OFFSHORE and marine specialist Seatrium : 5E2 0% has secured S$11 billion worth of contracts to build two new floating production storage and offloading vessels (FPSOs) for Brazil’s national oil company, Petrobras.
Called P-84 and P-85, the FPSOs will be deployed in the Atapu and Sepia fields in the Santos Basin, offshore of the Brazilian city Rio de Janeiro, Seatrium announced in a bourse filing on Saturday (May 25).
Construction will commence in the first quarter of 2025, with final delivery expected in 2029. Seatrium’s facilities in Brazil, China and Singapore will manufacture 60,000 tonnes of modules for the FPSOs, with integration and commissioning in Singapore.
P-84 and P-85 will each have a production capacity of 225,000 barrels of oil per day and gas processing capacity of 10 million cubic metres per day.
The projects will incorporate measures to control emissions and capture carbon dioxide, and improve energy efficiency to reduce greenhouse gas emissions intensity by 30 per cent. They will also have zero routine “flaring and venting” – a practice where oil field operators burn off or release the gases emitted during oil production.
Seatrium was selected for the project through a “rigorous tender process”, said its chief executive, Chris Ong.
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Seatrium – which was formed via the merger between Keppel Offshore & Marine and Sembcorp Marine (Sembmarine) – has also undertaken projects such as floating storage regasification units, drilling rigs and accommodation vessels in Brazil, to support the country’s growing energy infrastructure.
Its current order book includes four other Petrobras contracts to build new FPSOs: the P-78, P-80, P-82 and P-83.
Seatrium shares ended Friday at S$1.54, down S$0.04 or 2.5 per cent.
