OceanPact to acquire UP Offshore for $30m.

OceanPact, a company engaged in protection, monitoring, and sustainable use of the sea, coastline, and marine resources in the oil and gas sector, agreed to acquire UP Offshore, a company operating foreign flag vessels, for $30m. The purchase and sale agreement, which contains usual representations and warranties and indemnification clauses to operations of this nature, is subject to certain conditions precedent, including the implementation of a previous restructuring of the UP Group in order to segregate assets and liabilities not related to the Transaction. The transaction is part of the company’s organic expansion and sectorial consolidation plan, especially in the subsea area, adding 2 “High spec” RSV in- service, totaling 7 in the company’s fleet, as well as 1 “High spec” OTSV in-service, one of the few in operation in Brazil.