Deal Closed: Petrobras Signs With Modec for FPSO Construction for Búzios V

Written by Renato Oliveira

Published on 19/06/2019 at 18:22

Updated on 19/06/2019 at 18:46

Petrobras assina com a Modec

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In Bid That Dragged On for Over a Year, Petrobras Announces Signing of Letter of Intent with Japanese Modec for Chartering FPSO for Búzios V

After many negotiations, Petrobras and Modec announced the signing of the letter of intent regarding the chartering bid for the FPSO of Búzios V.
The FPSO will be used in the Santos basin, under the onerous assignment, and will be installed 180 km off the Brazilian coast, in a water depth of 1,900 meters.

The FPSO for the Búzios V field will be the seventh FPSO provided by Modec to Petrobras, and historically the company has brought converted hulls from Asia and integrated and commissioned them here in Brazil, at the Brasfels shipyard in Angra dos Reis.
It is worth noting that Modec is also responsible for the construction of the FPSO Carioca MV 30, which will be deployed in the Sépia field, about 250 km off the coast of Rio de Janeiro, in a water depth of approximately 2,200 meters.

ARTICLE CONTINUES BELOW

The Delay

Click Petróleo e Gás had already published the delay of the project that was expected to start operations in 2020, but due to the delay in closing the chartering contract (the bidding has been ongoing for a year) for the FPSO, the company had to postpone from 2021 to 2022.
Petrobras calculated an impact of 60,000 boed on the company’s production.

The reason for the delay was due to the chartering impasse of the FPSO with Exmar, the first place in the bid, which, although it offered the best price, failed to present the financing guarantees.
Negotiations then began directly with Modec, the second place, in order to reach an agreement regarding the daily chartering rates.

With the closure of the contract with Modec, Petrobras will have five FPSOs entering operations in 2022, as the projects of Parque das Baleias and Marlim 1, both in the Campos Basin, and Mero 2, in Santos, were already counted.

The Mero 2 contract, by the way, was recently announced by Petrobras, which signed with the Dutch SBM for the construction of FPSO Mero 2, in the Libra area.

Deal Closed: Petrobras Signs With Modec for FPSO Construction for Búzios V

In Bid That Dragged On for Over a Year, Petrobras Announces Signing of Letter of Intent with Japanese Modec for Chartering FPSO for Búzios V

The Delay

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Deal Closed: Petrobras Signs With Modec for FPSO Construction for Búzios V

In Bid That Dragged On for Over a Year, Petrobras Announces Signing of Letter of Intent with Japanese Modec for Chartering FPSO for Búzios V

The Delay

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