EIG has reached a definitive agreement to acquire Ocyan for $390 million, aiming to enhance its presence in Brazil's offshore oil and gas sector and drive investments in renewable energy.
Information on the Target
Ocyan Participações S.A. (Ocyan) is a leading Brazilian provider of offshore oil and gas industry solutions with a history spanning 23 years. The company specializes in high-quality maintenance services and has experience in decommissioning projects and subsea construction. Ocyan is the only Brazilian operator of Floating Production, Storage and Offloading (FPSO) units, currently managing four offshore units through a 50/50 joint venture with Altera Infrastructure. The company has established long-term contracts with prominent clients, including the Libra Consortium, Karoon Energy, and 3R Petroleum, and boasts a dedicated workforce of over 3,000 employees.
Recently, Ocyan has launched a New Energies division aimed at digitalizing the oil and gas industry and engaging in Engineering, Procurement, and Construction (EPC) contracts for renewable energy projects. This strategic pivot reflects Ocyan’s commitment to innovation and adaptation in a rapidly evolving energy landscape.
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Industry Overview in Brazil
The Brazilian offshore oil and gas sector remains one of the most dynamic in the world, characterized by significant reserves and advanced technological capabilities. Brazil ranks as the third-largest producer of oil
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EIG
invested in
Ocyan Participações S.A.
in 2023
in a Buyout deal
Disclosed details
Transaction Size: $390M
Equity Value: $283M