Karoon Petróleo & Gás Ltda. has completed the acquisition of the FPSO Cidade de Itajaí, which operates in the Baúna field in the Santos Basin and was previously owned by Altera & Ocyan (A&O).
The total value of the FPSO was US$115 million, plus approximately US$8 million in transaction costs (as announced on February 27, 2025), with the final payment of US$85 million made on April 30, 2025 (Brasília time – BRT).

A Transition Services Agreement was signed with A&O to ensure continued operations and a smooth transfer process, as Karoon takes on greater operational control of the FPSO.
The tender process for a new service provider to support Karoon as the future FPSO operator is progressing as planned and is expected to be completed by mid-2025.

Julian Fowles (pictured), CEO and Managing Director of Karoon, stated: “Taking ownership of the FPSO Cidade de Itajaí represents a significant milestone in Karoon’s evolution over the past five years—from an explorer to an operator of offshore oil and gas production assets. Owning the FPSO gives Karoon direct strategic control over the facility. This will enhance our ability to manage operational performance and reduce long-term operating costs, while also providing greater flexibility to revitalize the facility, thereby extending the life of the field and increasing the value of the Baúna Project. We are grateful to A&O for their partnership and support throughout the sale and transition process and look forward to continuing our focus on safe, reliable, and efficient operations.”