May 2026
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Largest Energy Services Public Companies in Brazil
Benchmark revenue and EBITDA valuation multiples for public comps like
Valaris, Grupo Ultra, Cosan, Auren Energia and Alupar Investimento.
 | Valaris Ltd is an offshore contract drilling company. The company provides offshore contract drilling services to the international oil and gas industry with operations in almost every offshore market across six continents. Its business consists of four operating segments: Floaters, which includes drillships and semisubmersible rigs; Jackups; ARO; and Other, which consists of management services on rigs owned by third parties. It generates the majority of its revenue from the Floaters segment. | $111 | +195% | $8B | $8B | 3.5x | 10.4x | ||
| Ultrapar Participacoes SA engages in the investment of its own capital in services, commercial, and industrial activities, through the subscription or acquisition of shares of other companies. The Company has three business segments: Ultragaz distributes LPG in the segments: bulk, comprising condominiums, trade, services, industries, and agribusiness; and bottled, mainly comprising residential consumers. The Ipiranga engages in the distribution and sale of oil-related products, biofuels, and similar products to service stations that operate under the Ipiranga brand throughout Brazil and to consumers and carrier-reseller-retailer. The Ultracargo operates in specialized liquid bulk storage solutions in the main logistics centers of Brazil. | $6 | +86% | $6B | $9B | 0.3x | 5.8x | ||
| Cosan SA engages in several services throughout the energy and logistics sectors. Its reportable segments are Raizen, Compass, Moove, Rumo, and Radar. It generates the majority of its revenue from Raizen which operates in the production, commercialization, origination, and trading of ethanol, bioenergy, resale, and trading of electricity, renewable sources, marketing, origination, and trading of sugar and fuels, and lubricant. | $1 | -44% | $3B | $12B | 1.5x | 2.6x | ||
| Auren Energia SA operates as an energy company. Its activity includes Wind power generation, Hydropower generation, Commercialization, Sale of energy and Holding and Pipeline projects. | $3 | +33% | $3B | $7B | 2.5x | 7.8x | ||
| Alupar Investimento SA is an investment in other entities operating in the energy and infrastructure industries, in Brazil and abroad. It has two segments Transmission segment and the Generation segment. Its sources of revenue include energy transmission revenue, infrastructure revenue, revenue from the remuneration of concession assets, and revenue from energy supply. The majority of revenue comes from the remuneration of concession assets. It generates the vast majority of its revenue in Brazil. | $7 | -- | $2B | $4B | 5.0x | 5.9x | ||
| CIA Distrib de Gas do Rio de Janeiro - CEG operate as a public gas services, of any type and origin, in the State of Rio de Janeiro and to explore, exclusively, the distribution of piped gas. It distributes natural gas for the residential, commercial, industrial, electrical power generation sectors and also for compressed natural gas stations. | $7 | -65% | $2B | $2B | 1.9x | 7.5x | ||
| Ventura Offshore Holding Ltd is a deep-water drilling contractor providing offshore drilling services to the oil and gas industry. The group specializes in deepwater drilling, primarily operating in the offshore oil and gas sector in Brazil. Also, the group owns and operates the drillship Carolina and the semisubmersible rig Victoria (the Owned Rigs), and manages the drillship Zonda and semisubmersible rig Catarina (the Managed Rigs, and together with the Owned Rigs, the Rigs), all of which drilling rigs capable of drilling in ultra-deep waters. The company operates in two reportable segments being the Operations of owned vessels and the Operations of managed vessels. | $4 | +95% | $387M | $498M | 1.3x | 3.0x | ||
| Refinaria De Petroleos Manguinhos SA is engaged in the operation of the oil refinery, import, sale and export of crude oil and its derivatives, and provision of services related to the refining activity, among others. | $0 | -- | $28M | $17M | 0.0x | (0.1x) | ||
| Median | $5 | +59% | $2B | $6B | 1.7x | 5.8x |
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