FLOATING production vessel contractor Altera Infrastructure is relocating its “principal office” from Bermuda to its premises in Westhill.
The company plans to close its office in Bermuda and relocate the headquarters of a number of subsidiaries to the UK and others to Norway.
It said the move would “reduce the complexity of its group structure” and promote better strategic management.
Altera intends to complete the relocation to the UK in December 2020.
The firm said: “We consider both the UK and Norway as highly suitable jurisdictions given the group’s history of substantial operations in the North Sea, the nexus to European sources of investment and funding and the ease of doing business in well-established corporate and legal environments.”
Altera included the information in its third quarter results, which showed net losses of $6 million, compared to losses of $24m for the corresponding period a year ago.
