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Winner Company Will Take Over Offshore Drilling, Production, Subsea Construction And Maintenance Services Of Ocyan
According to a document exclusively obtained by sources from PetróleoHoje, in a confidential manner, Novonor (formerly Odebrecht) opened a sales teaser for the entirety of Ocyan’s shares, leaving the controlling stake of the company, its arm in the oil and gas area, which operates in the segments of drilling, FPSO, maintenance, and subsea.
The winning company will take over Ocyan completely, that is, the offshore drilling, production, subsea construction, and maintenance services.
According to sources, the submission of non-binding proposals for the Berlin Project, as the deal is called, is expected to be received within a month.
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The teaser for the process, which initially was released without mentioning the name of Ocyan, was sent to a select group of national and foreign companies. And according to sources from PetróleoHoje, some groups have already signaled interest in the operation.
The sales document only contained information about the sector of activity and the assets involved in the operation, in addition to market information.
Executives Consulted By PetróleoHoje Consider That The Entire Sale Of Ocyan May Not Be An Easy Operation
As the submission of non-binding proposals will only occur between November and December, the sale operation will extend into 2023. The most likely scenario is that the deal will not be finalized before the end of the first half of next year.
Executives consulted by PetróleoHoje believe that the entire sale of Ocyan may not be an easy operation to facilitate due to the fact that the company operates across three distinct business fronts. There is uncertainty about whether there will be competition for the operation, considering that the buyer will need to acquire the controlling stake of the company while maintaining a diversified activity.
Depending on the market’s response to the teaser, the Novonor and BNDES may evaluate the possibility of unfolding the operation.
Ocyan Has Operating, Drilling And Maintenance Contracts With Oil Companies Like Petrobras, Karoon, Among Others
Currently, Ocyan holds a 50% stake in two FPSOs, namely the Pioneiro de Libra, in operation for Petrobras, and the Cidade de Itajaí, in production at the Baúna field, for Karoon.
Ocyan maintains a drilling contract for the chartering of four drill ships (Norbe VIII, Norbe IX, ODN I, and ODN II) and one semi-submersible, the Norbe VI. These units are no longer part of the company’s asset portfolio.
Additionally, the package includes more than 15 service contracts involving Subsea and Maintenance activities, as well as the Macaé base and all machinery and tools.
Ocyan expects to generate revenue with Petrobras from new chartering contracts for three rigs. If confirmed, these deals will secure new chartering contracts for a period of 3 years.
by – PetróleoHoje
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