Sembmarine clinches US$3.1b FPSO contract from Petrobras

SEMBCORP Marine (Sembmarine) on Wednesday (Oct 5) said its subsidiary won a US$3.1 billion engineering, procurement and construction contract via an international tender from Brazilian state-owned oil and gas producer, Petroleo Brasileiro (Petrobras).

This is for a P-82 floating, production, storage and offloading (FPSO) vessel, which will be one of the largest vessels to be deployed in the Buzios field – an 853 square kilometre ultra-deepwater oil and gas field about 180 kilometres off the coast of Rio de Janeiro in Brazil.

The vessel is scheduled for delivery in the first half of 2026 and is expected to start commercial operations in the same year, Sembmarine said in a bourse filing. The P-82, part of Petrobras’ new generation of production facilities, is characterised by its high production capacity and technologies which reduce CO2 emissions.

The P-82 contract is also the largest one obtained by Sembmarine from Petrobas to date, adding about S$4.3 billion to Sembmarine’s order book, which stands at S$2.5 billion as at end-June 2022.

The group does not expect the contract to have a material impact on its net tangible assets or earnings per share for the current fiscal year.

Shares of mainboard-listed Sembmarine closed 4.59 per cent or S$0.005 higher at S$0.114 on Wednesday.