OPCT3: quote, dividends and indicators for OceanPact

OceanPact is a Brazilian company founded in 2007 in Rio de Janeiro, originally focused on consulting and emergency response to environmental incidents, mainly related to oil spills at sea. Since its early years, the company has been involved in some of the most significant environmental incidents linked to the oil and gas industry in Brazil and abroad, including responses to spills in Guanabara Bay, Paranaguá Bay, and the Frade Field in the Campos Basin. In 2010, it took part in the response to the Deepwater Horizon accident in the Gulf of Mexico, at the time being the only Brazilian company operating in that event. Over time, it also began responding to emergencies arising from dam failures in Minas Gerais, shipwrecks, and other major oil spills, consolidating technical experience in managing large-scale environmental crises.

OceanPact’s growth trajectory has been marked by strategic partnerships and acquisitions. In 2011, through a joint venture with US-based Witt O’Brien’s, it created Witt O’Brien’s do Brasil, focused on specialized consulting for emergencies and crises. In 2013, it established another joint venture, this time with UK-based Gardline, creating Gardline do Brasil, now OceanPact GEO, dedicated to marine data acquisition for environmental, geology, geophysics, geochemistry, oceanography, and geotechnical projects. The acquisition of the English partners’ stake six years later made the company the owner of one of the largest research vessel fleets in the country. Also in 2013, the entry of the Dyna II fund, managed by Dynamo, strengthened its capital structure and governance, enabling the construction of new vessels such as Fernando de Noronha and Jim O’Brien, financed with Merchant Marine Fund resources via BNDES. In 2021, the company carried out an initial public offering of shares and began trading common shares on B3’s Novo Mercado segment under the ticker OPCT3.

OceanPact’s business model is organized into two major operating segments: Vessels and Services. The Vessels segment concentrates the operational and commercial management of an offshore support fleet made up of different types of ships, with 23 operational vessels, usually contracted under long-term agreements and paid on a day-rate basis, with fuel covered by clients. In this segment, the company offers chartering of four main categories of vessels: OSRVs, focused on oil spill preparedness and response; PSVs, dedicated to logistical support for drilling and production units; RSVs, specialized in supporting operations with remotely operated underwater vehicles (ROVs) in deep waters; and AHTSs, used for maintenance and inspection of offshore terminals and support for offloading operations. The Services segment, in turn, encompasses solutions for safe and sustainable operations at sea and along the coast, including subsea activities, oceanographic surveys, environmental and risk consulting, port logistics, and technology development in robotics, autonomous vehicles, and digital transformation.

Within the Services segment, the company structures its activities into specialized business units. The Subsea & Geosciences unit provides subsea services such as inspection, maintenance, repair, operations on underwater devices, and support for decommissioning campaigns, with intensive use of ROVs and offshore data acquisition for ocean engineering and environmental licensing. The Oil Spill Response unit is dedicated to preparedness and emergency response to oil spills, supported by one of the largest equipment parks in Latin America. EnvironPact Sustentabilidade e Resiliência, a consulting firm fully controlled since 2023, operates in risk management, environmental licensing and studies, emergency planning, and social and environmental programs. The Log unit focuses on intelligence and management of onshore logistics services, with an emphasis on port operations for oil and gas exploration and production. In 2024, the creation of OceanPact Tech, located at UFRJ’s Technology Park, strengthened the robotics and innovation front, with a focus on remote operations and autonomous vehicles. In parallel, the Innovation unit and the OceanPact Digital product, a real-time maritime and environmental monitoring platform, expand the company’s role in digital transformation, data intelligence, and artificial intelligence solutions applied to metoceanography, recognized by international industry awards.

