Industry Newsroom

Starboard Acquires 93 Percent Stake in 3R Petroleum

Brazil-focused alternative investment manager Starboard Restructuring Partners Group has acquired a 93 percent stake in Brazil-based oil company 3R Petroleum. The company—which focuses on the redevelopment of mature oil fields in Brazil, Venezuela, Peru, and Argentina—recently agreed to acquire the exploration and production rights to seven onshore and offshore oil fields in the Brazilian state of Rio Grande do Norte from state-owned oil company Petrobras. Financial details of the transaction, which is subject to closing conditions and regulatory approval, were not disclosed.