EIG acquires Brazilian offshore oil, gas solutions provider Ocyan for $390 million
(WO) – EIG has entered into definitive agreements with Novonor S.A. and Brazilian Development Bank (“BNDES”) to acquire Ocyan Participações S.A., a Brazilian-based solutions provider to the offshore oil and gas industry, for a total amount of $390 million.
Ocyan has a 23-year track record delivering high-quality maintenance solutions to the offshore oil and gas sector, including the operation of subsea construction and decommissioning projects. As the only Brazilian operator in the Floating Production Storage and Offloading (“FPSO”) industry, Ocyan currently operates four offshore units through a 50/50 joint venture with Altera Infrastructure, holding long-term contracts with Libra Consortium, Karoon Energy and 3R Petroleum. The company, with more than 3,000 dedicated employees, recently established a New Energies division that is focused on the digitalization of the oil and gas industry and engineering, procurement, and construction (“EPC”) contracts for renewable energy projects.
EIG has invested more than $2 billion in Brazil since 1998. The acquisition of Ocyan reflects EIG's long-term, comprehensive Brazilian strategy focused on infrastructure supporting high-quality deepwater crude oil production, responsible decommissioning activities and investments in renewables and low carbon projects. Following the completion of the transaction, Ocyan will benefit from EIG’s deep technical expertise in FPSOs and potential synergies with Prumo Logística, an EIG portfolio company, and its subsidiary, Port of Açu.
“Brazil is home to over 25% of the global FPSO fleets, and we believe the future market dynamics for oil and gas infrastructure in Brazil are very favorable, underscoring our dual commitment to supporting growth and development in this important region while creating value for our investors,” said R. Blair Thomas, EIG’s Chairman and Chief Executive Officer.
Roberto Prisco Paraiso Ramos, Ocyan’s Chief Executive Officer, said, “Ocyan has built and operated more than $4 billion of drilling rigs, pipelaying support vessels and FPSOs, alone or in joint ventures, always enjoying the very strong support of its shareholders and Novonor. This acquisition does not impact current contracts and operations with our clients and suppliers.”
Lead image: FPSO Cidade do Itajaí (Source: Ocyan)
