OceanPact (OPCT3) reported accounting net income of R$ 32 million in 3Q26, and R$ 117 million year to date in 2026. The amount includes CBO's results only from September 16, 2026, the date on which the business combination was completed. On a pro forma basis (unaudited sum of the two companies), net income was R$ 60 million, versus R$ 126 million in 3Q25.
On the same pro forma basis, net revenue grew 5% to R$ 1,251 million (R$ 1.25 billion) in 3Q26, versus R$ 1,188 million in 3Q25. Adjusted EBITDA (earnings before interest, taxes, depreciation and amortization) was R$ 468 million, versus R$ 474 million in 3Q25, a 1% decline. The adjusted EBITDA margin, excluding partnership revenue, was 38%, versus 40% a year earlier. Adjusted EBITDA excludes R$ 57 million in adjustments, related mainly to M&A and the sale of a vessel (R$ 39 million) and to non-recurring bonuses for CBO executives (R$ 18 million).
The fleet's average net daily rate was R$ 226 thousand, up 12% from 3Q25. Occupied days fell 10% to 4,302. The occupancy rate fell from 78% to 74%, in line with the revised 74% occupancy projection for 3Q26. In the Services segment, revenue rose 38% to R$ 316 million, but adjusted EBITDA fell 41% to R$ 46 million, due to the start of the decommissioning project with Trident and a stronger comparison base in 3Q25. Consolidated costs rose 12% to R$ 677 million, concentrated in services.
Gross debt was R$ 5.7 billion at the end of September, and cash was R$ 765 million, versus R$ 664 million in 2Q26. Net bank debt stood at R$ 4,759 million, and the ratio of net bank debt to EBITDA, under the debenture covenant (contractual commitment) criteria, was 2.59x, versus 2.52x in 2Q26. The backlog (contract portfolio) totaled R$ 10.9 billion, with R$ 174 million in new contracts in the quarter. Investment (capex) was R$ 304 million.
In the combination, 274.6 million new shares were issued, and the capital came to 474.5 million common shares. After the quarter, the company signed the sale of the PSVs CBO Energy and CBO Wiser for US$ 86 million, with completion expected by December 18. Petrobras' next bid, for PSV 3,000 and PSV 4,500, will be on November 17. The earnings conference call takes place on November 10, at 10 a.m.
