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On the Record · Altera Infrastructure

Altera Infrastructure layoffs, on the record

Every job cut, severance charge and restructuring Altera Infrastructure reported in its annual reports, 2019 to 2021, quoted from the filings.

Headcount, as reported

Annual reportEmployeesAs of
20-F for 2019approximately 1,900 seagoing staffAs of December 31, 2019
20-F for 2021approximately 550December 31, 2021

Job cuts, severance and restructuring

  1. Our summaryRecorded a restructuring charge mainly for severance from crew reduction on the Petrojarl Varg FPSO unit, which is in lay-up. During the year ended December 31, 2018 · Cost: $1.5 million

    Word for word“During the year ended December 31, 2018 , the Partnership recognized a restructuring charge of $1.5 million , mainly relating to severance costs from crew reduction on the Petrojarl Varg FPSO unit, which is currently in lay-up.” 20-F for 2019

  2. Our summaryRecorded a restructuring charge mainly for severance tied to the termination of the Arendal Spirit UMS charter and the resulting decommissioning of the unit. During the year ended December 31, 2017 · Cost: $2.7 million

    Word for word“During the year ended December 31, 2017, the Partnership recognized a restructuring charge of $2.7 million , mainly relating to severance costs from the termination of the charter contract for the Arendal Spirit UMS and the resulting decommissioning of the unit.” 20-F for 2019

  3. Our summaryRecognized restructuring costs primarily tied to severance from the contract termination of the Dampier Spirit FSO unit and severance from transferring administrative services from Teekay Corporation to the Partnership. During the year ended December 31, 2020

    Word for word“(1) During the year ended December 31, 2020, the Partnership recognized restructuring costs of $ 10.0 million primarily related to severance costs from the contract termination of the Dampier Spirit FSO unit and severance costs associated with the transition of administrative services from Teekay Corporation to the Partnership.” 20-F for 2020

  4. Our summaryThe company recognized restructuring costs in 2021, mainly severance costs tied to certain vessels coming off contract. During the year ended December 31, 2021 · Cost: $ 1.9 million

    Word for word“(1) During the year ended December 31, 2021, the Partnership recognized restructuring costs of $ 1.9 million, primarily due severance costs associated with certain vessels coming off contract.” 20-F for 2021

  5. Our summaryThe company recognized restructuring costs in 2020, mainly severance costs from the Dampier Spirit FSO contract termination and the transition of administrative services from Teekay Corporation. During the year ended December 31, 2020 · Cost: $ 10.0 million

    Word for word“(2) During the year ended December 31, 2020, the Partnership recognized restructuring costs of $ 10.0 million primarily related to severance costs from the contract termination of the Dampier Spirit FSO unit and severance costs associated with the transition of administrative services from Teekay Corporation to the Partnership.” 20-F for 2021
As filedReported in the company's financial data (XBRL), each linked to its filing
Fiscal year endedRestructuring charges
2016-12-31$4.6 million

Altera Infrastructure has filed no restructuring notice (Form 8-K, Item 2.05) since 2016. Companies file one only for a cut they judge material, so many announced layoffs never appear as one. This page shows what the company reported to the SEC, not news reports or state layoff notices.

Read from Altera Infrastructure’s annual reports (20-F for 2021, 20-F for 2020, 20-F for 2019) and the financial data it files with the SEC, as of 2022-03-09. Every quotation is word for word from the filing linked beside it; how these pages are built and checked. The full record is in its company data sheet.