[Brazil] Petrobras 71 (P-71)

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escveritas
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[Brazil] Petrobras 71 (P-71)

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Sembcorp Marine’s Brazilian Yard Secures Modification Work on Tupi B.V. FPSO P-71 for Deployment at Itapu Field

Singapore, 30 June 2021 – Sembcorp Marine Ltd, through its wholly owned subsidiary, Estaleiro Jurong Aracruz (EJA), has secured an Amendment Contract from Tupi B.V. valued at about USD175 million (approximately SGD230 million) for modification work to be completed on the Floating Production Storage and Offloading (FPSO) P-71 oil and gas vessel.

Originally designed for the Tupi field, the FPSO P-71 will undergo modification and integration at EJA for deployment at the Itapu field. EJA’s scope of work includes modification of existing systems and integration of additional systems to the vessel (the “Project”).

Measuring 316m in length and 54m in width, the FPSO P-71 is capable of handling 150,000 barrels of oil per day and six million standard cubic metres of natural gas in operation. It has a storage capacity of 1.6 million barrels of oil and can accommodate 160 people. The vessel is expected to be delivered in the last quarter of 2022.

Mr Guhan Thangavelu, President of EJA said, “Our EJA Yard, noted to be one of the largest and most advanced yards in Brazil for offshore products and solutions, is strategically located on the east coast of Brazil to service field developments in the Atlantic, Gulf of Mexico and West African sectors. This Project provides an opportunity to showcase EJA’s capabilities to undertake large scale and complex engineering projects with quick design adaptation and superior subsea layout.”

“We thank Tupi B.V. and its partners for choosing Sembcorp Marine and the EJA team to deliver another floater to augment its world-class assets for deployment in deep and ultra-deep waters. Amid the pandemic-induced challenges, we remain committed to the safe and timely execution of the project.”

In September 2019, EJA delivered the newbuild FPSO P-68 to Tupi B.V. which is currently deployed at the ultra-deepwater Berbigão and Sururu fields in Brazil’s Santos Basin.

The Amendment Contract is not expected to have any material impact on the consolidated net tangible assets per share and earnings per share of the Company for the year ending 31 December 2021.
escveritas
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Re: [Brazil] Petrobras 71 (P 71)

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Brazilian national oil company Petrobras has agreed to buy the P-71 Floating Production Storage and Offloading (FPSO) vessel and use it for the development of the Itapu field.

Petrobras said that the FPSO was to be used at the Tupi field, however, after negotiations with its partners in BM-S-11 Consortium, Shell Brasil Petróleo Ltda (25%) and Petrogal Brasil S.A. (10%), Petrobras agreed to buy the FPSO for $353 million, the amount corresponding to the partners' share in P-71.

The P-71, the hull of which arrived in Brazil earlier this year, is in the final phase of construction at the Jurong Shipyard, state of Espírito Santo, Brazil. The 316 meters long, 54 meters wide, hull, was built by CIMC Raffles in China.

It has a production capacity of 150 thousand bpd, and will be allocated for the Itapu offshore field. Petrobras, which owns 100% rights in the Itapu field, said that the first oil could be expected in about one year.

Further, Petrobras said that given that it would use the P-71 FPSO on the Itapu, the bidding for the charter of the FPSO that would serve the Itapu project will be canceled.

With the FPSO no longer planned for the Tupi field, the Tupi partners have, according to Petrobras, agreed to prepare a new development plan for Tupi, to be delivered to the national oil and gas regulator ANP in 2021.

"This initiative seeks to implement complementary production development projects resilient to low oil prices, allowing to further increase the recovery factor of the field, which is currently the world's largest producer in deep waters and whose accumulated production has already exceeded 2 billion boe," Petrobras said.
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Re: [Brazil] Petrobras 71 (P-71)

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Singapore, 18 October 2022 – Sembcorp Marine Ltd (the “Company”), through its wholly-owned and operated subsidiary Estaleiro Jurong Aracruz (EJA) has crossed another significant operational milestone with the completion of P-71, its second floating, production, storage and offloading (FPSO) vessel project for Tupi B.V.

A newbuild FPSO vessel, P-71 sailed away from EJA’s shipyard today and will be deployed to the ultra-deepwater Itapu field in Brazil’s Santos Basin. When launched into operation, P-71 will produce up to 150,000 barrels of oil per day (BOPD). Measuring 316m in length and 54m in width, P-71 has a 1.6-million-barrel storage capacity and can accommodate 166 persons.

EJA’s P-71 work scope includes fabricating six modules, pipe-racks and a flare, and integrating them on the vessel along with other modules and items supplied by the customer. EJA also executed modification works on the FPSO’s topsides and hull to meet Itapu field requirements.

The 82.5ha EJA facility has been operating in the Espirito Santo municipality of Aracruz since 2014 and employs up to 4,500 workers during peak periods of production activities. Besides tapping into the burgeoning local offshore oil and gas industry, EJA, with its strategic location on the east coast of Brazil is able to service field developments in the Atlantic, Gulf of Mexico and West African regions.

(Photo: Sembcorp Marine Ltd, all Rights reserved)
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