Brazil’s offshore ship providers OceanPact and CBO have announced, in a regulatory filing, the combination of their businesses, which is to be implemented through the incorporation of CBO’s holding company into OceanPact.
The companies advise that the closing of the transaction is subject to approval by the Brazilian Antitrust Regulatory Agency (CADE), as well as the fulfillment of other customary conditions precedent for transactions of this nature, including approval at the companies’ general shareholders’ meetings and consent from creditors.
The combined company, after completion of the transaction, will have a fleet of 73 vessels.
Flavio Andrade, CEO and founder of OceanPact, says “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.”
The new shareholding structure will be: Vinci Compass, 21,8%; Patria Infrastucture funds, 21,8%; Flavio Andrade, 13,0%; BNDESPar, 10,9%; OceanPact executives, 3,8%; and free float market, 28,7%.
