Results of the Marlim FPSOs tenders

June 26, 2019

Yinson and Modec are expected to take the FPSOs from the first and second phases of the Marlim revitalization program, respectively. The formula for the calculation of the total value of the contracts (TVC) indicated that the Malaysian operator was ranked the best for lot A with a daily rate of US $ 709,869.82 and the Japanese company for lot B with the US $ 569,464.60 / day.

The result of the tender was disclosed by Petrobras and obtained exclusively by BE Petróleo. The best rated TVC puts Yinson with the largest FPSO – scaled to produce 80,000 bopd and compress 7 million m³ / d of gas for 2022 – and Modec with the smaller unit, which will have a plant of 70,000 bopd and 4 million m³ / d of gas, with first oil in 2023.

The criterion for choosing the winners was calculated on the basis of the lowest total price obtained by the sum of Proposals A and B of each of the companies. Yinson’s best rated TVC offer includes a value of $ 594,649.00 for the charter and $ 437,770 for the service. Modec expects US $ 473,951.80 for the charter and R $ 362,891.33 for the service.

Together, the two contracts total a daily value of $ 1.279 million. The sum of the second rated TVC – considering the Modec scenario, with the A package, and Yinson, with lot B – indicated a total amount of US $ 1,286 million / day, indicating an increase of 0.5%.

The commercial bidding proposals were opened at the end of May, and, since mid-June, the bidding committee had been negotiating with the companies. The tendency is for Petrobras to keep the negotiations in order to ensure lower rates.

The companies did not submit a tender for Lot C, which comprised the two units together. At the start of the process, Modec even submitted an offer for the three lots, but after moving forward with the negotiations for the FPSO Búzios V charter, it opted to withdraw the proposal for the third package.

The Marlim revitalization FPSOs will be chartered for 25 years and will replace the units that are in operation in the field. The project has seven production platforms, four semi-submersible and three FPSOs, in addition to two FSOs. Located in deep water of the Campos Basin, the asset produces 55,800 boe / d and a further 95,2 thousand bbl / d of water.

Should Petrobras officialize the result of the bid, confirming the judgment of the classification, Modec will have four FPSO conversion works in progress with the oil company. In addition to Buzios V, scheduled to start operating in 2022, the Japanese company converts the Carioca FPSOs for Seppia and with the first oil scheduled for 2021, and Guanabara, which will be installed in Mero in 2022.

Yinson will make its debut in Brazil, being able to assure two units, since it alone contests the bidding for the FPSO charter of the Parque das Baleias, in the Campos Basin.

Source: Brazil Energy

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