On Wednesday, August 24, OceanPact’s CEO, Flavio Andrade, and its CFO, Eduardo de Toledo, took part in a live stream about the company’s future prospects in light of Brazil’s thriving offshore industry. The event was livestreamed on XP Investimentos’ YouTube channel and moderated by Andre Vidal, XP equity and research analyst, who is responsible for covering the oil, natural gas and basic materials sectors.
When explaining OceanPact’s business model, Andrade said that the company started off offering consulting services in the area of offshore oil spills and later started to operate third-party vessels. It then began to acquire specialized vessels for offshore operations. “We are now focusing our investment drive, financed by our bond issues and IPO, on our client companies’ present phase, involving oil and gas production in the pre-salt layer. Our ships carry supplies and perform investigations and inspections, in some cases using underwater robots, which are mandatory for these fields to continue producing,” he said.
In relation to Petrobras, which is now OceanPact’s main client, accounting for around 60% of its revenue, he said that the oil company is a unique and demanding client, spurring OceanPact to move forward and continuously improve its services. “In the last four years, we have always been ranked first or second in Petrobras’ Air and Maritime Transport Operational Excellence Program (PEOTRAM), out of 57 shipping companies. It is a great advantage to work well with Petrobras and this makes us a preferred partner for foreign companies that want to operate in Brazil,” he explained.
Regarding projections for the fourth quarter of this year, CFO Eduardo de Toledo stated that OceanPact’s entire fleet will soon be operating. “Our 12-month EBITDA is about to reach a whole new level and our leverage will certainly fall significantly,” he said. Flavio Andrade added that as of the end of 2023, OceanPact will once again be in a position to invest, capturing good opportunities and expanding its provision of services that do not require heavy outlays. “We never stop growing and there are new demands emerging, such as in exploration blocks in Brazil’s equatorial region and offshore wind projects,” he said.
You can watch the complete live stream here: https://youtu.be/FpMmfqFIDzc.