Ocyan is one step closer to completing a major restructuring process that will see the Brazilian oilfield services provider spin off its drilling rig business with the creation of a new specialised company to be controlled by bondholders.

Ocyan agreed to create the new company last December, and the new entity is already responsible for managing and operate a Brazil-based fleet of high-specification rigs comprising the semi-submersible Norbe VI and the drillships Norbe VIII, Norbe IX, ODN I and ODN II.