Petrobras disqualifies the Bluewater/Saipem consortium from FPSO charter for Parque das Baleias

June 25, 2019

Petrobras has disqualified the Bluewater / Saipem consortium to bid for an FPSO charter for Parque das Baleias, keeping Yinson as the only competitor. The result of the qualification process was disclosed by the oil company on the 21st of June, after more than three months of analysis of the proposals.

The disqualification of Bluewater, leader of the consortium, occurred because the group could not confirm the financial guarantees presented even after three months of opening the bids. The group indicated guarantees from Chinese banks.

According to sources, the company is evaluating internally the decision of Petrobras to determine whether or not to apply for an administrative appeal. Even if the FPSO operator chooses to appeal, the bidding committee should only review its positioning if the guarantees are confirmed within the deadline established for review of appeal.

Bluewater participated in the consortium as an operating company, with the responsibility of raising funding from Chinese groups, while the Italian company would act in engineering, having under its tutelage the entire EPC part of the unit.

Petrobras’ decision did not come as a surprise to the market. Since May, rumors have surfaced about Bluewater’s possible disqualification in the bidding. Initial speculations attributed the issue to the presentation of a proposal with constraints.

The disqualification of Bluewater puts the Parque da Baleias contract practically in the hands of Yinson, although there is speculation about a possible cancellation of the bid. It will be up to the company, which presented lower price in the Marlim bidding, to confirm its capacity to execute simultaneously two contracts of construction and chartering of FPSOs with Petrobras. There is also the price issue, which will need to be within Petrobras’ budget.

Petrobras affirms that the bidding is in its normal course, as long as there is a valid proposal. Other tenders of the oil company, such as the FPSO of the Pilot of Libra, were finalized with only one company in the dispute. For now, there is no provision for the opening of commercial proposals.

The Parque das Baleias FPSO – a complex of fields located in the Campos Basin – will have the capacity to produce 100,000 bopd and compress 5 million m³ / d of gas. The charter contract will be for 22 years and six months, with start-up in 2022.

Yinson does not have a presence in Brazil and is considered a medium-sized company, maintaining activities in Nigeria, Ghana and Vietnam. The group’s asset portfolio includes one FSO and five FPSOs, with production capacity ranging from 12 thousand bopd to 60 thousand bopd.

Source: Brazil Energy Magazine

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