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The Acquisition Agreements Were Executed with Novonor and BNDES
EIG is recognized as one of the leading institutional investors in the global energy and infrastructure sectors. Recently, the company entered into definitive agreements to acquire Ocyan Participações, a solutions provider based in Brazil, specializing in the offshore oil and gas industry and the only PFSO operator in the country, for a total of US$ 390 million.
The acquisition agreements were executed with Novonor and the National Bank for Economic and Social Development (BNDES). They involve EIG’s acquisition of 100% equity stake from Novonor in Ocyan, valued at US$ 283 million, while the remainder is for settling the debt of non-voting securities related to the company. This initiative strengthens EIG’s position as a significant player in the energy and infrastructure sector and consolidates the company’s presence in the Brazilian market.
New Agreement Strengthens Novonor’s Equity Stake
The resources from the transaction related to Novonor’s equity stake will be paid directly to BNDES according to the fiduciary contract previously established between the parties, in order to settle a portion of Novonor’s debt, the companies stated.
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The transaction’s completion is subject to certain customary closing conditions and is expected to occur in the first quarter of 2024.
Ocyan has a 23-year history of delivering maintenance solutions for the offshore oil and gas sector, including the operation of construction projects and submarine decommissioning.
As the only Brazilian operator in the Floating Production, Storage, and Offloading (FPSO) sector, Ocyan currently operates four offshore units through a 50/50 joint venture with Altera Infrastructure, maintaining long-term contracts with Libra Consortium, Karoon Energy, and 3R Petroleum.
Focus on New Energies and Future Market Dynamics
The company, with over 3,000 dedicated employees, recently established a New Energies division that focuses on the digitalization of the oil and gas industry and on engineering contracts, engineering, procurement, and construction (EPC) for renewable energy projects.
‘Brazil hosts over 25% of the world’s FPSO fleets, and we believe that the future market dynamics for oil and gas infrastructure in Brazil are highly favorable, emphasizing our dual commitment to support growth and development in this important region while creating value for our investors.
‘We are also excited to support Ocyan’s ventures in the renewable energy space to help drive the energy transition,’ said Blair Thomas, President and CEO of EIG.
Roberto Prisco Paraiso Ramos, CEO of Ocyan, added: ‘Ocyan has built and operated over US$ 4 billion in drilling platforms, support vessels for laying pipelines, and FPSOs, either independently or in joint ventures, always relying on the strong support of its shareholders and Novonor.
‘This acquisition does not affect current contracts and operations with our clients and suppliers. This is yet another important chapter in our story that will undoubtedly create new opportunities for Ocyan.’
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