EIG to Acquire Ocyan forUS$ 390 Million

EIG, a leading institutional investor in the global energy and structure sectors, moment blazoned that it has entered into definitive agreements with NovonorS.A.( “ Novonor ”) and Brazilian Development Bank( “ BNDES ”) to acquire Ocyan ParticipaçõesS.A.( “ Ocyan ” or the “ Company ”), a Brazilian- grounded results provider to the coastal oil painting and gas assiduity, for a total quantum ofUS$ 390 million, consideringUS$ 283 million for Novonor’s 100 equity interest and the remaining quantum for liquidation of its outstanding balance ofnon-voting securities related to the Company.
The sale’s proceeds related to Novonor’s equity interest will be directly paid to BNDESPAR, in agreement with the fiduciary agreement preliminarily executed by the parties, in order to settle a portion of Novonor’s debt.

Ocyan has a 23- time track record delivering high- quality conservation results to the coastal oil painting and gas sector, including the operation of subsea construction and decommissioning systems. As the only Brazilian driver in the Floating product storehouse and Offloading( “ FPSO ”) assiduity, Ocyan presently operates four coastal units through a50/50 common adventure with Altera structure, holding long- term contracts with Libra Consortium, Karoon Energy and 3R Petroleum. The Company, with further than 3,000 devoted workers, lately established a New powers division that’s concentrated on the digitalization of the oil painting and gas assiduity and engineering, procurement, and construction( “ EPC ”) contracts for renewable energy systems.

EIG has invested further thanUS$ 2 billion in Brazil since 1998. The accession of Ocyan reflects EIG’s long- term, comprehensive Brazilian strategy concentrated on structure supporting high- quality underwater crude oil painting product, responsible decommissioning conditioning and investments in renewables and low carbon systems. Following the completion of the sale, Ocyan will profit from EIG’s deep specialized moxie in FPSOs and implicit solidarity with Prumo Logística, an EIG portfolio company, and its attachment, Port of Açu.

“ I’ve known and admired Ocyan for decades, ” saidR. Blair Thomas, EIG’s Chairman and Chief Executive Officer. “ The company’s adaptability and the strength of its business have helped it overcome significant profitable headwinds while maintaining a healthy balance distance, situating Ocyan for long- term growth. Brazil is home to over 25 of the global FPSO lines, and we believe the unborn request dynamics for oil painting and gas structure in Brazil are veritably favorable, emphasizing our binary commitment to supporting growth and development in this important region while creating value for our investors. We’re also agitated to support Ocyan’s gambles in the renewables space to help drive the energy transition forward. ”

Flavio Valle, EIG’s Managing Director and Head of Brazil, said, “ FPSO is an seductive asset class for both equity and debt openings, and we’re pleased to consolidate our presence in the assiduity. We’ve respected Ocyan for numerous times and have been impressed by their capability to develop ambitious systems through grueling profitable surroundings. With our global footmark and original capabilities, which are now enhanced by meaningful capital commitments from original guests, we believe that EIG is uniquely deposited to deliver on this complex sale and to marshal Ocyan into a new phase of growth. ”

Héctor Nuñez, Novonor ´s Chief Executive Officer, said, “ This is another important corner for the Novonor Group in fulfilling its commitments to its stakeholders as it aims to reestablish the company’s focus on diversified operations in the engineering sector, where it was established nearly 80 times agone
. We’re veritably proud of Ocyan and its platoon, who are honored for their functional and specialized excellence, and are certain that their successful line will continue. ”

Roberto Prisco Paraiso Ramos, Ocyan’s Chief Executive Officer, said, “ Ocyan has erected and operated further thanUS$ 4 billion of drilling equipages, pipelaying support vessels and FPSOs, alone or in common gambles, always enjoying the veritably strong support of its shareholders and Novonor. This accession doesn’t impact current contracts and operations with our guests and suppliers. This is another important chapter in our history and bone
that will really produce new openings for Ocyan. ”

The completion of the sale is subject to certain customary ending conditions and is anticipated to do in the first quarter of 2024.

Lakeshore mates( “ Lakeshore ”) has acted as EIG’s exclusive fiscal counsel, with Lakeshore’s recently established chapter, Lake Capital, furnishing asset operation services. Mattos Filho and White & Case served as sale legal counsels and Stocche Forbes as fund counsel. EY has acted as BNDES ’ exclusive fiscal counsel and Lacaz Martins as sale legal counsel. VMB Jurídica served as sale legal counsel to Novonor.

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