OceanPact and CBO Announce Merger to Create Leading Brazilian Energy Services Company
OceanPact and CBO merge, forming a fleet of 73 vessels with a projected annual revenue exceeding R$ 4 billion and a strong contract backlog, aiming to strengthen their position in Brazil's energy sector.
- • OceanPact and CBO announce business combination creating a fleet of 73 vessels.
- • Combined entity expected to generate annual revenue over R$ 4 billion with a backlog of R$ 14 billion.
- • OceanPact will issue 275 million shares at a ratio of 1.98 for each CBO share.
- • Valuation estimates: OceanPact at R$ 1.9 billion and CBO at R$ 2.6 billion post-merger.
Key details
OceanPact and CBO have officially announced a significant business combination that will create a commanding player in Brazil's energy services market. The merger, which involves OceanPact incorporating CBO, will result in a combined fleet of 73 vessels and is projected to generate over R$ 4 billion in annual revenue. With a backlog of R$ 14 billion, the new entity is positioned for strong growth and a solid pipeline of upcoming contracts.
Flavio Andrade, founder and CEO of OceanPact, remains the largest shareholder with 30.75% ownership. Other notable stakeholders include investment funds Dynamo, HIX, and Organon, alongside company executives. OceanPact currently has 200 million shares outstanding with a free float of 33.71%. To complete the merger, OceanPact will issue 275 million new shares, providing 1.98 newly issued OceanPact shares for each share of CBO held. This share exchange reflects a valuation of R$ 1.9 billion for OceanPact and an implied valuation of R$ 2.6 billion for CBO.
This strategic business combination expands operational capacity and reinforces the companies' competitive positioning in the Brazilian offshore energy market. By pooling resources and vessels, the combined company aims to deliver enhanced service offerings and capitalize on growing demand in the sector.
Overall, this merger marks a landmark step for both firms, creating a larger, financially robust organization with expansive market reach and a significant contract backlog, underscoring expectations for sustained growth and operational excellence in the years ahead.
This article was translated and synthesized from Brazilian sources, providing English-speaking readers with local perspectives.
