Restructured Ocyan Drilling Unit is renamed FORESEA with support of international shareholders

(PN) As of today, the domestic Oil & Gas market will have a new company operating ultra-deep water drilling assets. Created from the restructuring of the Ocyan Drilling Unit, Foresea is born with a totally independent operation and with great potential for new investments. Its main shareholders are international funds. Under the presidency of the former CFO of Ocyan, engineer Rogério Ibrahim, Foresea will maintain its focus on leading offshore drilling in Brazil and also observing the opportunities that the global O&G market offers. The company has around 1,600 employees, almost 70% of whom work offshore (shipped). Currently, the company has a portfolio of assets with five rigs (ODN I, ODN II, Norbe VI, Norbe VIII and Norbe IX), all contracted, and operates PRIO’s rig, Hunter Queen (formerly West Capricorn), which will start activities in August in the Campos Basin. Each vessel operates with approximately 170 members.

“Foresea is a drilling company with financial solidity, an excellent team and efficient operation, pillars for sustainable growth”, explained Rogério Ibrahim. “We have one of the largest portfolios of contracts in Brazil, equivalent to US$ 2.4 billion, and a portfolio with five rigs, all with contracts in force and excellent performance indexes. The team is made up, for the most part, of professionals who were part of and leaders in the drilling area at Ocyan, which ensured the transfer of experience and high operational performance in deliveries to customers”, he added.

Foresea maintains operations in Brazil from offices in Rio de Janeiro and Macaé. In a statement, the company said it has a highly positive capital structure. “The company was created from the debt restructuring of the Drilling Business Unit of Ocyan S.A. and its shareholding control now belongs to a group of international funds that held the securities of this debt, converted into capital and a contribution of US$ 197 million for new investments and other disbursements with the operation. Ocyan took a 6.64% stake in Foresea and will have a representative on the Board of Directors. The two companies have a non compete agreement for 5 years.”

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