EXCLUSIVE: Oaktree enters the dispute for Ocyan, Novonor’s oil and gas arm

(Valor) American fund manager Oaktree entered the dispute for Ocyan, Novonor’s (formerly Odebrecht) oil and gas company, Pipeline learned. Oaktree and another American fund, EIG Global Energy Partners, are in the final stages of a non-binding process of evaluating numbers for a purchase proposal. Investors had access to the data room and the deadline for the end of the due diligence process is at the end of this month.

The proposal evaluated by the managers is for the acquisition of Ocyan and shares that the company holds in three other companies. The Novonor group company has 50% of the joint venture Altera & Ocyan, owner of two oil production platform vessels (FPSO), one in the Libra block and another production unit Cidade de Itajaí, both operating in Santos Basin.

The second asset is the 6.5% stake in DrillCo, which was created in the extrajudicial debt restructuring process of Ocyan in which there was a spin-off of five drilling rigs whose main client is Petrobras. The extrajudicial recovery process in the United States (Chapter 15) ended last week and provides for the conversion of US$ 2.4 billion, out of a total of US$ 2.7 billion, into the capital of the new company and the remaining US $300 million will be paid over seven years. Ocyan also has an area of rig maintenance and services for the oil and gas industry.

The sale process began in October last year, coordinated by BNDES and Ernst Young. BNDES is Novonor’s creditor and owns shares in Ocyan that were pledged as collateral for a bank loan to Odebrecht.

The sale of Ocyan is one more of the negotiations in the oil and gas sector that are underway and that is part of the debt restructuring of these companies. At Enauta, the creditor banks, Bradesco and Santander, are talking to investors for the sale of the shares that were given as guarantee for extending a loan of R$ 8 billion to the Queiroz Galvão group, the company’s controller with a stake of 63 % of capital, in 2019.

Ocyan commented that the process of changing shareholder control is still under negotiation. Oaktree, Bradesco, Santander and BNDES did not return until the publication of this report.

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