Exmar and Petrobras advance on Búzios V FPSO

 

7/18/2018

Petrobras has started the negotiations with Exmar, a Belgian company that presented the lowest price in the tender for the chartering of Búzios V FPSO, scheduled for the onerous assignment in 2021. The oil company completed the internal analysis phase of the proposal and since has been holding the first discussions with the company around the charter fee and verification of technical and commercial issues.

According to the report, Exmar’s General Manager of Offshore, David Lim, arrives in Brazil early next week. Representatives of the Petrobras and Belgian company’s bidding committee have scheduled new meetings for this period.

Petrobras and Exmar do not comment on the value of the proposal, which was was more competitive than Modec. The information points to a daily rate of US $ 720 thousand, against the value of $ 815 thousand / day by Modec, but figures updated by the exchange rate already indicate an even lower rate, around US $ 640 thousand.

Scheduled to be installed in the northern part of the field, the Búzios V FPSO will have the capacity to produce 180,000 barrels per day of oil and process 12 million m3 / day of gas, being chartered for 21 years, with the possibility of extension for the same period. The tender for the charter of the unit was issued in May 2017 and is being conducted outside the requirements of Law 13303/2017.

Commercial bidding proposals were opened at the end of June. The rate presented by Exmar surprised the market. With SBM unable to sign new contracts with Petrobras, bids for chartering large oil units were being dominated by Modec.

Exmar and Modec presented a proposal with high and low national content, but as the price with the highest local commitment was not above the oil company’s budget, the second envelope was not opened. Misc Behard was eventually disqualified by the bidding committee in the technical phase for having submitted tender only for local minor content.

Exmar’s proposal was drawn up on the basis of financing from a Chinese investor group, which has a stake in shipyards. Among the group’s investors in the Búzios project is Interoil.

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