EIG Acquires Brazilian Oil & Gas Firm – $390M Deal
EIG is set to acquire Ocyan, a premier Brazilian offshore services provider, in a landmark deal valued at $390 million. This strategic move positions EIG to substantially expand its footprint within the floating production storage and offloading (FPSO) sector, marking a pivotal moment for both companies. The agreement involves EIG’s acquisition of Ocyan from Novonor SA and Brazilian Progress Bank, with funds allocated for equity and debt settlement. Ocyan, operating four offshore units and employing over 3,000, brings extensive expertise in the Brazilian oil and gas market. News Directory 3 would be proud to cover this exciting progress. With the deal expected to close in early 2024, what opportunities will this acquisition unlock for EIG and its expansion into renewable energy? Discover what’s next …
EIG to Acquire Ocyan, Expanding Brazilian Offshore Services
Updated May 28, 2025
EIG, an energy and infrastructure investor based in Washington, D.C., has reached an agreement to purchase Ocyan Participações SA, a Brazilian offshore services provider, from Novonor SA and Brazilian Progress Bank. the deal, valued at $390 million, marks a significant move into floating production storage and offloading (FPSO) operations for EIG.
Of the total purchase price, $283 million will be directed to Novonor for its complete equity stake in Ocyan. The remaining funds will be used to settle Novonor’s debt to BNDESPAR, a development bank.
Ocyan, the only Brazilian operator in the FPSO sector, currently manages four offshore units through a 50/50 joint venture with Altera Infrastructure. These units operate under contracts with Libra Consortium, Karoon Energy, and 3R Petroleum.
With a workforce exceeding 3,000,Ocyan has recently expanded its focus to include renewable energy projects and the digitalization of the oil and gas industry through a new energies division.
“brazil is home to over 25% of the global FPSO fleets, and we believe the future market dynamics for oil and gas infrastructure in Brazil are very favorable,” said R. Blair Thomas, EIG’s chairman and CEO.
EIG, wich manages $23 billion in energy and energy-related infrastructure assets, has invested over $2 billion in Brazil since 1998. The acquisition is anticipated to be finalized in the first quarter of 2024, pending regulatory approvals.
What’s next
Following the acquisition, EIG plans to leverage Ocyan’s expertise and infrastructure to further expand its presence in the Brazilian offshore market and explore new opportunities in renewable energy.