CMM Offshore operates Damen-designed FCS Aqua Helix in Brazil (source: Damen)
Compagnie Maritime Monegasque (CMM) has secured US$94M in finance to expand its fleet of offshore support vessels powered by an alternative fuel to reduce emissions in the Brazilian energy industry
The Brazilian group intends to build ethanol-fuelled platform supply vessels (PSVs) in Brazil at a time when state-run energy group Petrobras is seeking to renew its operating fleet with low-emissions ships.
Summit Ridge Capital Partners provided funding to CMM to recompose its shareholder structure and to expand its fleet, while Panorama Capital Partners sourced and advised on the transaction, and participated as a co-investor.
CMM intends to become a global leader in using ethanol as fuel for offshore support vessels, starting with the Brazil-built PSV newbuilds.
“This financing not only strengthens our capital structure but significantly accelerates our transition to a sustainable fleet, offering both environmental and economic benefits on a global scale,” said CMM chief executive Christophe Vancauwenbergh.
Rio de Janeiro-headquartered CMM Offshore operates a fleet of offshore vessels providing fast crew supply and support operations, emergency response to oil spills and firefighting. It operates four Damen Shipyards-designed fast crew transfer vessels – 2021-built CMM Aqua Helix, and 2016-built CMM Celerity, CMM Purity and CMM Velocity – and 2012-built oil spill response and support vessel Cobeia.
With this finance, CMM intends to contract a Brazilian shipyard to build this fleet of ethanol-fuelled PSVs.
“This strategic investment reflects our ongoing commitment to environmental stewardship, our belief in Brazilian Shipping and the economic potential of sustainable energy solutions,” said Summit Ridge chief executive Christopher Park.
The capital partner provides alternative credit and funding to companies in Latin America and is building a portfolio of investments in high yield ventures.
Panorama Capital Partners founding partner Stephanos Velissaropoulos said this transaction underscores its dedication to advising and investing in sustainable infrastructure and technologies.
“CMM’s initiative to deploy ethanol-powered vessels is a game-changer for the maritime industry and represents a substantial advancement in eco-friendly marine operations.”
In April, Petrobras started tendering for 12 PSVs, which should be newbuilds constructed by Brazilian shipyards, fitted for reducing emissions through the use of alternative fuels, energy storage and hybrid diesel-electric propulsion.
Petrobras plans to starting bidding for 10 oil spill response vessels during H2 2024 and for seven subsea support vessels with remotely operated vehicles in Q1 2025.
