Seacrest Petroleo

What Seacrest Petroleo does

Seacrest Petroleo Bermuda Limited is an independent upstream oil and gas producer headquartered in Hamilton, Bermuda and listed on Oslo Børs (Euronext Expand Oslo) under ticker SEAPT. The company specializes in operating mid-life, mature onshore fields in Brazil's Espírito Santo state, holding 100% of the adjacent Cricaré Cluster (acquired December 2021) and Norte Capixaba Cluster (acquired April 2023). Its core technology stack is an integrated production system spanning well workovers, a 300-well infill drilling programme (described as the largest onshore drilling programme in Brazil), enhanced oil recovery techniques including steam injection, processing facilities, subsea pipelines, and the Norte Capixaba river terminal operated by Transpetro for direct loading of crude onto sea tankers. Certified 2P reserves stand at 144 million boe against an estimated 1.2 billion boe in place, with Q2 2024 exit production of approximately 8,400 boepd at an average net realized oil price of USD 75.2/bbl and a production cost of USD 26.2/boe.

The company's revenue model is commodity-driven: crude oil is sold under offtake agreements to international oil traders, refiners, and commodity buyers directly via the integrated export terminal, with natural gas volumes consumed internally for operations. Q2 2024 marked the company's first quarter of positive earnings (USD 0.0153/share, revenue USD 47.2M, EBITDA USD 9.5M). Since late 2024 the company has experienced severe financial distress: an Event of Default on USD 120M senior unsecured Nordic bonds, lender enforcement of share pledges in January 2025, and on 21 February 2025 the appointment of Joint Provisional Liquidators from EY Bermuda and EY Bahamas by the Supreme Court of Bermuda. The business is currently managed by the JPLs, with outstanding disputes including ICC arbitration against Petrobras seeking USD 71.2M in damages for undelivered subsea pipeline repairs.

Name

Seacrest Petroleo

Legal name

Seacrest Petroleo Bermuda Limited

Website

https://seacrestpetroleo.com

Company type

Public

Founded year

2020

Operating status

Acquired

Headcount range

101–250 employees

Short description

Independent upstream oil and gas producer operating 100% of the mid-life Cricaré and Norte Capixaba onshore clusters in Brazil's Espírito Santo state, selling crude via an integrated field-to-tanker export terminal; currently in provisional liquidation.

Ownership category

akta.pro rank

Product category

Upstream Oil and Gas Production

NAICS

Crude Petroleum Extraction (21112), Crude Petroleum Extraction (211120)

SIC

Crude Petroleum & Natural Gas (1311)

akta.pro primary industry

Offshore / Subsea Crude Oil Pipeline Transportation (TLAGAAAD)

akta.pro secondary industries

Crude Oil & Petroleum Products Tanker Transport (TLADALAA), Crude Oil Tanker Shipping (EUALADAG)

Keywords

• Upstream oil and gas
• Onshore oil production
• Enhanced oil recovery
• Crude oil exploration
• Mid-life field redevelopment

Headquarters

HQ city

Hamilton

HQ country

Bermuda

Offices5 records

Markets served

GTM type

B2B

Offering type

Services

Cost components

Operations, Infrastructure, Supply Chain, Personnel, Others

Revenue model

1. Oil and Gas Production Sales: Seacrest Petroleo generates revenue primarily from the production and sale of crude oil and natural gas. Oil production represented approximately 90% of total output (Q2 2024: 7,197 bopd oil vs 762 boepd gas). Natural gas volumes produced are used solely in the company's own operations. The company sells its oil directly to international buyers via its integrated export terminal, with the offtake volume in Q2 2024 of 632 kbbls at an average net realized oil price of USD 75.2/bbl. Revenue in Q2 2024 was USD 47.2 million. The company has historically faced pricing discounts due to subsea pipeline issues preventing heavy oil transport, forcing sales of off-spec blends at significant discounts to Brent.

