US$390 Million Acquisition: U.S. Company Acquires Brazil's Only FPSO Operator.

US$390 Million Acquisition: U.S. Company Acquires Brazil’s Only FPSO Operator.

Written by Paulo Nogueira

Published on 29/12/2023 at 05:21

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EIG Is Acquiring Ocyan, Brazilian Offshore Energy and Infrastructure Player. The Transaction Is Complex, but It Is an Important Move for the American Company.

EIG, an institutional investor based in Washington in the global energy and infrastructure sectors, is in the process of acquiring Ocyan Participações, a Brazilian provider of solutions for the offshore oil and gas industry. The deal, valued at US$ 390 million, will allow EIG to enhance its portfolio in South America by adding the only Brazilian floating production, storage and offloading (FPSO) operator to its list of assets.

The acquisition of Ocyan, enabled by definitive agreements between EIG and 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 for the settlement of its outstanding balance of non-voting securities related to the company. The American company explains that the funds from the transaction related to Novonor’s equity stake will be paid directly to BNDESPAR, as per a previously established fiduciary agreement to settle part of this latter’s debt.

American Player Reinforces Acquisition of Ocyan

Flavio Valle, General Director and Head of Brazil at EIG, expressed his satisfaction with the acquisition of Ocyan, emphasizing that the company is in a unique position to lead this complex transaction and drive Ocyan into a new phase of growth, highlighting admiration for Ocyan’s ability to develop ambitious projects in challenging environments.

ARTICLE CONTINUES BELOW

New Energies and Future Prospects of the Transaction

The transaction of EIG’s acquisition of Ocyan is considered strategic and is aligned with the future market expectations for oil and gas infrastructure in Brazil. With the North American player’s technical expertise in FPSOs and potential synergies with other companies in EIG’s portfolio, Ocyan is well positioned to benefit and grow further in the Brazilian market. Furthermore, the company will be able to strengthen its ventures in the renewable energy sector, contributing to the energy transition in the country.

Strategic Support for Ocyan and Expansion of Its Activities

With over 23 years of experience providing maintenance solutions for the offshore oil and gas industry, Ocyan currently operates four offshore units in joint ventures, maintaining long-term contracts with several companies in the sector. In addition, the Brazilian company, which recently established a New Energies division, intends to focus on the digitalization of the oil and gas industry and renewable energy projects, aiming to expand its activities and contribute to the development of the sector.

The completion of the transaction is subject to certain customary closing conditions and is expected to occur in the first quarter of 2024, representing an important milestone for Ocyan and its shareholders. The company believes that the acquisition will open new opportunities and strengthen its activities in the market.

Strategic Partnerships and Specialized Consultancies

The acquisition transaction of Ocyan by EIG involved the support of exclusive financial consultants, legal advisors, and financial advisors, aiming to ensure the success and efficiency of the transaction. Additionally, the company engaged specialized legal consultancy and asset management services, reinforcing its commitment to the transaction and the Brazilian market.

Restructuring and Acquisition of Strategic Contracts

The completion of Ocyan’s restructuring process, which resulted in the spin-off of its drilling business into a new company, was an important milestone for the firm, reinforcing its diversified operations in the engineering sector. Furthermore, the acquisition of new strategic contracts, such as the revitalization of a pipeline network in Campos Basin and the long-term operational agreement for the semisubmersible platform West Capricorn, strengthens the company’s position in the market.

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US$390 Million Acquisition: U.S. Company Acquires Brazil’s Only FPSO Operator.

EIG Is Acquiring Ocyan, Brazilian Offshore Energy and Infrastructure Player. The Transaction Is Complex, but It Is an Important Move for the American Company.

American Player Reinforces Acquisition of Ocyan

New Energies and Future Prospects of the Transaction

Strategic Support for Ocyan and Expansion of Its Activities

Strategic Partnerships and Specialized Consultancies

Restructuring and Acquisition of Strategic Contracts

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US$390 Million Acquisition: U.S. Company Acquires Brazil’s Only FPSO Operator.

EIG Is Acquiring Ocyan, Brazilian Offshore Energy and Infrastructure Player. The Transaction Is Complex, but It Is an Important Move for the American Company.

American Player Reinforces Acquisition of Ocyan

New Energies and Future Prospects of the Transaction

Strategic Support for Ocyan and Expansion of Its Activities

Strategic Partnerships and Specialized Consultancies

Restructuring and Acquisition of Strategic Contracts

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Peru built a tunnel at an altitude of 4,738 meters cutting through the Andes Mountains, and the road leading to it reaches 4,818 meters, making it the highest paved road in the entire world.

Seen from space, an image taken by an astronaut shows in Argentine Patagonia the exact point where a colossal glacier, a turquoise-blue lake, and a greenish arm of water meet, creating one of the rarest and most impressive landscapes in the region.

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