FPSO contracts let in Brazil, Angola

Petroleo Brasileiro SA (Petrobras) and Sonangol P&P have let respective contracts to Saipem SPA for floating production, storage, and offloading vessels in Brazil and Angola totaling $600 million.

Petrobras added a 4-year extension to the lease contract for the Cidade de Vitoria FPSO in the company’s Golfinho field in Brazil’s Espirito Santo basin. The vessel has been under contract to Petrobras since 2005, and will remain so until 2022 (OGJ Online, July 26, 2005).

The Cidade de Vitoria vessel will also receive $110 million in modification and upgrade work that will increase the produced water treatment capacity and allow the connection of two additional gas wells with a high level of condensates by first-quarter 2016.

Upgrade work will be conducted at the Saipem Execution Centre in France, while prefabrication and installation of the topside will be conducted in Brazil. The contracts are worth a combined $450 million.

Sonangol added a 2-year extension to the lease and operation contract for the Gimboa FPSO, which has been under contract to the company on Block 4/05 since 2006 (OGJ, Apr. 6, 2009, p. 52). Expected to last to first-quarter 2017, the deal is worth $150 million.

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