OceanPact and CBO complete business combination

OceanPact and CBO complete business combination, creating 70-vessel offshore fleet

OceanPact and CBO completed their business combination on September 16, more than six months after the transaction was first announced, bringing the two offshore fleets under a single corporate structure.

With the closing, CBO Holding was incorporated into OceanPact, while the group’s Navigation business will operate under the OceanPact CBO name.

The combined fleet currently comprises 70 vessels: 38 PSVs and OSRVs, 15 AHTSs, 15 RSVs and two other units. The companies also bring together more than 5,000 professionals.

The current fleet count is lower than the 73 vessels disclosed when the transaction was announced in February. At that time, the proposed combination included 40 PSVs and OSRVs, 15 AHTSs, 15 RSVs and three other vessels.

Since then, OceanPact has continued to adjust its fleet. During the second quarter, the company announced its decision to sell Ilha de Tinharé and Ilha das Flechas, two of its smaller OSRVs. Public disclosures reviewed by One Energy News do not fully reconcile the remaining difference between the original and current fleet counts.

The transaction also changes OceanPact’s ownership structure. As part of the incorporation, the company issued 274,551,446 new common shares to CBO shareholders, based on an exchange ratio of approximately 1.98 OceanPact shares for each CBO share.

Following the transaction, former CBO shareholders hold approximately 57.86% of OceanPact’s share capital. The new shares began trading on B3 on September 17.

When the combination was announced in February, OceanPact and CBO reported annual revenue of more than R$4 billion and a contracted backlog of approximately R$13.6 billion. Those figures referred to the original transaction announcement and were not updated in the closing disclosure.

The transaction received final antitrust clearance from Brazil’s CADE in early September, after the companies had completed the other conditions required for closing.

The business combination also follows OceanPact’s acquisition of Dock Brasil, completed on August 31. The group now combines a large offshore support fleet with subsea and environmental services and its own vessel docking and repair operation in Guanabara Bay.

With the corporate transaction completed, the next stage moves from approvals and closing procedures to the operational integration of the two fleets and business