Brazilian merger to create company with 73-vessel fleet

Brazil’s offshore vessel owners OceanPact and CBO are set to combine their businesses by incorporating CBO’s holding company into OceanPact, thereby creating a firm that will have a total fleet of 73 vessels.

The partners note that the business combination is a catalyst for implementing sustainable innovation on a larger scale and is based on four strategic pillars, including strengthened cash generation, expanded operating capacity through a larger asset base, value creation through commercial and operational integration and synergies, and fleet complementarity, leading to increased capabilities, lower average fleet age, optimized vessel allocation and client diversification.

“We are bringing together complementary fleets, teams and capabilities, gaining flexibility to execute contracts, improve vessel allocation, capture efficiencies and expand our ability to compete in larger and more technically demanding projects. Additionally, new opportunities will be unlocked for the Services Segment such as subsea operations, decommissioning and environmental projects,” said Flavio Andrade, OceanPact’s CEO and Founder.

The closing of the transaction is subject to approval by the Brazilian Antitrust Regulatory Agency (CADE), as well as other customary conditions, including approval at the companies’ general shareholders’ meetings and consent from creditors.

The new shareholding structure will include Vinci Compass (21.8%), Patria Infrastructure funds (21.8%), Flavio Andrade (13%), BNDESPar (10.9%), OceanPact executives (3.8%) and free float market (28.7%), with the combined company’s executive management team to be led by CEO Flavio Andrade, CFO Eduardo de Toledo, Marcos Tinti, as Vessels Segment Vice President and Haroldo Solberg, as Vice President responsible for integration.

The new Board of Directors will consist of seven members, three independent, three appointed by Vinci Compass, Patria and Flavio Andrade, and one appointed by BNDESPar. Luís Araujo, one of the independent directors, will serve as chair of the Board.

Upon completion of the transaction, the combined company will have a fleet of 73 vessels, annual revenue of over $778 million and a backlog of $2.7 billions.

“This is a favorable moment for the two companies to join forces, expand operating capabilities, integrate fleets and strengthen structures to support our clients’ oil & gas production growth plans. This move allows us to generate even greater value for clients, employees, shareholders and the broader business ecosystem around us,” said Marcos Tinti, CBO Group’s CEO.