Australian company Karoon Energy, through its Brazilian subsidiary Karoon Petróleo & Gás, completed the acquisition of the FPSO Cidade de Itajaí vessel, previously operated by Altera & Ocyan. This strategic move enhances Karoon ‘s position as an operator in the oil and gas sector in Brazil by assuming full ownership of a unit for the development of the Baúna field.
Control of the FPSO vessel Cidade de Itajaí at Baúna Field
The deal was valued at $115 million, plus an additional $8 million in transaction costs, and culminated in a final payment of $85 million on April 30. This move gives Karoon direct control over the FPSO, an essential piece of the offshore operations that support oil production from the Baúna field, located in deep water off the southeast coast of Brazil.
To ensure continuity of operations, Karoon signed a Transition Services Agreement with Altera & Ocyan. This agreement will allow for a seamless operational transfer while the bidding process to select a new service provider to support Karoon as operator of the FPSO moves forward.
Control over the FPSO allows Karoon to optimize operating costs, improve the technical performance of the facility and evaluate opportunities to revitalize its infrastructure. In addition, this could translate into an extension of the Baúna field’s useful life and an increase in its economic value.
The acquisition also consolidates Karoon’s commitment to Brazil, where it has intensified its presence in the production of hydrocarbons. hydrocarbon production. The company seeks to position itself as an efficient and safe operator, with the capacity to adapt to the technical challenges of the offshore environment and comply with international environmental and safety standards.
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Source and photo: Karoon Energy / PDF
