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Karoon Energy consolidates its transition from exploration company to full operator by acquiring FPSO Cidade de Itajaí from Altera&Ocyan, reinforcing its presence in the Baúna field.
Oil company Karoon took a decisive step in its growth trajectory in Brazil by completing the acquisition of FPSO Cidade de Itajaí, an essential unit for the production in the Baúna field, in the Santos Basin.
The deal, closed with Altera&Ocyan, was valued at US$115 million, with additional costs of approximately US$8 million, and the final payment of US$85 million was made on April 30, 2025.
The transaction marks a strategic move by the company, which seeks to consolidate its performance as an operator of offshore oil and gas assets.
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Operational transition with support from Altera&Ocyan
As part of the agreement, a transition services contract was signed with Altera&Ocyan.
The objective is to guarantee the continuity of operations and ensure an efficient handover, while Karoon progressively assumes operational control of the FPSO Cidade de Itajaí.
The oil company also started a bidding process to select a new service provider that will work in partnership with the company in operating the unit.
The process is expected to be completed by mid-2025.
Strategic milestone for Karoon
For Julian Fowles, CEO and Managing Director of Karoon, the acquisition symbolizes a significant advance in the company's trajectory in recent years.
“Owning the FPSO gives Karoon direct strategic control over the facility. This will enhance our ability to manage operational performance and reduce long-term operating costs, as well as providing us with greater flexibility to revitalize the facility, thereby extending the field’s life and increasing the value of the Baúna Project,” said the executive.
The purchase of FPSO Cidade de Itajaí represents more than a simple commercial transaction.
For Karoon, this is an essential step in its transformation from a company focused solely on exploration to an operator of offshore production fields.
The move reinforces the oil company's strategy of consolidating its presence in the Brazilian market, increasing the efficiency of its operations and optimizing its resources with greater autonomy.
Strengthening presence in the Santos Basin
With this acquisition, Karoon strengthens its position in the Santos Basin, one of the most promising regions in the country for the oil and gas sector.
The operation of the FPSO Cidade de Itajaí, now under the company's direct control, should boost production capacity and the continued development of the Baúna field, one of the company's main assets in Brazil.
Source: petronews
