Carlyle has completed its acquisition of a diversified floating production, storage and offloading business from Altera Infrastructure Group. Walkers advised the global investment firm on Jersey and Cayman Islands legal matters, supporting the transaction from signing through to completion alongside lead counsel Akin Gump.
Key takeaways
- Carlyle has acquired several FPSOs and one FSO from Altera Infrastructure Group.
- The assets are supported by long-term contracts with major oil and gas companies.
- Walkers provided Jersey and Cayman Islands advice throughout the transaction.
- The deal is expected to support further development of Altera’s FPSO operations.
The transaction was initially announced in September 2025 and has now closed. It represents another energy-sector carve-out for Carlyle, which has built a track record of acquiring and developing infrastructure and energy assets.
Strategic importance of the acquisition
The acquired portfolio gives Carlyle ownership of multiple floating production, storage and offloading vessels, together with a floating storage and offloading unit. These assets are used in offshore energy projects to process, store and transfer production where conventional fixed infrastructure may be impractical.
Long-term agreements with major oil and gas companies provide the business with contracted revenue and operational continuity. Carlyle’s investment is intended to help expand and develop the FPSO platform following the carve-out from Altera.
Cross-border legal support
Walkers advised on the Jersey and Cayman Islands elements of the acquisition, working with Akin Gump as lead counsel. The matter involved coordinated advice across the firm’s Jersey and London offices, reflecting the multi-jurisdictional structure of the business and its ownership arrangements.
The Jersey team was led by partner Tatiana Collins, with senior counsel Luke Steele and associates Charlotte Beal and Gemma Nicol. Partner Neil McDonald led the London corporate team, supported by senior counsel Catherine Outerbridge.
Building on energy-sector experience
The completed deal adds to Carlyle’s history of pursuing carve-outs in the energy and infrastructure markets. For Altera Infrastructure Group, an offshore energy infrastructure company owned by Brookfield Asset Management’s private equity business, the sale separates the FPSO business from its wider portfolio.
Walkers said the transaction demonstrated the value of integrated Jersey and Cayman Islands capability, as well as close collaboration with lead international counsel. The firm’s involvement covered the period from the original signing through to closing.
