Q1-20 Earnings Presentation

May 6, 2020

This release contains forward-looking statements (as defined in Section 21E of the Securities Exchange Act of 1934,

as amended) which reflect management’s current views with respect to certain future events and performance,

including, among others, the timing of the commencement of charter contracts. The following factors are among those

that could cause actual results to differ materially from the forward-looking statements, which involve risks and

uncertainties, and that should be considered in evaluating any such statement: delays in the commencement of charter

contracts; unanticipated market volatility (such as volatility resulting from the recent COVID-19 outbreak); and other

factors discussed in the Partnership’s filings from time to time with the SEC, including its Report on Form 20-F for the

fiscal year ended December 31, 2019. The Partnership expressly disclaims any obligation or undertaking to release

publicly any updates or revisions to any forward-looking statements contained herein to reflect any change in the

Partnership’s expectations with respect thereto or any change in events, conditions or circumstances on which any

such statement is based.

Forward Looking Statement

4%

48%

48%

FSO Shuttle Tanker FPSO

$4.6bn(1)

Forward Revenue

(1) As of March 31, 2020. Based on existing contracts; but excluding extension options and oil-tariff revenue.

~2,000Employees

55

Vessels

Blue-Chip Customers

Altera Infrastructure

Recent Highlights

Q1-20 Results

Adjusted EBITDA of

$154 million in Q1-20,

decreased by $13 million

from Q4-19

E-Shuttle Newbuildings

Aurora Spirit delivered in

January 2020 and

commenced operations

in the North Sea in April

2020

Rainbow Spirit delivered

in February 2020 and is

expected to commence

operations in the North

Sea in May 2020

Knarr Contract Extension

In March 2020, a one-year contract amendment was signed to extend the lease and operation of the Knarr FPSO until minimum March 2022

Privatization Process

In January 2020, Brookfield completed its acquisition by merger of the outstanding publicly held and listed common units of Altera Infrastructure

• No material business interruptions or financial impact in Q1 2020 from the COVID-19 pandemic

• We continue to focus on the safety of operations and have introduced a number of proactive

measures to protect the health and safety of vessel crews, as well as for onshore employees

• A majority of our revenues are secured under medium-term contracts that should not be materially

affected by a short-term volatility in oil prices

• We continue to closely monitor counterparty risk associated with our vessels under contract and

work to mitigate any potential impact on the business

COVID-19

Q1-20 Results

Adjusted EBITDA of $154 million in Q1-20,decreased by $13 million from Q4-19

FPSO SegmentAdjusted EBITDA decreased by $6 million to $76 million inQ1-20 mainly due to the recognition of the Libra FPSOannual maintenance bonus in Q4-19

Shuttle Tanker SegmentAdjusted EBITDA decreased by $3 million to $62 million inQ1-20 mainly due to costs related to the mobilization of thetwo E-shuttle newbuildings that were delivered in Q1-20

FSO SegmentAdjusted EBITDA increased by $2 million to $24 millionin Q1-20 mainly due to timing of repairs and maintenance

Towage SegmentAdjusted EBITDA decreased by $5 million to $-4 million inQ1-20 mainly due to lower fleet utilization

FPSO Segment

Knarr Contract Extension

Economic Uptime Adjusted EBITDA (US$ millions)

Foinaven Operation Contract

In March 2020, a one-year contractextension was signed with Shell and theKnarr license partners to extend the leaseand operation of the Knarr FPSO untilminimum March 2022

The terms include a reduction of the firmday rate from March 2021 in exchange fortariff incentive revenues based on oilproduction revenue and oil price, as well asthe elimination of the contract terminationfee and the purchase option for the FPSO

The Voyageur Spirit FPSO contract withPremier Oil at the Huntington UK fieldended in April 2020 and the FPSO is in theprocess of being decommissioned

The FPSO is expected to be redeliveredand subsequently laid up from June 2020,while marketed for re-deployment

83

92

109

94

72 73

82 76

Q2-18 Q3-18 Q4-18 Q1-19 Q2-19 Q3-19 Q4-19 Q1-20

99% 99% 99% 99% 99% 99% 99% 99%

Q2-18 Q3-18 Q4-18 Q1-19 Q2-19 Q3-19 Q4-19 Q1-20

Voyageur Decommissioning

In March 2020, seven-year operation andduty holder agreements were signed withBP to continue to provide operationalservices for the Foinaven FPSO

Shuttle Tanker Segment

E-Shuttle NewbuildingsContracts Update

Technical Uptime Adjusted EBITDA (US$ millions)

In April, an 18-month extension was signedwith Transpetro, a subsidiary of Petrobras,to extend the Navion Stavanger bare boatcontract until October 2021

In April, a four-month time-charter contractwas signed with Suncor for Navion Anglia,which commenced in May 2020

Aurora Spirit delivered in January 2020and commenced operation in April 2020

Rainbow Spirit delivered in February 2020and is expected to commence operationsin May 2020

