Could you talk us through the year in review for Octomar?

2024 was a busy year, ending with four parallel operations for the first time, and over 120 diving personnel working offshore in the last quarter, all while maintaining a flawless safety record—an impressive feat given the high-risk nature of diving operations when executing subsea inspection, repairs and installation works. This year, we are focusing on extensive tendering, with promising prospects for Angola's oil and gas industry. Beyond Angola, we have established a company in Ivory Coast, having previously contributed to installing the country's first FPSO for ENI, which is now producing alongside a new FPSO and FSO.

We have also established a company in Namibia called N-octo (our companies are Octomar in Angola, M-octo in Mozambique, N-octo in Namibia, and CI-octo in Ivory Coast). In Namibia, we formed a joint venture with a local company and set up Walvis Bay operations. 

Are you seeing many Angolan companies expanding to Namibia?

Many Angolans are establishing a presence in Namibia due to the ease of setting up and moving resources between the two countries. Transporting equipment across the border takes only three to four days, thanks to efficient customs processes. The geographical closeness allows for seamless resource sharing, making Namibia accessible and business friendly. 

Despite Namibia's business-friendly environment, competition from South African companies is significant due to their historical presence. However, the oil and gas sector presents different dynamics, and our specialized expertise and sound experience gives us a competitive edge. While South African businesses dominate banking and industry, many have struggled to enter the oil sector due to the industry's technical requirements. 

Is the investment environment in Mozambique becoming favorable?

I am optimistic about Mozambique, especially with ExxonMobil returning after leaving a few years ago. A company of ExxonMobil's scale would not return without confidence in the market, making this a very positive development for Mozambique's energy sector. We are pre-qualifying our company to participate in new tenders with ENI Coral and have confirmed our intent to bid on a significant upcoming tender for vessels and ROVs. With improved conditions, the gas sector is poised for growth, and ExxonMobil's return reinforces the likelihood of continued investments and a bright future for Mozambique's energy industry.

What challenges do you face as an Angolan company?

Operating in Angola is still very challenging, even as an Angolan business. We had to branch out to ensure the company grew and our business was sustainable. Our biggest challenge is to increase our market share. Of course, payment delays are a challenge, but our biggest obstacle is gaining new business in the Angolan market. It is very distressing when, after 25 years of operating in Angola, there are still questions about whether an Angolan company can execute contracts of specific dimensions despite all our certifications and track records. We have track records of implementing big projects and contracts, but we still face this myth or stigma that an Angolan company cannot execute contracts of a specific size or dimension. This is a tough challenge to overcome.

Can you talk about Octomar’s focus on ROVs?

Whether operating independently in specific sectors or partnering with foreign companies, our commitment to the ROV industry remains strong. The market is diverse, including inspection and observation class ROVs, which require relatively lower investment, than more costly Work class or drilling support ROVs, which demand higher financial input. While we aim to operate independently in the smaller ROV categories, we seek partnerships for the larger, more capital-intensive ones. Our team is finalizing a case study to serve as a foundation for securing financing and investing in new equipment. We already have the necessary systems to launch an inspection class ROV operation, including operational procedures and management frameworks. 

What are your objectives for the coming year in Angola and other markets?

Our goal is to secure a long-term contract, providing the stability to invest in equipment, human resources, and training while enabling long-term planning. Our reliance on the spot market and short-term contracts limits our ability to grow sustainably. In addition to Angola, we aim to secure a long-term contract in one of the countries where we recently established entities—whether in Ivory Coast, Namibia, or Mozambique—ensuring two strategic anchors for the company's expansion.