Modec Signs LOI for FPSO with Petrobras

Laxman Pai
Friday, June 21, 2019

MODEC Inc. received a letter of intent (LOI) from Petróleo Brasileiro for the supply, charter, and operations of a Floating Production Storage and Offloading (FPSO) vessel for the Búzios field.

The firm time charter period of the contract is 21 years, it said in a press release.

The new LOI will be the fifth FPSO deployed at the Búzios field, however it is the first chartered production unit for the region. Búzios is one of the offshore oil and gas fields in Brazil which forms part of the Transfer of Rights agreement signed in 2010.

The Búzios field is 100% operated by Petrobras and is situated 180 kilometers off the coast of Rio de Janeiro, in the giant "pre-salt" region of the Santos Basin, Brazil, at a water depth approximately 1,900 meters.

MODEC is responsible for the engineering, procurement, construction, mobilization chartering and operations of the FPSO, including topsides processing equipment as well as hull and marine systems. SOFEC, Inc., a MODEC group company, will design and supply the spread mooring system for the floating unit.

The FPSO will be capable of processing 150,000 barrels of crude oil per day, 212 million standard cubic feet of gas per day, 240,000 barrels of water injection per day and will have minimum storage capacity of 1,400,000 barrels of crude oil. The first oil production by the FPSO is planned for 2022.

This is the 15th FPSO/FSO vessel which MODEC will provide in Brazil, as well as MODEC's 8th FPSO in the "pre-salt" following the FPSO Cidade de Angra dos Reis MV22, the FPSO Cidade de São Paulo MV23, the FPSO Cidade de Mangaratiba MV24, the FPSO Cidade de Itaguaí MV26, the FPSO Cidade de Caraguatatuba MV27, as well as our two latest units, the FPSO Carioca MV30 and FPSO Guanabara MV31, currently under construction.

"At this time, we are extremely honored that MODEC has been awarded the contract for the first chartered FPSO to be deployed at Búzios field," commented Yuji Kozai, President and CEO of MODEC.

Categories: Shipbuilding Offshore Energy FPSO Production Platform Contract

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