OceanPact and CBO Announce Merger, Creating Brazilian Offshore Services Giant

Historic Merger in Brazilian Offshore Sector

Brazilian offshore vessel operators OceanPact and CBO have officially announced their plans to combine businesses, a move set to create one of Brazil's largest integrated offshore support and marine services platforms. The merger, unveiled in regulatory filings on February 27, 2026, will be implemented through the incorporation of CBO's holding company into OceanPact.

Upon completion, the newly formed entity is projected to operate a substantial fleet of 73 vessels. Financial projections indicate annual revenues surpassing US$778 million (R$4 billion) and a robust backlog of approximately US$2.7 billion (R$14 billion). This strategic consolidation is expected to significantly strengthen the combined company's position within Brazil's active offshore oil and gas market, which continues to see sustained deepwater production, subsea operations, and field redevelopment.

Strategic Pillars and Leadership

The business combination is underpinned by four key strategic pillars: strengthened cash generation, expanded operating capacity through a larger asset base, value creation via commercial and operational integration and synergies, and fleet complementarity. Executives anticipate that the merger will lead to increased capabilities, a lower average fleet age, optimized vessel allocation, and greater client diversification.

The leadership of the combined company will see Flavio Andrade, OceanPact's CEO and founder, take the helm as Chief Executive. Eduardo de Toledo will serve as Chief Financial Officer, while Marcos Tinti, current CBO Group CEO, will become Vice President for the vessels segment. Haroldo Solberg will be responsible for integration efforts.

Shareholding Structure and Regulatory Path

Under the terms of the agreement, CBO shareholders are set to own 57.9% of the new combined entity. OceanPact will issue approximately 274.6 million new common shares to CBO shareholders, at an exchange ratio of about 1.98 OceanPact shares for each CBO share. The new board of directors will consist of seven members, including independent directors and representatives from key shareholders such as Vinci Compass, Patria Infrastructure funds, Flavio Andrade, and BNDESPar.

The completion of this significant transaction is contingent upon several customary conditions precedent. These include approval from the Brazilian Antitrust Regulatory Agency (CADE), as well as approvals from the general shareholders' meetings of both companies and consent from creditors.

Market Impact and Future Outlook

This merger represents a notable development in the Brazilian offshore support vessel market, following other recent consolidation activities in the sector. The combined entity aims to enhance its ability to compete in larger and more technically demanding projects, while also unlocking new opportunities in the services segment, such as subsea operations, decommissioning, and environmental projects.