Japanese Shipbuilders Take Stake in Brazil's ECOVIX
Five Japanese companies – Mitsubishi Heavy Industries, Ltd. (MHI), Imabari Shipbuilding Co., Ltd., Namura Shipbuilding Co., Ltd., Oshima Shipbuilding Co., Ltd. and Mitsubishi Corporation – have agreed to acquire a stake in ECOVIX -Engevix Construções Oceânicas S.A. (ECOVIX), a leading Brazilian shipbuilder.
A Share Purchase Agreement (SPA) between the Japanese consortium and the Brazilian partners has been signed by the parties. The initiative marks the first investment by a Japanese consortium into a Brazilian shipbuilding business, with the Japanese side providing advanced technology and operating expertise.
In the presence of Japanese and Brazilian authorities, the Share Purchase Agreement was signed in Tokyo by representatives of six new partners - ECOVIX, MHI, Imabari Shipbuilding, Namura Shipbuilding, Oshima Shipbuilding and Mitsubishi Corporation.
ECOVIX is controlled by the JACKSON Group, the holding company that consolidates Brazil's leading engineering firm ENGEVIX Engenharia, clean energy generation DESENVIX and infrastructure management INFRAVIX. ECOVIX was established in 2010 to build PETROBRAS initial eight FPSO's – Floating, Production, Storage and Offloading hulls in support of Brazil's oil exploitation program at the pre-salt layer.
In August 2012, ECOVIX was awarded contracts to supply engineering, procurement and construction services of three new drill ships for SETE Brasil, a major asset owner in the oil and gas industry, engaged into Brazil's pre-salt offshore exploitation program.
The pre-salt layer oil reserves represent the largest oil discovery of past decades and are a technological challenge which PETROBRAS has managed to successfully overcome. Brazil is expecting to achieve not only self-sufficiency but also to be a significant oil exporter in the coming years. Thus, the exploration and production from these reserves is an important part of Brazilian plans for the next two decades.
The presence of four important Japanese shipbuilders, through capital participation, will provide ECOVIX with outstanding support to contribute decisively to the nation's effort to meet increasing demands for quality and timing in the construction of key equipment and also an ever increasing demand for safer oil production from offshore fields.