Ocyan undergoes restructuring, giving birth to new drilling player

Brazilian offshore oil and gas industry services provider Ocyan has confirmed the completion of its restructuring process, which enabled it to separate its drilling business into a new company, temporarily being called DrillCo.

The business side covering offshore production, subsea construction and decommissioning, maintenance, and offshore services remains fully at Ocyan, according to the Brazilian player. The firm is also looking into new energies and services to integrate into its portfolio.

According to Broadcast/Estadão, Drillco highlighted: “Under the presidency of Ocyan’s CFO, engineer Rogério Ibrahim, DrillCo was born financially healthy, with an operation totally independent of Ocyan and with great potential for new investments, maintaining a focus on the leadership of Brazilian offshore drilling and growth in a heated market.

“With a robust capital structure, DrillCo has as shareholders international funds and a minority stake in Ocyan, which has even transferred part of its executive body to the new company.”

Ocyan has been busy securing new deals, as shown by a long-term operating deal for the West Capricorn sixth-generation semi-submersible rig, which was secured with PRIO in January 2023. While the rig would be primarily used on PRIO’s fields’ revitalisation campaigns off Brazil, it could also be leased to third parties in the future. 

Meanwhile, Ocyan has been operating the Norbe VI rig for PRIO since July 2021. This contract is in force until August 2023 and includes activities to revitalise the Frade field and develop Wahoo, in the Campos Basin.