Sembcorp Marine Wins $3 Billion FPSO Order From Petrobras

Sembcorp Marine has won a $3 billion contract for a new FPSO for Petrobras, its largest single order from the Brazilian petroleum giant. The winning bid more than doubles Sembmarine's orderbook by value. 

When completed, the future FPSO P-82 will be deployed at the Buzios offshore oil field in Brazil's pre-salt Santos Basin. The ultradeepwater field is located about 100 nm off the coast of Rio de Janiero. It is a large, prolific reservoir, and Petrobras plans to install eight new FPSOs to boost its total production from 600,000 bpd to two million bpd by 2030. 

P-82 is scheduled for delivery in 2026 and will provide about 225,000 bpd of oil processing capacity, along with 12 million cbm of gas processing capacity. 

Scheduled for delivery in 1H 2026 with expected commercial operations in 2026, the P-82 will be the 10th vessel to operate in the pre-salt field, adding a production capacity of 225,000 barrels of oil per day and 12 million cubic meters of gas processing per day. It will also be equipped for water injection of up to 250,000 barrels per day and enough storage for two million barrels of oil. 

“We are very pleased to be awarded this contract and to support Petrobras to grow its FPSO fleet in Brazil. We have been supporting Petrobras over the past decades and are thankful that Petrobras has entrusted yet another project, the P-82 FPSO to Sembcorp Marine," said Wong Weng Sun, President & CEO of Sembcorp Marine.

Sembcorp Marine has delivered 13 floating production units for deployment in Brazil. The last was manufacturered by Sembcorp Marine subsidiary Estaleiro Jurong Aracruz (EJA), which delivered the newbuild FPSO P-68 to Tupi B.V. in 2019. The P-68 is deployed at the ultra-deepwater Berbigão and Sururu fields in the Santos Basin. EJA is expected to deliver another newbuild FPSO, the P-71, in the last quarter of 2022 for deployment at the Itapu field. 

The repeat business with Petrobras is a boost for Sembcorp Marine, which is closing in on a long-discussed merger deal with Singaporean shipyard Keppel O&M. Singapore's Competition & Consumer Commission launched a review and consultation process on the deal in early August.