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Seatrium Bags $8B FPSO Contracts from Petrobras

The FPSOs will be deployed in the Atapu and Sepia fields, located in the eastern part of the Santos Basin.

Posted on May 29, 2024

Seatrium Limited has secured a contract from Petróleo Brasileiro S.A. (Petrobras), acting as operator of the Atapu1 and Sepia2 consortiums, for the newbuild supply of floating production storage and offloading vessels (FPSO) platforms P-84 and P-85.

The FPSOs will be deployed in the Atapu and Sépia fields, located in the eastern part of the Santos Basin, approximately 124.3 miles (200 kilometers) offshore Rio de Janeiro in Brazil. Construction will begin in the first quarter of 2025, with the final delivery expected to be in 2029.

The contracts are valued at $8.16 billion (SGD 11 billion), Seatrium said in a news release.

The P-84 and P-85 FPSOs will each have a production capacity of 225,000 barrels of oil per day and a gas processing capacity of 10 million cubic meters per day. Both FPSOs will incorporate advanced technologies such as zero routine flaring and venting, variable speed drives and measures to control emissions and capture carbon dioxide, Seatrium said.

Seatrium noted that the FPSOs will feature an “all-electric concept,” which focuses on efficient power generation and increased energy efficiency to achieve a 30 percent reduction in greenhouse gas emissions intensity.

Seatrium’s facilities in Brazil, China, and Singapore will manufacture the modules, with the outsourced hull and accommodation transported to Singapore for topside module integration and commissioning. After successful integration and commissioning in Singapore, the FPSO platforms will be towed to the Atapu and Sépia fields for offshore commissioning, according to the release.

Currently, the Atapu and Sépia fields are producing with two platforms, the P-70 in the Atapu Field and the FPSO Carioca in the Sépia field. The new P-84 and P-85 platforms will be the second units in their respective fields, Petrobras said in a separate news release.

Petrobras holds a 65.7 percent stake in the shared reservoir of Atapu, in partnership with Shell with a 16.7 percent stake, TotalEnergies with 15 percent, Petrogal Brasil with 1.7 percent and Pré-Sal Petróleo S.A (PPSA) with 0.9 percent, as the Brazilian government’s representative in the non-contracted area. For the shared reservoir of Sépia, Petrobras holds a 55.3 percent stake, in partnership with TotalEnergies with a 16.9 percent stake, Petronas with 12.7 percent, QatarEnergy with 12.7 percent, and Petrogal Brasil with 2.4 percent. Petrobras is the operator of both reservoirs.

Seatrium CEO Chris Ong said, “We are honored to be selected by Petrobras through a rigorous tender process to supply the P-84 and P-85 FPSO vessels, solidifying our position as the preferred partner for transformative projects. Through the One Seatrium Delivery Model, we are integrated globally to deliver cost-effective, value-added solutions to our esteemed customers. Leveraging our worldwide engineering, procurement and project management expertise in close collaboration with our customers, we will create quality assets with the highest safety standards and a lower carbon footprint, shaping the industry for a greener future”.

Seatrium describes itself as the only global offshore and marine engineering group that provides end-to-end delivery of projects in key markets, including Brazil.


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