Negotiations of prices for Marlim FPSOs – Modec vs Yinson

June 14, 2019

Petrobras will convene Modec and Yinson next week to begin direct negotiation of the daily rates offered in the bidding for the FPSOs charter of the Marlim revitalization project in the Campos Basin. Modec presented the lowest prices for the two systems, with values ​​between US $ 570,000 / day and US $ 650,000 / day.

Since the Japanese company has withdrawn the proposal for package C, Modec can only take one of the contracts, leaving the other in charge of Yinson. Sources told BE Petróleo that the lowest price offered by the Malaysian company was close to the highest value of Modec and that rate would have surpassed the level of US $ 740 thousand / day.

Petrobras, Modec and Yinson do not disclose the details of the proposals nor the exact values ​​of the daily rates offered. In recent days, the oil company has been concentrating on the work of internal analysis of the four offers.

There is no confirmation as to which company will get the FPSO from package A – sized to produce 80,000 bopd and compress 7 million m³ / d of gas – and the unit from package B, which will have a plant for 70,000 bopd and 4 million m³ / d of gas. The criterion for the selection of the winners will be calculated on the basis of the lowest total price obtained by the sum of Proposals A and B of each of the companies.

The expectation is for Modec to complete the FPSO of the first phase. The second, smaller unit, has the first oil planned for 2023.

The new units will replace the FPSOs that are in operation in the Marlim field. The contracts will have a charter term of 25 years.

The start of negotiations with Petrobras leaves Yinson closer to getting its first charter contract in Brazil. In addition to Marlim, the group participates in the tender for the chartering of an FPSO to the Parque das Baleias in the Campos Basin, which is also being sought by the consortium Bluewater / Saipem. The commercial proposals have not yet been opened.

The FPSO of Parque das Baleias will have the capacity to produce 100 thousand bopd and compress 5 million m³ / d of gas. The charter contract will be 22 years and a half, with start of operation in 2022.

Source: Brazil Energy Magazine

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