Pricing tiers

Go-to-market motion1 record

Distribution channels1 record

Marketing channels4 records

Core offering

Seacrest Petroleo is an independent upstream oil and gas producer that acquires, re-activates, and operates mid-life onshore oil fields in Brazil, maximizing production through enhanced oil recovery and a 300-well infill drilling programme. Crude oil produced from the Cricaré and Norte Capixaba Clusters is sold directly to international commodity buyers via offtake agreements, with oil transported through the company's own integrated subsea pipeline and loaded directly onto sea tankers at the Norte Capixaba terminal for export to global markets.

Product overview

Seacrest Petroleo is an independent upstream oil and gas company operating as a fully integrated onshore Brazilian producer. The company operates two main asset clusters — the Cricaré Cluster (acquired December 2021) and the Norte Capixaba Cluster (acquired April 2023) — both owned 100% and operated by the Group. Its integrated infrastructure spans from field production through processing and export via dedicated terminals, enabling direct tanker loading for premium market access. The company's focus is on maximizing production from mature fields through enhanced oil recovery techniques and operational efficiencies, supported by a 300-well infill drilling program, the largest onshore drilling program in Brazil.

Differentiator

Problem solved

Functional benefit

Products and services

• Cricaré Cluster Onshore oil and gas field cluster located in Espírito Santo, Brazil, consisting of 27 licenses operated 100% by Seacrest Petroleo. The asset is focused on maximizing production from mature fields through enhanced oil recovery techniques and forms a core part of the company's production base.
• Norte Capixaba Cluster Adjacent onshore oil and gas field cluster in Espírito Santo, Brazil, acquired in April 2023 and operated 100% by Seacrest Petroleo. The cluster includes the Norte Capixaba River Terminal operated by Transpetro, providing integrated infrastructure for processing and exporting oil production.
• Integrated Oil and Gas Production Infrastructure Fully integrated onshore oil and gas production system providing exclusive control over infrastructure from field production through processing, subsea pipeline transport, and direct delivery to sea tankers via the Norte Capixaba tanker loading terminal. This enables cost-effective operations, risk mitigation, and direct access to premium export markets for crude oil.

Quantifiable outcome

• First positive quarterly earnings per share of USD 0.0153 achieved in Q2 2024
• +4 more outcomes

Named customers1 record

Segments1 record

Ideal customer profiles1 record

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature3 records

Partnerships

Six partnerships are on record, tiered core and minor.

• PetroReconcavocoreTechnology or Integration · 8 April 2024Seacrest Petroleo and PetroReconcavo entered a strategic drilling services partnership. PetroReconcavo is described as one of the leading mid-sized oil and gas companies in Brazil. The partnership supports Seacrest's 300-well infill drilling programme, the largest onshore drilling programme in Brazil. PetroReconcavo's expertise complements Seacrest's operational capabilities in executing the drilling campaign.
• Contato SegurominorOthers · 1 January 2022Seacrest Petroleo established a reporting channel in partnership with Contato Seguro for employees, contractors, and other stakeholders to confidentially report concerns or complaints about issues in the corporate environment. Stakeholders can report via hotline (0800-6018659), the Contato Seguro website (contatoseguro.com.br), or a mobile app. This partnership supports the company's corporate governance and compliance framework.
• Instituto Brasil SolidáriominorOthers · 1 January 2022In 2022, Seacrest Petroleo partnered with the NGO Instituto Brasil Solidário to support local schools in the municipalities of Conceição da Barra and Linhares in Espírito Santo. The project included art and reading activities in local schools, reaching more than 20,000 families and approximately 2,000 teachers across more than 90 schools. This partnership supports the company's social and ESG commitments.
• PetrobrasminorOthersPetrobras was the original operator of the Cricaré and Norte Capixaba fields before selling them to Seacrest Petroleo. The relationship has become adversarial due to contractual disputes: Petrobras undertook to complete subsea pipeline repairs at the Norte Capixaba terminal as part of the sale agreement, but failed to do so over 20 months, causing US$71.2 million in cumulative damages to Seacrest. Seacrest has filed for ICC arbitration against Petrobras and obtained injunctions preventing Petrobras from collecting approximately US$71 million in post-closing consideration payments. As of July 2025, these disputes remain unresolved and are the subject of ongoing legal proceedings.
• TranspetrominorOthersTranspetro operates the Norte Capixaba river terminal (Terminal Hidroviário Norte Capixaba) as part of Seacrest Petroleo's integrated infrastructure. Seacrest acquired 100% participation in the Norte Capixaba Cluster and 100% participation in the terminal, which is operated by Transpetro. The terminal enables the direct loading of oil onto sea tankers for export.
• KPMG Auditores Independentes Ltda.minorOthersKPMG Auditores Independentes Ltda. serves as the company's auditor, as disclosed in the shareholder information section.

