Keppel Shipyard, a subsidiary of Keppel O&M, has been awarded a $2.9 billion FPSO P-80 contract by Petrobras. The subsidiary won the contract following a call for tenders from Brazil’s Petrobras. Keppel Shipyard will be responsible for the engineering, procurement and construction of the P-80 FPSO.
Keppel wins a new contract
The P-80 is a $2.9 billion floating production and offloading vessel. This is the second floating vessel built by Keppel for Petrobras. Construction of the P-80 will be completed in 2026 and it will be used for the Buzios site.
The P-80 will become one of the largest floating production units in the world. Its production capacity reaches 225,000 barrels of oil per day (bpd). In addition, it can store 2 million barrels. Also, it has a water injection capacity of 250,000 bpd and 12 million m3 of gas processing per day.
Brazil is thus strengthening its portfolio of high-performance production platforms. The payment of this FPSO will be made in progressive stages with neutral cash flows. With this new transaction, Keppel adds $4 billion to its backlog.
An ecological construction
The P-80 is not the first order Petrobras has placed with Keppel. Keppel has been delivering floating production platforms, storage units, etc. to Brazil for years. The company is currently building another vessel, P-78.
These two vessels will have a common functionality, the capture and rejection of carbon in the storage tank. This will reduce the need for gas flaring. The country itself is at the helm of the world’s largest carbon capture program.
In addition to carbon capture solutions, the ship will be equipped with thermal energy recovery systems. It will also recover waste heat and gas. The P-80 will also be equipped with a seawater deaeration system to reduce fuel consumption.
Chris Ong, Keppel’s CEO, shared the willingness to follow the country on its carbon reduction strategy. Thus, the company is preparing other projects in line with Petrobras’ environmental commitment.
Keppel is currently preparing for new orders at its BRASfels shipyard in Brazil. It is working on the integration and manufacture of new vessels for the Sepia and Buzios fields.