Altera Infrastructure has entered an agreement to divest its membership interests in its shuttle tanker business, Altera Shuttle Tankers, to transfer the interests to Maistros Shiptrade, an affiliate of the Angelicoussis Group.
This transaction marked a significant development in the shuttle tanker sector, bringing together Altera’s expertise with the Angelicoussis Group’s extensive maritime operations, the companies claimed.
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Altera Shuttle Tankers operates 18 shuttle tankers at ports in Brazil, Canada, and the North Sea.
The Angelicoussis Group, one of the largest privately owned shipping groups globally, currently manages 144 vessels with an additional 23 vessels on order, including three shuttle tankers.
This acquisition aims to leverage the combined strengths of both entities.
The integration of Altera’s shuttle tanker business with the Angelicoussis Group is expected to enhance the global fleet’s position in the shuttle tanker segment.
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By GlobalDataThe collaboration is anticipated to benefit from shared maritime expertise and operational strengths, positioning the fleet for growth and improved market presence.
This deal awaits regulatory approvals, with completion expected in the first half of 2025.
PwC was the tax advisor to Altera for the deal. Jefferies served as the financial advisor, Rystad Energy was the commercial advisor. Kirkland & Ellis and Schjødt provided legal advice.
Angelicoussis Group CEO Maria Angelicoussis said: “I am pleased to announce that one of our affiliated companies has signed a deal to acquire Altera Shuttle Tankers.
“AST’s long-standing relationships and highly sophisticated fleet of tankers, combined with a common culture of excellence and commitment to a sustainable future, mean that together, AST and our Group are firmly positioned to offer best-in-class services to clients across the expanding shuttle tanker market.”
Altera Infrastructure acting CEO Duncan Donaldson said: “This agreement marks the beginning of an exciting new chapter for our shuttle tanker business with a buyer that shares our core values, particularly in safety, sustainability, teamwork and innovation.
“We believe that under new ownership, this segment will continue to grow, supported by a strong strategic vision and deep industry expertise. While we move through this transition, our focus remains on delivering safe and reliable operations and ensuring a seamless handover.”
