U.S. Company Acquires Brazil's Only FPSO Operator for $390 Million.

U.S. Company Acquires Brazil’s Only FPSO Operator for $390 Million.

Written by Paulo Nogueira

Published on 29/12/2023 at 10:21

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“EIG Is Finalizing the Acquisition of Ocyan, a Brazilian Provider of Solutions for the Offshore Oil and Gas Industry.”

EIG, an institutional investor based in Washington in the global energy and infrastructure sectors, is in the process of acquiring Ocyan, a Brazilian-based solutions provider for the offshore oil and gas industry. The transaction, valued at US$ 390 million, will allow EIG to expand its portfolio in South America by adding the only Brazilian floating production, storage, and offloading (FPSO) operator to its acquisition process.

The acquisition of Ocyan, finalized through definitive agreements signed by EIG with Novonor and the National Bank for Economic and Social Development (BNDES), totals US$ 390 million, considering US$ 283 million for the purchase of 100% of Novonor’s capital and the remaining amount for settling its debts related to the non-voting securities associated with the company. The American company explains that the acquisition will be paid directly to BNDESPAR, in accordance with a previously established fiduciary agreement to settle part of this latter’s debt.

The Acquisition of Ocyan by EIG: A Comprehensive Growth Strategy

Flavio Valle, General Director and Head of Brazil at EIG, spoke about the acquisition of Ocyan, highlighting that the company is an attractive asset class for capital and debt opportunities. EIG is pleased to deepen its presence in the industry and is impressed with Ocyan’s ability to develop ambitious projects in challenging economic environments.

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According to Valle, the acquisition reflects EIG’s long-term Brazilian strategy, focused on infrastructure supporting crude oil production in deep waters, decommissioning activities, and investments in renewable energy and low-carbon projects. The company believes it is in a unique position to drive this complex transaction and take Ocyan into a new phase of growth once the acquisition is completed.

EIG’s Growth Strategy in Brazil

President and CEO of EIG, R. Blair Thomas, stated that the acquisition of Ocyan is an important milestone and highlights the company’s long-term commitment to Brazil. He emphasized that the country hosts over 25% of the global fleets of FPSOs and believes in the favorable market dynamics for oil and gas infrastructure in Brazil, stressing EIG’s commitment to support growth and development in the region.

Benefits of the Acquisition for Ocyan

Ocyan is expected to benefit from the technical expertise of the American player in FPSOs and potential synergies with Prumo Logística, a subsidiary of EIG. Additionally, the company recently established a New Energies division focused on the digitalization of the oil and gas industry and on engineering, procurement, and construction (EPC) contracts for renewable energy projects.

Ocyan’s Restructuring Process and Recent Achievements

In June 2023, Ocyan completed its restructuring process, separating its drilling business into a new company, temporarily named DrillCo, while maintaining the commercial part covering offshore production, decommissioning of subsea constructions, maintenance, and offshore services entirely within Ocyan. The company has also secured significant contracts, such as the revitalization of a pipeline network in the Campos Basin and a long-term operational agreement for the sixth-generation semisubmersible platform West Capricorn with PRIO in January 2023.

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U.S. Company Acquires Brazil’s Only FPSO Operator for $390 Million.

“EIG Is Finalizing the Acquisition of Ocyan, a Brazilian Provider of Solutions for the Offshore Oil and Gas Industry.”

The Acquisition of Ocyan by EIG: A Comprehensive Growth Strategy

Major Oil, Gas, and Energy Event Will Take Place in Brazil: Macaé Energy Will Gather Petrobras, Equinor, Prio, Among Other Suppliers and Energy Executives for Business, Networking, and Employment Opportunities

EIG’s Growth Strategy in Brazil

Benefits of the Acquisition for Ocyan

Ocyan’s Restructuring Process and Recent Achievements

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U.S. Company Acquires Brazil’s Only FPSO Operator for $390 Million.

“EIG Is Finalizing the Acquisition of Ocyan, a Brazilian Provider of Solutions for the Offshore Oil and Gas Industry.”

The Acquisition of Ocyan by EIG: A Comprehensive Growth Strategy

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Benefits of the Acquisition for Ocyan

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