Singapore’s Seatrium has secured fresh orders worth SGD 11bn ($8.1bn) after Petrobras ordered two more floating production, storage and offloading units.
Construction of the P-84 and P-85 FPSOs will begin in the first quarter of 2025 and delivery is expected to be completed in 2029.
The hulls and accommodation units of both newbuildings will be outsourced and then transported to Singapore for topside module integration and commissioning.
Each FPSO will have a production capacity of 225,000 barrels per day of oil and gas processing capacity of 10m cubic meters per day.
They will be deployed in the Atapu and Sepia fields in Brazil’s eastern Santos Basin, 200 km offshore of Rio de Janeiro.
Seatrium said both FPSOs will incorporate zero routine flaring and venting, variable speed drives and measures to control emissions and capture C02, helping to achieve a 30% reduction in greenhouse gas emissions intensity.
Chief executive Chris Ong said Seatrium was selected for the newbuilding projects through a “rigorous tender process”.
The Singapore group, which was formed by the merger of Sembcorp Marine and Keppel Offshore & Marine, is already building four other Petrobras FPSOs, the P-78, P-80, P-82 and P-83.
Earlier this month, Seatrium was awarded a contract by SBM Offshore for the topside fabrication and integration of an FPSO for deployment on the Stabroek block in Guyana.
Its scope of work includes the fabrication of several topside modules, riser, mooring and umbilical structures. Financial terms were not disclosed.
In an investor presentation earlier this year, Seatrium said the next few years will be a “golden age” for the supply of FPSOs, with awards for 50 units expected by 2028.
It forecast capital expenditure on floaters to reach SGD 150bn over the next five years to support offshore oil and gas production.
The Singapore shipyard group estimates a further SGD 100bn in investments will be made in other offshore production assets over the next five years, including floating LNG and floating storage and regasification units.
Seatrium operates facilities in Singapore, Brazil, China, India, Indonesia, Japan, Malaysia, the Philippines, Norway, the United Arab Emirates, the UK and the US.