OceanPact operates in multiple markets, with a particular focus on the offshore oil and gas sector, but it also serves the energy, mining, telecommunications, ports, shipping, tourism, fishing, and aquaculture industries. The company participates in the entire oil exploration and production cycle, from the study and licensing phase through production to the decommissioning of offshore assets, with greater exposure to the production stage, which is structurally less sensitive to short-term oil price fluctuations. In 2025, consolidated net revenue reached R$ 2.13 billion, with 62% from the Vessels segment and 38% from the Services segment. Consolidated adjusted EBITDA totaled R$ 656 million, with a relevant contribution from both segments. The fleet recorded an 82% utilization rate in that year. Petrobras, including its subsidiaries Transpetro and Petrobras Logística de Exploração e Produção, accounted for 59% of 2025 net revenue, while international and independent oil and gas companies such as BW Energy, Saipem, MODEC, Trident Energy, Karoon, Chevron, ExxonMobil, Equinor, Enauta, Total, Ocyan, PetroRio, and Shearwater represented an additional significant share of revenue.

OceanPact’s operational base is concentrated in the state of Rio de Janeiro, where it maintains its headquarters and support structures, including bases at Porto do Açu and in Niterói. From these facilities and from assets spread along the Brazilian coast, the company conducts oceanographic campaigns with research vessels equipped with laboratories, measures waves and currents using a large park of metoceanographic equipment, carries out environmental assessments for licensing, maps underwater habitats, and monitors marine life and the underwater acoustic landscape. In renewable energy, it provides offshore wind resource measurement services using buoys equipped with LiDAR systems, helping to assess offshore wind farm projects. In 2024 and 2025, it invested in new ROVs, autonomous underwater vehicles (AUVs), and artificial intelligence–based solutions for environmental monitoring and oceanography and also began carrying out international projects, such as geotechnical activities in Colombia.

OceanPact’s operations are subject to a specific regulatory environment for offshore and port support navigation in Brazil. Its waterway transportation activities are regulated, supervised, and monitored by the National Waterway Transportation Agency (ANTAQ), an autonomous federal agency responsible for setting rules for offshore and port support navigation and for the use of port and waterway infrastructure. The company and some of its subsidiaries are authorized as Brazilian Shipping Companies to operate in offshore and port support navigation, under free pricing and competition, subject to compliance with technical, economic-financial, legal, and environmental requirements. Operations must comply with safety, continuity, efficiency, public-interest service, and environmental preservation standards, under penalty of sanctions and even revocation of authorizations in cases of serious noncompliance. In addition to sector regulation, the company works in close interaction with environmental agencies and other authorities involved in the licensing and monitoring of offshore activities.

In terms of capital and financial structure, OceanPact has made recurrent use of the capital markets, both through OPCT3 shares traded on B3 and via debenture issuances. Starting in 2020, the company carried out several debenture series to finance the acquisition and retrofitting of vessels, the purchase of ROVs, investments in capital goods, liability refinancing, cash replenishment, and early repayment of higher-cost debt. In 2021, it acquired UP Offshore Apoio Marítimo, adding six vessels to the fleet. In 2023, it consolidated full control of the consulting firm previously run as a joint venture with Witt O’Briens. In 2025, it acquired Aiuká, specialized in prevention, rescue, and rehabilitation of wildlife affected by oil, expanding EnvironPact’s service scope. In 2026, it announced a business combination with CBO, a transaction still subject to regulatory approvals, including CADE, which, if completed, may result in an offshore and environmental services platform with a broader and more diversified fleet in Latin America.

OceanPact treats its sustainability and innovation agenda as a central pillar of its strategy. The company guides its activities by the concept of the “blue economy,” seeking to develop solutions that reconcile economic use of the oceans with the conservation of marine ecosystems, in line with Sustainable Development Goal 14, focused on life below water. Its sustainability strategy is structured into integrated fronts that include sustainability culture and management, corporate social responsibility, and the development of new “blue” businesses. The company invests in technologies and teams dedicated to remote operations, autonomous vessels, digitalization, nature-based solutions, marine biotechnology, ocean carbon removal (mCDR), and alternative fuels for the maritime sector. In parallel, it maintains a workforce of thousands of employees, with a strong presence of master’s and PhD graduates, biologists, oceanographers, and engineers from different fields, who undergo intensive training in emergency response, use of autonomous vehicles, and operational safety practices, reinforcing the company’s ability to operate in sensitive environments with high technical complexity.