English 
Spanish 
3 min read
0 comments
“EIG is finalizing the acquisition of Ocyan Participações, a Brazilian provider of solutions for the offshore oil and gas industry.”
EIG, a Washington-based institutional investor in the global energy and infrastructure sectors, is in the process of acquiring Ocyan Participações, a Brazil-based solutions provider for the offshore oil and gas industry. The transaction, valued at US$390 million, will allow EIG to expand its portfolio in South America, adding Brazil's only floating production, storage and offloading (FPSO) operator to its portfolio. acquisition process.
The acquisition of Ocyan, carried out through definitive agreements signed by EIG with Novonor and the National Bank for Economic and Social Development (BNDES), totals US$390 million, considering US$283 million for the purchase of 100% of Novonor's capital and the remaining amount to pay off your outstanding balance of non-voting securities related to the company. The North American company explains that the acquisition will be paid directly to BNDESPAR, in accordance with a trust agreement previously signed to settle part of the latter's debt.
EIG’s Acquisition of Ocyan: A Comprehensive Growth Strategy
Flavio Valle, General Director and Head of Brazil at EIG, spoke about the acquisition of Ocyan, highlighting that the company is an attractive asset class for equity and debt opportunities. EIG is pleased to deepen its presence in the industry and is impressed by Ocyan's ability to develop ambitious projects in challenging economic environments.
- Petrobras as an investor? Brazilian state-owned company to mine Bitcoin
- End of oil? No way! Petrobras extends the lifespan of its first large pre-salt platform
- The Oil Market: What’s Behind the Price Fluctuation Above $80?
- In 1858, this man 'discovered oil', but he was not recognized and died in complete poverty.
According to Valle, the acquisition reflects the brazilian strategy EIG's long-term project, focused on infrastructure supporting deepwater crude oil production, decommissioning activities and investments in renewable energy and low-carbon projects. The company believes it is uniquely positioned to lead this complex transaction and take Ocyan into a new phase of growth once the acquisition is completed.
EIG's growth strategy in Brazil
President and CEO of EIG, R. Blair Thomas, stated that the acquisition of Ocyan is an important milestone and highlights the company's long-term commitment to Brazil. He highlighted that the country is home to more than 25% of global fleets of FPSO and believes in the favorable dynamics of the market for oil and gas infrastructure in Brazil, emphasizing EIG's commitment to supporting growth and development in the region.
Benefits of the acquisition for Ocyan
Ocyan should benefit from the North American player's technical expertise in FPSOs and potential synergies with Prumo Logística, a subsidiary of EIG. Additionally, the company recently established a New Energy division focused on digitizing the oil and gas industry and engineering, procurement and construction (EPC) contracts for renewable energy projects.
Ocyan's restructuring process and recent achievements
In June 2023, Ocyan completed its restructuring process, separating its drilling business into a new company, temporarily called DrillCo, keeping the commercial part that covers offshore production, decommissioning of subsea constructions, maintenance and offshore services entirely within Ocyan. The company has also won important contracts, such as the revitalization of a gas pipeline network in the Campos Basin and a long-term operational agreement for the sixth-generation West Capricorn semi-submersible platform with PRIO in January 2023.
Source: © OFF Shore Energy
