Rio de Janeiro, April 10th, 2024 — EIG, a leading American global fund in the energy and infrastructure sectors, and Lake Capital Investimentos, the asset 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 participation of 100% of the capital owned by Novonor and the remaining amount to settle the outstanding balance of non-voting securities related to the Company.

The proceeds from the transaction related to Novonor's shareholding will be paid directly to BNDESPAR, in accordance with the trust deed previously concluded by the parties, in order to settle a portion of Novonor's debt.

Flavio Valle, Managing Director and Head of EIG in Brazil said: “With the acquisition of Ocyan, we incorporated into the EIG portfolio in the country a consolidated company of the offshore sector with a great capacity to offer solutions for the entire upstream chain. We completed the transaction within the market forecast and are now preparing to take over 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 movement of EIG in Brazil, which seeks to lead Ocyan to an even higher level of growth associated with the fund's other assets at the national and global levels”. 

Since 1998, EIG has invested more than US$ 2 billion in Brazil. Upon completion of the transaction, Ocyan will benefit from EIG's deep technical knowledge in FPSOs and potential synergies with Prumo Logística, the EIG portfolio holding company that develops Port of Açu, the only fully private port venture in the country that has a series of synergies with Ocyan's offshore business.

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 has a shortage of financial investors. Our strategy is to help the industry fill this gap. We have been closely following Ocyan for many years and are familiar with its operational excellence. Our entry represents a new growth cycle for the Company. Our 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 delivery, always seeking to meet the needs and success of our clients”.

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 floating production, storage and transfer unit industry - FPSO, the Company currently operates four offshore units through a 50/50 joint venture with Altera Infrastructure (invested by Brookfield), holding 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. 

Managers

About EIG - Leading institutional investor in the global energy and infrastructure sectors, with US$ 22.9 billion under management as of December 31, 2023. It is specialized in private investments in energy and energy-related infrastructure on a global basis. During its 41-year history, it has allocated more than 47.1 billion dollars to the energy sector through more than 405 projects or companies in 42 countries on six continents. EIG clients include many of the major pension plans, insurance companies, donations, foundations, and sovereign wealth funds in the U.S., Asia, and Europe. EIG is headquartered in Washington, D.C., with offices in Houston, London, Sydney, Rio de Janeiro, Hong Kong, and Seoul. For additional information, visit the EIG website atwww.eigpartners.com.

About Lake Capital Investimentos - it is the asset management division of Lakeshore Partners. Lakeshore Partners is an independent financial and strategic consultancy focused on Energy and Infrastructure. Founded in 2011, its partners have more than 30 years of experience in structured finance and mergers and acquisitions. Recognized for its excellence and extensive experience in the sector, Lakeshore led the most relevant Brazilian transactions in the area, receiving 6 “Deal of The Year” awards from Latin Finance. For additional information, visit the Lakeshore Partners website at www.lakeshorepartners.com.br and Lake Capital Investimentos at www.lakecapinvest.com.

Counterparties

About Novonor - Global group of Brazilian origin. Its objective is to contribute to the construction of a sustainable future, serving society through the transformative capacity of its engineering and innovative solutions in key sectors such as petrochemicals, real estate, oil and gas, industrial, naval, mobility and port logistics. Throughout its nearly 80-year history, it has made important contributions to the development of Brazil and the more than 30 countries where it operates. Its recognized capacity and quality of delivery and its commitment to working at the highest technical, productivity, governance and efficiency standards guide its operations.  For additional information, visit the Novonor website at www.novonor.com.

About the BNDES - Main financing agent for development in Brazil. Since its founding in 1952, the BNDES has played a fundamental role in stimulating the expansion of industry and infrastructure in the country. Throughout the Bank's history, its operations have evolved in accordance with Brazilian socioeconomic challenges and today include support for exports, technological innovation, sustainable socio-environmental development, and modernization of public administration. For additional information, visit the BNDES website at www.bndes.gov.br.

Press service

Danthi Communications

Thaina Halac

21 9 7524-9955

thaina@danthi.com.br