The remaining four E-Shuttle newbuildingsare expected to be delivered between July2020 and January 2021

Capex

Total capex for the six E-Shuttles and thefourth East Coast Canada shuttle tankeris approximately $920 million, excludingcapitalized interest, of which $728 millionis funded with secured financing

Remaining capex per end March 2020 isapproximately $468 million, of which $422million will be drawn on committed,secured financing

* Q4-18 figures excludes impact of Petrobras settlement

99% 99%96%

99% 100% 100% 99% 98%

Q2-18 Q3-18 Q4-18 Q1-19 Q2-19 Q3-19 Q4-19 Q1-20

56

65 69 67 68

65 65 62

Q2-18 Q3-18 Q4-18 Q1-19 Q2-19 Q3-19 Q4-19 Q1-20

FSO Segment

Q1-20 Operations

Technical Uptime Adjusted EBITDA (US$ millions)

100% uptime with operations across thefive-vessel fleet consistent with previousquarter

98% 97% 98% 99% 98% 99% 100% 100%

Q2-18 Q3-18 Q4-18 Q1-19 Q2-19 Q3-19 Q4-19 Q1-20

23 21

26

23 23 24

22 24

Q2-18 Q3-18 Q4-18 Q1-19 Q2-19 Q3-19 Q4-19 Q1-20

Towage Segment

Q1-20 Operations

Fleet utilization decreased to 34% inQ1-20 compared to 69% in Q4-19 fromslower market activity reflecting theglobal impact of COVID-19

Utilization Adjusted EBITDA (US$ millions)

Contracts Update

In January 2020, a contract to tow anFLNG to the Coral South LNG project inMozambique was signed. This will requireup to five vessels, and is expected totake place in the fourth quarter of 2021

Note: Excluding FPSO JV debt. Revolving credit facilities shown as fully drawn.

End Q1 2020 Debt Maturity ScheduleIncluding both scheduled amortizations and balloon payments

$435

$334

$578

$1,137

$476

$138

$0

$200

$400

$600

$800

$1,000

$1,200

$1,400

Remaining 2020 2021 2022 2023 2024 2025

MIL

LIO

NS

Brookfield RCF Unsecured debt Shuttle FPSO FSO Towage Accomodation

• Maintain safety standards and operational excellence

• Proactively approach the new business environment

• Progressing strategic plans to enhance the liquidity of the business

• Tighten and reduce discretionary spending

• Optimize the offshore and onshore organizations and cost structure

• Limit capital expenditures to the committed shuttle tanker newbuilding program and mandatory vessel dry-dockings

• Focus on completion of refinancing initiatives in progress

• Capture opportunities from a strong oil tanker and oil storage market

• Secure FPSO charter extensions and redeployments

2020 Priorities

Appendix

End Q1 2020 Shuttle Charter Summary

Vessel 2020 2021 2022 2023 2024

Peary Spirit

Samba Spirit

Lambada Spirit

Bossa Nova Spirit

Sertanejo Spirit

Beothuk Spirit

Norse Spirit

Dorset Spirit

Altera Thule

Nansen Spirit

Petroatlantic

Petronordic

Aurora Spirit

Rainbow Spirit

Navion Oceania

Time-charter

CoA

Bareboat

Spot

Vessel 2020 2021 2022 2023 2024

Tide Spirit

Current Spirit

Wind Spirit

Wave Spirit

Amundsen Spirit

Scott Spirit

Stena Natalita (50% JV)

Heather Knutsen (in-charter)

Ingrid Knutsen (in-charter)

Navion Oslo

Navion Anglia

Navion Gothenburg (50% JV)

Nordic Rio (50% JV)

Nordic Brasilia

Navion Stavanger

Navion Bergen

Please also refer to Form 20-F for the fiscal year ended December 31, 2019.

End Q1 2020 FPSO Charter Summary

Unit Location 2018 2019 2020 2021 2022 2023 2024 2025 2026 2027 2028 2029

Libra Brazil Petrobras

Itajai Brazil Petrobras

Knarr Norway Shell

Petrojarl I Brazil Enauta

Piranema Brazil Petrobras

Voyageur UK Premier Oil

Varg Norway

OptionsFirm Available

Unit Location 2019 2020 2021 2022 2023 2024 2025 2026 2027 2028 2029

Please also refer to Form 20-F for the fiscal year ended December 31, 2019.

End Q1 2020 FSO Charter Summary

(1) As of March 31, 2020OptionsFirm Available

UnitLocation

2018 2019 2020 2021 2022 2023 2024 2025 2026 2027 2028 2029

Randgrid Norway Equinor

Suksan Salamander

Thailand Teekay Corp.

Dampier Spirit

Australia Jadestone

Falcon Spirit Qatar Qatar Petroleum

Apollo Spirit UK Teekay Corp.

Unit Location 2019 2020 2021 2022 2023 2024 2025 2026 2027 2028 2029

Please also refer to Form 20-F for the fiscal year ended December 31, 2019.