OceanPact and CBO Announce Merger to Create Brazilian Offshore Support Giant

Rio de Janeiro – OceanPact and CBO have announced plans to merge, creating one of the largest integrated offshore support and marine services platforms in Brazil. The combination will position the new entity as a major player in the Brazilian offshore oil and gas market, benefiting from sustained activity in deepwater production, subsea operations, and field redevelopment [1].

Merger Details and Structure

The merger will be implemented by incorporating CBO’s holding company into OceanPact, subject to approval from the Brazilian Antitrust Regulatory Agency (CADE), shareholder approvals, and other customary closing conditions [1]. Upon completion, the combined company will operate a fleet of 73 vessels and is projected to generate annual revenue exceeding $778 million (R$4 billion), with a current backlog of approximately $2.7 billion (R$14 billion) [2].

Strategic Rationale and Synergies

Executives from both companies stated that the transaction is designed to enhance operational capacity through fleet complementarity, improve vessel allocation, and expand capabilities in technically demanding offshore projects. The integration is too expected to drive growth in subsea services, decommissioning, and environmental response activities [2]. Key strategic pillars underpinning the combination include strengthened cash generation, an expanded asset base, operational and commercial synergies, and enhanced fleet capabilities.

Leadership and Governance

Flavio Andrade, currently CEO of OceanPact, will lead the combined company. Eduardo de Toledo will serve as CFO, and Marcos Tinti will oversee the vessels segment [2]. The new board will consist of seven members, including independent directors and representatives from key shareholders.

Shareholder Structure

CBO’s shareholders – Pátria and Vinci (each with 37.76%), BNDESPar (nearly 19%), and Italy’s Finarge (5.6%) – will collectively own 57.86% of the merged company [4]. OceanPact’s founder and CEO, Flavio Andrade, currently holds the largest stake in OceanPact at 30.75%, with other shareholders including Dynamo, HIX, and Organon, and a 33.71% free float [4]. To finalize the merger, OceanPact will issue 275 million new shares at a ratio of 1.98 common shares for each CBO share [4].

Market Position and Outlook

The merger positions the combined OceanPact-CBO platform to capitalize on continued offshore production growth in Brazil and expand its capabilities in subsea and decommissioning services. Brazil remains a strategically important deepwater market, with ongoing development in pre-salt and mature basin redevelopment programs requiring significant offshore support vessel capacity. Consolidation within the offshore support vessel (OSV) sector has been increasing as operators seek scale efficiencies and stronger balance sheets [2].