Brazil’s CBO acquires Finarge for $94.4m

Brazilian offshore services player CBO has concluded the acquisition of the business and assets of fellow operator Finarge Apoio Maritimo (FAM) in a $94.4 million deal.

The deal includes cash, assumption of the existing debt in Finarge, and 5.6% of shares in CBO.

The transaction will add five anchor handling tug supply vessels from FAM, a subsidiary of Italian towage provider Rimorchiatori Riuniti.

With the conclusion of the transaction, CBO will have 14 AHTS vessels operating in Brazil. CBO will also take over the contracts already signed with Petrobras for four of the five acquired vessels, ranging from two to four years.

Adis Ajdin

Adis is an experienced news reporter with a background in finance, media and education. He has written across the spectrum of offshore energy and ocean industries for many years and is a member of International Federation of Journalists. Previously he had written for Navingo media group titles including Offshore Energy, Subsea World News and Marine Energy.
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