Brazilian firms OceanPact and CBO have announced plans to combine their businesses, creating what the companies described as the country’s most comprehensive integrated fleet and services platform for the offshore sector.The transaction
Brazilian firms OceanPact and CBO have announced plans to combine their businesses, creating what the companies described as the country’s most comprehensive integrated fleet and services platform for the offshore sector.
The transaction will be implemented through the incorporation of CBO’s holding company into OceanPact, according to a regulatory filing. Completion of the deal is subject to approval by Brazil’s antitrust regulator CADE and other customary conditions, including approval by shareholders and consent from creditors.
Once completed, the combined company will operate a fleet of 73 vessels and is expected to generate annual revenue of more than $778 million, with a backlog of about $2.7 billion.
The companies said the combination is based on four strategic pillars: stronger cash generation and dividend potential, expanded operating capacity through a larger asset base, value creation through operational and commercial synergies, and fleet complementarity aimed at improving vessel allocation, reducing the average fleet age and diversifying the client base.
“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
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