The Oslo-listed company is teaming up with local outfit BTG Pactual Oil & Gas Participacoes to jointly own a company that will control 21 offshore support vessels.
The 50/50 pact will start with a fleet of 15 vessels which DESSC owns and already operates in the country.
Twelve of the 15 ships, comprising nine anchor handling tug supply and six platform supply vessels, are serving long term contracts.
All but one of those are tied to Brazilian oil and gas powerhouse Petrobras on four-year deals.
Six, 4,700-dwt PSVs that Fredriksen’s Hemen Holdings, the largest shareholder in DESSC, currently has under construction at Sinopacific Shipbuilding will join the venture when they hit the water later this year.
And DESSC said in an exchange filing that the new vehicle would seek to acquire additional tonnage.
"We see big advantages in developing the business in Brazil together with a strong, local partner and we consider BTG Pactual an excellent strategic partner," said Finn Amund Norbye, CEO of DESSC.
BTG Pactual will purchase a half share in two subsidiaries responsible for chartering and managing the DESSC fleet in Brazil.
The total value of the new company will be $852m with existing vessels accounting for $578m and the newbuildings for $274m.
The joint venture will take responsibility for financing the six Sinopacific vessels once the tie-up has been complete by the end of the first quarter.
They have also agreed to inject a total of $48m into the company for working capital purposes.
DESSC will pocket $60m once the transaction is complete.
Brazil is now by far the company’s biggest market with 15 out of its existing 24 vessels operating in the country.
