Teekay Offshore Partners L.P., a provider of offshore oil production and storage vessels for the offshore oil and gas industry, has changed its name.

The company announced Tuesday its name has changed to Altera Infrastructure L.P. effective 24 March 2020. The move comes following the recent acquisition of the company by Brookfield Business Partners L.P.

The group of entities comprising of the company's affiliates and subsidiaries (formerly referred to as Teekay Offshore) is rebranding to Altera Infrastructure, the company said.

The company's preferred units, which previously traded on the New York Stock Exchange (“NYSE”) under the ticker symbols “TOO PR A”, “TOO PR B” and “TOO PR E”, respectively, now trade on NYSE under the new ticker symbols “ALIN PR A”, “ALIN PR B” and “ALIN PR E”.

Ingvild Saether, President & Chief Executive Officer, Altera Infrastructure Group Ltd: “In support of our new vision to lead the industry to a sustainable future, we are establishing a global energy infrastructure services business that will create long term value for its stakeholders.

Upholding our uncompromised commitment to operational excellence and safety, we will be relentless in our pursuit of opportunities that lead to strong results and lower emissions and we stand firm to these principles through the current period of market volatility. There will be a transition in our part of the industry, and we are committed to be at the forefront.”

Saether did not elaborate on how Altera would contribute to the energy transition.

The company, now under the name Altera Infrastructure, owns and operates shuttle tankers, FPSO, and ocean-going tugs, and installation vessels, with a focus on offshore oil regions of the North Sea, Brazil and the East Coast of Canada.

According to the company, the majority of Altera Infrastructure’s fleet is employed on medium-term, stable contracts.

The company's new logo - Credit: Altera Infrastructure