Start MODEC closes contract to build another FPSO for Petrobras

MODEC closes contract to build another FPSO for Petrobras

May 12, 2018 8:25 pm to 20:25
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MODEC PETROBRAS FPSO CONTRACT

This FPSO will be destined for Campo de Libra under a 22-year contract between MODEC and the state-owned company, it remains to be seen where it will be built.

Modec signs agreement for the construction of another FPSO in partnership with Mitsui and Marubeni. Hired on December 17, to build the unit for Petrobras, Modec announced this Friday (11) the closing of agreements with the Mitsui group and with Marubeni to make investments in the Mero 1 project. According to the terms of the partnership, Mitsui and Marubeni will invest in Libra MV31 BV, a Dutch company created by Modec. Thus, FPSO Mero 1, also called Guanabara MV31, with Modec's participation in 20%; 32.4% from Mitsui & Co.; 20.6% from Mitsui OSK Lines; 17.6% from Marubeni, and 9.3% from Mitsui E & S Holdings.

The vessel will be chartered for 22 years to Petrobras and will have the capacity to process up to 180,000 barrels per day of oil and 12 million cubic meters of gas per day. The Mero 1 field, northwest of Libra, is located approximately 180 kilometers from Rio de Janeiro. Modec continues to swim in the blue ocean due to the good performance of those who have been presenting in production, combined with the impossibility of participation of competitors involved in legal proceedings, still without a set date for signing the leniency.

Unit Construction

We are just speculating, but based on what MODEC usually does, it should build part of the platform or convert some hull in Asia and the modules and other equipment, will be integrated in Brazilian shipyards, probably at Brasfels, in Angra dos Reis, but they are just speculation, of course we always hope for the best, since our naval industry is very saturated and the China is taking all construction contracts that could be coming to the Brazilian sector.

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