With an estimated 250 extra OSV’s needed to support Brazil’s offshore oil and gas industry by 2020, Brazilian private equity fund P2 has promised $180 million to help fund the construction of a new shipyard in southern Brazil.
RIO DE JANEIRO–Brazilian private-equity fund P2, which is active in the infrastructure-development area, will put up $180 million in funding for its new Oceana shipbuilding subsidiary, P2 Brasil Vice President Guilherme Caixeta said Wednesday.
Oceana is starting to construct a new shipyard in Santa Catarina, southern Brazil, which will initially build four platform-supply vessels for Brazilian oil producer Petroleo Brasileiro SA (PBR, PETR3.BR, PETR4.BR), Mr. Caixeta told reporters at Brazil’s Offshore Finance Forum in Rio de Janeiro.
Total costs involved for the Oceana venture will be 670 million Brazilian reais ($330.8 million), including BRL220 million for the construction of the shipyard and BRL450 million for the construction of the four vessels, which will be financed by Brazil’s state-owned Merchant Marine Fund, Mr. Caixeta said. The first two vessels will be completed in 2015 or 2016, he said.
“Depending on capital needs, Oceana could hold an IPO in Brazil in five to seven years’ time,” Mr. Caixeta said.
P2 is a joint venture between Brazilian engineering group Grupo Promon and investment fund Patria, Mr. Caixeta said. Brazil will experience a shortfall in offshore support vessels to serve its expanding oil industry in future years, according to Mr. Caixeta.
“Today Brazil has 430 offshore oil-and-gas support vessels, but demand will grow to 680 vessels in 2020,” Mr. Caixeta said. “That means it will need 250 extra vessels, many of which will come from abroad as Brazilian shipyards are unable to produce so many.”
Brazilian shipyards are currently delivering around 20 new supply vessels a year, each of which is valued at around $50 million to $100 million, Mr. Caixeta said.
SYDNEY, March 21 (Reuters) – Fiji will strike a deal with Australia to upgrade ports and shipbuilding infrastructure, months after its prime minister said it was likely to partner with China on the...
US Labor unions are calling for a fee to be imposed on vessels constructed in China that dock at US ports in response to what they perceive as unfair shipbuilding...
By Bloomberg News (Bloomberg) — US President Joe Biden pledged to look into a petition from a group of unions asking his administration to review China’s subsidies for shipbuilders, as tensions...
March 13, 2024
Total Views: 2059
Why Join the gCaptain Club?
Access exclusive insights, engage in vibrant discussions, and gain perspectives from our CEO.
This website uses cookies to improve your experience while you navigate through the website. Out of these, the cookies that are categorized as necessary are stored on your browser as they are essential for the working of basic functionalities of the website. We also use third-party cookies that help us analyze and understand how you use this website. These cookies will be stored in your browser only with your consent. You also have the option to opt-out of these cookies. But opting out of some of these cookies may affect your browsing experience.
Necessary cookies are absolutely essential for the website to function properly. This category only includes cookies that ensures basic functionalities and security features of the website. These cookies do not store any personal information.
Any cookies that may not be particularly necessary for the website to function and is used specifically to collect user personal data via analytics, ads, other embedded contents are termed as non-necessary cookies. It is mandatory to procure user consent prior to running these cookies on your website.