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The New Company, DrillCo, Will Be Part of a New Fleet of the Oil and Gas Drilling Company Along with the Five Current Rigs of Ocyan
On Monday, the 13th, Ocyan S.A. announced that it is creating a new company: the so-called DrillCo, which will focus its activities in the area of oil and gas drilling with the addition of its current five rigs, ODN I, ODN II, Norbe VI, Norbe VIII, and Norbe IX.
This company of Ocyan arises amid the restructuring of the company’s financial debt. Ocyan S.A. will remain unchanged in its activities in the area of oil and gas production, subsea construction, maintenance, and offshore services.
The company’s partners will be the holders of the debt secured by drilling assets, alongside Ocyan S.A. and the executive team of the new company.
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DISCOVER A PLATFORM OF OIL FROM OCYAN
Rise in the Oil and Gas Sector
This new company will enable Ocyan to enhance its competitiveness in the oil and gas sector and in other areas of activity. The debt in the drilling sector is occurring through an extrajudicial recovery (RE), obtaining an agreement with the majority of the debt bondholders.
This acquisition process was filed on the 12th at the Court of Justice of Rio de Janeiro, by some drilling subsidiaries of Ocyan, with the company not being part of the extrajudicial recovery, only the controlled companies dedicated to this business unit.
The new company of Ocyan, DrillCo, will emerge with a “healthy” capital and debt structure, as Ocyan will assist with part of the executive team and the technical efficiency of the current staff in the drilling sector to establish a new business, with significant operational activity in the market.
Focus on the Oil and Gas Sector
Ocyan will continue to focus on its integrated service business unit, which combines subsea construction, maintenance, and offshore services. The two companies have extensive experience and several active contracts worth approximately R$ 2 billion, in addition to its joint-venture Altera&Ocyan, established for the leasing and operation of production vessels (FPSOs). The latest deals are the Pioneiro de Libra (PDL) and Cidade de Itajaí (CDI), which are part of the own fleet and the operation of platforms P-61 and P-63 in the Papa-Terra field of 3R Petroleum.
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