This is one in a series of papers in the technical session, "Floating Memories – Look Back to Leap Forward." The paper focuses on the evolution of ownership and the financing model for upstream and midstream infrastructure in deepwater. It provides an historical perspective on the value chain, starting in the 1990s when offshore oil companies owned and operated entire infrastructures. As industry matured, pipeline companies and service providers began taking ownership positions in partnerships with the operators. Most recently, private equity has stepped up to invest in infrastructure, using creative financing models now in play.