(WO) – OceanPact and CBO have announced plans to combine their businesses in a transaction that will create one of Brazil’s largest integrated offshore support and marine services platforms.
The merger will be implemented through the incorporation of CBO’s holding company into OceanPact, subject to approval by Brazil’s antitrust authority (CADE), shareholder approvals and customary closing conditions.
Upon completion, the combined company will operate a fleet of 73 vessels and generate annual revenue exceeding $778 million (R$4 billion), with a backlog of approximately $2.7 billion (R$14 billion). The enlarged platform is expected to strengthen its position in Brazil’s offshore oil and gas market, which continues to see sustained activity in deepwater production, subsea operations and field redevelopment.
Executives said the transaction is designed to enhance operating capacity through fleet complementarity, improve vessel allocation and expand capabilities in technically demanding offshore projects. The integration is also expected to support growth in subsea services, decommissioning and environmental response activities.
OceanPact CEO Flavio Andrade will lead the combined company, alongside Eduardo de Toledo as CFO and Marcos Tinti overseeing the vessels segment. The new board will consist of seven members, including independent directors and representatives of key shareholders.
The companies cited four strategic pillars underpinning the combination: strengthened cash generation, expanded asset base, operational and commercial synergies, and enhanced fleet capabilities. The integration is expected to lower average fleet age, diversify clients and improve contract execution flexibility across Brazil’s offshore basins.
Brazil remains one of the world’s most active deepwater markets, with ongoing development in the pre-salt and mature basin redevelopment programs requiring extensive offshore support vessel (OSV) capacity. Consolidation within the OSV sector has accelerated in recent years as operators seek scale efficiencies, improved asset utilization and stronger balance sheets to support long-term contracts.
The merger positions the new OceanPact-CBO platform to support continued offshore production growth in Brazil, while expanding subsea and decommissioning capabilities in one of the industry’s most strategically important deepwater markets.