Scale indicators9 records

Recent moves7 records

Expansion highlights3 records

Direct peers

• PetroReconcavo: PetroReconcavo is one of the largest independent onshore oil and gas producers in Brazil, focused on mature field redevelopment in the Recôncavo Basin and Espírito Santo. It is Seacrest Petroleo's drilling services partner on the 300-well infill programme, making it the most directly comparable peer in scale, geography, and operational model.
• PRIO (formerly PetroRio): PRIO is the largest independent E&P operator in Brazil, focused on revitalising mature offshore fields (Frade, Polvo, Albacora Leste) using a buy-and-optimise strategy. Its asset-reactivation playbook is highly analogous to Seacrest's onshore mid-life field approach, and it serves as the benchmark Brazilian independent producer.
• 3R Petroleum: 3R Petroleum acquires and revitalises mature oil and gas fields in Brazil across onshore and shallow-water assets, with a portfolio built largely from Petrobras divestitures. Its focus on mature field redevelopment and aggressive production growth mirrors Seacrest's strategy directly.
• Eneva: Eneva is an integrated energy company in Brazil combining onshore gas-fired power generation with upstream E&P from mature fields (Parnaíba and Amazonas basins). Its integrated energy model and Brazilian onshore E&P footprint make it a relevant structural comparable.
• Recôncavo Energia: Recôncavo Energia is an independent Brazilian onshore E&P company focused on mature fields across the Recôncavo, Potiguar, and Espírito Santo basins. It directly competes for Brazilian onshore mid-life assets and operational talent alongside Seacrest Petroleo.
• Maha Energy: Maha Energy is a small-cap upstream oil company with producing assets in Brazil (Tartaruga field in the Sergipe-Alagoas Basin). It is a smaller-scale Brazilian-focused E&P with comparable asset-reactivation orientation but materially less scale.
• OKEA ASA: OKEA is a Norwegian-listed E&P company focused on late-life producing assets on the Norwegian Continental Shelf. It was previously co-founded by Seacrest Group (Seacrest's founding investor) and listed on Oslo Børs, making it a structural and strategic twin of Seacrest Petroleo — same sponsor playbook, same exchange, same mature-asset focus.

Emerging players

• Alvopetro Energy: Alvopetro Energy is a small-cap E&P company with operations in the Recôncavo Basin in Brazil, producing onshore natural gas. Its size and Brazilian onshore exposure make it a comparable emerging player, though its gas-weighted mix differs from Seacrest's oil-weighted profile.
• Gran Tierra Energy: Gran Tierra Energy is a small-cap international E&P focused on onshore assets in Colombia and Ecuador with similar mid-life field redevelopment characteristics. It represents a comparable small/mid-cap upstream operating model though in a different geography.

Broad incumbents

• Vår Energi: Vår Energi is a large Norwegian-listed E&P company operating on the Norwegian Continental Shelf, including mature fields like Balder and Goliat. Listed on Oslo Børs, it shares the exchange and the mature-field focus, but at substantially greater scale and capital capacity.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat5 records

Key risks6 records

Key highlights7 records

Customer concentration

• LinkedInlinkedin.com/company/seacrest-petroleo

Revenue estimate

Valuation estimate

Number of profiles

Profiles5 records

Subsidiaries2 records

Funding overview

Funding rounds

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Seacrest Petroleo