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Seatrium wins $11 billion order from Brazil

The Edge Singapore
·1-min read

The contracts are a significant boost to Seatrium's total order book

Seatrium has won the much-anticipated orders worth $11 billion to build two FPSOs for key customer Petróleo Brasileiro (Petrobras).

The $11 billion from these two floating production and storage and offloading vessels, dubbed P-84 and P-85, will be a significant boost to the company's net order book of $16.2 billion as indicated in its AGM presentation in April.

Construction will start in the first quarter next year and be completed in 2029.

These two FPSOs will be deployed by Petrobras, Brazil's national oil company, in the Atapu and Sépia fields, located in the eastern part of the Santos Basin, approximately 200 kilometres offshore of Rio de Janeiro.

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They will each have a production capacity of 225,000 barrels of oil per day (bopd) and gas processing capacity of 10 million cubic meters per day.

Seatrium plans to manufacture various modules for the two FPSOs in its facilities in Brazil, China, and Singapore. The various modules will then be brought to Singapore to be integrated before sending to Brazil for deployment.

"We are honoured to be selected by Petrobras through a rigorous tender process to supply the P-84 and P-85 FPSO vessels, solidifying our position as the preferred partner for transformative projects,' says CEO Chris Ong.

Prior to P84 and P85, Seatrium is already at various stages of fulfilling four other contracts for Petrobras: the P-78, P-80, P-82 and P-83.

Seatrium shares closed at $1.54 on May 23, down 2.53%.

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