• Carlyle agreed to acquire Altera’s FPSO business, including Côte d’Ivoire projects, as part of a global upstream expansion strategy.

• The deal encompasses FPSOs Petrojarl Kong and Piranema, as well as 50% of Pioneiro de Libra and FSO Yamoussoukro, all under long-term contracts.

• Altera, backed by Brookfield, exits FPSOs to focus on core shipping and CCS, while Carlyle targets growth and decarbonization. 

The American investment Firm Carlyle Group has agreed to acquire Altera Infrastructure’s floating production and storage business. This portfolio includes projects in Côte d’Ivoire, marking the U.S. investment firm’s entry into West Africa’s upstream oil sector.

Altera, backed by Brookfield Business Partners, announced on September 1 that it is divesting the FPSO segment to Carlyle for an undisclosed sum. The sale, still pending regulatory approvals, covers three floating production units — Petrojarl Kong, Piranema, and a 50% stake in Pioneiro de Libra — along with the floating storage unit Yamoussoukro. Carlyle will inherit long-term contracts on behalf of clients, including Italy’s Eni, which is developing Côte d’Ivoire’s Baleine oilfield, the most significant hydrocarbon discovery in the country’s history.

For Carlyle, which manages $465 billion in assets, the deal is an extension of its strategy of carving out energy assets. The firm plans to scale the FPSO business through organic expansion, acquisitions, and integration with renewable technologies such as floating wind and hydrogen production. “This acquisition positions Carlyle to accelerate growth in a sector critical for global energy security while driving new opportunities for decarbonization,” a spokesperson said.

Altera is stepping back from the FPSO market to concentrate on its core shipping segments and sustainability initiatives, notably the Stella Maris carbon capture and storage (CCS) project. The move follows financial strain in 2022, when the company faced restructuring pressures and was stabilized by Brookfield.

Côte d’Ivoire Projects

The divestment includes Altera’s two vessels earmarked for Eni’s Baleine Phase 2 development off Abidjan: the Petrojarl Kong, a former North Sea FPSO, and the Yamoussoukro, converted from the shuttle tanker Nordic Brasilia. Both units were formally named at a Dubai ceremony earlier this year attended by Ivorian Petroleum Minister Mamadou Sangafowa Coulibaly, Petroci CEO Fatoumata Sanogo, and Eni’s Natural Resources COO Guido Brusco.

The vessels have been commissioned and are expected to support production from December 2024 under 15-year contracts; however, industry sources indicate that full operations may still face timing uncertainties. Once online, they will anchor Africa’s first net-zero emissions oilfield development, positioning Côte d’Ivoire as a regional hub for fast-track offshore projects.

Shifting Strategies

For Brookfield-backed Altera, the exit marks the end of a chapter in FPSOs after years of expansion into complex offshore projects. For Carlyle, it represents a calculated entry into one of the most capital-intensive segments of the offshore oil and gas industry, where demand for storage and production units remains high in West Africa and Brazil.

The Abidjan base established by Altera will now serve as the operational center for Carlyle’s West African FPSO portfolio, giving the private equity firm direct exposure to a region where floating production remains a core development model.

Idriss Linge