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Altera Infrastructure reported Q2 2020 revenues of $304 million, down $16 million year-over-year. The net loss was $16 million, significantly improved from a $28 million loss in Q2 2019. Contributing to the loss were $15 million in derivative losses and an $11 million impairment charge. The company signed a 5-year contract for shuttle tanker operations in the UK North Sea and extended its Knarr FPSO financing to June 2023. Adjusted EBITDA decreased to $143 million, driven by contract terminations and lower utilization across segments.
Altera Infrastructure GP LLC has declared cash distributions for its preferred units for the period from May 15, 2020, to August 14, 2020. Series A, B, and E preferred units will receive distributions of $0.4531, $0.5313, and $0.5547 per unit, respectively. The record date for these distributions is August 10, 2020, with payments scheduled for August 17, 2020. Altera Infrastructure operates significant offshore energy assets, valued at approximately $4.8 billion, under stable contracts. The preferred units trade on the NYSE under the symbols ALIN PR A, ALIN PR B, and ALIN PR E.
Altera Infrastructure L.P. (NYSE: ALIN-PA) is set to release its Second Quarter 2020 financial results on August 6, 2020, prior to market opening. Investors and interested parties can participate in a conference call at 9:00 a.m. ET or access a webcast through Altera's website. Altera’s infrastructure assets total approximately $4.8 billion, consisting of 54 offshore assets engaged in stable contracts. The company focuses on critical infrastructure in offshore oil regions across the North Sea, Brazil, and Canada's East Coast.
Altera Infrastructure GP L.L.C. (ALIN GP) has announced the retirement of Kenneth Hvid, Board member and CEO of Teekay Corporation, from its Board of Directors, effective June 17, 2020. Hvid's contributions were acknowledged, particularly during the transition to Brookfield's ownership. Altera Infrastructure is focused on energy infrastructure services with assets worth approximately $5.2 billion, including 56 offshore assets. The majority of its fleet operates on medium-term contracts, providing stability. Altera's preferred units trade under symbols ALIN PRA, ALIN PRB, and ALIN PRE.
Altera Infrastructure reported first quarter 2020 revenues of $312.4 million with a net loss of $253.8 million or $0.61 per common unit. The adjusted EBITDA stood at $153.8 million, down $34 million from the previous year. A significant impairment charge of $156.3 million related to vessels impacted the net loss. Altera entered a contract amendment for the Petrojarl Knarr FPSO and took delivery of two E-shuttle tankers, enhancing its fleet. Liquidity was $279 million, reflecting a $25 million decrease since year-end.
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