What smart money is saying about OceanPact

Position history

Every position in OceanPact on record in the archive was reported in Q2 2026, across 1 fund letter, with no move described.

Bought and Sold count moves: the same sentence published by several funds of one house in a quarter counts once.

Fund activity · 1 position

• HoldsHIX Capital Brazilian Equities

  June 2026

  “OceanPact The merger with CBO creates the sixth-largest support vessel operator in the world We begin by accounting for what we wrote in July 2025. We said then that the four RSV contracts with Petrobras, at an average day rate of US$ 94 thousand, would enter operation in the first quarter of 2026 and would be the main lever for EBITDA expansion; they did, and the first quarter already showed the average net day rate 22% above the previous year, with seven simultaneous mobilizations. We said that the Turquoise case had yielded R$ 115 million of the uncontested portion and that the UP Coral awaited the final phase at the STJ; the court rejected further appeals by Petrobras, and the merits appear to us essentially closed, with the amounts formally earmarked for dividends. We said that the company was about to sign a decommissioning contract of more than R$ 1 billion; the contract was signed, and the front we treated as an unmodeled optionality became a leadership position: over the last twelve months OceanPact won R$ 1.7 billion in projects out of approximately R$ 6 billion in proposals submitted. However, the most important event was not in that letter, nor could it have been. In February 2026 the merger with CBO was announced, approved at a shareholders' meeting with 99% of the votes and already approved by CADE, with closing expected for early September — B3 requested about ten business days after approval to segregate the legal claims. The combined company brings together 73 vessels, a backlog of approximately R$ 13.6 billion and pro forma EBITDA of about R$ 1.8 billion in 2025, which we estimate will evolve to approximately R$ 2.8 billion in 2028 — the sixth-largest support vessel operator in the world and vice-leader in Brazil, with about 20% of the Brazilian market, in addition to a significantly younger fleet, with an average age of thirteen years at CBO versus seventeen at OceanPact. The exchange ratio, of 42.1% for OceanPact's current shareholders versus 57.9% for CBO, seems to us clearly favorable to those who were already on our side:”

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