(PetroleoHoje) The dispute over the contract for the P-80, Petrobras’ own FPSO that will make up the 9th module of Buzios, in the Santos cluster, should be restricted to two large international groups. After successive postponements and a long period of lack of interest, the Sembcorp and Keppel shipyards began to work to present a proposal in the bid, requesting quotes from suppliers.
There are unconfirmed rumors that MISC Berhad would also be interested in the deal, asking for quotes with some suppliers. The information is viewed with reservation by the market, as the group has been facing difficulties with the conversion work of the FPSO Marechal Duque de Caxias, a 180,000 bpd unit designed to make up the 3rd module of the Mero field, in the Santos Basin, in 2024.
The movement of the Sembcorp and Keppel shipyards in relation to the P-80 tender began to gain strength at the beginning of the year. Until 2021, there were no signs of interest from the two shipyards or other groups.
Keppel recently won, in a consortium with Hyundai, a contract with Petrobras for the construction of the P-78, a 180,000 bpd FPSO, which will be installed in the 7th module of Buzios, in 2025.
The lack of initial market interest in the P-80 tender put Petrobras on alert. In addition to carrying out consecutive postponements of the date of delivery of proposals, the oil company worked behind the scenes to try to increase the interest of shipyards in the business, changing some guidelines of the contract and the public notice.
The contract conditions originally established by Petrobras were considered very strict by the companies. Among the adjustments made, the oil company chose to improve payment terms, reducing the negative cash flow for the company that wins the contract.
The delivery of bid proposals is scheduled for May 16, one year after the public notice was launched. In the last postponement of the schedule, the deadline for delivery of offers was extended by six months.
In all, 12 groups are qualified by Petrobras to compete for the P-80 contract – Brasfels, EBR (Estaleiros do Brasil), Daewoo Shipbuilding, Hyundai, Keppel, SBM, Technip, Modec ,Toyo, Saipem, Queiroz Galvão and Sembcorp. Aside from the Keppel / Hyundai consortium, Daewoo / Saipem recently won the tender for the P-79, FPSO that will be installed in the 8th module of Buzios.
Designed to produce 225,000 bpd and 12 million m³/day of gas, the P-80 is scheduled to start operating in 2026. The construction of the production unit should mobilize investments of around US$ 2.5 billion, contracting will be conducted under the EPC (Engineering, Procurement and Construction) regime.
As the deadline for the first oil in the system is long, the market does not rule out the possibility of Petrobras approving a new change in the proposal delivery date.
In addition to the P-80, the public notice provides for the possibility of contracting up to two other units of the same size, the first of which, the P-82, intended for the 10th module of Buzios, with start-up scheduled for 2026, and the second directed to the 11th module. The bidding was divided into two lots, with the first requiring firm proposals for the 9th module unit, while the B is aimed at the possibility of contracting up to two other platforms.
The groups participating in the bidding will have to indicate in the lot A proposal whether or not they are interested in the other FPSOs in the public notice. The non-firm units, if contracted, will be acquired at a price of 92.6% of the value of the offer presented for the P-80.
The local content of the contract is 25%.
Brazil Energy Insight 
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