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The acquisition agreements were made with Novonor and BNDES
EIG is recognized as a leading institutional investor in the global energy and infrastructure sectors. The company recently entered into definitive agreements to acquire Ocyan Participações, a Brazil-based solutions provider that specializes in the offshore oil and gas industry and is the only PFSO operator in the country, for a total of US$390 million.
The acquisition agreements were made with Novonor and the National Bank for Economic and Social Development (BNDES). They involve the acquisition by EIG of shareholding of 100% of Novonor in Ocyan, with a value of US$283 million, and the remainder to settle the outstanding balance of non-voting securities related to the company. The initiative reinforces EIG's position as an important controller in the energy and infrastructure sector and consolidates the company's presence in the Brazilian market.
New agreement strengthens Novonor's shareholding
The transaction proceeds relating to Novonor's shareholding will be paid directly to the BNDES in accordance with the trust agreement previously concluded between the parties in order to settle a portion of Novonor's debt, the companies said.
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Completion of the transaction 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 manutenção for the offshore oil and gas sector, including the operation of construction 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 j 50/50 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 more than 3.000 dedicated employees, recently established a New Energy division that is focused on Scan of the oil and gas industry and in engineering contracts, acquisition and construction (EPC) for construction projects renewable energy.
‘Brazil is home to more than 25% of the global FPSO fleets, and we believe that future market dynamics for infrastructure of oil and gas in Brazil is very favorable, highlighting our dual commitment to supporting 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 from EIG.
Roberto Prisco Paraiso Ramos, CEO of Ocyan, added: 'Ocyan has built and operated more than US$4 billion worth of drilling rigs, pipeline laying support vessels and FPSOs, alone or in joint ventures, always counting on the strong support of its shareholders and Novonor.
‘This acquisition does not affect current contracts and operations with our customers and suppliers. This is another important chapter in our history and will undoubtedly create new opportunities for Ocyan.’
