Together, the two companies create Brazil’s most comprehensive integrated fleet and services platform
OceanPact and CBO have announced, in a Regulatory Filing, the combination of their businesses, to 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 (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.
Upon completion of the transaction, the combined company will have a fleet of 73 vessels, annual revenue of more than USD 778 MM (R$ 4 billions) and a backlog of USD 2,7 billions (R$ 14 billions).
The business combination is based on four strategic pillars: strengthened cash generation, increasing the potential for dividend distribution; expanded operating capacity through a larger asset base; value creation through commercial and operational integration as well as synergies; and fleet complementarity, leading to increased capabilities, lower average fleet age, optimized vessel allocation as well as client diversification.
'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,' said Flavio Andrade, OceanPact’s CEO and founder.
'This is a favorable moment for the two companies to join forces, expand operating capabilities, integrate fleets and strengthen structures to support our clients’ oil & gas production growth plans. This move allows us to generate even greater value for clients, employees, shareholders and the broader business ecosystem around us,' said Marcos Tinti, CBO Group’s CEO.
The combined company’s executive management team will be led by Flavio Andrade, as CEO, Eduardo de Toledo, as CFO, Marcos Tinti, as Vessels Segment Vice President and Haroldo Solberg, as vice president responsible for integration.
The new Board of Directors will consist of seven members, three of whom will be independent, three appointed by Vinci Compass, Patria and Flavio Andrade, and one appointed by BNDESPar. Luís Araujo, one of the independent directors, will serve as chair of the Board.
The new shareholding structure will be as follows: 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%.
On Monday, March 2, at 9:00 a.m. (BRT), OceanPact held a presentation open to investors and the broader market regarding the information disclosed in the regulatory filing.
Commitment to the future and sustainability
The business combination is viewed as a catalyst for implementing sustainable innovation on a larger scale. By combining technical capabilities, intelligence, operational safety and predictive solutions, OceanPact CBO will strengthen its integrated sustainability approach, connecting operational performance, risk management, innovation and long-term value creation, and reinforcing a growth model that unites competitiveness, social and environmental responsibility, and positive impact for clients and society.
OceanPact, which is included in B3’s Corporate Sustainability Index (ISE), structures its operations across short-, medium- and long-term horizons, aligning immediate actions with sustainable results over time. Its strategy includes managing greenhouse gas emissions, promoting energy efficiency and developing low-carbon solutions, guiding the company’s initiatives toward a responsible and resilient transition in the face of climate change.
CBO Group, in turn, achieved a milestone in 2024 by obtaining priority from the Brazilian Merchant Marine Fund for financing a vessel upgrade and engine retrofit project using ethanol fuel. This approval may enable the first research and development project of its kind and reaffirms the group’s commitment to innovation and emissions reduction in the maritime sector.
About OceanPact
OceanPact is a publicly held company listed on B3’s Novo Mercado segment. It operates in the offshore support sector, offering services for study, protection, monitoring and sustainable use of the sea, coastline and marine resources to clients from various industries.
About CBO
CBO is a publicly held company registered in Category A under Brazilian Securities and Exchange Commission (CVM) rules. Its shares are not listed on any stock exchange or organized market. The company operates in the offshore support sector, including the construction, purchase and sale of vessels intended to provide these services, as well as related activities in Brazil and abroad.
Source: OceanPact
