-19 Q1-20

9. FSO Segment
Q1-20 Operations
Technical Uptime Adjusted EBITDA (US$ millions)
100% uptime with operations across the
five-vessel fleet consistent with previous
quarter
98% 97% 98% 99% 98% 99% 100% 100%
Q2-18 Q3-18 Q4-18 Q1-19 Q2-19 Q3-19 Q4-19 Q1-20
23
21
26
23 23
24
22
24
Q2-18 Q3-18 Q4-18 Q1-19 Q2-19 Q3-19 Q4-19 Q1-20

10. Towage Segment
Q1-20 Operations
Fleet utilization decreased to 34% in
Q1-20 compared to 69% in Q4-19 from
slower market activity reflecting the
global impact of COVID-19
Utilization Adjusted EBITDA (US$ millions)
Contracts Update
In January 2020, a contract to tow an
FLNG to the Coral South LNG project in
Mozambique was signed. This will require
up to five vessels, and is expected to
take place in the fourth quarter of 2021

11. Note: Excluding FPSO JV debt. Revolving credit facilities shown as fully drawn.
End Q1 2020 Debt Maturity Schedule
Including both scheduled amortizations and balloon payments
$435
$334
$578
$1,137
$476
$138
$0
$200
$400
$600
$800
$1,000
$1,200
$1,400
Remaining 2020 2021 2022 2023 2024 2025
MILLIONS
Brookfield RCF Unsecured debt Shuttle FPSO FSO Towage Accomodation

12. • Maintain safety standards and operational excellence
• Proactively approach the new business environment
• Progressing strategic plans to enhance the liquidity of the business
• Tighten and reduce discretionary spending
• Optimize the offshore and onshore organizations and cost structure
• Limit capital expenditures to the committed shuttle tanker newbuilding program and mandatory vessel dry-dockings
• Focus on completion of refinancing initiatives in progress
• Capture opportunities from a strong oil tanker and oil storage market
• Secure FPSO charter extensions and redeployments
2020 Priorities

13. Appendix

14. End Q1 2020 Shuttle Charter Summary
Vessel 2020 2021 2022 2023 2024
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 Oceania
Time-charter
CoA
Bareboat
Spot
Vessel 2020 2021 2022 2023 2024
Tide Spirit
Current Spirit
Wind Spirit
Wave Spirit
Amundsen Spirit
Scott Spirit
Stena Natalita (50% JV)
Heather Knutsen (in-charter)
Ingrid Knutsen (in-charter)
Navion Oslo
Navion Anglia
Navion Gothenburg (50% JV)
Nordic Rio (50% JV)
Nordic Brasilia
Navion Stavanger
Navion Bergen
Please also refer to Form 20-F for the fiscal year ended December 31, 2019.

15. End Q1 2020 FPSO Charter Summary
Unit Location 2018 2019 2020 2021 2022 2023 2024 2025 2026 2027 2028 2029
Libra Brazil Petrobras
Itajai Brazil Petrobras
Knarr Norway Shell
Petrojarl I Brazil Enauta
Piranema Brazil Petrobras
Voyageur UK Premier Oil
Varg Norway
OptionsFirm Available
Unit Location 2019 2020 2021 2022 2023 2024 2025 2026 2027 2028 2029
Please also refer to Form 20-F for the fiscal year ended December 31, 2019.

16. End Q1 2020 FSO Charter Summary
(1) As of March 31, 2020
OptionsFirm Available
Unit
Locatio
n
2018 2019 2020 2021 2022 2023 2024 2025 2026 2027 2028 2029
Randgrid Norway Equinor
Suksan
Salamander
Thailand Teekay Corp.
Dampier
Spirit
Australia Jadestone
Falcon Spirit Qatar Qatar Petroleum
Apollo Spirit UK Teekay Corp.
Unit Location 2019 2020 2021 2022 2023 2024 2025 2026 2027 2028 2029
Please also refer to Form 20-F for the fiscal year ended December 31, 2019.