OceanPact CBO integration creates 70-vessel offshore services fleet

OceanPact and CBO confirmed on September 16 the completion of their business combination after receiving final approval from Brazil’s antitrust regulator Cade and meeting the remaining conditions for the transaction.

Under the OceanPact CBO integration, CBO becomes part of OceanPact, while the group’s shipping division will operate under the OceanPact CBO name.

The combined company will operate a fleet of 70 vessels and employ more than 5,000 people. It will have annual revenue of more than R$4 billion and a contracted backlog exceeding R$14 billion, placing it among Brazil’s major maritime and offshore service providers.

The larger scale is expected to give the company greater flexibility in allocating assets and significantly expand its capacity to provide complex services, including environmental emergency response, subsea operations, decommissioning, integrated logistics and environmental projects.

Combination built around four strategic pillars

The transaction is based on four strategic pillars: stronger cash generation, increasing the potential for dividend payments; greater operating capacity through a larger asset base; increased value creation through commercial and operational integration and the capture of synergies; and complementary fleets.

The companies also expect the combination to broaden capabilities, lower the average age of the fleet, optimize asset allocation and diversify the customer base.

“The arrival of CBO at OceanPact marks a new stage in our company’s history. We have a major opportunity ahead of us: combining the best of our histories to build an even more comprehensive and efficient operation, prepared to generate value for our customers and society,” OceanPact President Flavio Andrade said.

Marcos Tinti, vice president of shipping at OceanPact CBO, emphasized continuity with CBO’s legacy.

“The business combination with OceanPact expands our history. We continue to carry with us what CBO has built that matters most: our experience, our best practices, our people and our commitment to safe, efficient and high-quality operations,” Tinti said.

New shares to begin trading on B3

As part of CBO’s incorporation into OceanPact, 274,551,446 new common shares will be issued and will begin trading on Brazil’s B3 stock exchange on September 17.

The company’s executive board will comprise Flavio Andrade, Haroldo Solberg, Eduardo de Toledo, Erik Cunha, Adriano Ranieri and Fernando Borensztein, as well as Marcos Tinti and Marcelo Martins, both from CBO.

The completed OceanPact CBO integration brings together OceanPact’s range of services and CBO’s operating capabilities. According to the companies, the expanded structure will increase their ability to pursue commercial opportunities and offer the offshore market a more integrated operating platform.

Source: OceanPact CBO

Sharing is caring!