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The CBO Group, a Ship Operator, Completed the Acquisition of Finarge Maritime Support, Adding Five AHTS (Anchor Handling Tug Supply) Vessels to Its Fleet
Last Thursday (09/09), the CBO Group (Companhia Brasileira Offshore) announced, through a Relevant Fact, that it completed the closure of the acquisition of the Brazilian company Finarge Maritime Support, which owns a Brazilian-flag vessel of the AHTS type (Anchor Handling Tug Supply); and four foreign-flag vessels, also of the AHTS type, belonging to the Italian Finarge Armamento Genovese SRL, totaling five vessels. The total value of the transaction is US$ 94.4 million. READ THE STATEMENT PUBLISHED BY THE CBO GROUP HERE.
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More Details on the CBO Group Acquisition
The payment will be made in three parts: in cash (one part by this date and one part over the next 24 months); by assuming the existing debt of Finarge Maritime Support Ltd.; and through the issuance of new shares of the CBO Group, representing 5.60% of its share capital, to be subscribed and paid in by Finarge SRL.
With the completion of the transaction, the five AHTS vessels that the CBO Group will have in its fleet are: AH Giorgio P, a Brazilian-flag AHTS Terminal Oceânico (AHTS TO), and four other foreign-flag AHTS vessels — AH Valletta and AH Varazze (both AHTS 19,000 Break Horse Power “BHP”), AH Liguria (AHTS 16,000 BHP), and AH Camogli (AHTS TO). With the acquisition, these latter vessels will be eligible to receive the Brazilian Special Registration (REB).
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Vessels Already Have Contracts with Petrobras
Four of the vessels acquired by the CBO Group in the transaction already have signed contracts with Petrobras lasting from two to four years, representing a gross revenue backlog of approximately US$ 126 million. The vessel that does not yet have a contract, AH Valletta, is already in Brazil, fully capable of operating.
By taking over operations from Finarge in Brazil, the CBO Group incorporates not only assets but also the workforce of Finarge, thus counting on more than 1,450 employees, including maritime and administrative staff. For this incorporation process, the company is receiving technical support from Integration Consulting since before the signing of the Investment Agreement, with the consultancy responsible for coordinating and planning all activities related to the transition of Finarge’s structure to CBO.
“With this acquisition, CBO solidifies itself as one of the main AHTS operators in the Brazilian offshore maritime support market, highlighting its ability to adapt to the requirements set by its clients, especially the AHTS TO vessels, whose operations focus on supporting FPSOs in handling and maintaining hoses. These vessels have gained importance in Petrobras’s tenders this year,” points out Marcos Tinti, CEO of CBO.
Also Check Out: CBO Group Calls for Offshore and Onshore Job Vacancies in Rio de Janeiro
The CBO Group (Companhia Brasileira Offshore), one of the leading companies in the vessel chartering segment that supports the oil and gas industry, has open job vacancies in September for offshore and onshore positions in the state of Rio de Janeiro. The company, which primarily focuses on the operation of medium-sized offshore support vessels, as well as inspection and underwater construction vessels, is calling for a management analyst, nautical officer, and occupational safety technician.
If you wish to apply for any of the job vacancies and access the full article, JUST ACCESS HERE to read all the requirements and activities for the positions being offered by the CBO Group.
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