The contracts represent a significant increase in Seatrium’s overall order book
Seatrium has received the highly anticipated orders worth US$11 billion to build two FPSOs for its major customer Petróleo Brasileiro (Petrobras).
The $11 billion from these two floating production, storage and offloading vessels, named P-84 and P-85, will significantly increase the company’s net backlog of $16.2 billion, as announced in the April Annual Meeting presentation.
Construction will begin in the first quarter of next year and be completed in 2029.
These two FPSOs are operated by Petrobras, the Brazilian state-owned oil company, in the Atapu and Sépia fields in the eastern part of the Santos Basin, about 200 kilometers off the coast of Rio de Janeiro.
They will each have a production capacity of 225,000 barrels of oil per day (bopd) and a gas processing capacity of 10 million cubic meters per day.
Seatrium plans to manufacture different modules for the two FPSOs at its factories in Brazil, China and Singapore. The different modules will then be brought to Singapore where they will be integrated before being sent to Brazil for commissioning.
“We are honored that Petrobras has selected us in a rigorous tender process to supply the P-84 and P-85 FPSO vessels. This cements our position as the preferred partner for groundbreaking projects,” says CEO Chris Ong.
Before P84 and P85, Seatrium is already in various stages of fulfilling four other contracts for Petrobras: P-78, P-80, P-82 and P-83.
Seatrium shares closed at $1.54 on May 23, down 2.53%.
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