The model that will be installed in the field by Modec is the M350 Hull. The FPSO hull will be built in China

MODEC announced this Thursday (30) that it signed a Sales and Purchase Agreement (SPA) with Equinor Brasil Energia Ltda, to supply a Floating Storage and Transfer Unit (FPSO) for the Bacalhau field (formerly Carcará) on the coast of Brazil.

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MODEC was awarded the concession with a Pre-Front-End Engineering (Pre-FEED) contract for the FPSO in December 2018 and has now been selected as a key contractor to proceed with the project.

This contract is based on a two-step grant: FEED and pre-investment is starting now, with an option for the execution phase under a turnkey contract configuration that includes engineering, procurement, construction and installation for all scopes of the FPSO. The option for the contract is subject to Equinor's planned investment decision for the Bacalhau project in late 2020.

The FPSO vessel will be deployed in the Bacalhau field, Block BM-S-8, located in the gigantic “pre-salt” region of the Santos Basin, about 185 kilometers off the coast of the municipality of Ilhabela / SP, in the state of São Paulo. Paul. Equinor's field partners are ExxonMobil (40%) and Petrogal Brasil (20%)

MODEC will be responsible for the design and construction of the FPSO, including topsides processing equipment as well as marine and hull systems. The FPSO vessel will be permanently moored at a water depth of approximately 2.050 meters by a spread mooring system to be provided by MODEC group company, SOFEC, Inc. First oil production is planned in the period 2023-2024.

The FPSO will be the largest FPSO ever delivered in Brazil. It will have a large surface area designed to produce up to 220.000 barrels of oil per day, produce and inject up to 530 million standard cubic feet of associated gas per day and inject up to 200.000 barrels of seawater per day. Its minimum crude oil storage capacity will be 2.000.000 barrels.

The FPSO will be the second application of MODEC's "M350 Hull", a new generation hull for new generation FPSOs, full double hull design, developed to accommodate higher sides and greater storage capacity than conventional VLCC tankers, with a longer life design service. The hull will be built by Dalian Shipbuilding Industry Co., Ltd. (DSIC) in Dalian, China.

“We are extremely honored and proud to have been selected to provide a world-class FPSO for the Bacalhau project, which is Equinor's first pre-salt project in Brazil,” commented Yuji Kozai, president and CEO of MODEC. “We believe this is the beginning of a long-term relationship with our customers Equinor, ExxonMobil and Petrogal Brasil and an opportunity that reinforces MODEC's position as a leading provider of FPSO services to the industry. We are committed to realizing this major project by cooperating closely with our customers in order to contribute to the advancement of the energy sector in Brazil.”

The FPSO will be MODEC's 17th FPSO/FSO vessel in Brazil and MODEC's 9th FPSO in the pre-salt region, as well as MODEC's first contract with Equinor.