{"id":4481,"date":"2023-12-28T12:15:01","date_gmt":"2023-12-28T12:15:01","guid":{"rendered":"https:\/\/dev.pixflex.com\/eig2\/?p=4481"},"modified":"2023-12-28T12:16:32","modified_gmt":"2023-12-28T12:16:32","slug":"eig-to-acquire-ocyan-for-us390-million","status":"publish","type":"post","link":"https:\/\/dev.pixflex.com\/eig2\/eig-to-acquire-ocyan-for-us390-million\/","title":{"rendered":"EIG to Acquire Ocyan for US$390 Million"},"content":{"rendered":"

\"\"<\/h1>\n

Acquisition of Leading Infrastructure and Service Company Supporting Energy Industry in Brazil<\/span><\/i><\/h1>\n

WASHINGTON, D.C. & RIO DE JANEIRO\u00a0 \u2013 EIG, a leading institutional investor in the global energy and infrastructure sectors, today announced that it has entered into definitive agreements with Novonor S.A. (\u201cNovonor\u201d) and Brazilian Development Bank (\u201cBNDES\u201d) to acquire Ocyan Participa\u00e7\u00f5es S.A. (\u201cOcyan\u201d or the \u201cCompany\u201d), a Brazilian-based solutions provider to the offshore oil and gas industry, for a total amount of US$390 million, considering US$283 million for Novonor\u2019s 100% equity interest and the remaining amount for liquidation of its outstanding balance of non-voting securities related to the Company.<\/p>\n

The transaction\u2019s proceeds related to Novonor\u2019s equity interest will be directly paid to BNDESPAR, in accordance with the fiduciary agreement previously executed by the parties, in order to settle a portion of Novonor\u2019s debt.<\/p>\n

Ocyan has a 23-year track record delivering high-quality maintenance solutions to the offshore oil and gas sector, including the operation of subsea construction and decommissioning projects. As the only Brazilian operator in the Floating Production Storage and Offloading (\u201cFPSO\u201d) industry, Ocyan currently operates four offshore units through a 50\/50 joint venture with Altera Infrastructure, holding long-term contracts with Libra Consortium, Karoon Energy and 3R Petroleum. The Company, with more than 3,000 dedicated employees, recently established a New Energies division that is focused on the digitalization of the oil and gas industry and engineering, procurement, and construction (\u201cEPC\u201d) contracts for renewable energy projects.<\/p>\n

EIG has invested more than US$2 billion in Brazil since 1998. The acquisition of Ocyan reflects EIG’s long-term, comprehensive Brazilian strategy focused on infrastructure supporting high-quality deepwater crude oil production, responsible decommissioning activities and investments in renewables and low carbon projects. Following the completion of the transaction, Ocyan will benefit from EIG\u2019s deep technical expertise in FPSOs and potential synergies with Prumo Log\u00edstica, an EIG portfolio company, and its subsidiary, Port of A\u00e7u.<\/p>\n

\u201cI have known and respected Ocyan for decades,\u201d said R. Blair Thomas, EIG\u2019s Chairman and Chief Executive Officer. \u201cThe company\u2019s resilience and the strength of its business have helped it overcome significant economic headwinds while maintaining a healthy balance sheet, positioning Ocyan for long-term growth. Brazil is home to over 25% of the global FPSO fleets, and we believe the future market dynamics for oil and gas infrastructure in Brazil are very favorable, underscoring our dual commitment to supporting growth and development in this important region while creating value for our investors. We are also excited to support Ocyan\u2019s ventures in the renewables space to help drive the energy transition forward.\u201d<\/p>\n

Flavio Valle, EIG\u2019s Managing Director and Head of Brazil, said, \u201cFPSO is an attractive asset class for both equity and debt opportunities, and we are pleased to deepen our presence in the industry. We have admired Ocyan for many years and have been impressed by their ability to develop ambitious projects through challenging economic environments. With our global footprint and local capabilities, which are now enhanced by meaningful capital commitments from local clients, we believe that EIG is uniquely positioned to deliver on this complex transaction and to usher Ocyan into a new phase of growth.\u201d<\/p>\n

H\u00e9ctor Nu\u00f1ez, Novonor\u00b4s Chief Executive Officer, said, \u201cThis is another important milestone for the Novonor Group in fulfilling its commitments to its stakeholders as it aims to reestablish the company\u2019s focus on diversified operations in the engineering sector, where it was established almost 80 years ago. We are very proud of Ocyan and its team, who are recognized for their operational and technical excellence, and are certain that their successful trajectory will continue.\u201d<\/p>\n

Roberto Prisco Paraiso Ramos, Ocyan\u2019s Chief Executive Officer, said, \u201cOcyan has built and operated more than US$4 billion of drilling rigs, pipelaying support vessels and FPSOs, alone or in joint ventures, always enjoying the very strong support of its shareholders and Novonor. This acquisition does not impact current contracts and operations with our clients and suppliers. This is another important chapter in our history and one that will undoubtedly create new opportunities for Ocyan.\u201d<\/p>\n

