(TN) EIG, a leading American global fund in the energy and infrastructure sectors, and Lake Capital Investimentos, the resource management division of Lakeshore Partners, focused on the energy and infrastructure sectors, announced to the market that they have completed the acquisition of Ocyan Partipações S.A. ( “Ocyan” or “Company”), a Brazilian provider of solutions for the offshore oil and gas industry, for a total amount of US＄ 390 million, considering US＄ 283 million for the 100% share of the capital belonging to Novonor and the remaining amount to settle the outstanding balance of non-voting securities related to the Company.
The transaction proceeds relating to Novonor’s shareholding will be paid directly to BNDESPAR, in accordance with the trust agreement previously signed by the parties, in order to settle a portion of Novonor’s debt.
Flavio Valle, Managing Director and Head of EIG in Brazil, stated: “With the acquisition of Ocyan, we have incorporated into the EIG portfolio in the country a consolidated company in the offshore sector and with great capacity to offer solutions for the entire upstream chain. We have completed the operation within the market forecast and now we are preparing to absorb the Company, recognized worldwide for its excellence in developing and operating FPSOs (Floating Production Storage and Offloading) and other projects that support the oil and gas sector. It is a strategic move by EIG in the Brazil, which intends to lead Ocyan to an even greater level of growth associated with the fund’s other assets nationally and worldwide.”
In Brazil since 1998, OIG has invested more than US$2 billion in the country. Upon completion of the transaction, Ocyan will benefit from OIG’s deep technical knowledge in FPSOs and potential synergies with Prumo Logística, the EIG portfolio holding that develops Porto do Açu, the only fully private port project in the country and which has a series of synergies with Ocyan’s offshore businesses.
For Márcio Carneiro, founding partner of Lake Capital Investimentos, the acquisition demonstrates confidence in the Brazilian industry: “The Oil and Gas industry is an important pillar of the Brazilian economy and presents a lack of financial investors. The strategy is to help the industry to fill this gap. We have closely followed Ocyan for many years and know its operational excellence. Our entry represents a new cycle of growth for the Company. The objective is to consolidate Ocyan as the major national player in the offshore oil services industry The acquisition of Ocyan reinforces the focus on ensuring superior service provision, always aiming to meet the needs and success of our customers.”
With more than two decades of experience providing high-quality maintenance solutions for the offshore oil and gas sector, Ocyan also focuses on decommissioning and subsea construction projects. The only Brazilian operator in the industry of floating production, storage and transfer units – FPSOs, the Company currently operates four offshore units through a 50/50 joint venture with Altera Infrastructure (a Brookfield investee), maintaining long-term contracts with the Libra Consortium (formed by Petrobras, Shell, Total, CNOOC and CNPC), Karoon Energy and 3R Petroleum.
Lakeshore Partners acted as exclusive financial advisor to EIG and Lake Capital Investimentos.
Brazil Energy Insight 
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