Brazilian OSV owners OceanPact and CBO to merge

OceanPact unveiled the plan to merge with fellow Brazilian company CBO in a regulatory filing, and said it will be implemented through the incorporation of CBO’s holding company into OceanPact.

Closing of the transaction is subject to approval by the Brazilian Antitrust Regulatory Agency, and the fulfilment of other customary conditions precedent for transactions of this type, including approval at the companies’ general shareholders’ meetings and consent from creditors.

Once the deal is completed, the combined company will have a fleet of 73 vessels, annual revenue of more than US$778Mn and a backlog of US$2.7Bn.

In a statement, OceanPact said the deal will strengthen cash generation, increasing the potential for dividend distribution; expand operating capacity through a larger asset base; and create value through commercial and operational integration and synergies. The company also highlighted fleet complementarity, leading to increased capabilities, lower average fleet age, optimised vessel allocation and client diversification.

OceanPact chief executive and founder Flavio Andrade said, “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. New opportunities will be unlocked for the services segment, such as subsea operations, decommissioning and environmental projects.”

CBO Group chief executive Marcos Tinti said now “is a favourable moment for the companies to join forces.” He said the deal will allow the combined entity to “generate even greater value for clients, employees, shareholders and the broader business ecosystem around us.”

The combined company’s executive management team will be led by Flavio Andrade as chief executive, Eduardo de Toledo as chief financial officer, Marcos Tinti as vessels segment vice president, and Haroldo Solberg as vice president responsible for integration.