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Rookie in FPSOs is front runner for the production unit of Búzios V

02/07/18

Exmar may seize its first FPSO charter contract in Brazil. The Belgian company presented the lowest price at Petrobras’ bid for the Buzios V production unit, with a daily rate of around US $ 720 thousand, overtaking Modec, which quoted the service for US $ 815 thousand / day.

The commercial proposals for the tender were opened on 28th of June. The price of Exmar was considered competitive, being in the same range of the value presented by Modec in May 2017 for the Sepia FPSO. Despite this, the market assessment is that Modec took its foot off the accelerator and quoted the service above the threshold presented in the last tenders.

Both Exmar and Modec presented a proposal with high and low national content, but since the price with the highest local commitment was not above Petrobras’ budget, the second envelope was not opened. Misc Behard was also involved in the process, but was declassified in the technical phase, having submitted a proposal for only minor local content.

The result of the bidding has not yet been declared official by Petrobras. The bidding committee will now work to validate the commercial proposals, but the expectation is that there should be no turnaround in the process.

Specializing in shipping, Exmar is relatively new in the FPSO segment, with only one unit in operation.  The market expectation is that the group should form, in the future, an association with another FPSO company, in search of an operator with more experience not only in the segment but also in Brazil.

According to sources, the proposal of Exmar counts on financing of a Chinese investment group, that owns participation in shipyards. Doris Engineering assisted the Belgian group.

Considered a smaller group to Modec and SBM, Exmar began to participate in the bids of Petrobras last year. The company fought for the Sepia FPSO charter, with a daily rate of $ 810,000.

The technical proposals for the bidding for the Búzios V FPSO were opened in May and, since then, Petrobras has been working on the analysis of the qualification of the companies. Scheduled to have the capacity to produce 180,000 barrels per day of oil and process 12 million m3 / day of gas, the production unit will be chartered for 21 years, with possibility of extension for an equal period, and will be installed in the part North of the field.

The Buzios V FPSO is scheduled to start operating in 2021.

Source: Brazil Energy

Categories: Uncategorized

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