General – acquisition
Brazilian CBO Group today signed an Investment Agreement for the acquisition of the Brazilian company Finarge Apoio Marítimo for $94 million.
Finarge is the owner of one Brazilian-flagged AHTS (Anchor Handling Tug Supply) and four foreign-flagged AHTS vessels.
The closing of the transaction, subject to conditions precedent, is expected to be completed in approximately 30 days.
With the conclusion of the transaction, and by fully assuming the operations and assets of Finarge, CBO will have 14 AHTS-type vessels in operation in Brazil, consolidating its position in this sector.
The company will also take over the contracts already signed by Finarge with Petrobras for four of the five vessels included in the deal.