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The Shipping Company CBO Has Completed Its Third Wave of Growth and Will Now Enter a Period of Acquiring Support Vessels for the Offshore Market to Expand Its Presence in the Sector Over the Coming Years.
The company Brazilian Offshore Company (CBO) is planning to undergo a moment of “hibernation” for a few months while acquiring a series of new vessels for support services and activities in the offshore market throughout Brazil. The company has just completed another wave of growth in the sector and is now preparing for the future of the market, aiming to expand its operations in the country.
After the Third Wave of Growth in the Brazilian Offshore Market, Brazilian Offshore Company (CBO) Will Undergo a Hibernation Phase to Acquire Support Vessels in the Sector
The company CBO recently announced that it has successfully completed its third wave of growth in the Brazilian market and is now preparing to further expand its operations over the coming years.
However, it will experience a calmer period regarding business in the sector to acquire ten offshore support vessels, aiming to make its fleet even more efficient in the industry.
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One of the largest companies in the national offshore industry, CBO currently has 44 vessels and ensures a large portfolio of business through its partnerships with oil companies. While expanding its offer of vessels, CBO is considering launching shares and sees space for consolidation in the sector.
During the year 2019, the company undertook another wave of growth in the offshore market with the acquisition of ten vessels, expanding its presence in a favorable scenario for the industry in the country.
The expansion plan took place at a time when studies had already begun on the future of the offshore market in the country over the previous 5 years. Thus, CBO made the purchase of the support vessels as a way to provide new business in the sector and enable accelerated growth.
“Starting in 2018, we studied this market to know where we were heading, as we understood that CBO would not continue growing by building vessels,” said the company’s commercial technical director, Marcelo Martins, regarding the growth wave that occurred during that period.
CBO Now Aims for Renewable Energy Business in the National Market to Expand Presence After Acquiring Support Vessels
Currently, not only for CBO but for the entire offshore fuel and energy sector in Brazil, the scenario is highly favorable for the development of offshore wind energy projects.
Tinti and Martins emphasize that the topic still depends on regulatory framework, however, one way to expedite the implementation of offshore wind farms would be to adapt law 9.432, related to navigation, which could have its text amended for the exploration and production of energy.
One of the main issues for the segment is still the use of fuel oil as the basis for operations, due to the high level of pollution from the fuel. However, CBO’s business model anticipates that while the cost of the product is borne by the client, the company will take a series of initiatives to reduce carbon emissions in the sector. Thus, CBO has been purchasing carbon credits since September of last year, Martins reports.
Additionally, while undergoing hibernation for the purchase of support vessels, the company will conduct research and development (R&D) studies in search of alternative solutions to fuel oil to bring more sustainability to the offshore market.
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