A TESE DE PETRÓLEO QUE QUASE NINGUÉM OLHA NA BOLSA | Market Makers #361

Summary

Market Makers hosts Thiago Salomão and Matheus Soares interview Flavio Andrade (CEO) and Eduardo Toledo (CFO) of OceanPact (OPCT3.SA). The conversation covers the company's history from oil-spill consulting to fleet ownership, the 2021 IPO and subsequent credibility rebuilding, the merger with CBO, and the current investment thesis centered on a structural shortage of offshore support vessels, strong Petrobras demand, and OceanPact's competitive advantages in integrated services and low downtime. The hosts disclose that OPCT3.SA is a top position in their fund.

• OceanPact started as an oil spill response consultancy and later built its own fleet.
• The company went public in 2021 but faced early credibility issues related to vessel delays and communication.
• A merger with CBO will create Brazil's largest offshore support vessel operator with 73 vessels.
• The investment thesis is based on a cyclical upturn in vessel day rates due to years of underinvestment in newbuilds.
• OceanPact benefits from an integrated service model (environmental, inspection, logistics) that increases customer loyalty.
• The company has a strong relationship with Petrobras and expects sustained demand from pre-salt FPSO installations.
• Management culture and incentives (founder holds ~30%, other executives ~10%) align with long-term value creation.
• Market Makers fund holds OPCT3.SA as one of its largest positions.