The completion of the transaction is subject to certain customary closing conditions and is expected to occur in the first quarter of 2024.<\/p>\n

Lakeshore Partners (\u201cLakeshore\u201d) has acted as EIG\u2019s exclusive financial advisor, with Lakeshore\u2019s newly established affiliate, Lake Capital, providing asset management services. Mattos Filho and White & Case served as transaction legal advisors and Stocche Forbes as fund counsel. EY has acted as BNDES\u2019 exclusive financial advisor and Lacaz Martins as transaction legal advisor. VMB Jur\u00eddica served as transaction legal advisor to Novonor.<\/p>\n

About EIG<\/strong><\/p>\n

EIG is a leading institutional investor in the global energy and infrastructure sectors with $23.0 billion under management as of September 30, 2023. EIG specializes in private investments in energy and energy-related infrastructure on a global basis. During its 41-year history, EIG has committed over $45.9 billion to the energy sector through over 400 projects or companies in 42 countries on six continents. EIG\u2019s clients include many of the leading pension plans, insurance companies, endowments, foundations and sovereign wealth funds in the U.S., Asia and Europe. EIG is headquartered in Washington, D.C. with offices in Houston, London, Sydney, Rio de Janeiro, Hong Kong and Seoul. For additional information, please visit EIG\u2019s website at www.eigpartners.com<\/a>.<\/p>\n

About Novonor<\/strong><\/p>\n

Novonor is a global group of Brazilian origin. Its purpose is to contribute to building a sustainable future, serving society through the transformative capacity of its engineering and innovative solutions in key sectors such as petrochemicals, real estate, oil and gas, industrial, naval, mobility and port logistics. Throughout its almost 80-year history, it has made important contributions to the development of Brazil and the more than 30 countries in which it has operated. Its recognized capacity and quality of delivery and its commitment to working to the highest technical, productivity, governance and efficiency standards guide its operations. For additional information, please visit Novonor\u2019s website at www.novonor.com<\/a>.<\/p>\n

About BNDES<\/strong><\/p>\n

The Brazilian Development Bank (\u201cBNDES\u201d) is the main financing agent for development in Brazil. Since its foundation, in 1952, the BNDES has played a fundamental role in stimulating the expansion of industry and infrastructure in the country. Over the course of the Bank\u2019s history, its operations have evolved in accordance with the Brazilian socio-economic challenges, and now they include support for exports, technological innovation, sustainable socio-environmental development, and the modernization of public administration. For additional information, please visit BNDES\u2019s website at www.bndes.gov.br<\/a>.<\/p>\n

Media Contacts<\/strong><\/p>\n

EIG
\nFGS Global
\nKelly Kimberly \/ Brandon Messina
\n+1 212-687-8080
\nEIG@fgsglobal.com<\/p>\n","protected":false},"excerpt":{"rendered":"

Acquisition of Leading Infrastructure and Service Company Supporting Energy Industry in Brazil WASHINGTON, D.C. & RIO DE JANEIRO\u00a0 \u2013 EIG, a leading institutional investor in the global energy and infrastructure sectors, today announced that it has entered into definitive agreements with Novonor S.A. (\u201cNovonor\u201d) and Brazilian Development Bank (\u201cBNDES\u201d) to acquire Ocyan Participa\u00e7\u00f5es S.A. (\u201cOcyan\u201d […]<\/p>\n","protected":false},"author":4,"featured_media":4487,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[1],"tags":[],"class_list":["post-4481","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news"],"yoast_head":"\nEIG to Acquire Ocyan for US$390 Million - EIG Partners<\/title>\n<meta name=\"description\" content=\"Acquisition of Leading Infrastructure and Service Company Supporting Energy Industry in Brazil\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/dev.pixflex.com\/eig2\/eig-to-acquire-ocyan-for-us390-million\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"EIG to Acquire Ocyan for US$390 Million - EIG Partners\" \/>\n<meta property=\"og:description\" content=\"Acquisition of Leading Infrastructure and Service Company Supporting Energy Industry in Brazil\" \/>\n<meta property=\"og:url\" content=\"https:\/\/dev.pixflex.com\/eig2\/eig-to-acquire-ocyan-for-us390-million\/\" \/>\n<meta property=\"og:site_name\" content=\"EIG Partners\" \/>\n<meta property=\"article:published_time\" content=\"2023-12-28T12:15:01+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2023-12-28T12:16:32+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/dev.pixflex.com\/eig2\/wp-content\/uploads\/2023\/12\/Ocyan-Press-Release.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"1667\" \/>\n\t<meta property=\"og:image:height\" content=\"1667\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"Miriam Oakley\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Miriam Oakley\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"5 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"WebPage\",\"@id\":\"https:\/\/dev.pixflex.com\/eig2\/eig-to-acquire-ocyan-for-us390-million\/\",\"url\":\"https:\/\/dev.pixflex.com\/eig2\/eig-to-acquire-ocyan-for-us390-million\/\",\"name\":\"EIG to Acquire Ocyan for US$390 Million - 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