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Odebrecht Wants to End 2021 with $1.1 Billion in the Bank! Construction Company Has 26 Contracts in Brazil and 11 in Countries Such as Panama, Peru, Argentina, Guyana, Angola, Ghana, and the United States.
Odebrecht plans to make a comeback and close 2021 with $1.1 billion in the bank! Almost six years after the arrest of Marcelo Odebrecht, which ruined the construction company, the group is trying to revive the business, with new projects and a possible partner to help finance the recovery, as announced by us at Click Oil and Gas
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Odebrecht Engineering and Construction (OEC) saw its revenue and portfolio of projects shrink rapidly as a series of financial problems emerged, such as the maturity of debts after corruption schemes involving the company came to light.
Far from the “fat cow days” when the company had contracts for mega infrastructure projects that made it one of the world giants in the sector, Odebrecht is going through financial restructuring and aims to secure new construction contracts.
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Odebrecht reached a revenue of R$ 32.4 billion in 2014, fueled by the works of the World Cup and the Olympics, representing a completely opposite scenario faced by the company in 2020, where revenues amounted to only 10% of that total, meaning the company made $600 million, around R$ 3.3 billion.
Odebrecht Has 26 Active Contracts in Brazil and Abroad and Aims to End 2021 with $1.1 Billion in the Bank
Currently, the construction company Odebrecht has 26 active contracts, of which 15 are in Brazil and 11 abroad in countries such as Panama, Peru, Argentina, Guyana, Angola, Ghana, and the United States.
In addition, the company has invoiced six projects in the last 12 months. The president of the contractor, Marco Siqueira, is optimistic and expects to double revenue this year to $1.1 billion, around R$ 6 billion.
The construction company has 131 projects amounting to R$ 17 billion in prospecting to be explored; however, with low financial power, Odebrecht faces difficulties in obtaining guarantees and participating in all market bids.
“The name of the game now is to secure new contracts.” The executive acknowledges, however, that conditions will be different. In addition to the size of the construction company, there is a new reality of projects in the country: mega ventures have given way to smaller and more scattered projects.
U.S. Department of Justice (DoJ) and the Federal Public Ministry Ended Monitoring
Unlike the past, when OEC only competed for large bids, today the goal is to increase the project portfolio. “But we should focus on contracts above R$ 150 million,” says Siqueira. At the end of last year, the U.S. Department of Justice (DoJ) and the Federal Public Ministry ended the external monitoring conducted on the group for four years.
The oversight was part of the leniency agreement, reached in 2016 with the DoJ and Brazilian and Swiss authorities. Attorney Otavio Yazbek, who was the Brazilian monitor at the company, believes that anyone hiring Odebrecht will require some form of additional security. “But I understand that the company has the capacity to show the progress and what is in effect, and that is the most important thing to face the risks and challenges of new lines of business.” The information comes from the newspaper O Estado de S. Paulo.
Send Your Resume to the Odebrecht Group
To register your resume and stay updated on job openings at the companies that are part of the Odebrecht group, just Click this link. You will be redirected to a page where you will find the main companies of the Odebrecht Group, including OEC.
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