Enauta Moves Forward with 3R Petroleum Merger

Friday, April 12, 2024
FPSO Atlanta (Credit: Enauta)

Enauta has signed a memorandum of understanding (MoU) with 3R Petroleum and Maha Energy regarding the potential transaction involving the integration of Enauta and 3R’s activities, which would create one of the largest oil and gas companies in Latin America.

The MoU provides for assumptions, terms and general conditions governing the potential transaction, including the exchange of participation currently held by Maha in a company controlled by 3R for a direct participation in 3R.

Under the potential transaction, Enauta will be incorporated by 3R, and Enauta’s shareholders will receive new shares of 3R so that the share capital of the new integrated company will be represented by 53% of 3R shareholders and 47% of Enauta shareholders, subject to adjustments.



The potential transaction also envisages the roll-up of Maha's 15% stake in 3R Offshore so that it receives 2.17% of the new integrated company, subject to terms and conditions provided for in the MoU, including a fairness opinion.

The structure of the potential transaction, including the exchange ratio to be established, is subject to changes and usual adjustments for this type of transaction and due diligence results.

The implementation of the potential transaction is subject to execution of definitive documents and conditions precedent, including approval by Enauta and 3R shareholders and legal and regulatory approvals, including Brazil’s Administrative Council for Economic Defense – CADE.

Categories: Mergers & Acquisitions Industry News Activity South America Oil and Gas

Related Stories

Serica Energy Strengthens North Sea Portfolio with Latest Acquisition

Serica Energy Strengthens North Sea Portfolio with Latest Acquisition

Chevron Secures Future Production Prospects with Entry to Oil Rich Guyana

Chevron Secures Future Production Prospects with Entry to Oil Rich Guyana

Chevron Emerges as Winner in ExxonMobil Dispute Over Guyana Oil Field

Chevron Emerges as Winner in ExxonMobil Dispute Over Guyana Oil Field

Current News

Weatherford to Deliver MPD Services for Woodside’s Trion Project off Mexico

Allseas-Boskalis Consortium Bags $1.4B Offshore Gas Pipeline Job in Taiwan

Japan Utility's Offshore Wind Feasibility Assessment Still on Agenda

CNOOC Brings New Offshore Gas Field On Stream

Subscribe for OE Digital E‑News

Offshore Engineer Magazine