Keppel Wins $2.3 Billion FPSO Contract from Petrobras

Keppel Offshore & Marine has been awarded a $2.3 billion contract to build a Floating Production, Storage and Offloading (FPSO) vessel for Brazil’s national oil company Petrobras.

Named P-78, the FPSO will be the seventh unit to be installed at the ultra-deepwater Buzios field located in the Santos Basin. With a production capacity of 180,000 barrels of oil and 7.2 million cubic meters of gas per day, along with a storage capacity of 2 million barrels of oil, the P-78 will rank among the largest FPSO’s in the world.

Keppel O&M will fabricate the topside modules weighing 43,000 metric tonnes (MT) at its shipyards in Singapore, China and Brazil, in addition to integration and commissioning work. Keppel’s partner in the project, South Korea’s Hyundai Heavy Industries, will provide the 85,000MT hull and the living quarters for 240 persons.

The FPSO is scheduled for completion in late 2024.

“We are pleased to support Petrobras with another major FPSO where we are taking on a much larger scope than ever before,” said Chris Ong, CEO of Keppel O&M. “This project taps our well-recognized capabilities as a leading integrator of offshore energy and infrastructure assets, leveraging our strengths in engineering and project management, with a focus on higher value-adding work.”

Discovered in 2010, the Buzios field the largest deep-water oil field in the world with peak production of 2 million barrels of oil equivalent per day expected by the end of the decade. Currently there are four units operating at the field, with two more under construction. There are also plans for two additional units, bringing the total number of units at the field to nine.

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